The news has come up that the deficit has risen to $40 trillion….up from about $29 trillion….what the Hell happened?

Of course the Repubs will blame policies and somewhere it will be Biden and the Dems to blame….after all there is an election coming and what better time to try and sway the more economically ignorant?

But the truth is more in-line with reality……

Congressional Republicans have seized upon news that the US national debt reached $40 trillion to bash what they described as “unaffordable socialist policies” and out-of-control spending.

But economists and policy analysts say Republican policy decisions—from massive tax cuts for the rich to disastrous wars of choice in the Middle East—are primarily responsible for the explosion of the national debt over the past quarter-century. President Donald Trump, who has repeatedly promised to eliminate the national debt, has so far overseen an $11.6 trillion debt surge across his two White House terms.

“I have never been a deficit hawk, and I’m not about to change my religious affiliation now,” Dean Baker, senior economist at the Center for Economic and Policy Research, wrote Thursday. “But whatever we think of debt and deficits, there is one point that should be very clear: It has been run up almost entirely due to Republican tax cuts and their inept management of the economy.”

Economist Paul Krugman similarly wrote that while the $40 trillion figure “has no special significance,” it underscores “the incredible irresponsibility of the Trump administration, with its unfunded tax cuts that overwhelmingly benefit the wealthy, billions in wasteful military spending—redesigning aircraft carriers because Trump doesn’t like the way they look!—and more.”

“As Jared Bernstein and Bobby Kogan have shown, our deficit would be far more manageable if first [George W.] Bush, then Trump, hadn’t rammed through tax cuts that hugely favored high-income Americans,” Krugman added.

Kogan, senior director of federal budget policy at the Center for American Progress, estimated in 2023 that tax cuts enacted during the Bush administration and Trump’s first term were “responsible for 57% of the increase in the debt ratio since 2001, and more than 90% of the increase in the debt ratio if the one-time costs of bills responding to Covid-19 and the Great Recession are excluded.”

https://www.commondreams.org/news/economists-trump-40-trillion-debt

All this deficit some of it can be blamed on our forever wars….I am not talking just about Repubs….Dems are just as damn guilty.

Another chunk of the deficit can be blamed on the constant passing of tax cuts over the years and yes the Dems are just as damn guilty here as well.

Maybe it is time for the American people to wake up to the lies and the reasons for this deficit….if we are to cut this deficit then revenues must be improved and a cessation of these lame ass wars.

And no tariffs will not change anything regardless of what the pseudo genius from Wharton tells you.

The rich have had a free ride for decades time for them to become contributing members of society (other than buying the Congress)….

That is that.

I Read, I Write, You Know

“lego ergo scribo”