The impeached President introduced his $4.8 trillion fed budget for fiscal year beginning 10/1/20 which expects a budget deficit of over $1 trillion. The budget makes cuts to many domestic and other programs while increasing spending in other areas. This is Trump's fourth fiscal year budget. The budget deficit for fiscal year ending 9/30/19 was $984 billion, just shy of one trillion dollars, up 26% from Trump's 9/30/18 budget that ended with a deficit of $779 billion which was up 17% from President Obama's last fiscal year deficit of $665 billion. The CBO is expecting this fiscal year budget which ends 9/30/20 to have a deficit that exceeds one trillion dollars.
So Trump is keeping up with a republican trend of increased deficit spending that dates back to 1960, the last time a republican administration balanced the federal budget. And to make matters worse, Trump's proposed budget is at odds with his first budget and campaign promise to balance the budget in 10 years. His new budget now promises a balanced budget in the year 2035. Of course, Trump will be gone long before that. The democrats in congress said the Trump budget is DOA, in other words, Trump's budget is also impeached.
Trump and his party's irresponsible fiscal ideology of deficit spending and debt was exposed long ago in many PolitiDose commentaries over the past 9 years. Republican administrations are a fiscal disaster. The impeached President inherited an expanding economy, positive job creation, low unemployment and a reduction in deficit spending and he now says he can not balane the budget while he is in office.
President Bill Clinton not only cut deficit spending each of his first 4 years in office, he also balanced the budget in each of his last 4 years in office. A far cry from the trumpet man who claims to have created the greatest of every thing and made America great again. President Obama inherited a record single year budget deficit of $1.4 trillion from the Bush administration and left office with a budget deficit of $665 billion, cutting Bush's deficit more than half. Now Trump in his first three years in office picks up the republican baton of increased federal deficit spending.
By the way, the President's proposed budget also reneged on the agreement he made with congress months ago concerning a spending plan that kept the government open. Just think, Hillary Clinton informed the public way back in the campaign of 2016 how Trump was so unqualified to be President. The CBO said the country was looking at single year trillion dollar deficits for the next 10 years and points to Trump's tax cuts as one of the major reasons.
Truckle down economics, the tax cuts of Reagan, Bush and Trump which so many Americans still believe works, even though the middle class is left out, in baseball lingo, its "three strikes and your out." In the mean time middle class income has hardly kept up with inflation while income for the wealthy and corporate America has sky rocketed to new levels. Trump's budget cuts will hurt the middle class and those in need the most at a time when income inequality continues to grow. The Trump budget is another example of his corrupted persona.
Note 1: President Ronald Reagan presided over the very first ever trillion dollar federal spending budget. President George W. Bush presided over the very first two and three trillion dollar federal spending budgets. It took 15 years to go from a trillion budget to a two trillion dollar budget under Bush but it only took Bush 7 years to go from a two trillion dollar budget to a three trillion dollar budget. And it took President Trump 8 years to go from a three trillion dollar budget to a four trillion dollar budget. And now Trump's budget numbers tell us he will go to a five trillion dollar budget before he leaves office.
Republican Presidents just love running up federal spending budgets, deficits and the national debt.
This commentary written by Joe Lorio
