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Friday, April 20, 2018

GOP budget deficit reality check ~ letter from Vermont

Trump/GOP budget is indefensible. Growing the government 13 percent...

An echo letter to the editor published in the Burlington Vermont Free Press.

Is a daily $3.3 billion or $2.2 million-a-second federal deficit the new spending norm? (MaineWriter~ *NOT*!)

Trump and the GOP were elected to office on promises to drain the swamp, cut spending and shrink government. Growing the government 13 percent does none of those.

Candidate Trump promised to get rid of the debt “fairly quickly.” Interest payments rose 10 percent from last year to $310 billion. It’s now on the path to becoming the fastest-growing part of the budget, rising from 7 percent of federal spending to 21 percent in 10 years, according to the Congressional Budget Office (CBO).

Investing in our national defense has merit, but without offsets from the remaining budget is irresponsible fiscal policy. This increased spending will prompt government to print more bonds to pay for it and that will create upward pressure on bond yields which will affect everyone’s borrowing.

The Republicans only care about the deficit when they’re out of power. Unless both political parties are willing to take on the challenge of limited government and less spending our current failed fiscal policies will reign supreme and leave even greater challenges for the next generation.

FRANK MAZUR South Burlington, Vermont

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