The $23 Trillion Question – Whose Fault is it?
Regardless of political affiliations, the U.S. National Debt continues to top the list of concerning issues to all Americans. Most importantly, this is primarily a performance issue of concern to conservative Republicans who aim and demand government federal and local fiscal responsibility. However, with the National Debt hitting $23 trillion, misinformed individuals are quick to point fingers at President Donald J. Trump.
This dilemma has been compounded by the fact that financial information and its graphical representation are a source of data often exploited as a means of political convenience by many in America. Unfortunately, it has become nothing but smoke and mirrors that impress those naive enough not to do their own research based on reputable facts and data collection. The increased prevalence and use of smoke and mirror tactics by mainstream media outlets have become the primary tool in an ill attempt to dismiss the extraordinary performance by the Trump Administration. This deceit comes to an end when we use common sense.
Unlike liberal outlet reports, the Obama Administration and Democrat policies added in excess of $9.3 trillion to our National Debt. Contrary to any poor attempt to dismiss the reality of this poor performance, establishing how much Obama increased the national debt is very simple: “When Obama took office on Jan. 20, 2009, the outstanding public debt totaled $10,626,877,048,913. On Jan. 20, 2017, when Obama left office, outstanding public debt totaled $19,944,429,217,106, an increase of roughly $9.3 trillion” (Meyer, 2017).
Also, as presented on the CBO’s graphic representation, the Obama Administration’s average Discretionary Spending by far exceeded that of the present Administration, even with a current increase in military spending. Thus, the military spending argument becomes moot when we compare administrations.
What was Obama’s economic tactic to get the United States out of its recession? He took a loan from the Federal Reserve and injected into our economy and called it a Stimulus Spending Package. At first, it appeared to be a great idea, but loans do not pay themselves, and loans come with a negative impact that has become the third-largest factor affecting our National Debt, “net interest” – the unintended consequences. Borrowing from the Federal Reserve money we do not have nor can afford is the equivalent as using your Credit Card to pay for your home mortgage. It appears clever at the moment, as injecting trillions into the economy will obviously have a positive impact, but it neglects the fact that someone else, after his administration, will have to pay for the net interest at a very high cost.
Why are many Americans misinformed of these facts and quickly falling victims of misinformation? It is simple, Democrats and their Misinformation Mainstream Media Machine are becoming effective in misleading the public. Financial reports are easy to manipulate as to present half a truth.
Let us examine some facts: First, three significant factors affect our National Debt. The negative effect is propelled by (1) Mandatory entitlement and social – federal debt programs held by the public as a percent of gross domestic product, (2) Discretionary Spending, and (3) Net Interest. The questions are, is President Donald J. Trump, the primary engine leading to our National Debt? How does his economic performance compare to other administrations in this regard? The truth dictates that it is not as bad as many believe. Did you know that 78% of the National Debt is caused by Democrat entitlement and social policies? This means that out of the $3.3 Trillion increase since Trump took office, $2.6 trillion is the result of Democrats’ mandatory spending, not the present Trump administration.
During the Trump Administration, America has been schooled in the complexity of factors that positively affect our economy as provisions of positive economic impact, such as:
- The reduction of regulatory costs
- Positive effects of Tax Cuts and Jobs Act with the provision of tax incentives for individuals and corporate structures
- Promotion of free competitive enterprises
- Expanding of labor force opportunities for every American
- Enabling choice and competition in healthcare markets
- Unleashing the power of American Energy
- Ensuring a balanced financial regulatory landscape, reducing poverty and improving self-sufficiency in America
A newly published Gallup Poll found Trump to have received the highest economic approval rating of any president in the last 20 years. Democrats are losing their support by Hispanics, Blacks, and all Americans, who have a common goal to do better. As President Trump eloquently stated in his recent State of the Union Address, “The best is yet to come.”