President Trump's Treasure Secretary announced that the government's federal deficit for fiscal year ending 9/30/20 came in at a record $3.13 trillion, topping the previous single year fiscal deficit of $1.4 trillion during George W. Bush's last fiscal year that ended 9/30/09. Revenues were $3.42 trillion while expenses were $6.55 trillion. The $3.13 federal deficit was an increase of 218% over the previous fiscal years deficit of $984 billion. Fiscal year 9/30/20 was Trump's third full fiscal year and the federal deficit has increased each year.
Trump's record deficit should be a surprise to no one that follows PolitiDose or the facts because it was all preordained by precedent of republican administrations and record over the past 60 years. And it has been documented in PolitiDose commentary during the past nine years. No republican administration has left office with a smaller deficit than when it took office in the same period, but every democratic administration except one during that same period left office with a smaller deficit then when they took office. And no republican administration has balanced the federal budget since President Eisenhower in 1960, but two democratic administrations balanced five budgets during that same period.
And to top it off, the highest percentage increase in the national debt during that same period took place on the republican watch of Nixon-Ford, Ronald Reagan and George W. Bush. So called republican conservatism is a myth and the federal government's fiscal health does much better on the democratic watch and has the record to prove it. Conservative opinion writers continue to push the fake news and disinformation that democrats are the party of deficit spending because they are ditto heads for Trump and the GOP and are cowards when it comes to facts.
The federal deficit at the end of President Obama's last fiscal year ending 9/30/17 was $665 billion. It was $1.4 trillion at the end of Bush's last fiscal year . President Obama inherited the Bush economic recession, had to deal with it and the terrific job losses that followed but still reduced deficit spending and kept the deficit below Bush's record number. The Obama administration also left office with a great job creation record.
On the other hand, The 2020 economic recession and pandemic took place on Trump's watch, the federal deficit increased every year and exploded this year and the economy has lost jobs on Trump's watch. Trump's tax cuts also reduced needed federal revenues that helped explode the deficit. Trump and the GOP has followed the same failed ideology that allows one to predict the calamity that takes place on their watch. And to think many people and the news media still believe the bill that was sold to them about the Reagan, Bush and Trump tax cuts and how great it was going to be for the economy and balancing the federal budget. Three strikes and your out.
This commentary written by Joe Lorio
