FEB 12, 2018
Remember when Campaign Trump promised to eliminate the national debt? Yeah, neither does he.
If you are in the middle of Kansas, parked by the side of I-70, it is an axiom that you can’t start driving the shortest route to New York City and Los Angeles at the same time. To announce, loudly and proudly, that you were about to do so would be met with puzzlement, at best.
So when the Trump administration actually does slash taxes to the bone, and plans massive infrastructure spending, significantly hikes defense spending, all on top of the government’s already-massive stimulus operation…
It’s simple red ink, debt addiction madness. The slightest whisper of ‘fiscal responsibility’ should be met with tear-rolling, “I-can’t-catch-my-breath-hold-on” belly laughter. If only the consequences weren't so dire.
After December's sweeping tax cuts, which are expected to cut federal revenues by $1.5 trillion over ten years, the budget deal Trump signed Friday calls for an additional $300 billion in defense spending over two years.
The result, budget analysts say, is likely to be swelling debts and deficits for the world's largest borrower. America's budget deficit was already on an upward trajectory, thanks to an aging population and rising health costs. But it is now poised to take off.
The mounting sovereign debt is a "ticking time bomb," in the words of former Treasury Secretary Jack Lew. “The next shoe to drop is going to be an attack on the most vulnerable.”