Republicans who voted to grow the national debt under former president Donald Trump are trumpeting fiscal conservatism again during a Democratic presidency.
The national debt under former president Donald Trump grew from $19.9 trillion in January 2017 to a new high of $27 trillion In October 2020. That’s an increase of almost 36% in less than four years.
Today the debt is over $28 trillion.
Joe Biden’s spending plans will obviously increase the national debt to an even higher number.
The problem is that the political party that is out of power invariably voicing concerns of the growing debt.
Doyle McManus in the Los Angeles Times pointed out in his latest column that more than $600 billion in taxes on 2020 income will go uncollected because the IRS lacks the manpower to audit the most tax returns. Unreported income of the wealthy is the issue. “The total shortfall over the coming decade could reach $7.5 trillion — more than enough to pay for all of President Biden’s ambitious spending plans.”
“Collecting the taxes people are required to pay isn’t soaking the rich; it’s stopping the deadbeats and freeloaders from shirking a burden the rest of us are carrying.”
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