The federal budget deficit is on pace to reach $1 trillion a year. And the overall federal debt is a month or two away from hitting $22 trillion. And that doesn’t even reflect the fact that higher interest rates haven’t yet had a full impact on how much the US spends to borrow money.
I’ve criticized government spending before. And I have written about — and endorsed — a plan by Wall Streeter Walter Raquet to bring in accomplished businessmen to go over federal agency budgets and make cuts.
The Trump administration hasn’t increased spending noticeably. However, Treasury says it’s reaping record amounts of revenue, even though the administration cut taxes earlier this year.
So what’s wrong with the US budget?
The only answer is that entitlements — giveaways — that are already in place and automatic increases on things like defense spending are out of control.
So this is just a friendly suggestion, but we had better get a handle on these costs or Americans in the near future will be out of luck when it comes to getting government assistance.