“Last week, the Treasury Department announced that the federal deficit was just shy of $1 trillion in the 2019 fiscal year that ended on Sept. 30. The Congressional Budget Office expects deficits to exceed that mark every year going forward.
During Barack Obama’s presidency, such news triggered sanctimonious outrage among Republicans. Mr. Obama’s run of deficits exceeding $1 trillion helped fuel the Tea Party. Mitt Romney attacked Mr. Obama for fiscal irresponsibility during the 2012 presidential campaign. Mr. Romney’s running mate, Paul Ryan, built his national career around dire warnings about the mounting federal debt.
Even Donald Trump regularly got in on the act. In one of many such warnings about deficits, citizen Trump used the March 2013 debt crisis in Cyprus as an occasion to tweet: “Watching the madness in Cyprus? If our government keeps spending trillion dollar deficits, that could happen here.” In 2016, as a candidate, Mr. Trump said he could eliminate the national debt in about eight years.
Yet as president, Mr. Trump has piled on about $3 trillion to the debt, bringing the total to $22.9 trillion. What’s amazing is that he has managed to increase deficits at a time of historically low unemployment and relative peace, when one would expect the national balance sheet to improve.”
David Lindsay Jr.
Hamden, CT | Comments at NYT.
Nice essay Philip Klein. I too care about the growing deficit. Are you supporting that ugly idea, starve the beast? Grow the deficit as a way to pressure the cutting of the safety net. Social Security and Medicare allow older Americans to grow old and die with some dignity. It was created when a large percentage, maybe half?, of older Americans lived in poverty. So don’t forget to emphasize undoing unneeded and unfair tax cuts and loopholes for the rich.
Let’s test my argument. From Nasi.org: “Before Social Security, in 1934, roughly one half of seniors were estimated to be poor. Most had to rely on family or friends, or go to the poor house. As ever more seniors paid into Social Security and then received retirement benefits, the poverty rate among seniors steadily declined from circa 50 percent in the Great Depression to 35 percent in 1959, 25 percent in 1970, 15 percent in 1975, and around 10 percent in 2000, where it has hovered ever since. Today, were it not for Social Security, the senior poverty rate would be 43.5 percent, and just over half (PDF) of elderly African Americans (51 percent) and Latinos (52 percent) would be poor.”
David Lindsay Jr. is the author of “The Tay Son Rebellion” and blogs at InconvenientNews.net.