As a fiscal conservative, I have been anxiously awaiting for the Trump administration and the Republican controlled Congress to present the plan for a balanced budget. Economists suggest that the source of our economic malaise comes from immense federal debt and an aging demographic. We can’t fix the demographic so it seems logical that balancing the budget would be priority number one.
Unfortunately, what I have heard coming from Washington so far is dramatic tax cuts, increased spending on defense, infrastructure and border security. The current budget deficit is over $500 billion per year. I doubt that includes off-budget expenses. Projections going forward based on infrastructure spending and tax cuts suggest that the deficit will climb to $1 trillion per year.
Half of the federal budget is composed of health care and Social Security so I assume significant cuts will need to be made to these programs. The problem is that this will directly affect the ability of our aging population to consume products other than healthcare, as their out-of-pocket expenses for healthcare will inevitably rise. Because our economy is 70 percent dependent on consumerism, I don’t see how the economy can grow to the 4 percent range promised by President Trump.
I believe it is time for Trump to stop tweeting and campaigning and start leading and governing this great country. To make America great again requires fixing the economy first and foremost and based on what I have seen and heard so far, I am struggling to understand the plan going forward.