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As the midterm elections draw closer, expect to see some big-time spending to firm up votes. Recently while pushing his ” Build Back Better” agenda President Joe Biden also proposed a $33 billion aid package for Ukraine in addition to what has and is being currently spent. There seems to be a great deal of support for this on both sides with many voters also voicing support. What there is zero support for is paying for it.
Instead, we will just print money and somehow apparently through magic borrow money from ourselves and let our children and grandchildren worry about it. The power of taxation is the most sacred power our elected representatives have, but they have over the years given themselves the power to spend without taxes. This is great for re-election efforts but not so much for future generations.
Whether it is the trillion-dollar tax cut Republicans passed without any spending reductions, stimulus checks, the large increase in military spending, the so-called ” American Rescue Plan,” etc., stealing the futures of our children and grandchildren seems to be very popular with American voters. Why not pay for every spending bill that passes Congress with an increase in income tax? That would take care of yearly deficits, term limits would take care of themselves, and the two-party system would come under heavy pressure to “get stuff done” without our grandchildren’s credit card.