When politicians are part of the minority, or part of the party, out of power, they often use the deficit as an excuse, or justification, to oppose certain programs, which they oppose! One of the key responsibilities of holding public/elected office should and must be to do what is best for the nation, and the fact is that continued unaffordable and unsustainable deficits are irresponsible and potentially damaging in the long run. finished! Why, now, when the Republican Party controls all three arms of our government, are the same people lashed out deficits, when the opposition party controlled the Executive Power? If nothing else, American politicians have perfected the art of being hypocritical! With that in mind, this article will attempt to examine, consider, and briefly discuss 5 reasons why national deficits are bad ideas.
1. Public Trust: When a candidate, like Donald Trump, campaigns against irresponsible handling of the economy, and then, when elected, President Trump and his political supporters seem to ignore this, for tax legislation to be enacted, wouldn’t they lose a lot? confidence, in the long-term ramifications, of doing so? Why should anyone believe these elected officials, who have spent the last eight years opposing President Obama’s agenda by emphasizing avoiding deficits, but now, when trying to achieve their personal political agenda, seem to make excuses and promises, claiming that doesn’t matter? Most realize that politicians often stretch the truth, but hasn’t this gone too far?
two. Untenable: The last time the United States had a balanced budget was during the last few years, when President Bill Clinton was in office. Who doesn’t remember Al Gore’s campaign in 2000 about using a safe deposit box to protect Social Security? If individuals are to act responsibly on their personal budget, how is our government behaving otherwise, responsibly and/or sustainably? Today’s trillion dollar deficits are sure to have undesirable long-term ramifications!
3. Debt service: The longer our budgets have these huge deficits, the greater the impact on the future. An increasing share of government revenues and resources will have to go to debt service, and in the long run, this will hurt the economy as a whole.
Four. International: The value of the dollar is negatively affected by continuous and huge deficits, for many reasons, but one of the essential ones is how others perceive the stability of our economy. Since so many components of the world economy have been based on the US dollar, including the price of raw materials, such as oil, etc., if we continue this irresponsible management of our economy, there will be severe and negative ramifications!
5. Poor Policy: Although the excuse, of those who seem to believe, deficits don’t matter, because, after all, the government prints our money, the fact is that this irresponsible behavior is bad long-term policy, which will have undesirable effects. ramifications and are not sustainable in the long term!
Wake up, America, and let your elected officials know, you realize, that it is bad policy to add deeply to the deficit, especially to give the lion’s share of the tax cut, focused on the wealthiest! Be careful, because the next step will be to reduce your safety net!