Republicans Addiction to Debt and Spending...




Some highlights:

Here are the exact figures: The U.S. Treasury expects to borrow $955 billion this fiscal year, according to a documents released Wednesday. It's the highest amount of borrowing in six years, and a big jump from the $519 billion the federal government borrowed last year.

Treasury mainly attributed the increase to the “fiscal outlook.” The Congressional Budget Office was more blunt. In a report this week, the CBO said tax receipts are going to be lower because of the new tax law.

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What's particularly jarring is this is the first time borrowing has jumped this much (as a share of GDP) in a non-recession time since Ronald Reagan was president, says Ernie Tedeschi, a former senior adviser to the U.S. Treasury who is now head of fiscal analysis at Evercore ISI. Under Reagan, borrowing spiked because of a buildup in the military, something Trump is advocating again.

 

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“It is terrible. Those deficits and the debt that keeps rising is a serious problem, not only in the long run, but right now,” Harvard economist Martin Feldstein, a former Reagan adviser, told Bloomberg.

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Trump's Treasury forecasts borrowing over $1 trillion in 2019 and over $1.1 trillion in 2020. Before taking office, Trump described himself as the “king of debt,” although he campaigned on reducing the national debt.

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The latest example of largesse is the GOP tax bill. It's expected to add $1 trillion or more to the debt, according to nonpartisan analysis from the Joint Committee on Taxation (and yes, that's after accounting for some increased economic growth).

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“Every time you feed your addiction, you grow your addiction,” says Goldwein.

There doesn't seem to be any appetite for budgetary restraint in Washington...

Anyone who believes the conservatives and the republican party give a hoot about deficits and the national debt is either naïve or crazy. Take your pick.

Comments

  1. Les CarpenterThu Feb 08, 10:39:00 PM EST

    Where are the Trumpers from WYD and other rightwing weblogs on this?

    Silence.

    Then there is Republican SenatorRand Paul, calling the party of tRump out on its glaring hypocrisy.

    Gotta love it!

    ReplyDelete

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