Once again election season is upon us. While America is already deeply divided between blue and red, democrats and republicans, Trump and non-Trumpers, these various factions are finding themselves even further divided as they squabble over who to vote for in the upcoming the primaries.
As has been the case for more than a decade, I’ve been getting asked about who I might recommend in some of the races. In the past, I tended to have strong opinions about who was the “better” or “right” candidate and I was never hesitant to share when asked. This year is different, for a number of reasons. But that’s for a separate and upcoming post.
In Tennessee there are a couple men who are running to replace Senator Lamar Alexander: Bill Hagerty and Manni Sethi. I have many good friends who are staunch Hagerty supporters. And perhaps an equal number of vocal supporters for Sethi. There are no doubt points that each group of supporters could make to elevate their guy and throw stones at his opponent.
When I see people do this though, I’m completely turned off. So many politicians, and their supporters as well, act as if the only way to win is to trash not only the other guy, but they also must lob bombs at the supporters of the guy as well. We’ve all heard the saying that we should disagree without being disagreeable. If there was a time when we need to show mercy and grace to others, it’s today.
In most primaries, while the candidates may attempt to illustrate the differences between themselves, at the end of the day, when they go to Washington, it’s unlikely they will vote that much differently from each other, particularly these days. As the battle lines have drawn deeper and deeper in our nation, and between democrats and republicans, we have seen that both parties more often than not vote as a bloc. It’s as if there is little to no individuality.
Washington is basically just two big machines. A blue one. And a red one. And those machines gobble up the members of their party, demanding absolute fidelity.
So, if you are listening to the policy differences of Hagerty and Sethi, it’s unlikely anything they say will matter, since the party will ultimately dictate how they vote. I know even as I write this that many will want to take issue with my perspective here. And if so, that’s fine. This is the conclusion I have come to after a couple of decades of political activism and engagement. Of course there are exceptions, but as a rule, this is the case.
So, if you’re asking me who you should vote for, Hagerty or Sethi, my answer may surprise you. I have personal feelings about both men, and have found myself leaning in one direction. But at the end of the day, and after much study and writing on the topic of voting, there is a greater principle at play than simply who I will vote for. While you and I may vote for a candidate, there is a greater Power who holds the final sway in who will win. Yes, God ultimately will determine who will win, since His Word is clear in passage after passage, and story and story, that God:
“… controls the course of world events; he removes kings and sets up other kings.” Daniel 2:21
Interestingly enough, Jesus affirmed this same principle moments before His crucifixion when He declared to Pilate, the appointed Roman ruler, that:
“You would have no power over me at all unless it were given to you from above.” John 19:11
Notice that Jesus said that Pilate’s power, his position, was not given to him by Rome, but rather from above. So likewise, while you may think that your vote is effectively electing the next Senator of Tennessee, there is a greater One who holds sway over the outcome. While you and I may not fully understand this concept, it is true nonetheless.
So you may ask, then what’s the use in voting if God’s going to decide? I believe there are several reasons we should vote, which I intend to answer before the November election via a separate article. But one reason is simply because we are called to be stewards of the resources God gives us. So when you vote, it’s not about electing someone, but it’s about honoring God and trusting Him with the outcome. Truthfully, if you fully understand and embrace this Truth, it will totally free and transform your mind, and you’ll no longer fret over the outcome of an election.
So vote your conscience. Vote for the guy you feel led to. But respect the other guy who will vote for your guy’s opponent. And don’t sweat the outcome. There’s Someone who can see the heart of both men, He knows the end from the beginning, and every day in between, and He knows the right guy to elevate at this time. Trust Him, even when you may not understand, or agree, with Him.
Tennessee Republicans, from the party that boasts it is for lower taxes, just raised taxes in the Volunteer state as they wound down this year’s legislative session. The party which enjoys a dominant super majority, controlling the House, Senate and Governorship, raised the Gas Tax on every Tennessean. Note that even if you don’t drive, the gas tax will apply to you since prices on anything delivered by trucks will most definitely increase. And those increased transportation costs will be passed on to you, the consumer. It’s as if legislators just pick-pocketed Tennessee taxpayers.
But here’s what’s even more astonishing about the haste by legislators to raise the gas tax. Tennessee enjoyed a $2 Billion surplus this last budget year. And this coming year, the state of Tennessee projects another $1 billion surplus, as well as in subsequent years.
