No, budget deficits are not going down, yes politicians are calling for more spending on new programs and enhancements in existing programs.
Yes, the USA is in a fantasy world of borrowing and spending.
Yes, whether it’s a new VAT or new payroll taxes or higher income taxes, if we continue to spend at current levels or above this Country needs higher taxes or other revenue.
And please, don’t fall for the nonsense that all will be well if billionaires just paid their fair share.
QUINNSCOMMENTARY 
I would like to live in a fantasy world where governments could only spend the money that they have already collected. For the most part, that is how I live my life for the exception of a mortgage (which is paid off) and a car loan (at 0%). I realize that there would be times that the government would need to borrow (war, pandemic) but not because you want to buy votes.
I can dream can’t I?
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The problem with raising taxes is that spending rises above the level of taxation no matter what. Every time taxes are cut, activity picks up and receipts rise. Spending never subsides and goes up and up and the shortfall is blamed on the previous tax cut when in fact more tax income was received by Washington but they blew through it in a heartbeat.
The only way I would favor a tax increase would be if spending were guaranteed not to exceed inflation on a yearly basis. That guarantee won’t happen so I never consider tax increases worthwhile. We are all in the same hand basket going to the warm place so just kick back and enjoy.
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