It’s time for hard political choices
Where are the tea party conservatives when we really need them?
The federal budget deficit exceeded $1.1 trillion in the fiscal year that ended in September, and will repeat that in this current fiscal year.
Not so long ago, budget hawks like Rep. Mo Brooks were warning of a financial crisis because of rising budget deficits and national debt. (“We will become Venezuela.”)
Candidate Donald Trump in 2016 promised to eliminate budget deficits over four years. It was $585 billion then, and has risen each year since.
There are three main contributors.
• U.S. military spending is greater than those of the next 10 largest government expenditures combined. It’s four times higher than China’s military budget, and 10 times bigger than Russia’s defense spending.
• Only 17% of the 2017 Republican income tax cuts was regained as revenue.
Over 10 years the tax breaks for the wealthy and corporations will total $1.5 trillion. Experts expect they will generate new revenue of only $500 billion, thus increasing budget deficits by $1 trillion over the decade.
• Half of Medicare costs plus Medicaid and welfare and unemployment programs represent the third major cause of the deficits.
These are good times when we should be generating surpluses so government can borrow responsibly during economic downturns. Our elected federal and state officials are supposed to control unnecessary spending.
It’s time for hard choices, and for choosing candidates who allocate priority to what the average people, rather than corporations and their pocket politicians, think important.