Our governrnment’s debt is approaching $21 trillion. The stimulus packages, tax cuts, and QE have driven it to new highs.
It didn’t start with Trump though, despite him claiming to have initiated the largest tax cuts.
President Reagan beat Trump to it back during his time in the White House during 1981 through 1989. His tax cuts were, and are still, the largest seen in American history.
GDP grew 6.3% during the years that Reagan implemented the tax cuts.
Meanwhile, debt tripled during that boom period. And over the years, the deficit that was generated then remained.
It’s ridiculous thing to have happened.
Instead of letting surplus balance out the natural deficits, the governrnment kept pushing free money to leverage the economy.
It’s not natural! And it doesn’t work…
Our governrnment doesn’t let our economy work in a natural way, which is similar to how our bodies work when we become sick. Instead of resting and letting the sickness run its course, the governrnment keeps leveraging and fighting against deleveraging, wearing it down until there’s a flat-line state.
This crap doesn’t work!
I’ve much more to say about this, and IES, in the video below. Click here to watch.
Follow me on Twitter @harrydentjr