Taxation without representation is tyranny, and grounds for a revolution — only many of those being taxed under the Trump federal budget haven’t been born yet.
It is one thing to spend your children’s inheritance. It is another to drive them into debt. We are spending today what they will be earning years from now.
Reportedly, the proposed $4.4 trillion budget for next year will add $7 trillion to the national debt, which is already $20 trillion, over the next decade. Of course, some will argue that is static scoring and doesn’t take into account the additional taxes that should accrue due to the recent tax cuts. Then, neither does it account for possible soaring interest rates on that debt.
Budgeting one’s spending based on the anticipation of a raise is foolhardy.
In 2015 Trump said, “But if we don’t make our nation rich again, we don’t take back our jobs from all these other countries that are ripping us and if we don’t take back our money and we don’t, you know, balance up our budget at least get it damn close and soon we’re not going to have a nation anymore.”
This is the same Trump who the next year who disputed his own comments about the nation defaulting on its debt by saying, “First of all, you never have to default because you print the money.”
Welcome to Zimbabwe.