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Eating Doritos While Drowning in Debt

The Reason Roundtable

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Dealing with Unprecedented Debt and Deficits without Concrete Plans from incumbent admin

The significant $400 billion debt is attributed to excessive spending without generating sufficient tax revenue, leading to deficits and record-high debt levels. The proposed Biden administration's budget promises $3 trillion in deficit reduction by 2025, but facing challenges in passing it due to unrealistic tax hike proposals. Even if passed, debt would continue to rise to historically unprecedented levels. Conversely, the Trump administration lacks a concrete plan to address the escalating debt and deficits. Suggestions to boost economic growth as a solution are deemed insufficient without a clear strategy to achieve high growth rates, leaving both administrations without effective plans to tackle the soaring debt and deficits.

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