With the national debt adding $2.8 trillion so far this year, and the deficit approaching $26.5 trillion, publisher and author Steve Forbes tells Newsmax TV the biggest concern is what is done to handle it.
Democrats want to raise taxes an add new regulations which would hurt the economy, Forbes, chairman and editor in chief, of Forbes Media said Monday on "American Agenda."
"The only way we're ever going to get on top of this debt is having a vibrant growing economy like Ronald Reagan did in the 1980s," Forbes said. "Or what we did after World War II, where we had a little bit of spending restraint, a good economy, and, by golly, the debt as a proportion to the economy declined dramatically from the end of World War II fell to almost 75%."
By the late 1960s, debt in proportion to the economy "went off the rails again," Forbes said, "so the answer is what how what kind of economic environment are we going to create after the elections this year?"
President Donald Trump and Republicans cutting taxes and reducing burdens on businesses make it easier for people to invest and move ahead and create jobs and give people the opportunity to earn more pay, he said.
On the other hand, Democrats tend to "pile on taxes" such as raising the capital gains tax, which Forbes said would hurt investment. Other taxes and regulations, which Forbes said were just another form of taxation, end up costing the economy almost $2 trillion dollars a year.
"People don't see it because it, but if you're a businessperson it actually is a crushing burden," he said, adding more regulations are one reason manufacturing "nearly went down the drain in this country between 2006 and 2016."
"Literally over 10,000 new regulations were put on manufacturers," he said. "We're wondering why they weren't doing that well. It's very basic."
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