Who is Minding the Store?

After the major tax cut of 2017 that favored mainly huge
corporations and a few of the very wealthy, and which
has depleted the US treasury, Trump is talking about another
tax cut before the election of 2020.  We have already racked
up a trillion-dollar annual deficit, now The Donald wants to
go for broke.
Yes, we have had a trillion-dollar deficit before, back in
2009 a mere ten years ago in fact.  But that occurred as a
result of the 'great recession' when ours, and the entire
world's economies, were in the tank. Thanks to Obama's
stimulus package the economy began mounting a come-
back.  The economy that Trump inherited was strong
and getting stronger.  That is what is so troubling about
todays huge deficit and national debt,because the economy
is humming along with close to full employment
maximizing tax revenues.  Most economist say the idea
of another tax cut is insane.  There has never been, in
our history, such a deficit while the economy is booming.

In 2007, the ration of debt-to-GDP was 62%, today the ratio
is 106%.  After pressure from the president, and because of
talk of a slowdown, the Federal Reserve cut interest rates again.
So what will happen when the inevitable downturn occurs, and
tax revenues shrink; the low interest rates will begin to rise and
our debt payments will be a further drag on the economy.

As grim as the outlook is, it is amazing that no one seems to
care.  Certainly not the White House, or the Congress.  In
2011, during the Obama administration, the Republican
Senate was so overwrought with the national debt and deficit
levels they wanted to pass an amendment to the Constitution
calling for a balanced budget.  That appears to be dying a slow
death these days. One of the signature promises Trump made
during his campaign, was his vow to eliminate the national debt
in eight years.  There's a laugh!

So what happened to all the deficit hawks?  With the impeachment
proceeding sucking all the oxygen out of the room, it seems
no one is watching the checkbook.

While Trump is pushing to reduce our forces in the middle-east,
and our military presence every where else in the world, which
should significantly reduce our spending on defense, he is on the
other hand increasing military spending.

The Republicans have always maintained that tax cuts lead to
economic growth and that growth translates to more tax
revenue which pays for the tax cuts.  Get it?  This voodoo
economics has never worked in the past, but despite those facts
the Republicans still hold to it.

So where are the Democrats?  They have closed their eyes to
the whole budget controversy. Those candidates running in
the presidential primary have been promising the moon, with
exorbitant plans such as; Medicare for all, free child care,
free college tuition, forgiving student loans, and the green
new deal.  All well and good, but should any of these
candidates actually defeat Trump, they will find the Federal
Piggy Bank empty, except for a few billion in IOUs.  So to
fulfill those promises it will mean a massive tax increase, and
not just on the wealthy.

We have been lucky so far, the huge deficits have not brought
on higher inflation rates, and Government borrowing has not
slowed consumer borrowing, though businesses have cut back,
due more to the uncertainty of the tariffs.  The good news from
the Stock Market and the unemployment figures have given
Trump impetus to continue his ruinous economic policies of
more spending, more tax cuts and bigger deficits.  My God,
who is minding the store?

I'm just askin'.