Our economy is doing great right now, or so they tell us. Unemployment is at a record low. Many thousands of jobs are being created each month. The stock markets are at all-time highs. Inflation remains tame. President Trump and the Republicans in Congress are very proud of this and frequently remind us of how well the economy is doing thanks to their tax cuts.
But we really should take a longer term look at what they have done. For fiscal 2019 the federal deficit, what the U.S. government spent over what it took in, was almost a trillion dollars. As the Congressional Budget Office has stated, this is not sustainable. With current taxing and spending plans the deficit is expected to grow even larger in the coming years.
Massive deficit spending should only occur when we are in a major war, or to help get us out of a deep recession. Neither of those is happening right now. We were told the Trump tax cuts would pay for themselves, but that was just a lie. Most of the benefit goes to the wealthy while it increases the economic burden on our children and grandchildren.
Republicans chide Democrats for being the party of “tax and spend,” but at least that is a viable economic model. The Republican “tax-cut and spend” policy never works long term, and will come back to haunt us when we have an economic downturn.