Pay Your Debts
We’ve heard a lot about the Democrats’ $3.5 trillion “human infrastructure” bill. Lately, the talking point has been that we shouldn’t worry about that $3.5 trillion dollars, because it’s really going to cost us nothing. The assertion is that there are enough new tax rates, fees, and other government-revenue-generating devices to bring in enough money to pay for all that new spending.
Never mind that even if that were true, the impact of businesses passing those costs on to consumers would cause further massive inflation that would further cripple the economy. Let’s assume that they have found a scheme to bring in that $3.5 trillion dollars.
Here’s an idea that won’t go anywhere…instead of spending that $3.5 trillion to fundamentally transform our economy and society—that’s their words, not mine—perhaps we should take that money and apply it to our country’s huge debt.
It’s an idea that won’t go anywhere because it is the fiscally responsible thing to do, and that doesn’t work with folks who think the answer to every problem is more government spending.
Let’s say you owe $10,000 on a car or a credit card. For whatever reason, you wind up with a huge income tax refund, that would either substantially pay down, or entirely pay off, that debt. You have two choices, essentially…take your windfall and pay your obligations, or take your windfall and use it to pay for an expensive vacation or to go on a gambling spree. Most folks would say you should pay your obligations before you incur new spending.
Imagine a government that got a bunch of income and used it to pay down on its debt. You’d know that to be a work of fiction…because it’s too tempting for them to take our money and spend, spend, spend.
So it’s just a question…if you brainiacs in D.C. can figure a way to bring in trillions of new dollars…why not use it to pay our obligations before we incur more debt? Take your time…I’ll wait.
