With problems abounding here and now, it is hard to get excited about a problem that is in potential, in the future, hard to understand, and worst of all, requires current sacrifice to address. Fat chance of selling that. Ever. Nonetheless, here goes.

(879 words, four-minute read)

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As we would expect during an election year, several candidates are proposing new government programs. So far, we have proposals for higher teacher salaries, an infrastructure bill, universal daycare, student debt forgiveness, free college education, and a tax credit for low income earners, to name a few. Some of them surely deserve consideration. When candidates are asked how they plan to pay for them, however, the universal response is to raise taxes. Warren would impose a wealth tax, while the rest of the candidates seem to coalesce around rolling back the Trump tax cuts for the wealthy and corporations. By leaping immediately to tax increases, they leave us to conclude that they can find nothing in the current budget to cut. Is this sensible? Shouldn’t the current level of spending at least be discussed? Let’s try to be fact-based and rational.

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Last week, when the federal deficit surpassed $22 trillion, there were several references in the media, most of which observed that no one seemed to care. It was just yesterday that the Republican party, led by Paul Ryan, criticized President Obama on what seemed like a daily basis over the “debt crisis staring us in the face” and for a national debt that was “out of control.” But now, no one seems to care. Larry Kudlow, the director of the President’s National Economic Council, dismissed it as not “a problem.” So what sense are we to make of this? Let’s try to be fact-based and rational.

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