We are borrowing at historically low interest rates but those rates are going bye bye and things are going to get squeezed. Debt does have consequences. Dick Cheney thought that “deficits didn’t matter.” But he was incorrect. Unfortunately too many of Cheney’s fellow Republicans have embraced this profligate philosophy.
We must cut both taxes AND government. The tax burden must get smaller and the cost of government must get smaller. Cutting taxes is nearly always a good idea, but we absolutely MUST cut government also to be responsible.
The state must shrink.
(From The Chicago Tribune)
It was another crazy news week, so it’s understandable if you missed a small but important announcement from the Treasury Department: The federal government is on track to borrow nearly $1 trillion this fiscal year — President Donald Trump‘s first full year in charge of the budget.
That’s almost double what the government borrowed in fiscal year 2017.
Here are the exact figures: The U.S. Treasury expects to borrow $955 billion this fiscal year, according to a documents released Wednesday. It’s the highest amount of borrowing in six years, and a big jump from the $519 billion the federal government borrowed last year.