We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
Lifestyle creep simply means as you earn more you spend it and increase your standard of living. Politicians follow this method to the highest level. Americans unquestioningly accept it.
There is no doubt we need to raise taxes, but not just on the wealthy and corporations (which is actually a tax on consumers) but on every American even if by a small percentage of payroll.
President Biden on Monday proposed a $7.3 trillion budget packed with tax increases on corporations and high earners, new spending on social programs and a wide range of efforts to combat high consumer costs like housing and college tuition.
New York Time 3-11- 24
The national debt is on a steady march upwards, and it would take nearly $8 trillion of savings just to stabilize the debt over the next decade. It’s dangerous that we’ve let things get this bad, and we need to treat it like the priority that it is. The President’s call for over $3 trillion of deficit reduction is a welcome start, and he deserves credit for presenting a budget that pays for new initiatives and improves our fiscal situation; but the budget doesn’t go nearly far enough.
There are many helpful proposals in the budget that could reduce projected deficits, including ideas to close various tax loopholes, lower prescription drug costs, and raise significant amounts of new revenue.
Sooner or later we must accept that we must pay for what we want.
But at the same time, it turns around and spends much of this money, eating into the overall savings. And spending would grow more than it was already projected to, reaching record levels during a non-emergency period starting this year. Given our debt situation, we need to be slowing government spending, not growing it.
The Congress and the President won’t lift a finger to try and fix this until it blows up. When interest rates on Govt bonds hits 15% then the finger pointing will begin.
QUINNSCOMMENTARY 
The Congress and the President won’t lift a finger to try and fix this until it blows up. When interest rates on Govt bonds hits 15% then the finger pointing will begin.
LikeLike