Latest Breaking News
In reply to the discussion: Trump: Former Starbucks CEO Howard Schultz doesn't have the 'guts' to run for president [View all]Honeycombe8
(37,648 posts)The symptom has to be dealt with. Financial problems are not like medical, though. For a deficit problem, if you fix the symptom, you have cured the cause. For the time being. That's not the case with most medical issues.
A huge deficit also makes us even more beholden to China and other countries who hold that debt. That gives them enormous leverage over us. It's also a large amount of money flowing out of the country every year to pay the debt, instead of having it in the country to spur the economy, pay for our programs, and such.
Once a big tax cut bill is passed, it's unpopular to change it back. The Democrats under Obama extended the Bush tax cuts. I expect the same will happen with this last, very unfair tax cut bill. But we'll see. Maybe it can be rolled back somewhat.
Oh, well. It's not like I have any control over it. Both parties seem intent on borrowing money to pay for things. It's okay to pay for something by borrowing, if the program pays the country back in the longrun. You take out a mortgage for a house. After you pay off the mortgage, you probably have real estate worth more than the mortgage you got in the beginning. Or you borrow money to open a business, hoping that the business will pay back the loan and turn a profit over that.