When politicians, are part of the minority, or part of the party, out of power, they often, use the deficit, as an excuse, or justification, for opposing certain programs, which they oppose! One of the key responsibilities of holding public/ elected office, should, and must be, to do, what’s best for the nation, and the fact is, continuous, unaffordable, unsustainable deficits, is irresponsible, and potentially damaging, in the longer – term! Why is it, now, when the Republican Party, controls all three arms, of our government, are the same people, who railed against deficits, when the opposition – party, controlled the Executive Branch? If nothing else, American politicians, have perfected the art, of being hypocrites! With that in mind, this article will attempt to examine, consider, and briefly discuss, 5 reason, national deficits, are bad ideas.
1. Public confidence: When a candidate, such as Donald Trump, campaigned against irresponsible handling of the economy, and then, when elected, President Trump, and his political supporters, seem to ignore this, in order to get tax legislation enacted, wouldn’t many, lose confidence, in the long – term ramifications, of doing so? Why should anyone believe these elected officials, who spent the previous eight years, opposing President Obama’s agenda, by emphasizing avoiding deficits, but, now, when attempting to achieve their personal, political agenda, seem to make excuses, and promises, stating they don’t matter? Most realize politicians, often, stretch the truth, but, hasn’t this gone, too far?
2. Unsustainable: The last time, America had a balanced budget, was during the latest years, when President Bill Clinton, was in office. Who doesn’t remember, Al Gore, campaigning in 2000, on using a lock – box, to protect Social Security? If individuals must act responsibly in their personal budgeting, how is, our government, behaving otherwise, responsible, and/ or sustainable? Today’s trillion dollar deficits, are certain to have, long – term, undesirable ramifications!
3. Debt service: The longer, our budgets, have these huge deficits, the greater the impact, on the future. More and more, of the revenue and resources of the government, will have to go, to debt service, and, in the long – run, this harms the overall economy.
4. International: The value of the dollar, is negatively impacted by, continuous, huge deficits, for many reasons, but, one of the essential ones, is how others, perceive the stability of our economy! Since, so many components of the world’s economy, have been based on the American dollar, including the pricing of commodities, such as oil, etc, if we continue, this irresponsible handling of our economy, there will be severe, negative ramifications!
5. Poor Policy: Although the excuse, by those, who seem, to believe, deficits don’t matter, because, after all, the government prints our money, the fact is, this irresponsible behavior, is long – term, poor policy, which will have undesirable ramifications, and are not sustainable, over the longer – run!
Wake up, America, and let your elected officials know, you realize, it’s bad policy to deeply add, to the deficit, especially to give the majority of the tax cut, focused on, the wealthiest! Beware, because, the next step, will be, for them to reduce your safety net!