I hope that people are rallying for the right things and with the right motivations. It sure would be unseemly if it turned out that most people at yesterday’s “tea parties” were driven solely by the personal desire to pay less in taxes (who doesn’t want that?!!!), and not by a desire to see our country embark on a fiscally responsible future.

What does “a fiscally responsible future” actually mean, when it comes to the federal government? More than anything else, it means that government live within its means. And, as much as any of us hate to admit it personally, that is going to mean we end up contributing more to the government, not less.

Why is this? Our government runs vast deficits. Deficits accumulate into debt. This is not conservative. This is no different than you or I living beyond our means while our credit card balances grow ever larger.

Our federal government essentially adhered to conservative fiscal principles until 1986. Conservatives may not have liked government adding Social Security in the 1930s, massive road construction projects in the 1950s, or Medicare in the 1960s. But, the government paid its bills. Whatever we as a society decided our government should do, we paid for it. Between 1932 and 1980, the top federal income tax rate ranged between 63% and 92% (with a brief bump to 94% during WWII). It was a period of tremendous growth and prosperity in America. When Jimmy Carter left office at the beginning of 1981, federal debt stood at a modest $900 billion.

Then came the dawn of the Age of Tax Cutting. The top federal rate was cut to 50% in 1982, and again to 28% in 1988. It has ranged between there and 39.6% ever since. This would have been a wonderful expression of fiscal responsibly, except for one ugly fact: federal spending continued to rise unchecked: the Reagan years +7.6% annually; Bush 41 +6.7%; Clinton +3.3%; Bush 43 +6.2%. But the federal revenue is not there to support it. Beginning in the 1980s, spending up, taxes down: the federal government no longer could pay its bills.

How have we gotten by? Debt. Debt and more debt and more debt. Since 1980, our federal debt has exploded from $900 billion to $11 trillion. Our pandering politicians decided to further their own interests at the expense of our country’s financial future. They started giving us tax cuts, the political equivalent of distributing crack on the playground. It feels great to pay less taxes, and we can turn a blind eye to the giant pile of debt that builds up.

Now we have reached the point where the current deficits are so steep, and the accumulated debt is so high, that only more taxes can ever address the issue. Ask yourself this: Do you think the political leaders you sent to Congress are going to cut spending by such an astonishing amount that it balances the federal budget? And even if by some miracle that happened, what do you think is going to happen to the $11 trillion that already has been borrowed? Do you think the US is going default on its debt? No. You have to pay it. I have to pay it. There is no Chapter 7 for our government.

For these reasons, I caution people about their desire for tax cuts. Cutting taxes is our dessert. First, we have to eat our vegetables. First, we have to balance our budget and pay back our debts. Dessert will not be served for a long time.

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