Sara Shahanaghi

7 Questions on the Debt that Politicians Don't Want Us to Ask

July 25, 2011 — Sara Shahanaghi
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The U.S. government hit its $14.2 trillion national debt ceiling on May 16 and the global economy hasn’t imploded...yet. Treasury Secretary Tim Geithner took a few “extraordinary measures,” such as suspending investments in federal retirement funds, to bring the total debt just a hair below the limit so the government can continue borrowing until August 2. 
Now, Congressional deficit hawks are demanding major spending cuts to some of the most vital government programs like Medicare and Social Security. But a closer look at the country’s balance sheet shows that it’s not spending that’s out of control, it’s revenue. 

Federal income tax rates are at their lowest since the mid-1950s. Keeping taxes as low as they currently are doesn't make any sense (especially for the wealthiest taxpayers), but lowering them further is pure insanity. Be that as it may, that’s precisely what Republicans are proposing. Perhaps it's time we ask our federal officials what their fiscal priorities really are.
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