Trumpism: National Debt

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Donald Trump let us in on his fiscal policy yesterday.  Apparently it consists of borrowing and debt repudiation if necessary:

After assuring Americans he is not running for president “to make things unstable for the country,” the presumptive Republican nominee, Donald J. Trump, suggested that he might reduce the national debt by persuading creditors to accept something less than full payment.

Asked on Thursday whether the United States needed to pay its debts in full, or whether he could negotiate a partial repayment, Mr. Trump told the cable network CNBC, “I would borrow, knowing that if the economy crashed, you could make a deal.”

He added, “And if the economy was good, it was good. So, therefore, you can’t lose.”

Such remarks by a major presidential candidate have no modern precedent. The United States government is able to borrow money at very low interest rates because Treasury securities are regarded as a safe investment, and any cracks in investor confidence have a long history of costing American taxpayers a lot of money.

Experts also described Mr. Trump’s proposal as fanciful, saying there was no reason to think America’s creditors would accept anything less than 100 cents on the dollar, regardless of Mr. Trump’s deal-making prowess.

Go here to read the rest.  If Trump were President, his suggestion of partial repudiation of the debt would likely be causing a financial melt down.  Trump is great at getting votes, thus far, and lousy at everything else involving being President.

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  1. He’s a businessman whose great expertise is juggling overextended credit. What did you think his unstated deficit plan was going to be?

  2. Like Obama, Hillary, and the smart GOP politicians (that nobody voted for), Trump needs to ignore the national debt.

    The deficit is the annual shortfall of revenues to expenditures. The US has record tax revenues. The dems and GOP (no different than Dems) insist on spending too much. The national debt is the accumulation of the past deficits and interest.
    Trump needs to understand that the astronomical, $19 trillion, national debt (mainly incurred by Dubya – the conservative who couldn’t do anything about abortion, but could give us “No Child Left Behind,” the Iraq War, Medicare Part D- and Obama – as expected) cannot be repaid without huge tax increases and/or Weimar-level inflation (the worst form of taxation).

    And, Trump needs to be guided by the responses of 867 focus groups before he opens his yap, again.

  3. He just again accused Hillary of enabling Bill’s sexual affairs….while all know that he lived the same way as Bill years ago. That’s another 60 million women closing him off along with millions of short people he offended with ” little Marco “….another 50 million. Romney and Kristol met to discuss an independent run. But they’ll need ideas that stand out like Trump’s wall….not deregulation as their main clarion call. It’s like a train wreck all around. You have to watch. Pray for Trump and Hillary….that God saves them and punishes them rather in purgatory…however long. Who is the republican who credentialed Trump to run at all as a republican? He must be hiding.

  4. T – Not “mainly incurred by Dubya”. I wish he’d done a lot of things differently, but you can’t lay that much of the blame at his feet. “No Child Left Behind” wasn’t particularly costly. The Iraq War had to be done. The housing crisis was largely Congress’s fault, although the stuff that Bush let Pelosi and Paulson do in response to it was catastrophic. Medicare Part D is exactly the kind of thing we elect Republicans to prevent, but its damage was a drop in the bucket compared to “Obamacare”.

  5. “And, Trump needs to be guided by the responses of 867 focus groups before he opens his yap, again.”

    He might try engaging his brain T. Shaw before running his mouth. I know for Trump this would be a novel experience, but, who knows, he might grow to like it.

  6. Yep, no one with character and intelligence needs a focus group.

    With regards to a debt repudiation, sure go ahead. Revel in the financial meltdown, some of Bernie’s spiteful supporters will love it too. Just be aware you will likely be setting the economic stage for World War Three.

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