No slowing capital spending
Taxes have gone up, not just for “the wealthy” but for every American who works. The national debt is approaching $17 trillion. Deficit spending still is reported in hundreds of billions of dollars a year.
But some are saying that federal spending cuts can be put on the back burner now, because government revenue has been increasing.
What kind of insanity is that?
That new confidence was bolstered by a report that federal government revenue through June was up 14 percent in comparison to the same period last year. The trend is expected to continue.
It has prompted some to suggest the “sequester” spending cuts be rescinded and that talk of other reductions in the size of government be dropped.
But some of the revenue increase is because the payroll tax break, benefitting all Americans who work, was allowed to expire in January. And, again, Washington continues to spend far more than it receives.
The problem still is that our government spends too much. That cannot be allowed to continue.