When will it stop?

The federal government siphoned off $770 billion in taxes during the first quarter of fiscal year 2018 – and still, despite a $20 trillion-and-growing debt – managed to spend $225 billion more than it took in.

That $770 billion, by the way, is $28.7 billion more than it collected by this time last year.

Most of the $770 billion – $390 million of it – came from individual income taxes, the Treasury Department says. The rest? From corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other levies.

At some point there will be a reckoning. It is difficult to imagine this nation so deep in debt that it cannot even make its interest payments, but that appears to be where we are heading.

It is difficult to understand why Congress continues to spend as if there is no problem; why it spends money it does not have, hoping that the money fairy will bail out the nation; why it is willing to trade this nation’s future for votes. It must stop the spending or this nation – as we know it – is doomed to bad times.

It is up to voters to install in that august body people who understand debt is an anchor – a dangerous anchor – and demand, finally, responsible spending.

We will now hold our breath.

 

2 Responses to When will it stop?

  1. John London January 12, 2018 at 9:39 am

    Only a matter of time til’ we become a 3rd world debt ridden hellhole.

    Of course is that not the plan?

    It’s like the machete wielding Wal-mart guy.

    No borders and you get the 3rd world and the mentality that goes with it.

    Violence, Debt, lack of free speech, bowing to dictators and Criminality as everyday normal.

    Reply
  2. Bill Hutchison January 12, 2018 at 10:07 pm

    There is no substitute for being well armed and practiced.

    Reply

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