By Jim Heffernan
This is a short easy-to-read book about a complex subject that gave me a much better understanding of the absolutely real threat that imperils all of us.
It’s written by a 90-year-old man who made his living as a tax attorney. His work for the banking industry led to him be rated as one of the best attorneys in the country.
I think what I liked best about the book is the even-handed look at our recent history. He shows that our debt grows no matter who is in office.
Central to the growth of our debt is believing the “big lie” that tax cuts increase revenue. It has never actually worked that way and it never will. Still, we persist. Choosing between self-gratification and adult choices is always a lop-sided contest.
It’s a 130 page book published in October 2024 that contains an addendum that includes the new Trump administration.
Here’s and excerpt from page 54 that I think is central to the threat we face: Each dollar spent by the government is a tax on somebody. Since the pressure to balance the budget disappeared, Congress has been unable to come up with any suitable guideline to relate spending to revenue. The easy route has been to spend regardless of the debt and pass the bill for our spending on to future generations. Those who have benefited the most are those who other wise would have paid more of the bill, the wealthy. If the U.S. is to reverse the Debt Ratio trajectory, which it must, the resources held by wealthy must come into play as a major part of the solution.
The book is available at Cloud and Leaf Bookstore in Manzanita and inter-library loan at Tillamook County Library.
As always, discussion welcome at codger817@gmail.com. Also available, is spreadsheet detailing year by year debt of the USA.