By L Todd Wood | February 11, 2020
This week The White House released a budget blueprint that cuts the rise in domestic spending in favor of increases for NASA, continuing to build the wall on the southern border, the military and other national security priorities. The outline also includes further individual tax cuts.
Budget deficits under the Trump administration remain large; although, POTUS declared he wants a balanced budget within 15 years. This year’s deficit will be approximately $1 trillion.
Of course, Trump was handed a bad situation, with many existential problems that had to be rectified. Therefore, he is spending money to do just that. Rebuilding the military to keep us safe is one of those priorities. In other words, national security has to be ‘secured’ so we keep our country in the first place.
Another area where funding is critical is America’s infrastructure, which has fallen behind the rest of the world, and in many cities is downright embarrassing.
This scenario didn’t happen overnight, it has been building over the decades under irresponsible administrations on both sides of the aisle.
So will Trump, the self-styled king of debt, ever actually tackle the debt issue?
I think the key is re-election and the second term.
What The Donald understands very well is we can’t ‘cut’ our way out of this hole. Although, we can cut enough to stop making the hole deeper. This will take political will — which only the first two years after a presidential re-election can provide, with a conservative Congress of course.
Trump also understands that economic growth is the only way out of this mess. This is why he is so hyper-focused on getting the economy growing as fast as we can…more economic transactions create more tax revenue. Trump’s de-regulation drive was critical to this effort. Now that impeachment is over (and we fully expect peach mint 2.0), The White House can focus on juicing our GDP numbers.
I do believe that the deficit, and our mounting sovereign debt, are on the ‘king of debt’s’ mind. Trump is nothing if not an ‘out of the box’ thinker.
With high economic growth numbers in the second term, and a focus on cutting spending, we have a chance on getting on the right fiscal path. If Trump can’t take us there, then no one can.
But, he cannot do it all in two terms; the mountain of things that needed fixing was just too big. It will be up to us to elect leaders who will continue down the fiscally responsible brick road.
This is why the impeachment charade was so reckless and dangerous — it took time and energy away from dealing with the real problems. But, that was the goal of the seditious Left all along.
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This piece originally appeared on CreativeDestructionMedia.com and is used by permission.
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