CAL THOMAS COMMENTARY JULY 7, 2025
THERE IS GOOD, THERE IS BAD AND THERE IS UGLY IN THE TAX AND SPEND BILL SIGNED BY PRESIDENT TRUMP LAST FRIDAY.
THE GOOD INCLUDES MAKING HIS TAX CUTS PERMANENT (AT LEAST UNTIL DEMOCRATS GET BACK IN POWER), FINISHING THE BORDER WALL, DEPRIVING THE ABLE BODIED OF MEDICAID SO THEY WILL GET JOBS (THE LEFT CLAIMS PEOPLE WILL DIE), NO TAX ON TIPS AND NO TAX ON MOST OF THOSE RECEIVING SOCIAL SECURITY.
THE BAD AND THE UGLY TOGETHER IS THAT NEW SPENDING RAISES THE DEBT, WHICH IS ALREADY AT $36 TRILLION. INTEREST ON THE DEBT WILL RISE TO $700 BILLION.
APPARENTLY FEW PEOPLE CARE ABOUT THE DEBT ANYMORE BECAUSE THEY ARE GETTING WHAT THEY THINK THEY ARE ENTITLED TO. REPUBLICANS PROMISE TO CUT MORE SPENDING IN THE FUTURE. THEY CLAIM ECONOMIC GROWTH AND PRESIDENT TRUMP’S TARIFFS WILL BRING IN TRILLIONS. BUT HOW WILL THOSE TRILLIONS – IF THEY MATERIALIZE – BE USED TO PAY DOWN THE DEBT? WE WAIT TO HEAR. GIVING MORE MONEY TO GOVERNMENT IS UNLIKELY TO STOP UNNECESSARY SPENDING ANYMORE THAN GIVING MORE BLOOD TO DRACULA WILL CAUSE HIM TO CUT BACK.
I HOPE THE PRESIDENT IS RIGHT IN HIS CLAIMS ABOUT THE ECONOMY. COUNT ME AS SKEPTICAL. I’M CAL THOMAS.
