Trillion-Dollar Deficits... Forever?

Written by Swiss America

savings 2789112 640Trillion-dollar deficits as far as the eye can see, and hardly a voice of caution to be heard -The Hill
"In the old days, a decade or so ago, Democrats would have assailed Donald Trump's failure on federal deficits; instead of eliminating it, as promised, the deficit has doubled to a trillion dollars as far as the eye can see....Yet deficits, as a political issue, are dead....

For Democrats, the pressing urgency of unmet needs in health care, education, infrastructure and the social safety net far outweigh any rising debt. They favor tax hikes, mainly on the rich, to reverse the huge 2017 Republican tax cuts, but there's less premium on the green eyeshade test of paying for all spending initiatives. Most Republicans strongly want to keep those tax cuts - the only significant achievement of three years of party rule - and have little interest in tackling politically popular entitlements....Even Washington's most stalwart and consistent fiscal hawk, Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget, acknowledges the budget deficit isn't a top policy concern right now 'as low interest rates buy us some time.' However, she cautions that the fiscal situation 'is the worst it has been since just after World War II,' adding, 'No one knows when the tipping point is or what it looks like, but those are questions we shouldn't want to find the answers to.'"

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