On the recordNovember 14, 2023
I am not going to go into correcting the TCJA math, but I would point out Democrats functionally, through the Biden administration, have borrowed $4.8 trillion in functionally 3 years. The 1.7, actually the multiplier, if you look at the tax receipts, being on Ways and Means. I do want to go to a point. The gentlewoman actually just made my morality argument. These are important programs. They serve a purpose, but yet our failure to actually address the debt, because the fact of the matter is the primary driver of U.S. debt is our demographics, something we don't like to say. We got old. Today, and the 30 years forward, 100 percent of the growth of debt--and our office now is calculating $130 billion to $140 billion during that time, particularly if we start to calculate in the new interest rate regime. Medicare, and if we backfill Social Security in 9 years when the trust fund is gone, it is going to consume every available dollar. You are going to see programs like this that we care about squeezed. Actually, my point is, if these are moral, if they serve a purpose, our inability to have an honest conversation about the debt is immoral. I have come here today--and even last night, I spent 1 hour showing Democrat tax hikes, fine, but the tax hikes that have been proposed for every category on $400,000 and up only brought in about 1.5 percent of GDP when adjusted. We borrowed 8.4 last year.…
