Congresswoman Mimi Walters (R-Irvine) helped add almost $2 trillion to the federal budget deficit with her support of the unpopular Republican tax bill, which will explode the national debt — even though she says that increasing the national debt is a threat to national security.
According to a new analysis by the nonpartisan Congressional Budget Office (CBO), the Republican tax bill is projected to add $1,840,000,000,000 to the annual deficit. The Washington Post gives more details:
The CBO projects the Republican tax law passed last fall will add $1.84 trillion to the federal deficit over the next 10 years. Republican leaders have argued the cuts will jump-start the economy, creating enough economic growth to offset much of the additions to the debt. But CBO and other nonpartisan analysts have repeatedly rejected that claim.
Walters gleefully supported this bill — yet Walters herself has issued stark warnings about increasing the national debt.
“Our national debt is not only a threat to our financial security, it is also a threat to our national security,” Walters says on her congressional website.
The reality about the national debt is a lot more complicated than Walters lets on. Economists disagree on how much debt is actually too much for the U.S. to sustain, and a government budget is nothing like a household budget because it actually requires some debt to function healthily.
But by Walters’ own standards, she was willing to risk national security so that rich corporations could use stock buybacks to enrich wealthy Wall Street investors.
So far, Bloomberg reports, the enormous amount of money from the bill Walters supported is “by far mostly going to shareholders and not workers.” Thanks to Walters and her Republican colleagues, wealthy corporations are set to rake in $1.64 trillion — $300 billion more than lawmakers had forecasted.
But while Wall Street investors are seeing massive payouts, average workers saw their real earnings go down. “Year-over-year, the real average hourly earnings number has dropped by 0.1 percent,” reports the Washington Post.
To make matters worse, many Californians are facing higher taxes. Homeowners in Orange County could see taxes increase by up to $4,500 this year, and in total, about a million Californians will owe $12 billion in more taxes.
All the while, Walters is making sure the U.S. adds trillions to the national debt — and refusing to spend it on anything that might actually help ordinary Americans.
Walters was right when she said, “The harsh reality is that our children and grandchildren will be forced to clean up this fiscal mess.”
But it will be the mess that Walters herself voted to create in the first place.