In the past 17 years, the federal government has spent about $15 trillion more than it has taken in. Publicly held federal debt equaled 31 percent of gross domestic product in 2001. Today, it’s nearly 79 percent.
The blame is bipartisan, observes Steve Chapman. Deficits emerged and grew under George W. Bush. They eventually declined but persisted under Barack Obama. And because of the policies adopted by Donald Trump and the current Congress, budget deficits will only mushroom. The crucial step in this development was the December enactment of a tax “reform” plan. Its main consequence was to add at least $1 trillion in deficits over the coming decade—on top of the $10 trillion that was already in the pipeline.
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