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Politics

Never Save for a Rainy Day! 


Tom Purcell on

When I grew up in the 1970s, my father taught my sisters and me to “always save for a rainy day.”

He was a child of the Depression, after all, one of the longest “rainy day” periods Americans have ever experienced.

In 2021, however, America’s new national mantra appears to be “borrow and spend like the Sun will always shine!”

Our federal government has certainly been following that approach.

Sure, because the COVID-19 pandemic and the lockdowns crushed the economy and raised enormous social costs, almost everyone agreed that emergency spending measures were necessary.

But the federal government was already headed for a $2.3 trillion shortfall in 2021 - and that was before President Joe Biden’s $1.9 trillion coronavirus relief bill and massive pork sandwich was passed.

 

The truth is, pandemic or no pandemic, both Republicans and Democrats are addicted to debt.

Since 1970 federal spending, deficits and debt - now $28 trillion and growing - have been exploding.

President Clinton managed to balance the federal budget. In fact, he delivered a surplus in his last four budgets - the only surpluses in the last half century.

But President Trump increased our national debt nearly $7 trillion in four years - in part due to the COVID crisis.

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Copyright 2021 Tom Purcell, All Rights Reserved. Credit: Cagle.com

 

 

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