This Is Something To Be Legitimately Concerned About With President Trump And The Republicans
We read, see and hear so much that many on the left are concerned about the Trump Presidency and the Control of Congress by the Republicans that is so trivial to the rest of us and the future of our country.
Well here is a legitimate concern people should have with the Trump Presidency and the Republican party and that is our deficit and that deficit adding to our debt.
CNBC is reporting about our recent deficit, a deficit that should be a concern for all no matter what your politics are.
Our deficit rose to $779 billion, which is $113 billion or 17% higher than the previous fiscal period, according to a statement from Treasury Secretary Steven Mnuchin and Office of Management and Budget Director Mick Mulvaney.
It is our largest deficit since 2012, when it topped $1 trillion under the Obama Presidency and 3 years after our recession ended.
CNBC is reporting that an increase in defense spending, as well as increases for Medicaid, Social Security and disaster relief, contributed to the current increase.
Some will say it is due to the tax cuts passed by President Trump and the Republicans. If that is so why did our tax receipts increase by $14 billion to $3.328 trillion. That increase occurred even as corporate tax collections fell by $92.3 billion. That was offset by a whopping $96.4 billion increase in individual tax collections to $1.68 trillion.
Our individual tax collections rose because 1.6 million people found jobs during the past 12 months.
No matter who is in office or what party is in control we need to get a handle on these deficits and then at some point start working on decreasing our federal debt that currently stands at $21,630,000,000,000.
At some point all Americans must realize that this deficit spending and federal debt will come back to haunt us. As the interest rates rise so does our interest payments on the debt we currently have. Once that occurs our federal budget will be squeezed and that will either cause increasing deficits which will add to our debt or drastic cuts to our current spending.
Gross interest owed on the national debt spiked by $65 billion to $521.5 billion. Why, because our 10-year treasuries interest rates have jumped from 2.2 percent in Sept. 2017 to 3.1 percent today. With $21 trillion in debt, for every percentage point interest rates increase, that’s another $210 billion U.S. taxpayers will owe on the debt long-term.
As I say on my radio show, this deficit spending should be a concern for all, even the liberal ideologue, who loves to spend because in the end it will be our social programs that will also need to be cut.
It appears now that even the ideologue of the right from the standpoint of our elected officials also likes to spend. Spending is was gets these politicians elected, talking about cuts does not.