I think that at one time or another almost all of us have faced an addiction. For me, it was cigarettes and coffee. I couldn’t get through an hour, let alone a day without my fix. Thank heavens I finally shed those addictions more than 30 years ago. But still once in a while, my brain still wants a fix.
That is kind of like what it is about when someone offers us a quick tax cut. Here is an extended quote about that. I would highly recommend that you click on the link below to see the whole article.
The Republican tax plan is fiscal heroin: it feels great now and will wreak havoc in the future. The Committee for a Responsible Budget, a bipartisan budget watchdog group, says the current proposal would cost the federal government between $3 and $7 trillion in lost revenue over a decade and that “no plausible amount of economic growth would be able to pay for a substantial portion of the tax plan, let alone reduce deficits.”
America’s debt is already on an unsustainable trajectory. Even before the Republican tax proposal, the nation’s borrowing was projected to grow to the highest level relative to GDP in history. The nonpartisan Congressional Budget Office warned in a report earlier this year: “The prospect of such large and growing debt poses substantial risks for the nation and presents policymakers with significant challenges.”
Remember, that was before the Republicans floated their wildly irresponsible tax plan.
The best way to get out of our fiscal hole would be to stop digging. The Republican tax plan would lower a backhoe into our current fiscal crevasse to begin digging faster and deeper.
Remarkably, the Democrats are opposing the tax bill not because it would be fiscally disastrous, but because it is too generous to the wealthy. The current Democratic commentary suggests that the tax cuts—which will have to be paid back in some way by future generations—would be just fine if they were tilted more towards working people.