One more try at reducing the debt

— Polonius’ address to his son Laertes in “Hamlet”

Given the number of Americans who have willingly allowed themselves to become more dependent on the government than themselves, it may be too late, but it’s worth a try.

According to most economists, $34 trillion in debt is unsustainable. If we don’t act soon, the situation will be even worse than it is now. Our economy could collapse. If we continue on our current path, the economic future is not bright. According to Statista Research, “By 2034, the total U.S. federal debt is projected to be approximately $54.39 trillion.”

President Biden wants to raise taxes on the “wealthy” and corporations again without cutting spending. He doesn’t lack income. What is fiscal discipline? Changing spending requires changing attitudes about what governments should and should not do.

The United States has experienced year-end budget surpluses five times in the past 50 years, most recently in 2001. Debt is bipartisan, and reducing or eliminating debt requires a bipartisan approach. During President Biden’s term, the national debt has increased by $4.7 trillion (President Biden wants to spend more), increasing by 16.67% as of last September. During Donald Trump’s first term as president, the national debt increased by $8.18 trillion, an increase of 40.43%. Some of that was due to spending to fight the coronavirus, and some was due to tax cuts for the wealthy. Still, it wasn’t the same increase as Barack Obama (69.98%) and George W. Bush (105.8%), who each served two terms. Some of President Bush’s spending was for Afghanistan and Iraq after 9/11.

Only 14 of America’s 45 presidents oversaw debt reduction. Calvin Coolidge was the last. That was 15 servings of president. Mr. Coolidge said: (A) Many proposals are made by people who have very good things they want the government to do, but they carry out their proposals. from people who have no responsibility to provide the ways and means to do so. I’ve had very little experience with people going in and out of government giving suggestions on how to spend money, but I’ve never had anyone give me suggestions about what I could do to save money. ”

Why not form a group of consultants that I call the What Works Coalition? We invite historians, scientists, economists, good people, and others who love America to consider government spending by separating it from the “wheat and the chaff,” or what is necessary and what is not. They issue reports to the people and Congress that ridicule wasteful and unnecessary spending, and as a patriotic gesture they are elected to eliminate underperforming or underperforming programs, appropriations, and agencies. It would be possible to put pressure on the elected representatives. And yes, Social Security and Medicare must be reformed to save them for the future. Maybe if the media helps, it will help. It takes time to wean people from their addictions to the government, but some people have been able to “keep a cool head” when it comes to other addictions.

Most importantly, what is needed is a change in attitude, going back to the way some presidents, the nation’s founders, and the nation viewed government. Just as you wouldn’t go to the doctor if you had car trouble, you shouldn’t rely on the government to solve problems that are best dealt with individually. Governments can encourage good choices and punish bad ones (lower taxes on the successful are one reward, and they can reasonably allow people to suffer the consequences of bad choices). That’s another reward). Governments should not subsidize bad choices, as if good and bad are equal. This will result in more bad choices and fewer good choices.

If you don’t start making the right choices now and get serious about reducing your debt, there may be no turning back. History teaches us that lesson. investigate.