Unless Changed, the Tax Bill Should Die

Since the financial crisis of 2008, the federal government has been borrowing and spending money like there’s no tomorrow. In November, I reported about the new rollover regime we just entered, in which the feds will be refinancing the debt run up during the Obama era. It didn’t occur to me at the time, but the $8.388T debt the feds will be rolling over in the four years that started on Oct. 1, 2017 is more than the debt incurred during the eight years of Obama, which was $8.096T, (that’s the Public Debt from Jan. 20, 2009 to Jan. 20, 2017). So, we must redeem the Obama era debt in half the time it took to run it up! A single $1T deficit in fiscal 2009 during the crisis might be acceptable, even warranted, but four trillion-dollar deficits in a row are unforgiveable. Those four deficits were so large that despite lower deficits in his second term, they gave Obama an average deficit of more than $1T a year for his eight years. The Public Debt, which is the real...(Read Full Article)