Another Trillion Dollars
This week the president’s budget deal adds a trillion dollars to the National Debt. These days it’s depressing when so called conservatives say, “Deficits Don’t Matter“. Learn more in Trump-Republicans-Spending-Debt-Bob Davis Podcast 850.
Trump Republicans Spending and More Debt
I’ll Pay Off The Deficit In Eight Years
Moreover campaigning in 2016, Trump said he’d pay off the deficit in just eight years. In those days the deficit was 20 trillion. It’s now almost 23 trillion.
Current Federal Debt Is Unsustainable? Bring It on!
As the president began his second year in office, the General Accounting Office released a report on the national debt. The current Federal Fiscal Situation is unsustainable, it said. More in Trump-Republicans-Spending-Debt-Bob Davis Podcast 850.
Republicans Addition To Debt Peaks In 2030
In fact, the GAO report showed US debt beginning to rise and peak in 2030, long after Trump has left the White House.
American Cities Are Broke Again
Over 70 US cities are in deep financial trouble. New York City is broke. Los Angeles isn’t far behind. Chicago is in a tailspin. I’ll explain it in Trump-Republicans-Spending-Debt-Bob Davis Podcast 850.
The Amount of Spending And Debt Is Shocking
When it comes to cities, counties and states investigators have to use forensic accounting to find out what’s going on. Even in small towns and counties across the country those investigations are uncovering a shocking amount of spending and debt.
Bonding On Bonding
Even more, states use bonding bills to get around balancing budgets. Therefore creating more debt through bonding.
Corporate Debt Binge
US corporations are on a debt binge too. Corporate debt is skyrocketing. It’s now 45 percent of our GDP. Much higher than during the 2008 crisis and dotcom bubble.
Americans Saved The Economy In The 2nd Quarter With More Debt
In addition Americans are more indebted than they were before 2008. US Household debt is 13.3 trillion in the second quarter. Much of it auto loans. Certainly Americans don’t save enough.
Conservatives Say Don’t Worry
Republicans say debt doesn’t matter and democrats have a new monetary theory. There’s nothing to worry about. Right? The US can “print” as much money as it needs as long as it prints US dollars.
Politicians Handing Out Goodies
Goodies like free college, single payer health, a green new deal, a higher minimum wage and guaranteed full employment are just around the corner. Just simply print money.
[Editor’s Note: In this podcast I used a quote from President Trump saying that he said, “No politician has ever been thrown out of office for not spending money. In fact he is reported to have told Senator McConnell, “No politician has ever lost his job for SPENDING money.”)
Trump-Republicans-Spending-Debt-Bob Davis Podcast 850