Source: The Daily Economy
by Vance Ginn
“Larry Summers recently claimed on X that Republican tax policies — specifically the One Big Beautiful Bill (OBBB) pushed by Trump and congressional Republicans — are a major reason why the US is headed toward a debt crisis. He even revived his favorite 40-year claim that ‘the economy performs better under Democratic presidents.’ Let’s be blunt: that’s nonsense. Summers is ignoring the actual root of the crisis — runaway spending by both major parties — while defending the very policies that got us into this mess. The real danger isn’t pro-growth tax reform, which the OBBB could improve. It’s the $2.5 trillion in overspending annually since COVID and the elevated trajectory that no one in Washington seems willing to reverse.” (07/16/25)
https://thedailyeconomy.org/article/the-real-debt-threat-government-spending-not-tax-cuts/