Critical Analysis: The National Debt under Trump and the Challenges of Fiscal Responsibility

It seems almost commonplace now to ignore discussions of deficits and national debt. Both parties have been less than forthcoming in addressing the nation's financial situation. For instance, the seemingly hawkish Republican Party has not shown a strong commitment to controlling debt and deficits as evidenced by their inability to effectively reduce the budget deficit during the Trump presidency.

Democrats and the National Debt

The Democratic Party's current stance on the national debt is troubling. Much like their historical legacy, Democrats have not been particularly conscientious about keeping the national debt under control, especially in recent years. A recent example is the $3 trillion spending package proposed by House Democrats in the name of virus relief. Unfortunately, none of these proposals take into account the long-term impact on the country's financial health. Democrats prioritize short-term political gains over long-term fiscal sustainability. The phrase "never let a good crisis go to waste" is a succinct and chilling description of the end-justifies-the-means mentality of the party in power.

Republican Strategies and Failures

Republicans, on the other hand, have proven just as ineffective in addressing fiscal responsibility. During the Obama administration, Republican leaders like Mitch McConnell upheld the miscalculated and abject surrender narrative, prioritizing cooperation over obstruction. Instead of blocking presidential policies, McConnell embraced a bipartisan approach, which in practice led to more legislation being passed by the Obama administration. This allows Democrats to campaign on making the rich pay more, while Republicans have offered impractical solutions to reduce the deficit, such as the "grow our way out" strategy.

The "Grow Our Way Out" Approach

The "grow our way out" approach is a dangerous myth, perpetuated by Republican policymakers. The idea is that if GDP grows faster than government spending, over time the government's share of the economy will shrink, thus reducing the debt. This theory is overly simplistic and ignores the realities of government spending in the face of numerous uncontrolled factors, such as financial bailouts, pandemics, and wars. Annual deficits consistently exceed $1 trillion, which means that infrastructure spending increases under Trump, and Democrats propose trillions in spending programs. These factors provide no room for the promised growth that would reduce government's share of the economy.

Apathy and Political Ignorance

The real issue lies with the American citizen. Many have traded the thrifty traditions of the past for a culture of greed, ignorance, and self-centeredness, where the primary concern is short-term gains and entitlements. When the majority of the population focuses on extracting benefits from the national treasury, there is little incentive to discuss the nation's debt situation. Without fiscal responsibility, the music could stop anytime, and there may not be enough chairs for everyone.

Conclusion

Both political parties have a long way to go in addressing the national debt. However, the eventual responsibility falls on the American citizen to wake up to the realities of fiscal unsustainability. Future discussions on debt and deficits should be a regular part of political discourse, and not just a comment when the economy is in trouble. Only with a return to thrifty traditions and a focus on long-term fiscal sustainability can the country hope to achieve financial stability, regardless of which political party holds power.