Environment & Energy

Reagan cut taxes and raised spending to make up for it.

“W" took the “Clinton Surplus” (which mostly was going to build up the Social Security Trust Fund for when the “Boomers” retired) but was projected to pay off the debt by 2012 and gave half of it away in tax cuts.

“W” implied that Social Security was in the hole, and used that supposed mismanagement of Social Security to justify cutting the income to save Social Security. Then, he took us into 2 simultaneous wars (not entirely his fault) but did not let the expense of those wars stand in the way of his tax cuts (entirely his fault.)

His father (in large part) lost his bid for reelection because he was more fiscally responsible than Reagan (he famously failed to keep his pledge, “Read my lips. No new taxes.”) “W.” ignored that, and acted like the problem was that his father had chosen not to invade Baghdad during “The Gulf War.". During the 2000 campaign “W” told people he wanted to go to war with Iraq, and, somehow, when al-Qaeda attacked us, he looked for revenge in Iraq.

The Orange Faced Man in the White House gave away even more money in tax cuts in his first term, and is now following it up with more.

Boosted by rising interest rates, in fiscal year 2025 ≥ 1.2 Trillion Dollars went to “interest Expense” on the National Debt.
https://fiscaldata.treasury.gov/interest-expense-avg-interest-rates/

Where did we get the money from? Essentially, we borrowed it. (“Compound interest” is a bitch when it’s going against you.)

Where did it go to? People who purchase “Treasury Securities.” Who purchases “Treasury Securities?” Well, I can tell you this much, it’s not the poor.

So, the rich are paying less in taxes, allowing them to invest more in “Treasury Securities,” essentially loaning the federal government money they should have paid to the federal government. (Nice racket.)