goldkam
DP Veteran
- Joined
- Feb 17, 2018
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The federal government obviously has no problem spending - the problem is that congress critters refuse to raise the taxes required to pay for it. The key number to watch is annual per capital federal spending (now normally over $12K) which would require about $4T in total federal revenue to balance the federal “budget”.
But the assumption that higher taxes are the only way to pay off a deficit is misleading. Spending has become a necessary part of pandemic recovery and widespread tax increases are not the way to bring the budget back nor see a successful health and economic recovery.