President Trump and the Republican House and Senate have recently enacted two fiscal bills that amount to the most fiscally irresponsible government America has ever had. Due to the tax cut and the increased spending, the estimate of the deficit for the current fiscal year is $1.15 trillion. This, at a time when unemployment is about 4% and GDP growth is modest, if not what we would like it to be.
Fiscal responsibility would demand running surpluses in the current economy, given our current national debt is over 100% of GDP for the first time since WWII.
We've seen this movie before. Americans have been voting to receive something for nothing for a long time now. Last time, shortly after GWB's tax cuts, we generated a bubble economy, which was great for a little while. Deficits even stayed down during the bubble economy allowing supply-siders to strut around. Then the bubble crashed and our debt doubled. In fact, that was the time to run deficits to help the economy get back on its feet. Now is not the time to run trillion dollar deficits. When we go into recession, and we will at some point, the country will be on the worst fiscal footing it has ever been.
Fiscal responsibility would demand running surpluses in the current economy, given our current national debt is over 100% of GDP for the first time since WWII.
We've seen this movie before. Americans have been voting to receive something for nothing for a long time now. Last time, shortly after GWB's tax cuts, we generated a bubble economy, which was great for a little while. Deficits even stayed down during the bubble economy allowing supply-siders to strut around. Then the bubble crashed and our debt doubled. In fact, that was the time to run deficits to help the economy get back on its feet. Now is not the time to run trillion dollar deficits. When we go into recession, and we will at some point, the country will be on the worst fiscal footing it has ever been.
American Vermin