There seems to be nothing that will slow down the rising budget deficit that continues to plague the United States. As we pass the halfway point on the fiscal year, DC is reporting a $146.9 billion deficit in March alone, putting us at 15% higher than we were this time last year.
For some reason, the alarm bells have not been rung just yet as even mainstream media is subdued in their reporting of it. Yahoo noted a story from the Associated Press, but few have gone beyond noting it.
The country can't run on debt forever! https://t.co/qK7LoT9O6V
— Idahoans for Liberty (@idahoans) April 11, 2019
The left will blame the tax cuts for the budget deficit. The right will point to the booming economy and change the subject. What neither is willing to admit for various reasons is our nation has a spending problem that is unsustainable while simultaneously being unquenchable.
We must cut spending immediately. It doesn’t matter if you raise taxes or lower them even further if the government continues to spend like the money they’re printing can somehow retain its value in a global economy that is becoming increasingly independent from the United States. In fact, the only thing keeping us as rich as we are is that the other large economies are facing different problems.
Now, it’s a race. Whether it be China, the EU, Russia, Saudi Arabia, or a unified push by smaller economies, someone is going to come out of their fiscal problems and offer a solution that doesn’t include the United States continuously accumulating more debt. When that happens, they can offer something more than we can, at which point our economy will collapse. This is no longer a question of if. It’s a question of when.
The only thing that can prevent this from happening is if we win the race. The United States must retain its spot as the driving force for the world economy by reducing our debt. The budget deficit is not directly associated with debt, but the two go hand-in hand. We can never diffuse our debt until we have at least a balanced budget and preferably a budget surplus.
All of this means one thing: we must cut spending dramatically. We need fiscal conservatives to step up and say enough is enough.
“The tax cuts signed into law by President Donald Trump in 2017 have meant that the $10 billion increase in receipts has failed to keep pace with a roughly $100 billion increase in government expenditures.” – Josh Boak
Fiscal conservatism needs to make a comeback, fast. The tax cuts were nice. They have made the economy boom. But if we continue to spend, spend, spend, no measure of a great economy will save us from collapse.
Will you help revive the American Conservative Movement?