Because a government’s primary source of receipts is through taxes and fees, a surplus suggests that citizens are being overtaxed. But rather than reduce the state’s tax rate, Governor Haslam and dozens of other Republicans chose to keep taxes at their current levels, thus continuing the state’s surplus. So not only were Republicans content with overtaxing Tennesseans, but they compounded the matter by increasing the Gas Tax as well.
I have held cordial and pleasant relationships with most of my local area Republican representatives. But being friends on a political or even social level, does not mean that one should turn a blind eye, or censor one’s comments. The fact is that when those professing to be fiscal conservatives while campaigning, violate fiscal conservatism when elected, it’s incumbent in our form of government to call these individuals to account. The full list of legislators who voted for and against the Gas Tax is here.
Sadly, every single legislator in Hamilton & Bradley County, TN voted FOR the Gas Tax. And out of the list below, only one is a Democrat:
Representatives: Gerald McCormick-R, 26 Patsy Hazlewood-R, 27 JoAnne Favors-D, 28 Mike Carter-R, 29 Marc Gravitt-R, 30 Dan Howell-R, 22 Kevin Brooks-R, 24
Senators: Mike Bell-R, 9 Todd Gardenhire-R, 10 Bo Watson-R, 11
I acknowledge that many of Tennessee’s roads and bridges are in need of repair. And to be clear, those of us who opposed the gas tax are NOT against increasing the amount that our state allocates towards our road budget. Rather, our opposition has always been that the default answer by most Republicans was to raise taxes when there are multi-billion dollar surpluses that are available to fund every penny of the Governor’s proposed road budget increase.
What is inexplicable about the whole gas tax matter though, is that every initiative that was proposed that sought to avoid tax increases in favor of using surpluses to fund road repairs was met with intense opposition by the governor and Republican legislators. It was clear they would not take NO for an answer to their gas tax increase. And why they were stuck on a gas tax increase is something we may never know.
During the course of the debate over the gas tax increase, many pro-tax Tennessee Republicans were quick to embrace the following quote from Ronald Reagan:
“The person who agrees with you 80 percent of the time is a friend and an ally – not a 20 percent traitor.”
But here’s the problem with “tax & spend” legislators using this quote. In every relationship there are negotiables and non-negotiables. Consider the most fundamental relationship: marriage.
If a husband picks up his clothes 80% of the time, but fails to do so every so often, he is not a traitor, deserving of a firing squad. Rather, he just needs some grace from his wife, and she will likely agree he is “a friend and an ally.”
But if that same husband is faithful to his wife 80% of the time and carouses around “just” 20% of the time, he is a 100% traitor to his wife and vows, and he shouldn’t be surprised when an attorney delivers the divorce papers.
Obviously, all matters are not equal. So when a Republican legislator professes that he/she is a fiscal conservative, then a non-negotiable should be the matter of raising taxes when there are better alternatives. Utilizing a multi-billion dollar surplus would seem to be a better alternative than raising taxes.
So don’t buy this distortion of Reagan’s quote. The very legislators who rush to Reagan for cover are the same ones who are unfaithful to the values that Reagan espoused and lived, at least in the area of raising taxes in 2017 in Tennessee.
So I wonder what’s next from these legislators? Your guess is as good as mine, but betting on the fact that they’ll stand firm against tax increases is no longer a given.
This last year has been a year in which the term #FakeNews gained prominence in America. It seems that everywhere you turn, false reports are regularly popping up as fact. Amazingly, Wikipedia even defines #FakeNews as this:
Fake News is a type of hoax or deliberate spread of misinformation, be it via the traditional news media or social media, with the intent to mislead in order to gain financially or politically.It often employs eye-catching headlines or entirely fabricated news-stories. They have no basis in fact, but are presented as and believed to be factually accurate…
Pathetically though, Republican politicians are now getting in on the #FakeNews trend in Tennessee and here’s the background.
Republican Governor Bill Haslam proffered a bill he entitled the IMPROVE act (Improving Manufacturing, Public Roads and Opportunities for a Vibrant Economy). The bill, as modified, would increase gas taxes in Tennessee over $300 million per year to fund road repairs across the state. However, in order to “offset” the tax increase that Tennesseans will see at the pump and feel in their wallets, the bill would also reduce taxes on groceries, but not by an equivalent amount. In fact, less than half of the increase is offset by the grocery tax decrease.
