Sunday, September 20, 2020

Bill Crawford: Broken Promises, Record Spending, Surging Debt

Well, if COVID-19 hadn’t come along the “greatest economy ever” would be well on its way to keeping President Donald Trump’s promise to balance the budget and eliminate the national debt.

No, budget deficits and the national debt have increased every year since he took office.

What?

The year before Trump took office in 2016 the deficit was $585 billion and total debt was $19.6 trillion. After Trump’s first year, 2017, the deficit grew to $666 billion and debt hit $20.2 trillion. In 2018 and 2019 the deficits increased to $779 billion and $984 billion and debt increased to $21.5 trillion and $22.8 trillion respectively. Then, for the first six months of this fiscal year before COVID, the deficit reached $691 billion and debt topped $23 trillion. The deficit was on track to hit $1.2 trillion by year-end and the surpass $24 trillion.

Well, Trump was doing better than Obama.

No, Trump more than doubled Obama’s biggest deficit.

What?

When President Barack Obama took office in 2009 as the response to the Great Recession kicked in, his first budget deficit set a new record at $1.4 trillion. It was in the middle of Trump’s fourth year that COVID started and added trillions to the 2020 deficit. Already over $3 trillion, the projection for year end is a new record deficit record of $3.7 trillion, more than double Obama’s highest deficit.

In Obama’s second year, still fighting the recession, the deficit fell only slightly to $1.3 trillion. COVID and recession related impacts plus embedded spending are expected to keep the deficit above $2 trillion next year and head total debt toward the $30 trillion level by the next election.

Well that’s crisis stuff. Trump and Republicans have managed deficits better than Obama and Democrats.

No, recent budget trends under Obama and Democrats were better.

What?

Under Obama deficits moved lower, from the $1.4 trillion high in his first year to the $585 billion in his last year. Under Trump deficits have moved higher each year with an all-time high this year. Under President Bill Clinton, deficits turned to surpluses his last three years. Under President George W. Bush the first year was a surplus followed by deficits, the last of which set a then record of $459 billion.
Well, how did Trump in 2016 think he could end deficits and wipe out $20 trillion in debt? He said he would boost annual economic growth to 6% to generate higher tax revenues and couple that with slower spending growth. Together, these would provide growing annual surpluses to reduce debt.

Despite massive tax cuts, historically low interest rates, a Federal Reserve printing money like mad, and annual budget deficits, Trump could only deliver 2.5% average economic growth over his first three years. (Average tax revenues grew 1.9% while average spending grew 4.6%.) The COVID recession will cause a contraction of about 5.6% this year, pushing Trump’s four-year average down below 1%.

A balanced budget and debt reduction had already become broken promises before COVID. Now, Trump’s spending and debt record with COVID may be worse than Obama’s with the Great Recession.

“A good man leaves an inheritance to his children’s children” – Philippians 13:22.

Crawford is a syndicated columnist from Jackson.

27 comments:

Anonymous said...

Kingfish does Crawford pay you to run his column? Is this payola?.

Anonymous said...

The national debt is relative. It's relative to WHO is running it up. It was a big issue under Obama. It's a non-issue under Trump.

Too bad it's real.

Anonymous said...

obama had 4 of the 5 largest deficits on record. He never had to shut down his own economy. The spending you can blame on democrats and paul ryan.

Anonymous said...

Just personal opinion...but, Bill Crawford seems never to have had to WORK for a living or to have to sweat.
I was raised in Meridian, btw.

Anonymous said...

You really think it could get better under Biden? He has already stated hundreds of new spending programs and tax increases if he gets into office. Deficit spending is a cancer in government, and as long as the person who holds the purse strings decides to use the credit cards it will get no better. Simple solution -- balanced budget and debt reduction acts with across-the-board proportional taxation. Of course as long as politicians can be bought... right now there is no solution...

Seriously? Straw Man! said...

Straw man! Under Obama there was a "R" House majority. The House does the spending/budgeting, not the president.

Anonymous said...

Republicans are about to make the Progressives day if they try to replace Ginsburg before January. Goodbye Fillbuster and look for Democrats to expand the court, not to mention the landslide defeats of Republicans in the house and senate.

Anonymous said...

I did not vote for Trump because I thought he would balance the budget, Improve the economy, make nice with the media, was a champion for social justice or was a fine Christian man.

I voted for him for one reason and one reason only - to keep Hillary Clinton out of the White House.

Anonymous said...

Republicans do as they have always done.


They give away the house by running their budgets like drunken sailors on a red light district binge and then leave a mess for the next Democratic President to deal with at which point they p*ss and moan about deficits.

Anonymous said...

Beyond a shadow of doubt Joe Biden is the next president. The only hope Republicans have is to hold on to the Senate. If they try to push a Supreme Court Nominee before the election they do it at their on peril. Over 60% of voters think the elected president on November 3rd. Should select the next justice. Justice Ginsburg's wishes aside, however,they will pay dearly if they don't honor the wishes of the people.

Anonymous said...

Mr. Crawford, How dare you criticize the golden calf that is President Donald Trump! Idols are to be worshiped, not questioned.

