I thought I went deaf this year because I haven’t heard the national debt mentioned much after hearing about it incessantly in years previous. Now I hear the proposed federal tax cut will save the lower income 99 percent of the population about $500 on a joint tax return, or enough “to go buy a new car” according to administrative proponents. Good news, however, the cut will “add less than $1.5 trillion” to the debt over 10 years, and therefore it is small, making it filibuster proof and passable by simple majority in the Senate.
With 300 million people in the U.S., my share of just the increased debt will be $5,000, or about the same as our tax saving over the 10 years, but my wife’s share of the debt will also be $5,000; total $10,000. Bad deal for me. And if you have kids there is another $5000 share for each of them. Better ask yourself who benefits, or benefited most when we start talking about the debt again.