It’s not on our credit report but as of Wednesday, a $12,000 bill was added to our obligations. That’s roughly what every household in America will owe under the Tax Cut and Jobs Act’s added weight to the U.S. National debt.
That’s $12,000 on top of the estimates of maybe $67,000 we’re already burdened to owe. Did you ask to borrow this much money? No, of course not. You didn’t get to use it or even have much say in it.
We’re just the lucky winners of the Tax Cuts and Jobs Act (The Act). We’re told we’re winners anyway.
Both of us will be retired soon and this proud moment in Congress and the White House is going to give folks like us a tax cut of a $270, based on the Tax Foundation analysis. (Think of us as Couple Number 8 in the Tax Foundation analysis.)
But, $12,000 divided by $270 leaves us just, um, 44.44 years to break even on the additional debt load of the act — assuming no interest compounds this national obligation. Of course, no one is really paying towards reducing the national debt. It just keeps getting bigger as it has since the Reagan Administration.
What does our additional $12,000 debt buy us?
Does The Act buy health care security? Trump bragged afterwards that The Act “secretly” achieved his goal of repealing the Affordable Care Act by eliminating the insurance mandate, something the GOP couldn’t do straight up. They lied to Sen. Collins, R-Maine, and bribed Sen. Murkowski, R-Alaska, to get their votes.
Does The Act address poverty: The root of crime?
Does The Act help teach the children well?
Does The Act feed the poor and hungry?
Does The Act move us towards a sustainable world for our grandchildren?
Does The Act release those grandchildren from our obligations?
Does The Act lead us to peace and away from being the world leader in war?
*This assumes a 10-year, $1.5 trillion onto the national debt divided among American households. This is a consensus figure and one the Tax Foundation takes issue with.
Merry Christmas, happy holidays and a prosperous New Year to you all. We’re going to need it.