Jack Wagner gives the conservatives at PA Independent a choice quote to troll Democrats with:
“The national debt is horrendous, it’s embarrassing.
“The debt of our country is $16 trillion-plus and increasing at a dramatic pace each and every year, in excess of $1 trillion each and every year with virtually nothing being done to address it. It is unsustainable. We are indebting our children and our grandchildren in the process.
“Forty cents of every dollar the federal government spends is borrowed….that’s unacceptable. There has to be cuts at the federal level, in all areas, and every American citizen knows that. No household could survive that way.
“Yes, there has to be cuts at the federal level in all areas of federal government. In addition, there has to be revenue increases.”
In reality, the federal budget is nothing at all like a family budget. A family cannot print up its own currency and borrow however much they want. But the federal government can and does do that. The idea that money is created out of thin air makes some people uncomfortable, but that is what the US government does, it’s been this way for a century, and it’s not a problem.
Wagner is also wrong to say that nothing is being done to address the deficit. In fact, we’ve already done all the discretionary spending cuts in the Budget Control Act, and now the deficit is just 2.1% of GDP.
It is not clear what ecoomic problems Jack Wagner thinks could be caused by a deficit this low.