Under President Barack Obama, we pulled the economy out of recession and got the federal deficit back below the 40-year average as measured by percentage of GDP.
Under Trump Republicans Thune and Rounds, it looks like we’re going to blow the deficit up again:
Senate Republicans passed a budget late Thursday night following a series of votes, setting the stage for the GOP’s ultimate goal of tackling tax reform later this year.
The measure is estimated to add $1.5 trillion to the deficit over the next 10 years, and contains about $4 trillion in spending cuts, including nearly $500 billion in cuts from Medicare over 10 years and more than $1 trillion from Medicaid [Mariam Khan, “Senate Republicans Pass Budget That Will Add $1.5 trillion to Deficit, Slash Medicare and Medicaid,” ABC News, 2017.10.20].
Spending cuts are justified if we’re using them to reduce our debt. I’m willing to apply that kitchen-table economics to federal budgeting. But how do we cut Medicare and other vital public services and still end up with a bigger deficit and more debt?
Let’s hope Speaker Paul Ryan and Rep. Kristi Noem can impose some sanity (what am I saying?) and at least demand that budget cuts go toward real deficit reduction, not tax cuts for the wealthy and voodoo economics.