New Tax Bill is a Start, Now We Need Spending Cuts


There is an unspoken rule in politics when it comes to how economics works: the debt doesn’t matter.

Even as opponents to any policy say it adds to the national debt, they don’t care. Republicans have now passed a new tax bill that will add 1.5 trillion dollars over the next ten years. But who cares? The United States national debt now topples over 20.5 trillion dollars, so what’s another trillion?

Every time I hear President Trump say that he wishes to cut taxes, I always end up asking, “Okay, but where are you going to cut spending?”  The Federal Government cutting spending? If only. Instead they’ll just shift the cost onto others, including college students in the form of a new work-study tax.

This isn’t to say I think the new tax bill shouldn’t have been passed, it’s an improvement on what we had before. More money in the pockets of people is generally better for the economy. The problem lies in how much the United States needlessly spends. The U.S. budgets, at the time of this writing, four trillion dollars. Half of that four trillion is spent on Social Security and Medicare. There needs to be a serious debate as to whether or not social security should be privatized. Most college-aged people are never going to see a dime of what they paid towards social security. Why not give people a choice whether or not they wish to pay towards their own social security. Insurance should never be forced by the government, it should always be a decision of the individual. The removal of Social Security would cut federal spending by a quarter, something that is needed to be done to allow these new tax cuts to work.

I like tax cuts, but I would also like if the national debt were to not increase. The problem is that politicians find it politically unpalatable to ever discuss the notion of reducing spending in conjunction with tax cuts. It’s something that the GOP has done and it’s not good for America.

This is a huge win for President Trump as now he gets to fill a big campaign promise of tax reform by Christmas. This has been an overall victory for the GOP and the Republican Congress and Senate have finally done something since the inauguration almost one year ago.