Here's an article by Steve Rattner, a former Treasury official about the growing debt. He's got graphs and proposals which I'm sure will lead to his condemnation as a Republican by the left.
I know Paul Krugman is pretty chill about deficit spending but honestly, sometimes I get the feeling that he's telling us what we want to hear. I'm leaving a link to a piece called "Nonsense economics: the rise of modern monetary theory" which I posted a few days ago, Post: # 6,787,326
, and I'd be interested in what you think. One thing I have noticed is that Republicans like to beat Dems over the head about "deficits as far as we can see" even though they don't seem any more interested in solving the problem than the most profligate Democrats.
Your Grandchildren Are Already in Debt
Medicare for All. The Green New Deal. Free college tuition.
With each new entrant into the Democratic presidential sweepstakes comes a fresh cascade of ambitious social programs to entice and excite would-be supporters.
The list of “payfors,” to use a bit of Washington jargon, grows more slowly. They’ll pay for this how, again? Tax the rich, tax the rich — or take cover behind a convenient bit of progressive dogma: Don’t worry about the fiscal impact because America’s rising budget deficits and debt levels don’t much matter.
That’s a scary drift of thought, and it should set off alarm bells for all Americans. Vast increases in debt will ultimately compromise Washington’s ability to maintain its current array of spending programs, let alone add new ones, and threaten our standard of living.
A short history: While Republicans once were the party of fiscal responsibility, President Ronald Reagan threw that out the window by embracing enormous tax cuts justified by a fiction: the idea that the resulting growth would more than pay for them.
More than a decade later, President Bill Clinton nursed the budget back into surplus, only to have President George W. Bush force through his own tax cuts. His vice president, Dick Cheney, once reportedly said, “Reagan proved deficits don’t matter.”
That attitude, plus the puncturing of the dot-com bubble, two wars and a financial crisis, brought us our first $1 trillion gap in 2009. But by 2015, President Barack Obama had whittled the deficit down to $439 billion.
Then came President Trump, with his vast tax cuts along with a bipartisan move to abandon spending restraint with the fiscal 2018 budget. The resulting legislation added $400 billion to the deficit, according to an estimate from the Committee for a Responsible Budget, and the consequence is a deficit for the current fiscal year of nearly $900 billion.