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The recently passed bill to “solve” the Fiscal Cliff economic crisis should not have been passed. It is a bad bill and a worse law. But not because it is too liberal or too conservative.
The Fiscal Cliff bill passed jointly by Republicans and Democrats will now turn the United States into a perpetual borrowing nation.
This nation has real debt and deficit problems. We haveaccumulated a $16.4 trillion national debt from decades of spending beyond the taxes and fees the government receives.
And each year for the last five years, the nation has run a national deficit, or annual loss, of more than $1 trillion.
That amounts to the U.S. borrowing 40 cents for every federal dollar spent each year.
The above said, the problem is not due to one party overspending, or to the 2008 banking disaster and resulting Big Recession, or the government choosing to do jobs that it should not be doing.
The reason we have a national borrowing addiction is because of two primary factors: the President Bush tax cuts since 2001 have starved the U.S. Treasury of at least $700 billion a year in tax revenues from all sources, and the wars in Iraq and Afghanistan have been funded through borrowing, rather than cutting spending elsewhere or raising more taxes, or both.
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