“Left” & “Right” Silent As Trump Doubles Obama’s Deficit Record – Debt Soars Past $27 Trillion
And you can blame it all on COVID or Democrats all you like, but both parties are to blame and so is the president. It was the president’s idea for a coronavirus taskforce and guidelines to be put out. He stood by while the Constitution was violated in states across the country and it was Democrats and Republicans that allowed it and passed unconstitutional spending bills that resulted in banks, corporations, businesses, government and individuals getting a piece of the socialist pie in America in complete violation of the US Constitution’s provisions. Now, instead of Trump’s promise of being out of debt in 8 years, he’s signed onto nearly $10 trillion more in debt in just 3.5 years.
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Though Our Founding Fathers Warned Us Of The Two Party System, Americans Get Played By It Every Single Day & Every Single Election Cycle
The Tenth Amendment Center Reports:
The fiscal 2020 budget shortfall totaled $3.13 trillion as the Trump administration added another $124.6 billion to the deficit in September, according to the latest Monthly Treasury Statement.
That more than doubles the previous record deficit of $1.4 trillion set during the Obama administration at the height of the Great Recession.
The fiscal year ended on Sept. 30. Revenues were basically flat on the year, falling slightly from $3.46 trillion in FY2019 to $3.42 trillion. But total spending soared, coming in at $6.55 trillion. That compares with $4.45 trillion spent in fiscal 2019.
The national debt surged above $27 trillion on Oct. 1, and it has grown by over $7 trillion since President Trump took office. That equals $217,612 of debt for every American taxpayer.
When Trump moved into the White House in January 2017, the debt stood at $19.95 trillion. It topped $22 trillion in February 2019. That represented a $2.06 trillion increase in the debt in just over two years. By November 2019, the debt had eclipsed $23 trillion.
The debt-to-GDP ratio currently stands at 137.21 percent. Despite the lack of concern in the mainstream, debt has consequences. Studies have shown that a debt to GDP ratio over 90 percent retards economic growth by about 30 percent. This throws cold water on the Republican mantra “we can grow ourselves out of the debt.”
A big chunk of the excess spending in FY2020 came courtesy of the $2.2 trillion CARES Act. But the Trump administration was already spending money at a near-record clip before the pandemic. The coronavirus spending simply exacerbated an already out of control federal spending problem.
Last year, the Trump administration ran a $984 billion deficit. At the time, it was the fifth-largest deficit in history. This goes to show that the federal government had a major spending problem before the pandemic. In fact, through the first two months of fiscal 2020, the deficit was already 12 percent over 2019’s huge Obama-like number and was on track to eclipse $1 trillion. Prior to 2020, the U.S. government had only run deficits over $1 trillion four times, all during the Great Recession. We were approaching that number prior to the pandemic, despite what Trump kept calling “the greatest economy in the history of America.”
No matter what happens in the 2020 election, the borrowing and spending will almost certainly continue unabated. The Democrats have proposed another $3 trillion stimulus plan. The Republicans have pushed for a slightly lower number. But as market analyst Peter Schiff said in a podcast, the Republicans have conceded the argument when it comes to a principled opposition to stimulus. The debate has devolved to how much to spend and where to spend it. “I knew the Republicans lost the argument the minute they accepted the false doctrine that stimulus is good,” Schiff said.
Basically, were arguing the Democrats’ point that government spending helps the economy, that deficits don’t matter, that printing money doesn’t matter, that we can have all the government we want. We don’t even have to pay for it as long as the Federal Reserve prints the money. So, the minute they accepted the Democrats’ argument, they lost.”
According to a recent CBO report, on the current trajectory, the size of the national debt will be nearly double the size of the U.S. economy by 2050.
It’s easy to simply shrug off the debt. People have been warning about it for years. But it’s not a problem until it is. Debt is neither free nor is it irrelevant.
At some point, somebody has to pay for all this. As the saying goes – there’s no such thing as a free lunch. We are all on the hook for the massive bill. We (and our children and grandchildren) will pay for this down the road – either through higher taxes or higher inflation – most likely both.
- Donald Trump Promised Elimination Of National Debt – Put Us Nearly $8 Trillion More In Debt
- Here Comes More Debt: Trump Calls For $2 Trillion Infrastructure Package In Phase 4 Stimulus
- The Same Debt That Continues Under The Trump Administration Is The Same Debt That Hooked Us On Petrodollars… & Saudi Arabia
- “Farmageddon”: Trump Announces More Emergency Bailouts With Your Money As US Farm Debt Soars To $416 Billion
- National Debt Up 16% Under Trump – Surpasses $23 Trillion
- Trump Promised Elimination Of National Debt, But It’s 10 Times Annual Tax Receipts
You see, it isn’t about who is on the “right” or who is on the “left.” It’s about who is on the straight and narrow, not just as ministers of God, the Lord Jesus Christ (Romans 13:1-7), but as those who swore and oath before God and man to uphold the Constitution. It’s way past time that this two party system was done away with and the people regain their sanity of voting for the “lesser of two evils,” something Christians are NEVER taught to do in Scripture. We aren’t to support them, we are to reprove them (Ephesians 5:11)!
Article posted with permission from Sons of Liberty Media