The Foxes Are in Charge of The Swamp
HAMILTON, BERMUDA – Hmmm… The plot thickens.
The Trump team came into office with what might have been a historic opportunity to drain the Swamp and take the feds down a peg. Mr. Trump even said he would eliminate the national debt in eight years.
Instead, he teamed up with Democrats to crash through the debt ceiling, gave the big spenders at the Pentagon even more money, cut taxes, and made the Swamp even deeper.
Predictably, tax revenues declined and the deficit rose. And the national debt went up by more than $1 trillion over the last 12 months.
From The New York Times:
Personal tax receipts are up on their own, but corporate tax receipts are down by about a third from a year ago.That overall drop looks worse when you consider inflation. A dollar today buys about 2 percent less than it did a year ago, according to the inflation index used by the Federal Reserve to set monetary policy. So the government brought in slightly less money year over year, and that money was worth less than the equivalent amount a year ago…
Get Rid of the Fat
And now… what to do? Reuters is on the story:
U.S. President Donald Trump, faced with a budget deficit at a six-year high, on Wednesday told his Cabinet to come up with proposals to cut spending by their agencies by 5 percent, but he suggested the military would be largely spared.