Anonymous said...

So many Republicans are going to lose in November Fox is going to have the pick of the litter.

Anonymous said...

The debt will continue to go up. Our elected officials are experts at wasting money!

Anonymous said...

@4:34 - what kind of drugs are you on?

Paul Adams said...

There is no Philippians 13:22. That should be Proverbs 13:22.

Anonymous said...

Before RGBs death Democrats were on track for 51 seats in the Senate. If Mitch forces a vote before the election it will increase Democratic chances to 53 to 54 seats and will add to Biden's electoral votes and possibly make his win a landslide in the electoral college.

Anonymous said...

6:01 even a man drunk and on drugs knows 4:34 is sober.

Anonymous said...

Ginsburg has no say in her replacement. Every damn official in America wants a like minded person to succeed them. Got some real loons on this board. Saw Biden on video today. Good Lord he looks like a corpse. I've seen the deceased in caskets that look more alive than Biden.

GM said...

" Well, if COVID-19 hadn’t come along the “greatest economy ever” would be well on its way to keeping President Donald Trump’s promise to balance the budget and eliminate the national debt.
No, budget deficits and the national debt have increased every year since he took office.
What? "

Bill, please explain . . . or at least rationalize . . . what in the wold you are babbling about this weekend.

Anonymous said...

Obama dealt with SARS and Ebola. He didn't golf a whole month,stick his head in the sand and spend 16 hours a day obsessing on Twitter and misspelling every fourth word. Donald Trump is an uneducated and illiterate rube. He can't bluff and lie his way through the presidency. He's been a failure his whole life and he's a failure as president and he would be failure running a roadside peanut stand.

Anonymous said...

Democrats say if Trump doesn't delay the SCOTUS replacement, they will do some extreme things in 2021 when they are in control.

Does anybody doubt that the democrats are going to do extreme things in 2021 regardless?

Anonymous said...

Looks like someone (9:12) is working on a Sunday night. Hope he's getting time and a half.

Anonymous said...

The Republicans are pushing the Democrats hand, wait for another impeachment to stop this charade.

Anonymous said...

How silly it is that some of you are denying/arguing over facts reported by the government. It is what it is.
See the rectangular box on your computer? Put in "US budget and deficit by year" or you can do it by President.
Politics is about muddying the waters and some of you are covered in mud. Facts will wash it off.
The stock market is only one indicator of the economy. Only around half of all Americans have stock market investments and most only own stock funds in an IRA or 401K. And, a hint to you should be that the stock market rose immediately when Trump was elected. Did companies get more sales overnight? No. It was psychological.
Few have self-selected, individual stock portfolios in a corporation and fewer still have a significant share of stock in a corporation.
Most Americans can't sell or trade or access their stock market investments until they retire as part of it is a contribution by their employer and not really all theirs until retirement.
The stock market is a measure of how well corporations are doing, not how privately owned businesses are faring.
Employment stats are more important to gage how well we as a people are doing. But, it's not just how many are employed. Whether the jobs are full or part time and what the wages and average hours per work week are what should matter as well as the ability to have retirement income. I still can't believe nobody protested when earned company pensions were legally stolen when companies you worked for went " bankrupt". That's why Social Security staying solvent is so important. It's why the FDIC is so important. A stroke of a pen on a lobbied for bill can steal your money from you.
The wealthy have prospered under Trump. The bonuses made everyone happy even though that's not reliable income. There were more jobs and given the 9/11 hit on the economy and the 2008 fiasco ( which can happen again as the regulatory erasure which allowed it to happen hasn't been fixed) the stock market recovered our losses and all that seems like a great improvement.
The fact that the stock market hasn't fluctuated all that much while the job market is a disaster during Covid should be your hint.
The real irony to me is Trump supporters who are blue collar. I get that many are sub contractors and service employees and if the rich are richer, you have more work as they remodel their houses and spend more. But, you are also the most economically vulnerable with less long term security. You are better off if the middle class is steadily growing and can hire you too. Then you have a more reliable and continuous base of customers. You are better off if you can own investments. You are better off if your investments are secure and tangible ( as is having dependable value).
And, those economic talking heads on TV are earning money for themselves with their advice, not YOU. They use business jargon incorrectly so often that I cringe. When a " financial advisor" uses jargon, it's because he or she knows you won't admit you don't know the word. Each word has a definition made up of words you can understand or nobody would know what the word means.



Anonymous said...

Republicans only care about debt and budget deficits when Democrats are in control. Hell, Rush Limbaugh admitted as much last year when he admitted they weren't fiscal conservatives and the concerns about the deficit and budget were all bogus. But watch in 2021 when Biden is President and Democrats control Congress, the Retrumplicans will suddenly become deficit hawks once more.

Anonymous said...

I look forward to the tsunami of liberal tears that will dwarf those from the 2016 election. You leftists should exit your reddit and cnn echo chambers for once. This nation doesn't want Covid lockdowns, soros funded riots, or Transgender Studies in Elementary school. Your media cried wolf too many times.

Anonymous said...

Crawford needs to take a civics class. Congress sets the taxes and the spending. The President has little input.



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In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


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If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

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