The new Republican “management” of the U.S. House of Representatives is threatening to crash both the U.S. and wider global economy because they don’t want to pay the bills that Congress has already authorized. During Donald Trump’s time in office, raising the debt limit was no problem — his tax cuts even blew up the deficit and debt “bigly” — but no matter. Now they’re going to stand on principle: We shouldn’t have such a large debt.
Fine. If Republicans insist on cutting Social Security and Medicare, we could agree to put those cuts to a national referendum during the 2024 elections. Would that be popular? Any other cuts would be trivial.Or we could reverse Trump’s disastrous, unproductive tax cuts for the rich and powerful. We could even make America great again by going back to the 1950s — in particular, to the much higher tax rates under President Dwight Eisenhower, when the U.S. economy did great.
— Rick Wicks
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