“It doesn’t take a Ph.D. in economics to understand the gravity of this kind of spending, but still, economists defend it to worried members of Congress on the basis that we have no choice. The airplane must keep flying, weather be damned,” Bob Anderson, a partner and CFO of a hotel development company and a former aerospace engineer who worked on the International Space Station, wrote in The Federalist in August 2020.
It wasn’t that long ago that Republicans under then-President George W. Bush were responsible for doubling the size of the national debt within an eight-year period to a whopping $10 trillion.
Then Barack Obama was elected and he essentially said, “Hold my beer.” Within eight years, thanks to help from Democrats and Republicans, he doubled our national debt again to nearly $20 trillion.
When Donald Trump was elected, the first thing he did was try to make good on a campaign pledge to cut the deficit at least in half by the end of his first term and eliminate it altogether by the end of his second. But two things happened: One, his first budget, which contained the massive cuts he promised, was pronounced “dead on arrival” by congressional spend-a-holics and political pundits on both sides of the aisle; and two, Trump was robbed of his second term.
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