As I have said many times, the National Banks around the world begged President Clinton to not buy back any more treasury bonds because they used them as their National Reserve. All the thirty year, most of the twenty year and some of the ten year bonds were gone. We were on the way to paying down our National Debt.

            Then along came Bush II and his tax cut which reversed the pay down. He cut taxes and increased spending just as Reagan had done but Reagan saw the debt grow and increased taxes. Obama continued the ruinous Bush tax cut causing the debt to increase to over twenty trillion in his eight years. Trump cut taxes in his first year and ran the debt up 7.8 trillion more to about 28 trillion today.

            Both parties are responsible for this debt because they passed the tax cuts, hamstrung the IRS, and passed the bills spending the borrowed money. Today Minority Leader McConnell complains about the Biden and the Democrats running up the Debt but he has been Majority Leader for twelve of the last fourteen years. He pushed the ceiling raise in Bush and Trump years and fought against it in the Obama years and this year even though Trump ran the increase of debt up to June. McConnell doesn’t want to pay his bills.

            The best way to fix the debt ceiling is to raise the taxes back to rates of the booming Clinton years or even the end of Bush I years. Let’s not create fifty or ninety year bonds passing along yesterday’s tax cuts insanity to future generations!