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"The President Didn't Release A Budget Today" - Statement from Simon Rosenberg
“The President did not release a budget today. Budgets have income and expenditures, surpluses and deficits. This document had none of that. It only detailed the expenditure side of a small portion of the overall budget, which we will apparently not see for another two months. That it has taken the Trump Administration so long to come up with this partial proposal, and is so far behind in producing the traditional document we use to run our nation, should be a concern for all Americans. Being months late on budget blueprints and attacking the government’s system for tracking the economic impact of budgets and legislation (the CBO) is not something global markets and investors traditionally reward.
One reason it is taking so long for this White House to produce a budget is that it is almost certainly proving impossible to translate the President’s promises into a budget that will pass a fiscal laugh test. President Trump has promised to radically reduce revenue to the federal government, while significantly increasing DOD, DHS and VA spending and not touching Medicare, Medicaid and Social Security. Even with the draconian cuts in domestic programs the Administration offered today it is reasonable to assume that the Administration’s budget, if we are to ever see it, will propose historic increases in the federal deficit and no proven strategy for growth. The last Republican President also significantly reduced revenue and increased defense spending. It brought us a Great Recession, income decline and a ten-fold increase in the annual deficit. Why this strategy will work for President Trump when it didn’t work for President Bush is something that needs some discussion in the days ahead.
Finally, it should be noted that over the last generation of American politics it has been Democrats who have presided over job growth, rising incomes, lower annual deficits and soaring stock markets. During this time two consecutive Republican Presidents brought us recessions, income decline and higher annual deficits. When it comes to the strategy for how to make economies grow and lower deficits the public should be looking to the Democrats and not to the Party of Trump.”
- Simon Rosenberg, President, NDN
For more on the performance of the two parties since the end of the Cold War see this recent memo from NDN.