Tag Archives: 2018

The Tax Bill Needs Follow-On Spending Cuts

Compromise

Although a tax cut may have been a nice Christmas gift, it needs some follow-on spending cuts to work.  At best, Republicans have eaten their dessert first, waiting to eat their spending cut vegetables later; at worst, they will have increased the federal deficit by another trillion dollars or more.

 

By most estimates, even stimulating economic growth will not fully pay for the tax cut.  Republicans will now have to undertake the politically courageous step of cutting federal spending.

 

It will be difficult to make spending cuts without touching Medicare or Social Security, which President Trump has said are off limits. Meanwhile there is pressure to undo the sequester, automatic cuts on spending no one liked, but which have at least kept spending growth down.

 

Ideally, Republicans would have disciplined themselves to do tax and spending cuts at the same time. Tax cuts may come and go, but the federal debt remains forever, it seems. And—without spending cuts—it grows.

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Albert Mohler: And What a Year it Was!

Headlines

It was the year that Donald Trump was sworn in as the 45th President of the United States, and the year that Democrats declared “the Resistance.” The stock market continued to soar and the winds roared—it was the year of three devastating hurricanes.

 

Neil Gorsuch became the newest justice on the Supreme Court. Meanwhile, threats loomed in hot spots around the world, and the hottest of all was North Korea.

 

Controversy in U.S. sports centered on who did and who didn’t stand for the national anthem.

 

Harvey Weinstein was toppled in a sex abuse scandal, and was then followed by over 100 others, including a U.S. senator and several congressmen.

 

Those who died in 2017 included Charles Manson, Helmut Kohl, Glenn Campbell, Mary Tyler Moore, David Rockefeller, and R. C. Sproul. Meanwhile, just in the U.S., a new baby was born every 8 seconds.

 

May your house celebrate a happy New Year, in 2018.

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