Thursday, February 2, 2023

Republicans aren’t going to tell Americans the real cause of our $31.4tn debt

… the wealthy used to pay higher taxes to the government. Now the government pays the wealthy interest on their loans to finance a swelling debt that's been caused largely by lower taxes on the wealthy. 

This means that a growing portion of everyone else's taxes are going to wealthy Americans in the form of interest payments, rather than paying for government services that everyone needs. 

So, the real problem isn't America's growing federal budget deficit. It's the decline in tax revenue from America's wealthy combined with growing interest payments to them…


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