The US National Debt grows ever faster. Now it is $28 Trillion dollars. The deficit (increase in debt) during the last presidency was 7.8 Trillion, or just shy of two trillion a year and double the one trillion rate of the Obama years.
Our lame-duck US Senator Pat Toomey would like you to think that the present administration is profligate. Here’s what he says:
Yes, $3.5 trillion is big. But we also need perspective here. If this is a spending spree, then what was the GOP’s thought in cutting taxes? That’s about $3 trillion in lost revenue. But the GOP also left us a legacy of future debt. FactCheck.org quoted the Committee for a Responsible Federal Budget as follows:
By September 2020, CRFB estimated the legislation and executive actions signed by Trump would be responsible for $3.9 trillion in higher deficits through 2026. The bulk of that — $2.3 trillion — was attributed to lowering taxes, while increases in defense and veterans spending ($950 billion) and nondefense discretionary spending ($700 billion) made up the rest. “It is important to note that this debt was also approved by Congress, about half on a broad, bipartisan basis,” CRFB said.
These are significant numbers, and Toomey over his many years in politics has been complicit. Both parties spend our money on a grand scale, the difference is who and what they spend it for.
Business people say, “You have to spend money to make money.” Biden wants to build back better. The GOP says, … hmm I can’t recall. I think it was eliminating the national debt that they promised. Well, have they actually proposed anything? Or did they just spend reactively, with little or no real plan except for the tax cut?