Myth vs Fact: Debt and Deficit Spending

From:

US Congressman David Schweikert

Representing Arizona’s 6th District.


MYTH: Tax Reform ballooned the debt & deficit.


FACT: Our Skyrocketing deficits are due to government spending increases, not tax cuts.


Following passage of the TCJA, many falsely claimed that tax reform was responsible for ballooning our debt and deficit. However, commentators were only simply distracting Americans from the real problem: our government’s continued growth in spending that has set us on a dangerous trajectory. I have been speaking on the House Floor for years about the need for Congress to address our spending, and find solutions for lowering the cost of healthcare to reduce our debt burden and ensure seniors will always have access to the promises we made as a government. Right now it is projected that without making any changes to current policies, our government will have a $104 trillion budget deficit by 2050. The tax cuts were an asset for our economic growth leading up to the pandemic. Now we need to focus on how we can reign in government spending while ensuring our seniors are supported during their retirement.

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