Everyone in Washington is talking about the size of our budget deficit, and how it needs to be reduced. The numbers from this Washington Post article are outdated after the recent tax cut, but they serve to illustrate the point. Our government is going to spend $1.27 trillion dollars more than it will bring in in tax revenue. Those on the political left would have us believe that this is because taxes on the rich are too low. Those in the Tea Party movement would have us believe this is because spending is too high.
I happen to agree with the Tea Party. The politicians in Washington, DC are going to spend every dollar they can. If Congress were to increase taxes, then they’d still figure out how to spend all of that tax increase and still spend more.