Tax Cut Myth During the 1970s, groundwork was laid for an enduring myth, that massive tax cuts accelerate economic growth and provide widespread benefit. This nebulous theory was implemented under Reagan, Bush II, Trump I, and most recently in Trump's "Big Beautiful Bill." The presumed benefits have never materialized. Tax cuts have simply ballooned the federal deficit and national debt to precarious levels. The cure for our debt disease must be a combination of higher taxes on higher incomes combined with surgical cuts to federal spending. Obviously this is not happening currently. The recent BBB tax cut will benefit high income earners while further ballooning the deficit. Federal spending cuts have been haphazard. Moreover, we are at increasing risk of losing accurate economic data which enable us to monitor emerging trends, imbalances, and cycles.