How We Got Here In One Sentence

In every annual budget debate since the 1980s, one side figures out that the way to get what it wants – which is higher spending – is to frame the request in a particular, ingenious way: We have to borrow and spend way more now if we want to borrow and spend way less later. History has of course proven this argument to be idiotic, but because it moves the pain of living within our means into the indefinite future, it always manages to attract enough votes to win the day.
The following article, published today by a major news outlet, spells it out in one sentence, in the title no less:
Why federal debt may have to explode before it shrinks (CBS) – On Tuesday night, President Donald Trump will address a joint session of Congress for the first time. For a country still suffering from bitter political divisions after a contentious election, it’s doubtful his speech will heal still-raw emotions. Especially since Mr. Trump has hinted that he’ll discuss his budget plan, including a big statement on infrastructure spending and sharp cuts to federal agencies. No matter what you think of President Trump – whether you see him as a buffoon, a wannabe despot or the savior who’ll finally Make America Great Again – here’s one big reason you should have some sympathy for him: He faces the worst fiscal outlook of any recent president.

This post was published at DollarCollapse on MARCH 1, 2017.