In 2020, Federal spending broke the $5 trillion barrier for the first time. In fact, it smashed through it – rising from $4.5 to $6.6 trillion. Compare that to 2009 – the year of the stimulus package – when spending rose just $500 billion over the previous year, and you will get a sense for just how deep the rabbit hole now goes.
Chris Edwards is my go-to guest for all matters related to government spending. As director of tax policy for the Cato Institute and head of the Downsizing Government project, Edwards has put federal spending into context. This Sunday, he joins the program to help me and my listeners recover from the sense of vertigo – standing on the precipice – as we await the inevitable rise in taxes in the decades to come.
To start, Biden has proposed an almost doubling in the capital gains tax, despite the depressing effect this will have on growth.
We will focus on real “hangover cures” for the drunken sailor, Uncle Sam, who has used COVID as an excuse to throw all caution to the wind.
What can we cut, and what will drive the growth needed to power the economy out of the deepening deficit?
Find out, LIVE, this Sunday (12/20), at 8am PACIFIC time and call in with your questions for Edwards on the show of ideas.
Benjamin Franklin once said: "Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety."