Denizen
Gold Member
- Oct 23, 2018
- 4,837
- 1,070
- 190
- Banned
- #21
In looking at the political implications of this horror show, one need only recall the 2008 Great Recession. The causes of that financial collapse — e.g., unregulated financial instruments, negligence from ratings companies, lender deception, the Federal Reserve’s failure to act — were complicated. Nevertheless, the politicians who resisted warnings (from then-Harvard professor Elizabeth Warren, among other people) and favored a Wild West deregulated financial industry have unique culpability. And the party in charge at the time — the Republicans — bore the brunt of the voters wrath at the polls. Do we imagine this domestic debacle will play out differently?
The short answer? No.
Dopey Donald Trump is setting himself up to be the biggest debt amassing POTUS ever. He will accumulate more debt in one term than Obama did in two terms.
The budget deficit for 2020 is likely to be $ 8+ trillion on top of $ 3 trillion Trump previously accumulated since 2017.