How to Cut the Budget?

To the Editor:

A 2/14 FCR letter claimed: “Today, the federal government is $36 trillion in debt. Almost a quarter of this enormous debt was created by the Biden Administration, that was running a (budget) deficit of around $2 trillion every year.” Here are some alt-facts, emphasizing as well the difference between debt and deficit. 1. Part of the Biden budget deficit, and Trump recently inherited this again, is due to the interest on the national debt. 2. During Trump’s first term, the US national debt increased by $8.18 trillion. 3. The Committee for a Responsible Federal Budget assesses the matter this way: “President Trump approved $8.8 trillion of gross new borrowing and $443 billion of deficit reduction during his full presidential term.”

As of June 24, 2024: “President Biden has so far approved $6.2 trillion of gross new borrowing and $1.9 trillion of deficit reduction.” To glimpse the complexity of the matter, see https://www.usdebtclock.org.

The Heritage Foundation observed that the final tally for Biden spending is likely to add $7.5 trillion and concluded: “All of the increase in today’s debt has been due to massive, out-of-control federal spending— by both parties.”

So, by this analysis, Biden did not add a quarter of the debt. Trump contributed more. Biden was saddled with debt interest Trump and others created. Some experts have concluded that if the Trump/Ryan tax cuts are allowed to expire, returning to previous levels, that will help with the debt. Some experts worry that the proposed Trump/Johnson budget cuts (authorized spending) will harm US citizens and will lay the groundwork for both extending the tax cuts and cutting more from the tax burden of wealthy citizens and companies. Everyone who is responsible agrees that the budget and debt are too large, but the difference is how they should be cut? The Dow Jones Average, a barometer of personal and corporate wealth, closed at an all-time high of 45,073.63 on December 4, 2024.

Bob Heath Carmine