Ballooning debt will crowd out productive spending and leave us w fewer tools to combat the next downturn and vulnerable to markets and central bankers, forcing us to raise rates to attract financing, not to cool an overheated economy. #irresponsible
Consider: the US government will spend almost as much on interest payments next year ($390 billion) as it will on the entire Medicaid program ($401 billion).
Running an $895 billion budget deficit over 11 months when the economy is doing well is incredibly irresponsible. So sad that so few in power seem to care about that.
Government borrowing soars despite robust economy
Even as the economy powers ahead, the deficit is rocketing up too, running 33 percent higher than last year. ⁦⁩ ⁦
In 2010, Erskine Bowles, Alan Simpson and much of Washington warned of dire consequences for the growing debt. Debt then: $12.8 trillion Debt today: $21.5 trillion
To finance one of the largest public investments in structural inequality... “Government borrowing soars despite robust economy” #weakundercoverstimulus
Government borrowing soars despite robust economy
The big danger of this bipartisan negligence is that the government will cope with it by inflating the currency, thereby making the debt worth less. Bad outcome.
Meanwhile... this issue keeps ticking away, crowding out more and more discretionary spending and placing massive burdens on the future. And almost no one — R or D — has any desire to confront it.
More achievements for the Trump administration: The government deficit is identical to the unemployment rate (3.9%)!!! Last time the unemployment rate was at 3.9% the US was running a negative deficit (a surplus, in 2000).
“It’s not just irresponsible, it’s wildly irresponsible.” Government borrowing soars despite robust economy
Trump businesses went bankrupt six different times. Now he's piling on trillion dollar national debts our kids will have to pay. Is this any way to run a country?
"Government borrowing soars despite robust economy"