U.S. National Debt Crisis
The Trump administration has made modest (if any) attempts to rein in the national debt. Our deficit will rise in the next couple years, regardless of who controls Congress post 2020 and post 2022 midterms. The Tea Party goals (even if unrealistic to some extent) seem to be an afterthought outside of Rand Paul's speeches. America has descended from being the single-largest creditor nation in the history of the world to being the single-largest debtor nation in the history of the world over the past 60 years. Raising taxes to expand unsustainable programs seems to be the popular notion with Millenials and with Gen Z. When will Americans realize that some programs just need to be cut? When will principled politicians take a stand against these extraordinary spending programs?
Never lol
America still has a couple decades until the debt (well mainly thre deficit issue) becomes a real problem. Economists disagree on the exact timeline but they all seem to agree that it is not an imminent problem.
But that's the danger of it. When it becomes a problem, it's gonna FUCK SHIT UP.
That's why my favorite presidents are Reagan and Clinton for taking a stance against growing budget deficits. Reagan (and Bush Sr too) prevented the government from growing and Clinton actually made it more efficient.
I'm personally of the view that we need to do whatever it takes to make the government run as lean as possible.
That means consolidating hundreds of different federal agencies (we have like 30 different law enforcement agencies, 3+ public health agencies, a dozen national intelligence against, and more WTF?), privatizing lots of government roles thay have absolutely no good reason for government intervention, cutting budgets that get spent on pointless wars, etc...
We should probably be spending more on healthcare and education but my guess is that we're gonna save so much money by optimizing the cost structure of the government thay we'll be able to fund healthcare and education + cut taxes and still have a budget surplus.
Kinda funny how WSO, a finance forum, debumps a thread on US national debt....
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