I used to believe the Republican Party was the party of fiscal responsibility and limited government. Well, the fiscally Republican administration currently running things in Washington D.C. just ran up the biggest May budget deficit in history.
Last month, the deficit came in at $208 billion, according to Treasury Department data.
Interestingly, the media fixates on the Trump tax cuts and blames them for the deficits. But revenues are actually up slightly – mostly due to the income generated by the tariffs. The big problem is the spending. Uncle Sam spent $440 billion last month, up 21 percent year-on-year. And the first time in U.S. history, the federal government spent more than $3 trillion in the first eight months of the fiscal year. Spending is up 9.3 percent on the year so far.
So, the tax reform is great. But what we really need is government reform.
Unfortunately, I don’t think we’re going to get that from the GOP. Despite all of the rhetoric, the Republicans spend like drunken sailors just like the Democrats do. (No offense intended to any drunken sailors out there.) They show no inclination to address the spending problem.
Here’s what really should concern you – the government is running up budget deficits like we are in the middle of a deep recession. The only other time in history that the federal government has run deficits this high was during the four years from 2009 through 2012 when the Obama administration boosted spending to grapple with the 2008 financial crisis.
But supposedly, the economy is booming. We should be seeing shrinking deficits. If the government is running up debt like this now, what is it going to look like when the next recession hits? And I don’t think that day is very far away.
So when people tell you that the Republican Party is the party of limited government and fiscal responsibility, tell them that they’re full of crap. The Republicans are no more limited government than the Democrats are anti-war.
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