Donald Trump's failed legacy: Impeachment, deficits, debt

Missing from Donald Trump's flopped and shredded State of the Union address, the I-word (#IMpotus) and the D-words (#debt #deficit): (#shetoreitup Naaaaanceeey!  Naaaaanceey!*)

tRrump is using America like how he used his hotels and casinos, loading them with so much debt that they ultimately filed for bankruptcy: Our view

USA Today echo opinion:

Donald Trump said "the state of union is stronger than ever before." It was an exaggerated boast (just like the shrinked crowd size at his failed inauguration). 

But, tRump is up for reelection and no president in modern times has been denied a second term with robust economic numbers.

With historically low unemployment and surging stock markets, 75% of Americans agree that the economy is in good shape, and just over half say Trump's policies are "strongly" or "somewhat" responsible.

From the instant he (IMO illegally) took office (without winning the popular vote), he claims to have moved rapidly to revive the U.S. economy — slashing a record number of job killing-regulations, enacting historic and record-setting tax cuts, and fighting for fair and reciprocal trade agreements, is how tRump falsely touted Congress in a speech focused on the #fake_economy during its first (boring) half hour.

But, there's another aspect to the fake economy (for example not many people can afford to invest in the stock market!). Moreover, in the "torn speech", impeachment was unmentioned during the shredded address: he never mentioned the D&D words- deficits and debt. Under tRump's failed leadership, the government is running up red ink at rates typically seen only during recessions and war.

According to the latest report from the nonpartisan Congressional Budget Office, the federal government will spend $1 trillion more than it collects during this fiscal year. Put another way, it is shelling out about $4 for every $3 it is taking in. In fact, CBO projects annual deficits topping $1 trillion as far as the eye can see.

This year, the government will spend $382 billion just to pay interest on the national debt. By the end of the decade, debt service is forecast to reach $819 billion. That's money that could otherwise be used to rebuild the nation's crumbling roads, bridges and water systems — the sort of infrastructure improvements that both parties cheered during Trump's speech.

Tax cuts have sliced into revenue:

Projected deficits rise from 4.6% of gross domestic product in 2020 to 5.4% in 2030. By comparison, the CBO notes, "during the past 50 years, deficits have averaged 1.5% of GDP when the economy was relatively strong (as it is now)."

To be sure, politicians of both parties have been complicit in running up the national debt. Democrats have supported the benefits programs that have been the middle class safety nets. 

But Trump's massive 2017, tax cuts have sliced into revenue and surely haven't paid for themselves, as supporters claimed they would.

The hope was that businesses would spend their tax savings on factories and create still more jobs. Instead, much of the windfall went toward stock dividends or buybacks that benefited wealthy investors.
By juicing the economy with deficit spending, Trump is doing for America something like he did as a private businessman, loading his hotels and casinos with so much debt that they ultimately filed for bankruptcy.

The United States government doesn't risk bankruptcy. It can always borrow or print more money. But the debt load will burden future generations. Today's massive deficits, which will soar even higher when the next recession hits, risk future inflation and higher interest rates.

When will those negative impacts occur? It's impossible to say. But, as economists are fond of saying, if something can't go on forever, it won't.

USA TODAY's editorial opinions are decided by its Editorial Board, separate from the news staff.

* Failed #SOTU #Impotus:  House Speaker Nancy Pelosi tore it up!