by Rod Williams, Sept 28, 2024- I have been dismayed that neither candidate has put forth an economic plan to deal with the debt and deficits and that both candidates are putting forth plans that would make the problem of the national debt worse. There was a time when Republicans at least paid lip service to fiscal responsibility and they appeared to at least understand the issue; now, not so much. The above short video is informative.
Excerpts from the transcript:
Even though the federal deficit has reached a very high 7% of GDP against its advanced economy peers, as the national debt has rocketed to nearly $34 trillion and interest payments alone have climbed to nearly $1 trillion annually more than the entire defense budget, the question begs. Why has the deficit been sidelined and what are the long term risks?This comes against the background of a projected U.S. federal budget deficit of $1.5 trillion in the year 2024, with the national debt now surpassing 130% of GDP. That rate parallels that of other countries with high indebtedness, such as Italy, which has triggered debate about the sustainability of the nation's current fiscal track. ... Despite these unpleasant numbers, neither Harris nor Trump has pushed forward any type of plan to deal with the deficit, and both the candidates seem to be offering policies that would make the situation worse. ...
Whereas the dollar now enjoys the status of the world's reserve currency, this is a privilege the U.S. has no right to expect will always be conferred upon it. ... neither Kamala Harris nor Donald Trump has taken an especially vital interest in the budget deficit.
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Easy answer (IMO): the new/Trump GOP doesn't care a whit about the deficit. Much of the MAGA movement actually does but Trump certainly doesn't and therefore the cult averts its eyes.
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