I barely skimmed Stephen Moore’s defense in the Washington Times of the deficits the Trump Administration plans to run into the indefinite future:
For years, we’ve been trying to get the CBO to use real-world scoring that reflects how businesses, workers and financial markets react to changes in tax rates. But no go.
This is why the left is having a field day with the CBO forecast that deficits under President Trump will average a trillion dollars a year for the next decade. This is supposed to be a result of Mr. Trump’s tax cuts, but hold on here. Take a look at the nearby chart. It shows the deficit forecast with and without the tax cuts. They are effectively the same.
Mr. Trump didn’t create $1 trillion deficits, he inherited them from the grand maestro of debt spending, Barack Obama. President Obama invented and then perfected the concept of 13-digit borrowing. His deficits in his first term reached $1.5 trillion — an Olympic record of fiscal recklessness.
Is there anything more hypocritical than liberals, who supported Mr. Obama’s policies that ran the debt from about $11 trillion to almost $20 trillion, now fainting over runaway deficit spending? Yes, Chuck Schumer, there is gambling going on here at this casino.
and it struck me that there is a parallel between the Obama Administration’s handling of the war in Afghanistan and the Trump Administration’s approach to fiscal policy. President Obama inherited the war in Afghanistan from George W. Bush. He then became its custodian, neither winning nor losing it outright.
Similarly, Donald Trump inherited a trillion dollar deficit and is now its custodian. Just because you inherited something from your predecessor does not obligate you to double down on it. Three administrations worth of utter fecklessness ensures defictis will continue into the indefinite future.
The deficit may be less or more than the CBO projects but there will be deficits. The trajectory of spending guarantees it and no one knows how to stop it. Heavens forfend, they might lose votes. The notion that the growth-induced increase in tax revenue will outstrip the spending is fatuous. For goodness sake, the debt overhang itself is going to retard growth.
Our key problem is that the two major political parties have become one trick ponies. The only tune the Republicans know is cutting taxes while the Democrats have announced their determination to relabel consumption as investment and spend every dollar they can tax, borrow, or create.
Whatever you call them consumption is not investment and taxation is reducing revenue.