Whatever happened to President Donald Trump’s “greatest ax you’d ever seen”?
It seems like President Trump and the Republicans have ditched their fiscal conservative promises and maintained the status quo of spending, deficits, and debt. And, as many have predicted in the past, this will only cause a financial crisis in Washington.
According to The New York Times, which hardly cared about the poor finances of Washington during the years of former President Barack Obama, the cost to service the debt will reach $390 billion in 2019, a 50 percent increase from 2017.
Because of rising interest rates, nearly $1 trillion in interest payments will be due annually in the next decade, costing more than the military, Medicaid, and other entitlement programs.
The budget deficit under Trump and the GOP is slated to top $1 trillion next year for the first time since 2012. This is because the current regime refuses to slash spending while cutting taxes. Instead, the government is borrowing more, printing money, and going deeper into debt.
When the next recession strikes, both the federal government and the Federal Reserve will be out of bullets.
Rather than blaming the free spending ways of previous administrations and governments, all the blame will be shifted to President Trump. And rightly so, considering how he has taken credit for everything, from the booming stock market to booming labor market.
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