With second quarter growth of 2.1%, is today's economic “miracle” over?
In “When the economy delivers troubling news for the Trump re-election,” Washington Times columnist Peter Morici thinks so.
By comparison, the financial malaise of Obama's second term, or 2.2%, comes to mind. As does excessive government deficit spending.
For context, per treasurydirect.gov, he added a record-shattering $9.3 trillion to the nation’s tab. Or $1.16 trillion over 8 years versus Trump’s $2 trillion over roughly 2.5 years.
Simply put, Washington is increasing the U.S. debt by 69% of the rate of the Obama years. Technically “better,” but the stratospheric U.S. debt of $22.5 trillion is nothing to cheer. Likewise, with the U.S. trade deficit up over $100 billion, Mr. Morici sensibly concludes, “Mr. Trump’s trade war is a bust.”
Consequently, the outcome of all of these long-term, comprehensively negative economic results is unmistakable and irrefutable: America is bankrupt — and sinking deeper.
These facts demonstrate a big picture reality conveniently ignored by both political parties. The rotting foundations of the U.S. economy are impervious to all modern fiscal measures, including Trumponomics. After all, how can things be working well when the strangest of political bedfellows collectively laud their 2-year debt ceiling-erasing Trump-Pelosi deal? From such Faustian bargains, the orgy of deficit spending continues.
Tragically, the Washington majority embraces a willful obliviousness to a blatant truth: despite greatness no country can deficit-spend itself into lasting prosperity. The generational habit of political leadership whistling past the graveyard of this obvious and unavoidable financial nightmare must end.
Clearly Trump's pro-growth formula of reduced regulation, lowering taxes, and imposing tariffs is not the solution.
Instead, the U.S. should institute the abandoned mechanism President Reagan used so effectively to topple the Soviet Union. For the unaware, technology-based planning is the only scientifically proven system to produce superior U.S. products — to dominate the global marketplace — to return sustainable, long-term economic prosperity to America. If established, TBP is the only viable option: to neutralize our metastasizing debt, and end equally vexing worldwide trade imbalances.
Yet, one thing not of particular concern is Trump’s re-election — that will likely take care of itself.
David L. Hunter is an associate editor at "Capitol Hill Outsider," and a Washington, D.C.-based freelance writer with a Master's in Professional Writing from USC. He's on Twitter and blogs at davidlhunter.blogspot.com. He is published in many publications including The Washington Post, The Washington Times, FrontPage Mag, Freedom Outpost, and The American Spectator. He has article archives in Patriot Post, Canada Free Press and American Thinker. To read more of his reports — Click Here Now.
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