The federal budget deficit this fiscal year, which ended September 30, added up to $984 billion. The U.S. Treasury Department quietly announced the news last Friday.
As bad as our national debt is, it has become apparent to fiscal conservatives that the leadership of both parties has little disregard for financial responsibility.
Per the Orange County Register:
“We’re not a rich country. We’re a debtor nation. We’ve got to get rid of — I talked about bubble. We’ve got to get rid of the $19 trillion in debt,” said then-candidate Donald Trump in 2016 in an interview with the Washington Post.
Asked how long it would take to get rid of the national debt, Trump said, “over a period of eight years.”
And while partisan defenders of the president like to deflect and point to the growth of the national debt under President Obama, such deflections leave out key context.
For one, unlike President Trump, President Obama took office amid the Great Recession. As President Trump likes to remind everyone, the United States economy has been performing quite well. And yet, that hasn’t translated to federal revenue keeping up with federal spending.