Over the last couple years, federal spending has far exceeded historical norms. President Biden’s March 2021 $1.9 trillion American Rescue Plan was characterized by President Obama’s former Treasury Secretary Larry Summers as the most irresponsible budget policy measure in the past forty years
Reported deficits and Federal debt are one thing - but they don't reflect any of the actual or unfunded public debt accumulated by our states, local government or associated public agencies.
What's more, the Federal Government doesn't report any of the public subsidies it expends in the form of individual and corporate income and property tax credits and tax waivers. As the result, we have zero knowledge of concerning either the "current period expenses" associated with this activity nor the accumulated value of such credits.
This statement can be confirmed by ChatGPT for those who might wonder. Sadly, it seems, we have no means to demand this information from our government.
Paul, I would ask you to pick a non-depressing topic someday, but I have come to believe there are not any. The part of all this (whether schools, or government unions, or spending idiocy) that amazes me is why no one cares except the few of us that read your stack. Have a wonderful Thanksgiving -- I am really thankful for what you do.
Regarding more upbeat pieces, starting December 4, I'll be doing another essay series on "Big History" and the amazing pivotal events in Earth's history that led not just to ourselves, but to our historically good standard of living, backsliding modern trends notwithstanding. Many things to be thankful for overall!
Reported deficits and Federal debt are one thing - but they don't reflect any of the actual or unfunded public debt accumulated by our states, local government or associated public agencies.
What's more, the Federal Government doesn't report any of the public subsidies it expends in the form of individual and corporate income and property tax credits and tax waivers. As the result, we have zero knowledge of concerning either the "current period expenses" associated with this activity nor the accumulated value of such credits.
This statement can be confirmed by ChatGPT for those who might wonder. Sadly, it seems, we have no means to demand this information from our government.
Excellent points. As grim as the iceberg appeared to the Titanic, it was just the tip of the iceberg! So, too, with combined governmental debt.
Paul, I would ask you to pick a non-depressing topic someday, but I have come to believe there are not any. The part of all this (whether schools, or government unions, or spending idiocy) that amazes me is why no one cares except the few of us that read your stack. Have a wonderful Thanksgiving -- I am really thankful for what you do.
Regarding more upbeat pieces, starting December 4, I'll be doing another essay series on "Big History" and the amazing pivotal events in Earth's history that led not just to ourselves, but to our historically good standard of living, backsliding modern trends notwithstanding. Many things to be thankful for overall!