The last 40 years have seen a lot of back and forth with the health of the U.S. economy.

Even though the job market and stock markets are strong, there is trouble on the horizon.

Republicans continue to complain about deficits, but the economic policies they put in place have put us in a chronic buildup of the debt. Democrats have made some efforts to correct the slide, but in the last 25 years we have entered a situation where it is impossible to balance the books, unless tax policy changes.

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The ultra-rich, e.g. the billionaires with their money have worked the levers to get themselves tax cuts that have created this situation.

Following are links that show how this has come about:

Key to the issue are the tax cuts from Reagan, Bush Jr, and Trump.

When jobs are plentiful and business profits soar, that means good news for federal tax revenues. At least, that’s how it’s supposed to work.  Read the article at MSNBC. 

Senator Bernie Sanders lays out some sobering points. Note: He points out that Democrats have taken money from billionaires, just like the Republicans. Watch Sanders about Oligarchs.

How do U.S. tax rates compare the top 30 economies. And how this affects debt and deficits.
Heather Cox Richardson 4:23 Minutes on YouTube.

12 Myths about taxing the rich. Robert Reich 8:25 minutes on YouTube

Realities of the Big Beautiful Bill –  Steven Rattner website presentation

Meet the mega donors who pumped billions into the 2024 election. Washington Post article (subscription required).