Current Republican Tax Plan Will Add To The National Debt

Tuesday, December 12, 2017

Independent tax experts agree that the Republican tax plan will add over $1 trillion to the national debt, even accounting for economic growth. 

Adding to the national debt during good economic times doesn’t seem smart to me. The time for adding anything to the national debt is during a major war or when the economy needs more government spending to stimulate it during a major recession or depression. When the economy is going well, like it is today, we need to be balancing our budgets and using any surpluses to pay down the national debt, not add to it with tax cuts that are not paid for with economic growth or spending cuts. 

Bob Corker looks like the only true conservative in Congress on the debt issue. He voted against the tax cut plan in the Senate because it adds to the national debt, which he described as our number one threat to national security. I applaud him on sticking to this conservative principle. 

Plus, it appears to me that adding to the national debt now will simply make it harder in the future to save our personal investments in social security and medicare. Those of us who have worked hard and paid into these investments have earned a future return on them. 

Maybe this explains why the national popularity of the current Republican tax plan is somewhere in the 35 percent range. This percentage may fall even further when more people realize this tax plan will further increase the national debt and further jeopardize the future of Social Security and Medicare for those of us who have paid into them. 

Tim Gobble

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