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Is There Anyone Who Wants To End Deficit Sending?

by Zach The Taylor (Principles: Truth and Justice is the American Way) - 1 year ago

We are not in recession. We are not at war. Interest rates are low. Is it really fine for our government to approve a budget with a $500 billion deficit?

“A national debt, if not excessive, would be to us a national blessing.” So said Founding Father Alexander Hamilton. His reasoning is crystal clear. The more people or entities who owe money to the government, the more those people and entities will want your government to succeed. For example, the U.S. currently owes China over $1 trillion. Bad thing? No! That $1 trillion gives China the incentive to be a good business partner with the U.S. because if our credit rating were to suddenly decline, China would stand to lose a lot of money.

Our President knows this perhaps better than anyone else. During his business career, Donald Trump borrowed billions. Did that hurt him? Quite the opposite. Banks were afraid of losing their investment and, as such, did everything they could to help Trump’s businesses succeed. 

With the possible exception of a few vestigial Tea Party Congressmen and Senators, it would appear that none of the key players in our government feel that our national debt is in danger of becoming "excessive." 

Republicans, despite their whining during the Obama years, have never cared about deficits. During the 12 years of Reagan and Bush from 1981 to 1993, the deficit went up nearly 400% from $90 Billion in Jimmy Carter’s last year to $350 billion in the last GHW Bush budget. GW Bush almost immediately turned a balanced budget into a $400 billion deficit and by the time he left office, the annual deficit was running at a rate in excess of $1 trillion.  

The Democrats have a better record but even though the deficit fell in each of the first 7 years of Obama’s presidency, his budgets added nearly $8 trillion to the national debt. Also, of importance is that despite a relatively good economy, the deficit in his final budget (the year ending September 30, 2017) is increasing again. It should further be noted that Democrats refuse to even talk about reducing the biggest expenditures in the budget – Social Security and Medicare.

The American voters are just as complicit. Despite our pious statements about how the government should have to “balance its checkbook,” we the people are also Hamiltonians.  When Walter Mondale cried out against Ronald Reagan’s deficit spending in 1984, 49 states voted against him. When the Republicans ran a debt clock at their 2012 convention promising the Mitt Romney would reduce the deficit, the voters considered him an uncaring elitist and easily re-elected Obama.

Thus, during the 2016 campaign, the deficit was little more than an afterthought for the two main candidates. Trump made his views clear by promising major tax cuts to go along with big spending increases for infrastructure and defense, and no cuts to entitlement programs. His recently released budget, despite its draconian cuts to foreign aid and the EPA, does not reduce the deficit by one dime.  

So, let’s celebrate. There is finally something that nearly all Americans can agree upon. Not only do we love “Hamilton – An American Musical,” but we agree with the man himself – the National Debt is indeed a national blessing.

Anyone who begs to differ is invited to comment.

 

Comments and Responses (1)

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By  Marvan Buren - 1 year ago
Those "few vestigial Tea Party Congressmen" are hardly as powerless as you claim. In fact, they are the main force standing in the way of the ACA repeal and replace bill - and demanding changes that will help lower the deficit. The voters who sent the Freedom Caucus members to Congress are very concerned about the budget. I also think you give Democrats a bad rap. Bill Clinton was willing to raise taxes and keep expenditures down and, as a result managed to bring the deficit down. Obama ultimately got Republicans to sign off on a tax increase which has also helped bring the deficit down. It's true that Democrats aren't willing to reduce Social Security and Medicare but at least they are willing to pay for it with increased taxes. I do have to say, however, that I completely agree with your assessment of the profligacy of Republicans and the Trump administration.
Discussion Leader's Response : This comment is relevant to the discussion. (Commenter's rating is increased.)
Discussion Leader's Explanation : Ok - so maybe the Freedom Caucus isn't as irrelevant as I thought. However, their victory of the ACHA may have been their last stand. All the polls show that Americans have now decided that health care is a right. The fact that we've done nothing but elect Republicans for the past 6 years shows that Americans have also decided that low taxes are a right. I rest my case.