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Obama inherited a 1.4 trillion dollar deficit from Bush. By the time Obama left office, he had managed to reduce the deficit by almost 2/3rds to around 500 billion.
Trumps steps up the plate promises several times:
In February 2016 Trump said he could start paying off the national debt "so easily."
In March 2016, Trump said he could cut trillions of dollars in spending by eliminating “waste, fraud, and abuse.”
In April 2016, Trump said that he was confident that he could “get rid of” the entire multi-trillion-dollar debt “fairly quickly.”
July 2016 Trump said “we’ll start paying off that debt like water.”
Now the national debt is back over 1 Trillion and still climbing.
“Since 1992, there have been 11 months in which the deficit topped $200 billion. Seven of those have happened under Trump.” The Washington Post
So "Obama" personally reduced the deficit? Who actually spends the money?
Nothing the government is doing re: taxing/spending is Keynesian. Keynesian economics isn't simply running deficits anymore than Supply Side economics is just cutting taxes.
"Keynesian" is a lazy way to think about anytime the government chooses to increase spending, but it's wildly inaccurate.
The last decently Keynesian-esque thing the government did was the space program in the 60s. Since then, it's just a plain old Fabian socialism/corporate cronyism mashup version of plutocracy.
I am no particular advocate of Keynes and his version of demand side economics, but what our government has been doing for the last 50 years isn't anything near what he described/published. It's an intellectually lazy, mostly false bash of liberals, same as "trickle down" is an intellectually lazy, mostly false bash of conservatives.
I disagree. Keyensians believe that government spending, consumer spending, and business investment should all be equal, and that government and monetary policy can make up the difference when spending in one or all of these categories falls short. Trump has continued corporate welfare and is now subsidizing farmers who are struggling thanks to his trade policy. On top of that, he nominated Jerome Powell to lead the Federal Reserve, it is known that Powell supports the status-quo of artificially low interest rates. Trump also signed into law record fiscal stimulus. When the federal government spends money on things such as green technology tax incentives, agricultural subsidies, or the export import bank, it is doing so for the purpose of making up for what they believe to be a lack of investment in the private sector in those areas.
Quote:
Originally Posted by DRob4JC
Trump does not create the budget. He approves it, but doesn't create it.
Do your part and vote in Congressmen who will cut the deficit. I wonder what Trump what do with that?
Correct, but he signs into law budgets and therefore has say over what Congress passes based on what he signals he is willing to sign or not sign into law.
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