Why the Deficit Doesn’t Matter
Will the new tax cuts raise the federal deficit? The hand-wringing liberals seem to think so. And that is the only remaining argument they have against the Trump tax cuts. That is because virtually all American socio-economic groups benefit financially from the cuts. All Americans will keep more of their hard-earned dollars for themselves, even the liberals. So there is really no substantive argument to oppose the tax cut legislation, from anybody…well, except of course for that pesky deficit. Now it is no foregone conclusion that the deficit will rise anyway. But in the minds of the nay-sayers, life is a zero-sum game, pitting the “haves” against the “have-nots.” In their world, even if they benefit from a tax cut, if another perhaps wealthier group, benefits as well, that’s bad. In their world, all tax cut benefits should accrue to them and them only, even if they don’t pay taxes. Under this plan, the typical family of fo...