By Arne Beruldsen @ Shutterstock.com
In response to the massive spending in the so-called “Big Beautiful Bill” working its way through Congress toward President Trump’s desk, former congressman and presidential candidate Dr. Ron Paul suggests that reining “in the welfare-warfare state’s great enabler by auditing then ending the Federal Reserve” and by repealing the 16th Amendment (income taxes) would “free the people from 1913’s great mistakes — fiat money and income taxes.” Regarding the trouble the Republicans are having with the passage of the bill, Paul explains:
According to the Committee for a Responsible Federal Budget, the “big beautiful bill” would increase the national debt by at least 3.3 trillion dollars over ten years. This number is likely to rise because several moderate Republicans are threatening to vote against the bill unless the Medicaid and food stamps “reforms” are limited or dropped.
Tax cuts are always worth supporting because they advance liberty and sound economics by ensuring the people have more and the government has less. However, tax cuts that are not combined with real spending cuts are delayed tax increases. This is because cutting taxes without cutting spending leads to more debt that leads to higher taxes. These tax increases are likely to come from the Federal Reserve’s monetization of debt, which weakens the dollar’s purchasing power. This “inflation tax” benefits political and financial elites while hurting most Americans.
The reason Republicans are finding it difficult to offset their tax plan in a way that is politically palatable is that they are following exactly the opposite of the politically smart path to cut spending. Instead of starting by cutting welfare for the poor, Republicans should have started by cutting welfare for the rich, particularly the military-industrial complex.
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