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Trump added $8.4 trillion to the national debt: Analysis
(thehill.com)
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this post was submitted on 25 Jan 2024
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Which in turn increases revenue
Perhaps I wasn't being clear enough. By PUBLIC infrastructure I meant that it would be a government project through and through. No "private-public partnership" bullshit. The government is responsible from top to bottom and as such, none of the trillions of dollars go to shareholders and other rich people skimming off the top.
It would be the biggest public works program since the New Deal, if not even bigger than the New Deal public works programs that were THE most important part of saving the economy from the havoc wrought by the rich and irresponsible back then and it can be again.
As for the rest of your comment, that's going to be irrelevant with the enormous increase in economic activity and resulting tax revenue to bring DOWN the debt.
Also, I'm not saying not to raise taxes on those who aren't paying their fair share. It's possible to walk and chew bubble gum at the same time. I'm just saying that even IF there's a hypothetical scenario where raising taxes is for some reason not possible, the kind of projects I have in mind would STILL turn a profit from the initial 8.4t investment since all of it is invested right into the tax base and their ability to participate in the economy.
Revenue has largely been flat despite an increase in GDP. explain again how an increase in economic activity- which would be reflected in GDP- increases revenue again?
From the Treasury:
Because most of the increased income has been going to billionaires and their corporations who have been finding ever more ways to avoid paying their fair share. GDP is really bad metric for the country's economy as a whole when the vast majority of the wealth belongs to very few.
With a colossal public works program NOT involving billionaires and their corporations, the added gains would not be lost to tax avoidance AND most of the money would be going where it's needed the most (to the working poor and the middle class), making the economy healthier and more efficient, which in turn will itself increase productivity and tax revenue dramatically.