It’s no secret that Democrats are pushing to increase the national debt limit. After all, their 2021 budget proposal introduced by President Joe Biden includes plans to raise taxes, especially on the wealthy. But is this really necessary?
On Tuesday, Republican Rep. Bob Good of Virginia and MSNBC host Katy Tur had a heated debate over the Trump tax cuts and the debt ceiling.
During the discussion, Tur asked Good why he wouldn’t consider raising taxes, as she claimed that the CBO’s figures showed that the tax cuts added $1.8 trillion to the national debt.
But Good argued that there’s no revenue problem, as the current revenue levels would already allow for a surplus if pre-COVID spending levels were used. He explained that we have a “massive spending problem” that needs to be addressed.
He goes on to cite the passing of the Limit, Save, Grow Act, which would increase the debt ceiling by $1.5 trillion, repeal portions of the Inflation Reduction Act, require Congress to approve regulations with an economic effect of $100 million or more, and create new work requirements for welfare programs.
In response to Tur’s suggestion that the tax cuts added to the deficit, Good asserted that this was “historically just inaccurate.” He goes on to propose alternative solutions for controlling the deficit, including slashing spending on non-essential programs and prioritizing resources towards essential government programs.
“If we just went back to pre-COVID spending across the board, which was about $4.5 trillion for all mandatory and discretionary spending pre-COVID 2019, the five trillion dollars a year we are realizing in revenues right now would mean a half a trillion-dollar surplus at pre-COVID spending with current revenue levels because of the,” Good added. “We don’t… have a revenue problem, we have a massive spending problem.”
It’s time that Democrats recognize our current situation and take the necessary steps to reduce our national debt. We should stop relying on a tax-and-spend strategy and focus instead on responsible spending, which is the only way to address our current debt problem.
We can’t keep kicking the can down the road and expect any meaningful reduction in our debt-to-GDP ratio.
Erica Carlin is an independent journalist, opinion writer and contributor to several news and opinion sources. She is based in Georgia.