Tax Cuts - Good; Debt - Bad!   

    You remember. We entered the 2016 election period with warnings about national debt. Whichever party held power in 2017 needed first and foremost to tackle the budget.

   We're such poor tacklers.

   A new report shows we might borrow another $955 billion this fiscal year. In round numbers - about a trillion.

   Nonpartisan groups predict a $1 trillion deficit in 2019, and for some years beyond. 

   In 2012 we borrowed $1.2 trillion, and in 2009, $1.79 trillion. The 2009 deal was for shovel-ready projects, which they later admitted were mostly non-existent. 

   Our deficit - the difference between revenue and expenditures in any given year - is already rising, before adding more money for the military, disaster relief and other programs. This year's tax bill, which most of us like, will add $1 trillion or more to national debt - the accumulation of past deficits. And that's after accounting for increased economic growth.

   Who says politicians don't listen to the voters?

   The party that tackles entitlements, our largest annual expense, soon will be out of power. Then the other party might (?) restore full entitlements, stay in charge long term, and allow our debt - and interest payments - to rise as before. 

   Unbiased experts blame both parties. As we've written here before, we seniors have responsibility too. We can't blame "fraud and wasteful spending" solely for trillion-dollar deficits. 

Source: Heather Long, economics correspondent

Washington Post

      Jimmy