Just as previous PolitiDose commentary predicted, the federal government announced this week that the federal deficit at the end of August came in at $1.09 trillion for the present fiscal year that actually ends on September 30. So when the September numbers come in the total deficit for fiscal year 2019 will come in close to $1.2 trillion since the announcement said the government is spending approximately $200 billion more each month than it takes in revenue.
So in President Trump's first two fiscal years in office the deficit continues to rise at a horrific rate as it did during the Reagan and Bush 43 administrations. And all three republican Presidents told the people their massive tax cuts for corporations and the wealthy were going to create increased revenue to balance the federal budget. President Trump continued the fairy tale but three strikes and you are out. Will the voters and the news media ever learn how republican administrations have destroyed the fiscal health of the U.S. government and just how much the government has had to take out of the social security fund to pay for their reckless deficit spending.
The record is clear, for the past 50 plus years every democratic administration except President Carter left office with a smaller deficit than when they took office and two administrations balanced the federal budget 5 times. That was Lyndon Johnson and Bill Clinton. But no republican administration has balanced the federal budget since Eisenhower in 1960 and no republican administration has left office with a smaller deficit than when he took office. In fact the increase deficits have been huge on their watch.
The sad fiscal legacy of republican administrations was the subject of commentary in PolitiDose several years ago. Projecting what is likely to take place on the republican watch has precedent. Their ideology is extreme and lacks policy and plans to deal with issues. And Trump has taken that ideology to a new level with danger written all over it and the GOP ditto heads are in full support. The many issues where progress was made on President Obama's watch are "gone with the wind."
The trumpet man is running the government's fiscal house with the same corruptive ideology of his business world. And now he is floating the idea of a middle class tax cut late next year because of the election. Trump's companies have already seen a 14% reduction in their income tax because of the 2017 tax cuts and is running scared of the recession people are talking about. In fact the business world has taken the position that American manufacturing is already in a recession.
President George W. Bush's last fiscal year deficit came in at $1.4 trillion, an all time high single year budget deficit. That is what President Obama inherited. But Obama's last fiscal year budget deficit was $665 billion, a decrease of over 50%from when he took office. That is what Obama left Trump, and now after only two fiscal years the federal deficit is over $1 trillion under the trumpet man, almost double.
PolitiDose and its readers knew it would take place long before it took place. And that really says it all. So stay tuned to PolitiDose, your daily dose of political commentary.
This commentary written by Joe Lorio