To make up the difference, Haslam, bolstered by Republican “yes-men” legislators, cobbled together a tax decrease via two other taxes. The first decrease is in the Franchise & Excise Tax, exclusively a business tax. The second decrease is in the Hall Income Tax, a tax on certain investment income, that only a very small percentage of individuals in Tennessee pay. Furthermore, legislation was passed last year, before Haslam’s 2017 Gas Tax proposal, that agreed to phase out the Hall Tax over several years, with a full repeal by 2022.
So, if you consider the details of Haslam’s proposal, it’s clear that the vast majority of hard-working Tennesseans will never benefit from the F&E Tax decrease or the Hall Income tax phase out. And the marginal decrease in their grocery tax will not even come close to offsetting the increase they will see when they fill-up each week at the pump. So the truth is most Tennesseans will see a drop in their disposable income if Governor Haslam’s IMPROVE “Gas Tax” bill is passed by the Tennessee legislature.
As a backdrop to the whole debate over Governor Haslam’s Gas Tax is the fact that Tennessee has enjoyed a record $2 billion budget surplus this last year. Additionally, the surpluses are projected to continue for the next several years. Consider though that the source of government receipts is predominantly from taxes.
So, in simple terms, Tennessee overtaxed its citizens $2 billion last year, and it projects to continue overtaxing them for the foreseeable future, upwards of at least another billion dollars. But worse, rather than use those surpluses, Governor Haslam and many Republican legislators want to raise taxes even further via Haslam’s Gas Tax bill.
As a result of these surpluses, a number of alternate proposals have been offered to simply divert for road repairs a portion of the surpluses in a similar amount to what Governor Haslam is requesting. This would not only replace Governor Haslam’s proposal but it would also eliminate any need for a tax increase.
But here’s where things cross the line from just a bad policy decision to a purposeful act of deception. Governor Haslam’s “yes-men” in the legislature have been pulling out all the stops to push the Governor’s IMPROVE bill through, by hook or crook. But because of the constant efforts by grassroots activists to expose the truth that the flawed bill will raise taxes on most Tennesseans, according to the Tennessee Star, Transportation Committee Chairman Rep. Barry Doss (R-Leoma) and Rep. Gerald McCormick (R-Chattanooga) led the effort to rename the IMPROVE act to the “Tax Cut Act of 2017.”
Yes, you read that correctly. By falsely applying tax cuts that 1) apply solely to businesses (F&E Tax), and 2) were agreed to in a prior year and do not apply to the majority of Tennesseans (Hall Income Tax), Rep. Doss, Rep. McCormick and a host of other Republican Representatives are deceptively pronouncing that a bill that increases taxes on hard-working Tennesseans, will actually cut taxes on them.
Can someone say #FakeTaxCut?
So is this #FakeTaxCut a foregone conclusion? Not hardly. If there is a lesson in Trump’s victory in November, it is that the People can still determine the outcome of their government. But Trump only won because people showed up and let their voices be heard. And that’s the only way that Haslam’s #FakeTaxCut will be defeated — if Tennessee voters pick up their cell phones, and take 60 seconds to let their voices be heard. If you’re willing to do so, then the price of gas at the pump may not go up. But if you won’t invest a minute of your time, then you can count on Republicans, the party of “lower taxes,” to raise your taxes.
With the inauguration of our new President just hours away, our nation is approaching new, unchartered water. Of course, the same could be said of the era we were entering eight years ago. But just as there were troubling reasons why Obama was elected then, so there are gnawing explanations as to why Trump was elected in November.
As George W. Bush was quick to sacrifice many of the values that historically characterized conservative orthodoxy, his popularity plummeted and contributed to the election of the most “progressive” President to ever lead our nation. And with the election of Barack Obama, the political polarization that gained steam during the Bush years skyrocketed under Obama.
But as Republicans over the last eight years continued to say one thing and do another, particularly when they controlled both houses of Congress, voters grew more and more frustrated with the Party of Lincoln. Consider that while there were 17 Republican candidates for President, ultimately the 16 “Party-faithful” candidates were rejected in favor of Trump, someone whose political credentials were questioned by many. One could ask then whether the victory in November was that of a Party or a personality? And will the coming Trump era see Party, Principle or Pragmatism prevail?
