By: Brian Evans
President Trump has released his Administrations 2020 fiscal budget that cuts Trillions from the budget, and would balance the budget by 2034! Numerous Presidential Administrations have claimed to be able to balance the budget in 10 years, but economic analysts say that those forecasts were highly unrealistic, and this Administration has put together a more realistic expectation! At least, that would be if Congress would pass it as is!
President Trump’s budget calls for $2.7 trillion in spending cuts over the next 10 years, with major cuts to domestic spending, including $1.9 Trillion in entitlement spending. Domestic discretionary spending is all funds appropriated each year by Congress except for those for the military, and they would decrease by 5 percent in 2020.
The budget also proposes $8.6 billion in new funding for a border wall to protect American communities and the nation as a whole. In addition, the budget would cut domestic discretionary spending for this coming year across the board, with increases in defense spending at $750 billion and for veteran affairs as well! The current defense budget is at $716 billion.
In addition to defense expenditures, the budget adds $200 billion in new infrastructure spending and $50 billion in new education tax credits. The new educational spending is designed to be focused on helping those in need with private school tuition.
In addition to the above expenditures, the budget proposes new work requirements for Medicaid, housing assistance, and other welfare programs, as other areas of the budget focus on helping those in need obtain jobs, and become less dependent on government hand-outs.
Just like every other Presidential budget, this one is certainly expected to be dead on arrival, as Congressional Democrats have already vowed opposition to nearly every aspect of it! In fact, reports indicate that Democrats are proposing Trillions in spending increases, rather than cutting the budget, and RINO Republicans further the spending by supporting most radically out-of-control spending bills!
Therefore, what does this budget mean to America and the American people? Actually, it shows President Trump’s priorities, as the Democrats will continue to have to raise the debt ceiling, as the debt continues to inch further upwards! Already, the Congressional Budget Office (CBO) projects deficits of over $1 trillion per year starting in the 2022 fiscal year, at current tax and spending levels. However, that is with the current tax cuts expiring in 2025, and heaven forbid, no recessions for the next ten years! PLUS NO INCREASES IN SPENDING!
Regardless, the President has vowed to make the tax cuts permanent, as his Administration said…
“We will extend the tax cuts and make it permanent.”