The GOP Congress and the courts have fought him at every step. It’s not on him.
Trump should at least be given credit for saying what every other politician is thinking. ...Although I thought I heard Cheney say something once that amounted to as much...
I don’t believe he said that, but I am greatly disappointed in his lack of any plan to address the debt. It’s not like president Ocasio-Cortez is going to be able to fix it.
There is no hope of reducing spending now that the democrats have taken the house. Then we have rising interest rates which makes a huge difference when you are talking about 21 trillion. We will crash and burn in the future. No doubt about that.
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The Nations won’t be here in 6 years.
The “kingdoms of men” expire on the Day of Trumpets; so does their money.
So jackass Obama and the Swamp financially destroyed the Country, and it’s now Trump’s responsibility to repair it despite the continual resistance he gets from Congress...
And I believe this article because...?
Another German budget without new debt
... Minister Ursula von der Leyen’s (Military) budget increased by a good 12%, amounting to €43.2 billion next year. This increase may also be due to the pressure applied by the USA for Germany to increase its contributions to NATO. Germany’s obligations under the EU defence union will continue as usual.
Other areas will also receive more funding. For instance, the government is also bundling a so-called “burden-relieving package” of almost €10 billion, which also contains an increase in child support and higher tax-free allowances, with the budget. Moreover, the Bundestag is opening the way to support the digitisation of schools with €5 billion from federal funding in the coming years.
https://www.euractiv.com/section/economy-jobs/news/another-german-budget-without-new-debts/
what was he supposed to do? Shut the government down because Congress was passing appropriation bills with lots of spending? There’d be a huge outcry if he had done that
The Daily Beast reported. Well, if they say so it must be.
We hold these truths to be self-evident: the current debt is huge but sustainable as long as interest rates remain reasonably low. The basic strategy is to grow the economy, reduce both the current deficit and debt service as a share of GDP and the budget, and in principle eventually balance the budget and begin to pay down debt. That's good government 101, to which Republicans have usually pledged at least nominal support while the Dems merrily ride the bankruptcy express. Too many people have grown blasé about the problem because it is perceived to be a far-off threat.
BUT: If interest rates rise to historic norms, debt service will rise with them. This could happen rapidly. When debt service exceeds a trillion dollars a year -- which federal borrowing rates in the range of 6-8 percent would produce -- we will have extreme difficulty servicing the debt. There will be draconian spending cuts, probably starting with the military, followed by huge tax increases which will slow the economy. This is, roughly, the PIG problem. We are headed for it. Politicians have been kicking the can down the road for decades. Now and again someone, invariably a Republican, tries to seriously cut spending. The Gingrich-Armey House GOP actually balanced the budget for a couple of years, but the dot.com recession knocked us off course. That brief moment of success was already a generation ago, with a much smaller annual deficit and accumulated debt.
Trump has simply followed the default option of ignoring the problem, on the theory that someone else will have to deal with it when the trainwreck occurs.
That is the simplest part of the problem. It is dwarfed by the staggering unfunded liabilities of our promised entitlements, principally Social Security, Medicare, Medicaid, government pensions and assorted other smaller entitlements. We continue to drift towards the point at which Social Security, Medicare and Medicaid alone will consume 100 percent of federal revenues -- a theoretical point of inflection since the system will collapse long before we get there, but an inevitability on our current course. Either we reform entitlements or we go bankrupt. This is how the United States becomes Venezuela. The Gingrich Republicans made a frontal assault on the healthcare disaster, and Bush 43 tried on Social Security. They failed but they were on the correct path in both instances. Trump has never evinced the slightest interest in either question.
The Democrats fully intend to ride the train into the ditch, making short-term politics against periodic Republican attempts to avert bankruptcy while privately anticipating the day when systemic collapse presents their long-awaited opportunity for total government control. They expect to be the winners as government steps in to ration scarcity in the name of fairness.
Trump seems oblivious to the problem. Does he understand that a country going bankrupt is not like a hotel or casino project going bankrupt? You cannot go through Chapter 11 and restructure debt when the banking system itself is in collapse and the currency is worthless. But hey: it's going to be someone else's problem.
The debt only matters to Republicans when a Democrat is in the White House and it only matters to Democrats when a Republican is in the White House.
Trump or no Trump in office, with or without a big wall built, this will NOT end well. It's very serious and could unravel sooner rather than later.
I wish Trump would move the debt issue to the front burner ASAP - at least that way when things go south, he can say he was starkly aware of it and point to decades of mainly democRat big-government programs, inflationary finance, chronic borrowing facilitated with the Fed's help.
So much for the campaign promise(s).
Eliminating 90% of the federal government would be a nice start, but of course no one is going to work towards that... the beast is self-sustaining at this point.
I think what he means is he can’t do a thing about it. Trump submitted a budget that cuts spending by $58 billion and Congress rejected it.
Disturbing, but essentially true.
The entire world economy is dependent on our printing presses and continuing to pretend that the dollar has value.
Since nobody can bear the thought of the alternative, I believe they can keep this game of Three Card Monte going long past the end of any of our lifetimes.
President Trump is dismissing the importance of paying down the national debt,
Paying down the debt? You mean the 21 TRILLION and climbing daily debt that the United States has? Since when did the media or ANY politician give a rats ass about paying down the debt? Our debt is never going to be paid down. Just paying the interest is more then we can do! Seriously. Just say you hate Trump and leave it at that Stop with the phony baloney attempts to provide reasons!
Read the whole story. Anonymous source. 2017. It didn’t happen. Full stop.
The news doesn’t get faker.