As someone who has consistently voted for Republican candidates, I have always favored principle over party. So in 2009, as the tea party movement was launched, I took an active role, with millions of other Americans, in expressing my grievances with both parties. Since then, while certainly much of our movement’s protests were focused on Obama’s policies, a considerable amount of our ire was directed towards Republicans as well. The party of conservatism had, for the most part, lost its compass.
But then Trump appeared.
And everything changed…
The truth is there is little evidence that Trump is a conservative Republican, in the purest definition. Not only does his multi-decade track record affirm this reality, but many of the policies he campaigned on are at odds with long-standing Republican positions and orthodoxy. I won’t take the time to recite the myriad of examples but these articles here and here reference several of his most glaring departures.
What we do know about Trump though, is that since his Presidential announcement in June 2015, the billionaire candidate attracted: 1) Republicans disgusted with the Republican Party, even though they had consistently supported the GOP, and
2) Democrats tired of the failed policies of the Democratic Party, for which they had voted for in prior elections.
So with Trump’s rise to the Presidency we witnessed a powerful new constituency, the Pragmatic voter. No longer was Party the driving factor for many. Nor was Principle the overriding variable for others. Rather, Pragmatism ruled the day.
But with the election now over, and Trump stepping forward to lead, versus merely tweet, his words will soon morph into policies, laws and regulations. As this occurs, it will be telling to see if the millions of voters who supported Donald Trump will remain enamored, enthused and engaged.
More specifically though, I am eager to see how tea party members will respond to our new President. As a movement that has for the most part been known for its allegiance to Principle and the Constitution, will its members continue to overlook Trump’s policies that might violate both? Will the tea party devolve into simply a pragmatic political force? Or will the movement that became the rallying cry and impetus for one of the greatest political victories in the modern era, embrace the spirit of the original Tea Party in 1773, standing on principle first and foremost?
“On matters of style, swim with the current, on matters of principle, stand like a rock.”Thomas Jefferson
As Donald Trump readies to take the oath of office next week, he will not only assume charge of the most powerful nation in the world, but he will also oversee the world’s largest economy. And Trump will be aided in his oversight of our economy by a Congress controlled by a Republican Senate and Republican House.
It’s been ten years since our nation was led by a Republican-controlled trifecta (Presidency, Senate & House). The last time this occurred George W. Bush was President. When the “conservative” Bush left office in 2009, with Republicans having controlled the Senate and House for half of Bush’s eight years in office, our 43rd President had doubled the national debt to just over $10 trillion with his deficit spending policies.
Eight years later though, as Barack Obama is leaving office, our published national debt is on the verge of surpassing $20 trillion. (I say “published” debt since our unfunded liabilities exceed $100 trillion, a topic that I discussed in my previous article, American: The Point of No Return?) If ever there was a financial house that is spinning out of control, it is ours.
Many in America are hopeful with our new President about to take office. Trump’s no-nonsense, tell-it-like-it-is attitude attracted tens of millions of voters to support him. His willingness to say what many were thinking no doubt won him the election. Further, Trump’s 50 year track record in business convinced many voters that he was the man to turn around our economy and create a thriving, fiscally sound America.
Donald Trump: The $10 Trillion Man?
But this last week, Senator Rand Paul took to the Senate floor to rail against his own Republican colleagues as seen in this powerful video. According to Paul, under the plan to repeal Obamacare, Republicans will likely be voting in favor of a budget that would increase the nation’s debt by another $10 trillion over the next ten years, matching Obama’s own dismal performance. This slide from Paul’s presentation illustrates the point the Senator was making.
Senator Paul began his speech with the famous lines, “the more things change, the more they stay the same.” And he could not be more accurate. For all the talk of “draining the swamp” in Washington, what may stay the same, based on Republican’s track record, is the unwillingness of Republican politicians to stem the growth of our dangerous national debt. (To be fair, some are suggesting that this “shell” budget will be replaced with a second one in the not too distant future, which will bring spending down and ultimately balance our nation’s budget. But that remains to be seen and should be viewed with extreme skepticism.)
Republicans were fond of lobbing threats of government shutdowns, making incessant demands for balanced budgets and excoriating Obama and Democrats for their own deficit spending during the Obama era. And rightly so. But now that they are in the drivers seat, is it actually possible that Republicans will do no better? Will they maintain the fiscally ruinous course upon which our nation is set?
Where are the Tea Party & Fiscal Conservatives?
