Most of that household debt is mortgages or cars, just guessing. And, for the most part are paying it off. Business debt is productive debt. You don’t pay, you lose.
Then instead of passing the responsibilities to the next generation, the government (which in the USA is the people) should raise everyone’s current taxes to a level that will pay off the debt.
I agree that in some circumstances that is true. For example, when Bush started the wars in Iraq and Afghanistan the worst thing that he did was refuse to pay for them. I don’t think anyone can argue that it is moral to start a war and make the next generation pay for it.
Oh no, no matter what anyone may claim about concern for the next generation, nobody has enough concern to pay off the debt we are leaving them. That goes for both democrats and republicans.
Thank you. I thought it was just me that wondered how the concern related to lowering taxes now.
They could start with the 48% of the populace who pay no federal income tax.
You forgot to add Fox news is evil…
Would you make employer paid health insurance premiums taxable? Or how about taxing net imputed rent income on owner occupied housing? Would you reduce the standard exemption for people over 65?
I have no problem with fox news. I don’t think they are any more biased than MSNBC.
I notice you made no mention of cutting any spending whatsoever. Why is that?
That does nothing to refute my point that the politicians and bureaucrats in DC are no wiser nor smarter than the average person.
You were the one who brought up fox news. I take it you have no justification for starting wars and making future generations pay for it? If you supported the war, shouldn’t you be the one making the financial sacrifice? Where in the catechism does it say that we get to pass off our personal responsibilities onto future generations?
Why not do both? Stop all spending and raise taxes until the debt is paid.
The problem is, if the budget get’s balanced, some politician will come along and cut taxes and raise spending. Like George Bush did when he cut taxes and then signed off on Medicare part D.
This part I agree with you on. I highly doubt that Pope Francis even knows much about the democrats or republicans. Plus, one can be a faithful Catholic and never vote for a republican anyway.
