Lost within the heavy discourse of the U.S.-China trade war is the growing national debt. According to USdebtclock.org, this public liability has jumped to over $22.5 trillion. At this rate, by the end of this year, we should be hitting in excessive of $23 trillion.
And yet not too many people seem worried about the implied crisis of the runaway national debt. Now, I’m not suggesting that no one cares about the debt because clearly, many do. But it’s fair to point out that the issue hasn’t reached critical mass like it did in prior years.
As The New York Times pointed out, Republicans blasted the Obama administration for creating an unsustainable fiscal environment. Back during the Bush (43) administration, Democrats likewise criticized the former President for consistently running budget deficits. And some true conservatives also accused Bush for expensively prosecuting the “War on Terror.”
Plus, I think it’s quite interesting that leftist Democrats who find the air we breathe as racist won’t challenge the Trump administration on the national debt. Since the former real estate mogul took office, he “added” $2.5 trillion to the ongoing liability.
Sure, it’s not his fault, but that’s never stopped Democrats before. Why are they showing restraint now?
National Debt Is a Bipartisan Catalyst
When National Economic Council director Larry Kudlow discussed how to control the national debt, he had a sensible solution: focus on growth and cut spending. While the former is a challenging route, especially in the current environment, the latter is obviously more easily controllable.
But what did Kudlow propose for limiting government spend? According to the Times, he proposed a “very tough spending budget.” This included a 5% cut in nondefense discretionary spending, which is a category that includes infrastructure and medical research.
That sounds like the government is doing something. But in reality, this is just a drop in the bucket. If Kudlow and the rest of the Trump administration were serious about cutting excessive spending, they’d look at defense budgets. This category is the third most onerous in the federal budget.
Of course, the Trump administration won’t go there. They’ve made a massive show about military worship, drawing in millions of conservatives. In fact, under Trump, the military budget increased, ensuring our fiscal destitution.
But hey, we’ve got to have a strong military, even if we don’t have a country to defend.
Which leads me to believe that the national debt has never been a concern for Washington elites. Whether Republican or Democrat, it serves as an always-willing financier for every political endeavor. Unless, of course, the house of cards crumbles.