Eerily silent as the Republicans take control of Washington, are the groups that heretofore have been the voices of fiscal reason, and have historically led the way in demanding that our elected officials spend no more than they collect in revenues. And their silence is deafening.
The tea party movement, of which I have been an active part since its founding in 2009, all but abandoned its defense of fiscal soundness, during the general campaign in 2016. Tea Party Patriots, the nation’s preeminent coalition of tea party members and groups, and many other conservative watchdogs, said nothing about Trump’s calamitous economic plan. This despite the fact the new President’s plan could add up to $20 trillion to our nation’s debt, according to a recent study by Committee for a Responsible Federal Budget. Their report revealed that our nation’s federal debt would soar to $39.5 Trillion by 2026, double the current debt.
But now the day has arrived and Donald Trump and his Republican allies have been handed Washington to them on a silver plater by frustrated and angry voters. Those voters elected Trump because of their disdain for politicians who consistently promise one thing but deliver something altogether different.
A Call to Action
We’ve all been told, “it matters who governs.” But it will only be true if grassroots Americans do more than simply vote. They… or we must remain engaged. Our voices must be heard in an unprecedented, unmistakable, and unambiguous manner! Trump and our Senators and Representatives must know that they were not elected to maintain the fiscal status quo.
The Tea Party, and all fiscally conservative Americans, must, like Rand Paul, call out Republicans and Donald Trump. We must warn them that they were not elected to put the final nail in our fiscal coffin.
Trump cares not about the media, the social elite, the Hollywood snobs, or the connected wealthy, as he once again reaffirmed this week in his most recent press conference and barrage of tweets. But I do believe there is one demographic to whom Trump will listen: the grassroots, the blue collar workers, the forgotten middle class, and the traditional American, who still believe that if you work hard and play by the rules, you will be rewarded.
So it is incumbent on you and me to reach out… once again, to an elite ruling class. It is necessary for us to remind them that we sent them to Washington to repudiate the status quo by restoring fiscal responsibility; honoring the Constitution; and empowering the free market. Reestablishing these three pillars, which are the core values of the tea party movement, will enable our great ship of state to slowly but surely reset its course in the direction of real prosperity, the kind that our Founding Fathers envisioned. But as we do the work to reshape our nation, let us never forget that fiscal prosperity will only flow from men and women of decent, moral character. And we will only “Make America Great Again” if we first Make America Good Again, as I discussed in my previous article of the same title.
So will you join me in engaging with our elected officials? Will you pick up the phone and call, or fire off an email to Donald Trump, your Senators & Congressman to express your views about the upcoming budget battles? I trust you will. (Click on the highlighted links for their contact info.)
With the election of Donald Trump, roughly half of Americans are hopeful, while the other half are dejected, if not alarmed and angry. While that may be a slight overgeneralization, we can probably all agree that the campaign leading up to the Presidential election was one of the nastiest in recent history, characterized by intense personal attacks, with little attention given to the many challenges our nation is facing. One such challenge is our exploding national debt and its dire implications for you and me.
As someone who has been a fiscal conservative all of my adult life, I was sorely disappointed to see such little attention given to the financial welfare of our nation. With our nation approaching $20 trillion in current debt, it should come as no surprise to anyone that a financial storm, like none we have seen, is likely in our future. Yet, neither Trump nor Clinton spoke much of our debt. When it was mentioned, it was simply noted in passing, with no plan by either candidate to halt, much less reverse, the current course we are on.
While it’s understandable that neither candidate was interested in tackling America’s festering cancer, what is alarming is the fact that many of the organizations who have typically decry our national debit, remained silent during the campaign. As the founder of the Chattanooga Tea Party, our organization locally, along with the national tea party movement, has consistently focused on fiscal issues over the last seven years. Likewise, the Republican Party has historically been the party of fiscal responsibility, if not in action, at least in words.
Yet nationally, both the Tea Party and the Republican Party said very little about the silence of both Hillary and Trump concerning our fiscal nightmare.
With reference to our national debt though, the old adage, ignorance is bliss, does not apply. In fact, choosing to ignore what is certain to cause calamitous events in the not too distant future, is akin to knowing one has cancer, yet discussion of the illness is avoided, hoping it will somehow go away.
So just how bad is our fiscal cancer?
Just as a picture is worth a thousand words, the following three charts illustrate the magnitude of our $19.5 trillion debt. To be certain the terms are understood, deficits are the annual differences between what our government takes in versus what it pays out, or spends. The gross debt is the cumulative sum of those annual deficits.
