Former Reagan Budget Director David Stockman warns that President Donald Trump is "clueless" about the fiscal dead end America is quickly facing.
Stockman, who served as director of the Office of Management and Budget from 1981-1985, issued a dire warning to Trump about the nation’s $20 trillion debt ceiling.
“We are heading into an absolute fiscal bloodbath,” he told the FOX Business Network’s Maria Bartiromo.
The Congressional Budget Office on Tuesday projected the federal deficit to decline in 2017 to $559 billion, but warned if current laws are not changed, it could then could rise to historic levels over the next decade.
In Stockman’s opinion, Trump’s fiscal plan doesn’t add up.
“I think he’s clueless about the fiscal mess he’s inherited,” he said. “What I’m saying is, he’s going to increase everything, cut none of the entitlements, and argue that he’s going to reduce taxes and add a trillion of infrastructure as well.”
For sure, President Barack Obama left office having added $9.3 trillion to the national debt, the Washington Free Beacon reported.
When Obama took office on Jan. 20, 2009, the outstanding public debt totaled $10.626 trillion. When Obama left office Friday, outstanding public debt totaled $19.944 trillion, an increase of roughly $9.318 trillion, according to numbers from the Treasury Department at USDebtClock.Org, which tracks how much the US debt grows in real time.
The increased debt incurred under Obama equals approximately $75,129 for every person in the United States who had a full-time job in December, CNS News reported.
"The Obama administration put out 3,069 regulations, adding nearly $900 billion in costs to the economy. Obama’s main focuses were fighting global warming and immigration. Obama’s rules added nearly 572,000 pages to the Federal Register, including a whopping 97,110 pages in 2016 alone — an all-time record," the Daily Caller explained.
And American voters are looking to Trump to get such "unsustainable" spending and disorganization with public finances quickly under control.
To be sure, Trump will be a demanding leader who applies the best of his negotiating skills to push for U.S. growth, bestselling author David Horowitz told TheStreet.com.
Trump won’t be an ideological purist like Republicans who support free trade but don't fight for fair trade, Horowitz said. “If you just say, ‘well we're for free trade and we're not going to look at the deals that we make’ -- that's not a good idea,” he said. “We've had an anti-business president now for eight years who doesn't take a hard-nosed attitude towards these deals. Trump is going to get better deals for us, which is still free trade.”
Horowitz's new book "The Big Agenda: President Trump's Plan to Save America" reveals Trump's "first 100 days strategy" to roll back Obama's legislative and executive record.
"Big Agenda: President Trump's Plan to Save America" is available at bookstores everywhere – or get your copy on Amazon – Click Here Now
And to accomplish his agenda, Trump would be wise to appoint a supporting cast of free-market conservatives to his administration, Forbes Media CEO Steve Forbes tells Newsmax TV.
"They've got to get some of these people in because the president can do so much but you got to have a supporting cast or at least some players in there who can push this agenda," Forbes told "Newsmax Prime" host J.D. Hayworth.
Among his picks, Forbes touted Newsmax Finance Insiders Larry Kudlow and Stephen Moore for possible positions in Trump's administration.
"I hope Larry Kudlow gets in perhaps as the head of the Council of Economic Advisers. Perfect post for him," said Forbes, author of "Reviving America." "Stephen Moore, whether it's in the White House or with Vice President-elect Pence. Very critical to have his voice in there," said Forbes. "Others like David Malpass who understands the Fed better than anyone else. Get him in there. He was a supporter of Trump," Forbes said.
(Newsmax wire services contributed to this report).
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