President Obama left with the deficit and the countries debt around $500 Billion…..
With Trump0 and the Republicans cutting income thru the 2017 tax cut and two years of budget increases with their then majority congress the gap in spending vs revenue has widen by almost double the amount to $984 Billion….
America COULD be headed towards a recession like the one more the. decade ago with a President ‘loves’ debt and does NOT listen to experts….
U.S. debt is considered one of the safest investments in the world and interest rates remain low, which is why the government has been able to borrow money at cheap rates to finance the large annual deficits. But the costs are adding up. The government spent around $380 billion in interest payments on its debt last year, almost as much as the entire federal government contribution to Medicaid.
Budget experts have also warned that a lack of focus on the deficit could make it much harder for the U.S. government to respond to the next budget crisis, because policymakers will have less flexibility to enact new spending programs if they are devoting hundreds of billions of dollars to interest payments on the debt.
“This is the first time in our history that we are seeing a boom in the economy at the same time deficits are rapidly rising. It’s alarming,” said Marc Goldwein, senior policy director of the Committee for a Responsible Federal Budget, which supports reducing the deficit.
The Obama administration and Republicans in Congress enacted a series of measures to reduce the deficit starting in 2011, and those measures — and a growing economy — led the deficit to fall by almost 50 percent. But those gains have been lost by a recent apathy among policy makers about addressing the fiscal imbalance.
“There is very little discussion among Republicans about the deficit, and virtually no serious outreach to Democrats for any sort of bipartisan deal,”….