National debt increase
It is interesting that Republican legislators, who supported spending and tax policies that allowed the national debt to increase by over $9 trillion dollars during the four years of the Trump administration, are suddenly so deeply devoted to stopping any future increases while Biden is president. They call for a balanced budget – total federal spending not exceeding total federal income. They see cutting spending on programs essential to the well-being of millions and millions of Americans as the only way to do this.
Democrats argue that making no increase in the debt limit and defaulting on debts already existing would risk a national and probably global financial catastrophe. They also see making too small an increase would risk well-being and going back on promises made to the American people.
Making reckless cuts in spending is not the only way to balance the budget or at least to cut borrowing. How about something like this: agreeing on a budget where annual spending will not exceed the total income that would be received if all American individuals and corporations pay their fair share of taxes.
David A. Durfee
Editor’s note: This letter is being republished to add a last line the author omitted in the original.