So, we're now on track to run trillion dollar deficits every year as far as the eye can see. We just hit $22 trillion in debt, which is up more than $2 trillion in additional debt since Trump took office only two years ago. We're spending a billion dollars a day on interest alone.
Under these circumstances, any "tax cuts" are illusory. The burden continues to radically rise, not lessen, on current taxpayers, and on our posterity, who haven't given their consent to any of this nonsense.
There's only one way out of this horrible mess, and that's to apply my three-fold criteria for any and all public spending.
1) Is it moral?
2 Is it constitutional?
3) Is it absolutely necessary?
If the answer to any of these questions is "NO," then it's high time we got rid of it.
Then what we have to do is to take the tax and regulatory burdens off of the producers in this country. We can start by completely dismantling the federal income tax, and replacing it with a simple, transparent, efficient retail consumption tax.
It's stupid and counter-productive to tax businesses and productivity. It's the equivalent of killing the goose that lays the golden eggs.
Put the tax burden on consumption, and you will encourage thrift and savings, which are the only things that can provide the seed for even more production of physical wealth and private property.
And last but not least, dismantle the massive regulatory state which is throttling our economy and disadvantaging us in the world market. Most of it is unconstitutional anyhow.
In the clean air of liberty, Americans can and will out-work, and out-think, and out-produce anyone in the world, no problem.
Restore our national moral basis. Restore respect for our Constitution. Restore liberty. The rest will take care of itself.
"I say, the earth belongs to each of these generations during its course, fully and in its own right. The second generation receives it clear of the debts and incumbrances of the first, the third of the second, and so on. For if the first could charge it with a debt, then the earth would belong to the dead and not to the living generation. Then, no generation can contract debts greater than may be paid during the course of its own existence."
-- Thomas Jefferson, Letter to James Madison (6 September 1789) ME 7:455, Papers 15:393.
"The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."
-- Thomas Jefferson, letter to John Taylor, 1816
"There is not a more important and fundamental principle in legislation, than that the ways and means ought always to face the public engagements; that our appropriations should ever go hand in hand with our promises. To say that the United States should be answerable for twenty-five millions of dollars without knowing whether the ways and means can be provided, and without knowing whether those who are to succeed us will think with us on the subject, would be rash and unjustifiable."
-- James Madison, Speech in Congress, 1790
"No pecuniary consideration is more urgent, than the regular redemption and discharge of the public debt: on none can delay be more injurious, or an economy of time more valuable."
-- George Washington, Message to the House of Representatives, 1793
"This is the tendency of all human governments. A departure from principle becomes a precedent for a second; that second for a third; and so on, till the bulk of society is reduced to mere automatons of misery, to have no sensibilities left but for sinning and suffering... And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression."
-- Thomas Jefferson