- Jun 5, 2019
- Reaction score
(Bloomberg Opinion) -- As the U.S. Treasury Department’s Deputy Assistant Secretary for Federal Finance during the Obama administration, I spent a lot of time talking to the major buyers of our nation’s debt. When I left my job overseeing the government’s finances in 2017, the unpaid tab for the...
Debt can be handled, but with a corrupt and incompetent president at the helm, the devastation is expounded. Everyone can see that Trump is sinking America to a point of no return.
When the public reads about individuals who are profiting from the Trump administration’s programs, such as one Treasury official who doubled the value of his family’s investment company with the very program he designed, they lose trust in the system – and so do those who buy our debt. Given that we have a President who has fired numerous independent inspector generals tasked with oversight, refused to comply with Congressional inquiries, and refused to commit to accepting the results of the 2020 election, I fear that their trust is in short supply.
The Trump administration’s lack of leadership has not only resulted in tragic and unnecessary loss of life, but also prolonged our economic pain and placed a formidable burden of debt on future generations, leading Fitch Ratings to cut its outlook on the U.S.’s credit to “negative.”