I believe it’s actually possible, if politicians had the courage to do the right thing (cut government spending by more than 50%).
Trump would try. He might succeed — if he got enough help.
But neither the Republicans nor the Democrats would help him, so although this is (IMO) theoretically possible, it seems ... unlikely.
The US is running an 80% budgetary deficit. We are almost at a point of having to cut the spending below zero dollars to be able to pay back what is owed. This I not possible, unfortunately.
> I believe it’s actually possible
I do as well, IF there are big cuts and policies to stimulate growth. Trump is predicting ‘massive recession’ if nothing changes, and I agree that is likely. Whatever glue is keeping the economy from sliding off the edge will likely be made to come undone before his first 100 days in office, poor guy. He’s gonna have a big mess to clean up, and I am not even talking about airing out the stench in the WH.
When Hannity asked Trump to jump on his “Penny Plan” which is to reduce every budget line item except SS/M by 1% per year, Trump said “I like that. But I think much more in most areas.” Hey, if you just put a hiring freeze on Federal employment, attrition from retirement would cut that workforce in half in 7 years.
Trump’s plan relies on a combination of corporate and working class tax cuts and trade policy corrections to incentivize businesses to come back to America and grow the economy at “impossible” rates — like 6% or more — while making deep spending cuts everywhere except SS/M and the military. 6% GDP growth is not actually uncommon following a recession, and if we consider that we have been treading water in GDP terms for the last 7 years, Trump’s policies really could give us the recovery we’ve been waiting for. We could go from a $18T GDP to a $27T GDP in eight years while spending drops to and holds steady at $2T.
That combination of a larger economy that generates even more tax revenue while reducing spending could actually mean surpluses of $1T in the first few years and $3T in later years. Still tough to eliminate $19T in 8 years.
Except that cuts that deep may just add full to the recessionary fire.
Sitting down with a few “friends” I was astonished just how many large companies need government money to operate. I am not talking about ripple effects from say, a large number of .gov workers hitting the streets, but direct payments to companies.
It made me realize that we are beyond the point of a recovery. There is so much .gov money propping up banks, firms, and just about everything that the only way to return to reality is a massive crash. No politician will allow that to happen in their term.