Too many golden showers somehow turned Trump into tarnished brass that is sinking fast with opinions around the beltway. Trump lives in an alternative facts world believing his campaign promise to balance the budget and get rid of the national debt will actually happen. The New York Times (January 25, 2017) reported that the national debt under the Trump Administration will grow to over 10 trillion dollars, over the next ten years.
Deluded thinking is nothing new with Gilded Trump politics. His policies to increase infrastructure spending, subsidize industry to bring in more jobs, and big tax cuts will cost more, and lead to an increasingly bloated national debt. The Hill asserts it could even lead to another economic collapse!
Trump and his sycophants will justify that all of the expenditures are somehow helping Americans, using “alternative facts” to deny any negative outcomes. This type of justification is bread and butter for Trump politics, especially when it comes to the math, as we saw with his inaugural attendance miscalculations. Chris Sommerfeldt of the Daily News reported that a “top Trump spokesman told Hannity on Tuesday that it’s not a matter of inaccuracies, but of interpretations, which he apparently likes to compare to weather forecasts.”
While Trump continues to frame his alternative reality of conditions as “carnage,” at least one agency tells the truth. The Congressional Budget Office report said the economy was on “solid ground,” with increasing output and job growth on the horizon, a sharp contrast to the “carnage” detailed by Trump’s dystopian view outlined in his inaugural address. While the Trumpian doublespeak universe paints a grim view of Obama’s legacy, the facts say something different:
Obama’s Presidency January 2009- December 2016
Vehicle Sales: 9.6 million / 18.3 million
Monthly Employment change: -791,000 / +156,000
Unemployment Rate: 7.8% / 4.7%
Dow Jones: 7,949 / 19,762
Housing Starts: 490,000 / 1,126,000
New Home Sales: 336,000 / 592,000
Budget Deficit: 9.8%/ 2.8% (January 20, 2009 / 2017)
Insured under Obamacare: 0 / 20,000,000
–Source: General budget office statistics
During confirmation hearings, Representative Mick Mulvaney, President Trump’s choice to be White House Budget Director, asserted that cutting the national debt is a top priority. HOW?? Spending Trump style equals an increase in deficit spending, thus debt!! Duh! The Fiscal Times writes:
As annual revenue deficits pile up in the coming years, publicly held debt will rise from 77 percent of gross domestic product by the end of 2017 to 89 percent of the overall economy by 2027. In dollar terms, publicly held debt will increase from $14.8 trillion at the end of this year to $24.9 trillion by 2027, according to CBO’s baseline analysis.
Trump promised to slash government spending, yet his repetitive campaign slogan never went deeper to explain where the cuts would occur or how they will impact American’s lives. He signed an executive order on Monday imposing a federal government hiring freeze, which negatively affects civil and military servants throughout the country.
Repealing the Affordable Care Act will actually increase government spending in trying to replace it. The Commonwealth Fund writes:
Repeal results in a $140 billion loss in federal funding for health care in 2019, leading to the loss of 2.6 million jobs (mostly in the private sector) that year across all states. A third of lost jobs are in health care, with the majority in other industries. If replacement policies are not in place, there will be a cumulative $1.5 trillion loss in gross state products and a $2.6 trillion reduction in business output from 2019 to 2023. States and health care providers will be particularly hard hit by the funding cuts.
In addition, massive tax breaks for corporations to stay in the country, along with development subsidies, means less receivable revenue to pay for any entitlements that will be left.
The math just doesn’t add up! If you think you have debt now – just wait!
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