The party of mass spending is holding a Fire Sale of America.

Contact Tom O'Halleran, Krysten Sinema and Mark Kelly and get on the list to receive some money. The United States' 2019 revenue was $3.7 trillion. Last year we saw Congress pass a $900 billion COVID-relief and $1.4 trillion government funding package and this year the American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, was a $1.9 trillion economic stimulus bill that passed. Now we have the mass spending party putting forward a $3.5 trillion spending bill.

We are already experiencing inflation, the worst in 13 years, with everything we buy on a daily basis. The mass-spending party is pushing for an increase in wages so that more taxes can be paid to try to get out of the inflation that they created. The more you get paid, the more taxes you pay and the less money you have to buy the inflated things you need. More Americans are seeing their savings account dwindle even though they are getting paid more.

America's Fire Sale is coming soon, or rather is already here. Our country is going broke to pay people to stay home, monthly Child Tax Credit payments, welfare payments to other countries, etc. America will soon be the poorest country because our dollar will no longer be the world's reserve currency. Our elected officials have sold us out and the current mass-spending-political party is making sure we go down in flames.

John Smith,

Eagar

(4) comments

fishinguy

My opinion is it all on the Democrats. I feel the country was in way better shape under the previous administration.

ronzim

The “United States’”revenue for 2019 was $21.43trnls, not $3.7trnls; the revenue of the federal government was $3.5trlns or 16.3% of GDP, which is lower than the 50 year average of 17.4%.

“We are already experiencing inflation, the worst in 13 years, with everything we buy on a daily basis.” COMMENT: According to the latest quarterly BLS report, the current inflation rate is driven by the increase in energy and vehicle prices over the last 12 months. The increase for food, for example, was just 2.4% which is just about the inflation target of the FED (2%). Moreover, we have not yet seen any robust intervention on the part of the FED to bring total inflation down to its annual target because economists are convinced the inflation is temporary and do not wish to overreact.

“The mass-spending party is pushing for an increase in wages so that more taxes can be paid to try to get out of the inflation that they created.” COMMENT: This is so erroneous that it fairly takes one’s breath away. No one is doing this because rising wages tend to increase demand which increases inflation, not decreases it.

“The more you get paid, the more taxes you pay and the less money you have to buy the inflated things you need.” COMMENT: Is there a point here? To begin with, only certain members of the labour force pay more taxes because of an increase in pay. For them, let us say that someone’s effective federal tax rate is 15%. For each $100 of new pay, there would be $85 in new income to spend. How much you could buy with that depends on what the composition of your market basket is.

“More Americans are seeing their savings account dwindle even though they are getting paid more.” COMMENT: In fact, although our savings rate is traditionally low, it remained steady from Jun 2015 to Jan 20 at about 8%. Then savings increased dramatically to 33% due to COVID. That rate is now about 13% which is still much higher than the average.

“Our country is going broke to pay people to stay home, monthly Child Tax Credit payments, welfare payments to other countries, etc.” COMMENT: America is not going broke because it cannot do so. The reason for this is simply that our debt is denominated in U.S. dollars, over which we have control. Even so, the quarterly Z1 reports shows that we presently have over $100trlns in equity, after all public and private debt is considered (not counting the value of farms and ranches). The USA is massively solvent and remains one of the safest places to invest in throughout the world.

“America will soon be the poorest country because our dollar will no longer be the world's reserve currency.” COMMENT: According to the current IMF published data, the US dollar comprises, in round numbers, $7tlns out of $12tlns of global reserves. Another 20% is Euro dollars from our closest friends and allies.

2rusty

John Smith... Thank you for your strong, sensible letter. You reflect the views of many of us, don't let the libs shout you down! We need every conservative voice we can get these days.

pioneerfamily

The party of spending? Of course you’re speaking of trumps admin , right?

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.