This weeks article in the Huffington Post informs the reader that America's trade deficit in goods hit $891 billion in 2018, up more than $80 billion in 2017 and the largest deficit ever according to the U.S. Commerce Department. And it took place despite Trump's increase in tariffs and his promise to eliminate the trade deficits he railed against during the campaign of 2016.
It was also announced that the federal budget deficit for the first three months of this budget year was $310 billion, a whopping 77% increase over the same period in the previous budget year. White House officials would not comment on the numbers but outside economists said they were not at all surprised , given the Trump backed massive tax cuts that became law in late 2017 and the tariffs he has imposed.
But this deficit information was nothing new to the readers of PolitiDose who for years informed its readers how and why the republican party represents the party of deficit spending and how their party's massive tax cuts that favor the wealthy and corporate America are a huge reason why. They propose tax cuts with rosy predictions that never become facts even though they know precedent have proved them wrong.
The worst part of Trump's deficits is the fact that he entered the White House with an expanding economy, job creation, low inflation, low unemployment, falling deficits from the previous Bush administration and Trump's unfunded tax cuts were unnecessary. And as of this writing the country is seeing a repeat of what happened under the Reagan and Bush 43 administration after their tax cuts.
The bottom line is after two years in office of controlling everything, Trump and his party are living up to the party's record of unbalanced budgets, uncontrolled spending and a fraud tax policy. And those that need tax relief the least are still laughing all the way to the bank.
This commentary written by Joe Lorio
