The angry voices on the Left have been shrieking non-stop since the passing of Trump\u2019s spending bill.\u00a0 They\u2019re complaining about many things.\u00a0 Some real and some imaginary.\u00a0 Among the imaginary things are claims that the bill will lead to millions of deaths.\u00a0 Apparently, Alligator Alcatraz and other anti-illegal immigration programs will cause death and destruction to be rained on the heads of all kinds of good people.\u00a0 I listened to a video where an unhinged middle-aged woman ranted for about ten minutes in a deranged strangling snarl full of obscenities and bile about how Alligator Alcatraz was a Nazi death camp.\u00a0 Now granted, there was a certain entertainment value to her act.\u00a0 But that wore off after about a minute and a half.\u00a0 So, the fake complaints about the bill are somewhat tedious.<\/p>\n
One of the real complaints is that this bill will add three trillion dollars to the debt over ten years.\u00a0 Now this is a true statement.\u00a0 This bill will not reduce the deficit.\u00a0 Our country is spending much more money than it takes in from taxes.\u00a0 This growing debt is a very serious threat to our future.\u00a0 But Trump like every other politician knows that even balancing the budget (never mind paying down the debt) would throw the economy into a recession.\u00a0 So, he plays the same game as all the rest of them.\u00a0 He stimulates the economy by increasing the debt.\u00a0 And he\u2019s right.\u00a0 If the economy stalls the Republicans will be voted out in the House and Senate and the Democrats will regain power.<\/p>\n
So, is our problem insoluble?\u00a0 It seems so.<\/p>\n
The only way I can see to fix the problem is to reduce government expenditures drastically and then pay down the debt over the course of decades.\u00a0 But how can the Republicans remain in power for decades?\u00a0 They can\u2019t.\u00a0 I guess we could default on the debt but that would bankrupt not only countless American citizens but would also plunge the global finance system into worse than chaos.\u00a0 It might even cause a world war.<\/p>\n
So, what we are left with is the current status quo.\u00a0 The debt will continue to grow until it becomes so unmanageable that hyperinflation solves the problem for us.\u00a0 The dollar will become worthless and nobody will want to buy bonds from us.\u00a0 Problem solved.\u00a0 Of course, that will also spell doom for whichever party is in power when that happens.<\/p>\n
I wonder what Donald Trump thinks is the solution.\u00a0 Maybe he\u2019s got an idea about making a deal.\u00a0 He\u2019s a man who used \u201ctoo big to fail\u201d any number of times to renegotiate debt on his shaky business investments; casinos and hotels.\u00a0 What if Trump tells China and Europe and anyone else holding our debt that unless they renegotiate the interest rates we will simply default on the whole damn thing?\u00a0 What could they say, no?\u00a0 I bet they would take the attitude that half a loaf is better than nothing.\u00a0 Combined with a balanced budget amendment could be a permanent solution to our debt problem.\u00a0 Maybe this is his big beautiful plan.\u00a0 After all America is the ultimate example of too big to fail.\u00a0 Maybe all we need is the art of the deal.<\/p>\n","protected":false},"excerpt":{"rendered":"
The angry voices on the Left have been shrieking non-stop since the passing of Trump\u2019s spending bill.\u00a0 They\u2019re complaining about many things.\u00a0 Some real and<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[5,6],"tags":[4951,16],"class_list":["post-33795","post","type-post","status-publish","format-standard","hentry","category-current-events","category-trump","tag-debt","tag-trump"],"yoast_head":"\n