Tax Reform Advocate Highlights Failure of Both Parties in Addressing ‘Devastating’ National Debt

Tax reform advocate Steven L. Hayes is raising concerns about the failure of both major U.S. political parties in addressing the “devastating” national debt. With the national debt currently exceeding $34.6 trillion and growing under both Republican and Democratic administrations, Hayes believes that neither party has taken effective action to tackle the issue.

Hayes, who serves as the president and chairman of Americans for Fair Taxation, advocates for replacing income tax with a national retail sales tax. In an interview with NTD’s “Capitol Report,” he argued that both parties have been willing to embrace debt spending to avoid appearing to advocate against entitlements for their constituents. The recent political confrontation over entitlement programs such as Social Security, Medicare, and Medicaid highlights this issue.

President Joe Biden accused his predecessor, former President Donald Trump, of considering cuts to Social Security and Medicare. However, Trump denied these allegations, emphasizing his commitment to preserving these programs. According to Hayes, both parties use debt as a means of keeping the masses quiet and winning votes, rather than addressing the Social Security problem.

Hayes warns that continuing to borrow money to sustain these programs will have consequences. It will drive up interest rates for everyone and lead to an increased cost of living, reducing the amount of money families have in their bank accounts. He emphasizes the devastating impact this will have on individuals and households.

While both parties have expressed some concern over the national debt, Hayes argues that there is a significant gap between their words and their actions. He points out that Treasury Secretary Janet Yellen recently expressed concern about the debt but adds that this only seems to be a concern during election years when it is popular to say so. The Biden administration itself has contributed $6 trillion to the national debt since taking office, undermining any credibility on addressing the issue.

Hayes predicts that Trump will face difficulties campaigning on a platform of tackling the national debt in 2024 due to his record in office. Although Trump initially promised to balance the budget and reduce the debt within eight years, he ended up borrowing a significant amount of money during his presidency. While COVID-19 can be partially blamed for this increase, Hayes argues that Trump’s sudden change of stance on reducing the debt may not be convincing to voters.

Under President Trump’s administration, the national debt increased by about $7.8 trillion over a four-year term, rising from $19.9 trillion to $27.7 trillion. Since President Biden took office, the debt has grown by approximately $6.9 trillion in just over three years.

Ultimately, the trend in the national debt is driven by existing legislation primarily set by Congress. Both parties may express concern over the debt, but their actions do not align with their words. Hayes’s critique highlights the urgent need for genuine and effective measures to address the growing national debt and prevent its devastating consequences on the economy and individuals’ lives.