Don’t buy the boat.

My Opinion, Politics 12 comments

The American political left has an idea. Substantially raise taxes on the rich, the wealthy, the millionaires, and the billionaires because they don’t pay their fair share – whatever that may be.

The U.S. is $35 trillion in debt. The annual amount of deficit spending is $1.8 trillion. We spend $835 billion annually in interest of debt.

Does that sound like the richest country in the world with money to spend? The political far left thinks so.

Let’s say your family has a credit card balance of $45,000 and you are paying 18% interest, but you can only pay the minimum each month and you are still charging more each week. Amazingly you win $50,000 in the lottery.

Do you pay off your credit card and no longer charge what you can’t pay in full each month or do you use the $50,000 to buy a boat with added payments of $600 a month?

Buying the boat is the way the political extreme left (Warren, Sanders, Jayapal and others) views the world.

I hardly see that as progress.

12 comments

  1. The “right” spends like drunken sailors, too. It should only be during extreme events we drive up the debt and we should pay it down while prosperous. Only the “extreme fringe” on the right champion balanced budgets anymore. Unfortunately they’re a bit looney. I can’t believe that this is the best the US can do?

    Like

    Reply

    1. You are right and not only spending but poorly advised tax cuts. And, any proposed spending cuts are naive and unrealistic.

      Like

      Reply

    1. Not exactly true. The high standard deduction benefited most middle class. Of course those who the most benefit $$ wise the most.

      Like

      Reply

      1. I certainly didn’t benefit. The tax changes in 2017 hurt those who live in high retail estate markets. It limited the amount of you mortgage deduction. This mainly affected NewYork and California, states where Trump lost.

        Also, it raised the defecit.

        Like

      2. If you have a high mortgage deduction that may be true, but for those with no or old mortgage or rent, it was quite a benefit. Me included.

        Like

  3. The printing of more and more money to cover spending and more and more interest payments by the US Treasury is akin to a criminal counterfeiting money. It’s stealing from the value of US currency purchasing power. Both major political parties in Congress and the office of the President are responsible. And there’s no end in sight other than continuing debasement of currency. If you don’t own hard assets, you are losing.

    Like

    Reply

  5. The sad thing is that the lefties think that it is all a matter of printing more money because the government can do that if it wants to.

    Like

    Reply

Leave a Reply