Advertisements

That Damned Federal Deficit

The Washington Post and The New York Times and their rest of our daily mainstream media diet didn’t offer any appetizing headlines on Wednesday, so we resorted to the right-wing Drudge Report, which was blaring a headline that led to a link about how the federal budget deficit is up 15 percent over last year, which was already a record-setter. That was something we could sink our teeth into, for a couple of reasons.
First of all, we’re the sort of old-fashioned conservative and pre-President Donald Trump Republicans who still care about the multi-trillion-dollar national debt and how it swells with every quarterly multi-billion-dollar deficit. All that red ink eventually leads to economic catastrophe, and we fondly remember a time when the “Tea Party” faction of the Grand Old Party used to raise quite a fuss about it, but these days no seems to much care.
These days most of the crowded field of Democratic presidential contenders are advocating the near-bankrupt Medicare program for everyone, and promising reparations for the slaves that no one still alive ever owned, along with countless other crazy and very expensive ideas abut everything from economic justice to the climate. Meanwhile, despite Trump’s budget-cutting and budget-balancing campaign promises, the Republicans seem quite willing to go along with ever-swelling budgets. Trump justly likes to brag about the current swell state of the economy, but even according to left’s cherished Keynesian economic theories that’s when we should be paying down the national debt, and we don’t see any solution in sight.
The other thing we notice is that even the far-right Drudge Report, which we stopped linking to when it started linking to Infowars and Gateway Pundit and other right wing conspiracy web sites, is also raising the alarm about the creeping national debt. At this point there’s no telling how the right vs. left dispute will turn out on the nation’s financial ledgers, but given he left’s usual fiscal craziness and the right’s current Trump-ism, we don’t expect it to turn out well.

— Bud Norman

Advertisements