The US budget deficit has been out of control for quite some time. It’s not a problem for the Dems to fix or the Republicans to fix. It’s a national issue. The spending for 2019 is $4.53 trillion while revenue is only at $3.38 trillion. This leaves a $1.109 trillion deficit that simply cannot be allowed to continue.
A blast from the past decides to speak up and urge the parties to get things under control. Michael Dukakis, a former Democratic presidential nominee has decided that he needs to address the parties with the problem since he doesn’t hear any side talking about it. The Dems are too busy attacking the GOP and fighting amongst themselves to even mention it on their platforms – and Dukakis has said he’s worried about it from both sides.
Dukakis spoke about the problem on “Your World with Neil Cavuto.”
What Dukakis Has to Say
Dukakis pointed out that the country is about to start running trillion-dollar deficits. In the past, the deficit was in the billions. It started to get out of control with the war on terror and the 9/11 attacks. Since then, there have been bank bailouts, Stimulus Acts, and more that have led the country deeper and deeper into a deficit.
The former presidential nominee explains that there’s already $600 billion being spent on debt service, which is just responsible for serving the national debt. He’s not hearing solutions on either side. He pointed out that he hasn’t heard from the GOP and he has been watching the same debates as everyone else has – and knows that the Dems haven’t been talking about it, either. Someone has to start paying attention because the numbers are out of control.
Why aren’t voters more concerned?
Neil Cavuto asked Dukakis why he thinks voters aren’t prioritizing the debt deficit as a significant campaign issue. Dukakis explained that most Americans are of borrowers at heart, explains the amount of credit card debt that so many Americans are experiencing.
With $1 trillion deficit, Dukakis doesn’t believe that a tax cut is what America needs. He also identified that both parties are spending as though they have unlimited supplies of cash will to no regard for the future. He pointed the finger at the Department of Defense for being one of the biggest debt-creating culprits.
A quick look at the various 2020 presidential candidates helps to back this point up. Many of them have ideas on where to spend money, even though the country obviously has no money to spend. Gillibrand, for example, wants to spend $10 trillion on a plan for climate control. Meanwhile, Warren and Sanders want to create Medicare for all without explaining how much it’s going to cost of the country.
Dukakis was quick to point out that he is progressive. However, he thinks that spending is completely out of control. There is no surplus. There is a deficit. That means that spending has to be adjusted – and since no one is talking about it, he has decided that he’the one to say something.
The Future of the Economy
The future of the economy depends on getting the deficit under control. President Trump recently made a deal with the congressional Democrats after a bill was passed in the House on Thursday to increase the debt limit through 2021. It also prevented $125 billion in automatic spending cuts from affecting domestic and military programs. The bill passed with the majority of the support coming from Democrats. While 65 Republicans voted to increase the debt limit, 132 Republicans voted against it.
Going based on the vote alone, it would demonstrate that Republicans are more likely to care about the deficit and do something about it. Trump, being business savvy, is likely the only one on Capitol Hill that can do something about the deficit. Otherwise, as Dukakis said, the strong debate needs to be made about the deficit and the plan to overcome it. He is hoping that some of the next debates will involve talking about it to see where the candidates fall.
s It is likely that the defense budgets will need to drop considerably to take care of the deficit. However, politicians on both sides need to stop spending excessively – and part of that involves the Democrats and the Republicans to get along with each other more effectively than they have in the recent past. Otherwise, it is likely that the deficit is only going to climb even more year after year.