Varney: America has a spending problem, not a tax problem
Well, well, well... it seems that the Trump tax cuts actually brought in more money to the Treasury.
The Democrats told us that lower tax rates would mean lower revenues. But that’s not the case. This year, more money than ever poured in from income taxes and corporate taxes. The Republicans were right. The tax cuts paid for themselves.
America doesn't have a tax problem. It has a spending problem. This year the Defense Department spent heavily and a lot more flowed out from Social Security, Medicare, and Medicaid. Overall, spending was up much more than tax revenue. That’s why the deficit went up.
I repeat: it’s a spending problem, not a tax problem.
Someone should tell the Democrats. Their leading candidates are all in with a lot more spending. We're talking trillions here.
Whether it’s the Green New Deal or free college or Medicare-for-all, Joe Biden, Elizabeth Warren and Bernie Sanders all want to spend vast amounts of money. And they can't raise it all from extra taxes. That means massive debt.
At the moment, politics is consumed with impeachment and congressional deadlock.
When we get back to looking seriously at the finances of this nation, we should think long and hard about spending trillions that drives us further into massive debt, and tax hikes that would ruin the economy.
The left needs a reality check, and the only people who can do it are the voters.
GET FOX BUSINESS ON THE GO BY CLICKING HERE