Tuesday, November 15, 2016

Deficits and the National Debt Apparently No Longer Important...

Rational Nation USA
Purveyor of Truth


Frankly how anyone believed the tRump rhetoric on budgetary and tax matters is a mystery. Yuuuge infrastructure and defense spending, erecting a yuuuge beautiful border wall, and yuuuge tax cuts while braying about fiscal responsibility. Sounds like a repeat of the GWB and BHO years.


Giant infrastructure plan, major tax cut on the agenda — and so is a huge increase in the debt.

Donald Trump campaigned heartily on a spending splurge and nothing he’s said since his shocking election suggests he will reverse course. | Getty


POLITICO - A serious case of fiscal amnesia may soon be sweeping the GOP.

For eight years, Republicans hammered President Barack Obama for exploding the national debt. But now a GOP-led spending spree is coming, with Donald Trump riding to the White House on trillion-dollar promises and a Republican Congress that looks likely to do his bidding. It’s a potential echo of the last time Republicans ran Washington, when then-Vice President Dick Cheney memorably remarked, “Deficits don’t matter.”

Trump campaigned heartily on a spending splurge and nothing he’s said since his shocking election suggests he will reverse course. Republican leaders on Capitol Hill, meanwhile, are papering over divisions with the man who frequently tossed party orthodoxy aside on the trail.

“There is now a real risk that we will see an onslaught of deficit-financed goodies — tax cuts, infrastructure spending, more on defense — all in the name of stimulus, but which in reality will massively balloon the debt,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

The non-partisan group estimated Trump’s campaign proposals would increase the national debt by a whopping $5.3 trillion over the next decade. That would make the debt as a share of the economy rise from nearly 77 percent to 105 percent, a potentially dangerous level for the government.

Not all of the promises Trump made on the trail will be enacted, of course, but even just a few would mean a flood of red ink. A top Trump priority — major infrastructure spending — is one of them.

One thing republicans are not is fiscally responsible. All talk and no show. Prepare for greater fiscal instability and ballooning budget deficits and a continued rapidly expanding national dept.

Read the rest of the story BELOW THE FOLD.

9 comments:

  1. RN... at least BHO can say he arrived at a time of national crisis and had to spend to jump start the economy.

    Reagan, the Godfather of Deficits and GWB were the real culprits of exploding the debt with no reason.

    The idea that tax cuts pay for themselves has been proved over and over... one need look no further than Kansas, a GOP state all the way through that drank the tax cut kool aid. Look how that turned out.

    Or for another look, check out Louisiana... another fiscal debacle.

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  2. Yes Dave, and it appears that tRump will continue and accelerate deficit spending.

    tRump a change agent?

    The more things "change" the more they stay the same.

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  3. Funny how demagoguery is a multi-layered cake. "Debts don't matter" (Cheney). ""Tax and spend Democrats" (Reagan). There's a sound byte and a trope for every occasion when pandering for votes, but no coherent or consistent fiscal policy.

    Walter Wriston, a name not commonly known outside of banking circles, was the legendary CEO of CitiCorp. He is best known for saying: Sovereign nations never truly go bankrupt; they merely have liquidity crises.

    It's a political thang! Run up the tab when you're in power; then stick the opposition party with the tab. Hell, its only money, and human beings are merely tribal troglodytes.

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    Replies
    1. Agreed! Coherent and consistent flew out the window with One Flew Over the Cuckoo's Nest.

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    2. Octo... let's remember that when we slash revenue, we get more revenue. At least that's what the Reagan Admin told us as they exploded the deficits in a way never before seen.

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    3. Perhaps I should have added the words "Kabuki Theater" to describe a mask over the face that hides motives and agendas. There is an authoritarian power play at work, not necessarily one of a party leader in search of followers, but of followers in search of a leader. IOW, Trump didn't chose them; they chose Trump ... a charlatan, a bully, and a scoundrel with no moral compass. An angry, disenfranchised rabble in search of revenge, and Trump delivered just what they wanted. It's the same phenomena that brought Germany to ruin.

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  4. Having lived in a bright red state for 35 years, I suspect the total domination of all three branches will
    involve a long internecine battle between the right and the far right; the few Dems just stand by, scratch
    their heads and sort of chuckle. Meanwhile, things like the economy, people's rights and creation of real
    wealth stagnate and decline. As for the hotel guy, after the most vicious attacks and mostly untruths, he
    expects us to unify with him and play kissy face. Not me: gonna scratch my head and sort of chuckle.

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    Replies
    1. Not only are these interesting times BB Idago they are also irrational times. Americans, and, Amerikans want everyting... and their want it their way of course.

      I think I'll scratch my head and chuckle as well.

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  5. BB... I'm willing to give the guy his shot, just like Mitch McConnell and the GOP gave President Obama and the Majority Dems a shot at enacting their agenda.

    Oh... that inaugural night GOP party where they agreed to a scorched earth approach to oppose everything from the Dems and the incoming President Obama strategy? I guess I forgot about that.

    Said no Liberal Democrat ever!

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