Yeah, I get it: economics is boring. It’s not our most popular fare. Macroeconomics is hard. Big numbers hurt head. And it’s not like these stories dominate the themes of the comment threads. (We know our audience. Hell, we’re lucky you’ve read this far.) So humor me: As we enter a two-year period where we’re going to hear about “librul” Joe Biden and the free-spending, irresponsible Democrats want to spend us into economic catastrophe….
Well, inflation is down, job creation continues and today, the administration announced the federal deficit was slashed by 46% by Prez46 in one year. (The Deep State trolls well: 46 by 46. Yeah, we see you.) Last year’s deficit was $1.4 trillion; the previous year’s was $2.6 trillion. We all knew Trump and the GOP are bad for the economy, but… well, I’ll let the people from Pro Publica explain:
Trump had the third-biggest primary deficit growth, 5.2% of GDP, behind only George W. Bush (11.7%) and Abraham Lincoln (9.4%). Bush, of course, not only passed a big tax cut, as Trump has, but also launched two wars, which greatly inflated the defense budget. Lincoln had to pay for the Civil War. By contrast, Trump’s wars have been almost entirely of the political variety.