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Wed Jul 10, 2019, 01:29 PM

Make America's Deficits Great Again; Deficit 25% Higher Since Election

BY DESMOND LACHMAN, OPINION CONTRIBUTOR — 07/09/19 03:00 PM EDT

Two and a half years into his term, President Trump has little to show for breaking with erstwhile Republican Party orthodoxy on trade and budget policy.

Indeed, far from delivering on his promise to cut America’s trade deficit, Trump has presided over a ballooning deficit that’s on pace to be some 25 percent higher than when he took office. This is happening at a time when the budget deficit is widening and the country’s public debt is well on its way to exceeding 90 percent of GDP.

Sadly, the Trump administration seems unfazed by the country’s deteriorating long-run financial position. It shows no indication of correcting policy course to put the economy on a sounder long-run economic footing. This makes it all too likely that the country’s incipient twin deficit problem will only worsen in the remaining 18 months of Trump’s first term. That in turn will further mortgage the country’s economic future and diminish the U.S. dollar’s attractiveness as an international reserve currency.

The first involved the ready resort to import tariffs and the repeated calls for a weak dollar with the supposed intention of leveling the international playing field and eliminating the trade deficit.

The second involved the introduction in 2017, a time of relative economic strength, of a massive unfunded tax cut centered on a large reduction in the corporate tax rate. This budget-busting tax cut gave short shrift to earlier Republican Party strictures that budget deficits mattered and that a rising public debt effectively mortgaged our children’s future. The supposed intent of the Trump tax cut was to spur corporate investment as a means to put the country on a faster growth track.

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https://thehill.com/opinion/finance/452045-make-americas-deficits-great-again

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Reply Make America's Deficits Great Again; Deficit 25% Higher Since Election (Original post)
RCW2014 Jul 10 OP
rahtruelies Jul 10 #1
Salaam Jul 10 #3
Carlos W Bush Jul 10 #2
GoodKraic Jul 10 #4
Steelydamned Jul 10 #5
Aquila Jul 10 #8
Steelydamned Jul 10 #9
oflguy Jul 10 #6
Lifelong Jul 10 #7

Response to RCW2014 (Original post)

Wed Jul 10, 2019, 01:32 PM

1. faux news alert

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Response to rahtruelies (Reply #1)

Wed Jul 10, 2019, 02:20 PM

3. LOL

you need an update.

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Response to RCW2014 (Original post)

Wed Jul 10, 2019, 01:36 PM

2. Dick Cheney said that deficits don't matter.

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Response to RCW2014 (Original post)

Wed Jul 10, 2019, 04:04 PM

4. Sadly many republicans have become as hypocritical as they accuse the left of being.

I agree that it's shameful the right doesn't hammer on the deficit as hard as they did when Barry was in office.

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Response to RCW2014 (Original post)

Wed Jul 10, 2019, 04:50 PM

5. I'd love to hear some.....

..suggestions on how best to fix this issue.

Additionally, I'd love to hear how the current crop of Lets-Give-Everyone-Free-Stuff Dems hope to reduce the debt/deficit...... all while providing all that free stuff?


IMO, lets start by cutting every single Federal Dept's budget by 10% and lets see what that gets us.

Foreign Aid should be next - or even first - on Ye Olde Chopping Block as well.

But that's just crazy talk I know. Whenever there is a budget crisis, the "belt tightening" is all directed our way....never at the government....who actually created the problem in the first place.

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Response to Steelydamned (Reply #5)

Wed Jul 10, 2019, 09:14 PM

8. Here's one

STOP BLOWING ~$200 MILLION DOLLARS A DAY

chasing "rebels" (that the US FUNDS) around sand dunes 8,000 miles away

http://costofwar.com

It's too late, the US is history, like Rome

The "Citizens" got fat, lazy and complacent and watched while psychopaths stole their money, dignity and freedom and blew it murdering brown people.

USA! USA! USA! USA!

Have a freedom fry

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Response to Aquila (Reply #8)

Wed Jul 10, 2019, 10:59 PM

9. I'm absolutely....

...good with that. Let's shutter a goodly portion of foreign bases while we're at it.

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Response to RCW2014 (Original post)

Wed Jul 10, 2019, 04:53 PM

6. You are going to cry like a baby when Trump starts reducing the deficit

Heaven forbid he should ever start working on the national debt

Obama left the military in a shambles. That cost money to shore it up.

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Response to RCW2014 (Original post)

Wed Jul 10, 2019, 06:05 PM

7. More winning!

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