We must get control of national debt
Our president has suggested doing away with the debt ceiling and just keep spending as needed. He also has told us that our national debt will be gone in eight years by lowering taxes, which he says will increase economic growth by 5 to 6 percent. I believe he needs a reality check. We will be following in the footsteps of governments that couldn't control their indebtness.
At the end of FY 2017, gross U.S. federal government debt is estimated to be $20.4 trillion. This is according to the FY 2018 federal budget. They are proposing to raise the debt ceiling for very good reasons to help out the people in need from the devastation of Harvey and Irma. I am in agreement that we should help out the people in need, but we can't just keep passing the bill on to the next generation. The federal government has generally spent more than it collected in revenue. When this occurs, the government must borrow money to cover the difference.
Needed now are both tax increases and spending cuts to bring the debt gradually down to historical levels. The national debt is so large it will take a long time to bring it down but it has to start now.
In the past, the top 1 percent has profited the most and can afford to pay more of the tax increase. Instead they are now suggesting to lowering the top tax rate from 39 percent to 35 percent. In the future, any time the politicians come up with new spending bill and it will increase the national deficit this should call for an immediate tax rate increase to pay for the bill. Don't just pass the debt on to the next generation, pay for it.
Mike Brown
Mount Prospect