OPINION:
The tax cuts this White House are championing are having a positive effect on the American consumer, putting more money and decision-making power back into the hands of the worker. But they will prove meaningless if politicians don’t deal with the deficit.
The more the government spends, the more Americans must pay, and the less tax cuts mean to the U.S. family.
“Unless we reduce spending,” the tax cuts won’t result in lower financial burdens for the average U.S. family, said economist Dr. Anne Bradley, with The Fund for American Studies. “In the long run, the spending is going to catch up with us and so the tax returns will get swamped by the accumulated debt.”
Politically speaking, the will isn’t there to address the national debt, however. And this is not just the fault of social welfare spending Democrats. Republicans, too, are to blame for soaring debt.
“This is the concern and this is what we’re really seen this past 100 years — this increasing government spending in a bipartisan way,” Bradley said.
But there’s plenty of room for optimism, she said.
“This is a solvable problem,” Bradley said.
For more with Dr. Anne Bradley on monetary policy, tune in.
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