Budget deficit critics can submit cuts now
Some analysts were predicting this past week that the federal government’s budget deficit during the coming fiscal year will exceed $1 trillion.
Horrors! Washington spending $1 trillion more than it takes in during a fiscal year? What is the nation coming to?
Pardon our sarcasm. The truth is that even if President Donald Trump’s administration posts a $1 trillion-plus deficit next year, the current occupant of the Oval Office will have quite a ways to go before he can top his predecessor.
Former President Barack Obama remains the nation’s champion deficit spender, at $6.78 trillion during his eight years in office.
Much of the deficit during Obama’s tenure was due to costly “stimulus” programs, using government projects in attempts to boost the economy. Trump’s approach has been tax cuts, allowing American families and businesses to spend the money.
The results have been impressive, to say the least. Unemployment in some sectors has never been lower. Since Obama left office, more than 5 million new jobs have been created in the United States.
That said, those who truly worry about government spending are right. The national debt has topped $22.5 trillion. That amounts to nearly $183,000 for each and every American taxpayer.
Deficit spending indeed needs to be reined in. Trump’s critics can lend a hand by submitting their proposals for where to begin cutting the bloated federal government. Do you suppose they will?