By Jon Dougherty
(TNS) On Wednesday, CNS News’ Terrence Jeffrey reported that the national debt has surpassed $23 trillion and shows no sign of stopping.
In fact, Jeffrey said, the debt rocketed skyward by $1.3 trillion since last Thanksgiving Day:
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That is the largest Thanksgiving-to-Thanksgiving increase in the debt in nine years. The last time the debt increased more from Thanksgiving to Thanksgiving was in 2010, when it increased by $1,785,995,360,978.10.
It also equals approximately $10,137.48 per household in the United States.
There will be a knee-jerk reaction from whatever Garbage Party media covers this figure to blame President Trump because it’s “his economy” so it has to be “his debt” too — right?
Trump has made lowering the national debt a priority since before he took office. It was one of his many campaign promises.
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And while presidents do sign budgets into law, the Executive Branch doesn’t write the spending bills.
Trump early on proposed budget reductions that would eliminate worthless federal programs that contribute nothing to the country (except debt).
That budget was rejected out of hand. In fact, more than a few lawmakers at the time simply said it was “dead on arrival.”
No discussion. No debate. No deal. Just dead.
That included Republicans, by the way, who held a congressional majority for the president’s first two years in office.
Even that stellar economist Alexandria Ocasio-Cortez, the bartender-turned-global warming expert, refused to back House “pay-as-you-go” rules.
In August, the Congressional Budget Office projected trillion-dollar budgets with no end in site.
More recently, Democrats have tried to blame tax cuts passed by President Trump and Republicans in December 2017 as responsible for the rising debt.
As Fox News’ chief political analyst Brit Hume explained in a tweet earlier this month, it wasn’t the president’s tax cuts that deepened the federal debt load over the past couple of years because as is always the case when taxes are cut, revenues go up because the economy is stimulated and it grows.
Next time you hear the tax cuts blamed for the deficit, note this: “…in the 2019 fiscal year, which ended Sept. 30, federal revenues increased by $133 billion (or 4%), but spending spiked by $339 billion (or 8%), driving up the deficit by $205 billion.” https://t.co/MWZGJY4E7w
— Brit Hume (@brithume) November 8, 2019
However, because not enough Republicans and no Democrats ever want to cut a dime’s worth of spending, the deficit climbed after lawmakers spent $205 billion more than Uncle Sam collected in new tax revenues.
The Washington Examiner explains:
Federal tax revenues rose during the 2019 fiscal year as the economy grew, but spending increased by over $200 billion more, which is why the country ended up running a deficit approaching $1 trillion, according to Congressional Budget Office data released Thursday.
As debt has accumulated during President Trump’s first term, the focus has turned to tax cuts as the culprit. And while it’s simple math to point out that if the government was collecting more tax revenue than it is currently, the deficit would have been narrower, the truth is that revenues did go up modestly — but that revenue growth was just outpaced by an increase in federal spending.
Easy fix then, right? All Trump has to do is refuse to sign budgets and let the government shut down…right?
Of course, he gets pilloried for that, too — by the worthless “mainstream” media, by the Garbage Party, and by Republicans too frightened of being called a name to do the right thing.
Hume is right: We don’t have a revenue problem, we’ve got a spending problem and it’s a one that’s been around for decades.
Our kids and their kids and, possibly, their kids, will remember the current generation of Americans as the least greatest for saddling them with trillions in debt that will take half a century to pay off.
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