Chart #1: The Gross Public Debt from 1980 – 2016
Chart #2: The Federal Deficit from 1980 – 2016
Chart #3: Trillion Dollar Deficits Return by 2024
As the charts depict, for decades our nation has been spending well beyond its means. In fact, during the last two Presidential administrations, the US incurred an approximate $15 trillion of new debt, with nearly two-thirds of that amount being added during the Obama era.
According to an article at Visual Capitalist, our national debt is:
Larger than the 500 largest public companies in America.
Larger than all the assets managed by the world’s top seven money managers.
25x larger that all the global oil exports in 2015.
155x larger than all the gold mined globally in a year.
Larger than the sum of the world’s physical currency, gold, silver, and bitcoin combined.
But as troubling as this should be to any American, the future looks even worse according to the Congressional Budget Office (CBO) projections, as presented by the Committee for a Responsible Federal Budget. CRFB is a nonpartisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact.
To quote CRFB, “under CBO’s current law baseline, annual deficits will return to trillion-dollar levels by 2024. Under a more pessimistic Alternative Fiscal Scenario in which policymakers fail to pay for new spending and extended tax cuts, trillion-dollar deficits return to 2021 and reach $1.5 trillion — a nominal-dollar record — by 2026.”
Despite the magnitude of our debt, there have been some who have suggested that our soaring debt is no big deal. Rather, they have asserted that debt is good, particularly when interest rates are at historical lows.
In contrast to that view though is that of Admiral Mike Mullen, former Chairman of the Joint Chiefs of Staff, who in 2011 stated,
“the single, biggest threat to our national security is our debt, so I also believe we have every responsibility to help eliminate that threat. A nation with our current levels of unsustainable debt… cannot hope to sustain for very long its superiority from a military perspective, or its influence in world affairs.”
Every budget is finite, even one as large as our federal government’s, which is now approaching $4 trillion per year. So as certain components of that budget increase, they either crowd out other line items or they demand greater borrowings to meet the shortfall caused by deficit spending.
Our nation has enjoyed historically low interest rates for a number of years. But when those interest rates invariably rise, so will interest costs. In fact, the CBO projects that those rising interest rates over the next ten years will increase the federal interest costs from $223 billion in 2015 to $839 billion in 2026. This will lead to fewer dollars available for other essential government programs, including the military, Medicare, Social Security, infrastructure and more.
Chart 4: Projected net interest expense, in billions of dollars & as a % of total outlays
So just how does a government that has an insatiable appetite for spending, and has shown no restraint to borrowing funds, affect ordinary citizens like you and me? Here are just a few of the ways:
Economic growth is threatened as national debt increases.
Wages are depressed and the availability of jobs is minimized.
The stability of Medicare, Social Security and Medicaid is jeopardized.
Personal costs of living increase as interest rates on individual credit ratchet up.
Burden for repayment of nation’s overspending today will be heaped on our children and grandchildren tomorrow.
As debt increases and spending accelerates, likelihood of another financial crisis increases, endangering personal wages, jobs, and investments.
As I mentioned at the outset, half of Americans are hopeful and even optimistic about what a Trump Presidency portends for the days ahead. But with great opportunity comes great responsibility. So as Republicans maintain control of both houses and gain the White House in January, how will they behave? Will they move the country forward in a manner that acknowledges the threat of our growing debt? Will Republicans guide our government and nation back in the direction of fiscal solvency? Or will their new found status in Washington reveal what they have done for too long now, campaign on grandiose promises that fall short on delivery?
Time will tell. But one thing is for certain, the longer our fiscal cancer is ignored, the more likely the ultimate diagnosis will be one from which we may never recover. If you care to weigh-in on this matter, be sure to let your Congressman and Senator know that you expect them to support plans that will move away from deficit spending and toward a balance budget. While it cannot be done overnight, the road back to fiscal responsibility must begin in 2017 under a Trump administration.
Addendum: While this article focused on the current portion of our national debt, there is a much larger amount that receives very little attention, referred to as the nation’s “unfunded liabilities.” These amounts total in excess of $100 trillion and represent the sum of the various obligations that will come due over the next several decades, predominantly made up of Medicare and Social Security, as the demographics of our nation continue to age out and draw more heavily on these programs. To find out more about this avalanche of debt, google “unfunded liabilities.”