April 28, 2017
I used to think that I resided politically where most people were i.e. fiscally conservative, and socially liberal. National polls will support this assertion. Donald Trump’s budget proposal will test this assertion, however. This budget will dramatically increase deficit spending, and increase the national debt. It’s deja vu all over again. It’s the Laffer Curve and Trickle Down Economics all rolled into one. The success of the proposal hinges on increased levels of growth, which economists on both sides of the political spectrum say will not occur. The easiest thing to do in Washington is to propose tax cuts without finding ways to pay for them. Tragically and cynically, there is almost nothing in the bill for the disaffected voters who supported Trump. This bill does not leave any room for an aggressive approach to improving our infrastructure, and, thus, creating jobs. I think that any infrastructure program should be able to pay for itself, but this will no longer be possible.
Now we get to watch how those who call themselves fiscal conservatives tie themselves up in knots trying to spin how this time it is different. If someone tries to tell you that this time is different, be skeptical. I heard that many many times during my years in the brokerage business, and it was never true. If you are fiscal conservative, be accountable. Sadly, I think we will find that so-called fiscal conservatives, and politicians, will put their personal net worth ahead of the financial health of the country.
The Spin Doctor 