In the mid-’90s, President Bill Clinton forced a similar tax hike on the wealthiest Americans. The resulting revenue (along with taxes naturally produced by a healthy economy) helped the federal government balance its budget for exactly one year. After that it was back to deficit spending, and the budget hasn’t been balanced since. Meanwhile, our national debt has continued to go through the roof.
The problem is deficit spending, and higher taxes will never put an end to that. More taxes just provide more money for our elected officials to waste.
There is only one answer — the federal government has to curb its spending, once and for all. Our leaders have been acting like a bunch of irresponsible teenagers who have yet to learn how to manage money. They go on wild spending sprees, then keep coming back and ask for more of our dollars to keep the party going.
This cycle will never end until we say “hell no” and force them to live within their means. Raising taxes on anybody — the rich, middle class or poor — will only perpetuate the problem. You can give the feds $10 and they will spend $20. You can give them $100 million and they will spend $500 million.
That trend will continue until our national debt spirals completely out of control and our ability to borrow our way of out trouble is gone.
That’s when the Republican Party will spring back to life.