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Trump Administration Fiscal and Economic Strategy: Detox US Federal Spending [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-03-15
Scott Bessent characterized the Trump Administration’s fiscal and economic strategy, including tariffs, as an economic "detox" to reduce federal spending by pushing services from the federal government to state and local governments and private industry. I never heard Trump mention anything about implementing a "detox" strategy to address the federal deficit during his 2024 Presidential Campaign. By the way, I have reviewed information about the federal deficits and surprise / surprise, the reason why we have >$34T national debt is predominately due to tax cuts passed by Presidents Reagan, GW Bush (2 times), and Donald Trump in this first term (~$7T). All of these tax cuts were based on the economic theory of "Trickle Down Economics" (give tax breaks to the rich and the money will trickle down into the US economy which will supposedly stimulate economic growth which will pay for the tax cuts) proposed by "The Heritage Foundation" to the Reagan Administration. The result of basing US federal tax policy on "Trickle-Down Economics" has been annual US GDP growth below 2.7%, multiple economic down-turns which lasted between 3 and 7 years, accumulation of $34T in national debt, the concentration of wealth into the top .1% of people in the US and the creation of the billionaire "Oligarch Class" in the US.
Now, how much do you want to bet that this 4 year Trump term will increase US National Debt to over $41T and the US economy will grow less than 2% per year. So Scott Bessent's US fiscal and economic "Detox" strategy and doubling down on extending the tax cuts for the rich will just make things worse.
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