Don't give all deficit blame to Trump
An October article in the Daily Herald business section says our deficit for 2019 will rise to $984 billion. The article of course blames Trump for soaring debt because of his enacting large spending increases and passing the 2017 tax cut law.
Because of the tax cut of 2017, more jobs have been created, more people are able to pay their bills and purchase goods. Because of the 2017 tax bill, my steel fabricating company has been able to put more of our profits back into our company, which makes our debt ratio go down and creates less dependence on our bank and the line of credit. We have hired three more employees and have expanded our business.
I am a fiscal conservative. I don't like our country's soaring debt. However, employment is up; unemployed people can't pay their bills and are a burden on our budget in the form of unemployment benefits and other programs needed to assist them.
The article states our deficit was $665 billion dollars in 2017. The one glaring omission this article ignores is that of our $4.4 trillion dollar spending for 2019, $900 billion is interest that we pay on interest on debt that was accrued under Obama's eight years (approximately $11 trillion) and Bush's term ($7 trillion).
Go online and Google how much the U.S. pays on interest debt. This is 25% of our entire spending bill. What programs do you want to reduce or cut to balance the budget? Trump inherited this exorbitant interest expense. This article purposely neglected the most important reason for the soaring debt. Surprised? Not if you're a conservative.