A new report found that the national deficit for this year is $984 Billion, just a hit below $1 Trillion. This is the highest deficit since 2012, and the third time a President has had a deficit of $1 Trillion (with George W. Bush being the first).Â
This is a complete contradiction of Donald Trump’s campaign promise to balance the budget within eight years. The Congressional Budget Office predicted a $1 Trillion deficit by Trump’s 2nd term with a few other independent predictions declaring it would peak at over $1 Trillion by 2019.Â
While some progressives suggest throwing Arthur Laffer out the window, it should be noted many progressives have used this method for the better. Bill Clinton’s famous surplus was actually the result of cutting taxes on 99% of the population, only raising them on the richest of the rich. This is because, love him or hate him, Bill Clinton knew his stuff.Â
It should also be noted that while the deficit has increased, so have both spending and revenue. This means that it’s not the tax cuts making it worse, but instead a result of the government abusing the few times they get more than they expected. Give the government an inch and they take a mile.Â
Ephrom Josine is a libertarian political blogger/commentator. You can find him on Twitter @EphromJosine1, writing near-daily on Medium @ephromjosine or weekly on Freedom First Blog.Â
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