I’m sick and uninterested in all of the fixed lies. The Biden Administration blames Trump for its $1.8 trillion deficit. The curiosity expenditures shall be about $1 trillion alone. Now, when you simply settle for that at face worth, you’re a part of the issue when the US will crash and burn. This makes it sound like tax revenues have declined. In 2020, the final yr of Trump’s presidency, the entire tax revenues collected had been $3.42 trillion. In 2023, the revenues taken in from taxes was $4.4 trillion. And the U.S. authorities now estimates its whole income shall be $5.49 trillion for fiscal yr 2025.
If we confiscate 100% of the highest 10 wealthiest folks, in keeping with Forbes, we’d get $1.5 trillion, however that also won’t get rid of the deficit. It could destroy all of these corporations, create big unemployment, and wipe out our numerous pension funds, However hey. They’re the issue, and they’re by no means the politicians who’re off to rob others and hand it to you to your vote.
For the reason that battle with Russia started in February 2022 throughout Biden’s Administration, he has pushed for a complete of $175 billion. Curiously, $106 billion instantly aids the federal government of Ukraine, whereas the stability funds “numerous” U.S. actions related to the battle in Ukraine, specifically overthrowing the Russian authorities and surrounding international locations. That is by no means documented or absolutely defined. Thus, Ukraine accounts for about 10% of Biden’s deficit.
However hey! That is all Trump’s fault for not elevating taxes again to 94% as they had been for World Warfare II, 91% for Korea, and 70% for Vietnam. If we take a look at the accumulative curiosity expenditures and battle, about 70% of the nationwide debt has been for enjoying policeman of the world. This has NEVER benefited the folks.
They at all times say to tax the wealthy. As I mentioned, when you take ALL the belongings of the highest 10 billionaires, you’d NOT get rid of this $1.8 trillion deficit. However that’s simply the tip of the iceberg. They modified the definition of who the wealthy are. Earlier than World Warfare II, the definition of the wealthy was $5 million, whereas a Cadillac was $600. The started to lift it to $250,000 a yr, however then it was clarified as “family” revenue. So, when you and your spouse mixed had been at $250,000, you had been that horrible, evil, grasping wealthy individual they should shake the other way up to get each penny in your pocket.
As soon as upon a time, it was theorized that if the federal government borrowed, it might be much less inflationary than printing. However these days are gone. That’s when it was unlawful to borrow towards authorities debt. Immediately, debt is simply cash that pays curiosity the identical because it was through the American Civil Warfare.
If we add annually the entire curiosity expenditures, you will notice that typically, about 70% of the nationwide debt relies on simply curiosity, as we are going to attain $1 trillion this yr. Guess what? China holds about 10% of the US nationwide debt, so curiosity goes to China, however it doesn’t stimulate the US home financial system. We should always cease borrowing, for it might be cheaper and fewer inflationary if we simply printed to cowl the deficit slightly than borrow. Then, capital will lend to the personal sector, and we are going to see an enormous financial increase. Issues have modified in economics – it’s about time we acknowledge Keynesian Economics has failed.
