The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019

Broken Promise: Trump Must Borrow 84 Percent More To Finance Debt

Donald Trump didn’t mention the national debt or budget deficits in his first State of the Union address, possibly because his own policies have left him with nothing good to say on the matter.

Thanks to lower tax receipts resulting from the tax scam pushed on the American people by Trump and the GOP, the administration is set to borrow nearly $1 trillion in fiscal year 2018, during Trump’s first full year in charge of the budget.

It was already clear just months into his presidency that such a promise was absurd and unachievable. Trump’s own budget director, Mick Mulvaney, refuted his boss’s absurd pledge in April 2017, telling CNBC that it was “safe to assume [it] was hyperbole.”

Indeed, his debt reduction plan was shown in September 2017 to potentially increase the debt by $5.3 trillion, and the tax scam is estimated to balloon the deficit by as much as $1.5 trillion.

That’s even before any money is allotted to crucial areas like infrastructure, disaster relief, or the military.

And recent history may already be about to repeat itself.

“Some of my Wall Street clients are starting to talk recession in 2019 because of these issues,” noted Peter Davis, a former tax economist in Congress.

“Fiscal policy is just out of control,” he added bluntly.

And as Marc Goldwein, senior policy director at Committee for a Responsible Federal Budget, put it plainly, “We’re addicted to debt.”

“Every time you feed your addiction, you grow your addiction,” he warned.

And despite Trump’s promises on the campaign trail, the self-proclaimed “king of debt” appears ready to do just that.

Alison R. Parker is a reproductive justice and LGBTQ rights activist; freelance writer. Follow her on Twitter @alisonrose711.

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Youtube Screenshot

In late 2011, John Oliver and his Daily Show cameraman made a trek to my office, then in Providence, Rhode Island, to take me to task. I had recently referred to the Tea Partiers who had pushed America to the brink of a disastrous default as "economic terrorists."

Oliver had apparently swallowed whole a series of barbs directed my way by a Wall Street Journal blogger who didn't seem to like women much. The blogger kept calling me the "Civility diva" and a "Baroness Catherine Ashton lookalike." (A member of the British parliament, Ashton was said to be homely.) He was quite the wit.

Keep reading...Show less

Donald Trump and Mike Pence

Youtube Screenshot

Several mainstream media outlets are manufacturing a political narrative that the discovery of classified documents at the homes of both President Joe Biden and former Vice President Mike Pence should alleviate pressure on disgraced former President Donald Trump, who not only took a vast trove of federal records but also refused to give them back.

Biden and Pence have both cooperated with federal investigators to recover and return documents that belong to the government, and both situations have rekindled scrutiny at the overall system of federal document classification and retention, which appears to be in serious need of reform. Their two examples stand in stark contrast to Trump’s behavior, and possible misconduct, regarding his own handling of government records.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}