Now that Trump’s made a deal with Democrats, our national debt is higher than ever.
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Democrats and most Republicans got spending they wanted, plus suspension of the debt limit. Trump got hurricane Harvey relief spending that he wanted.
But this is a bad deal for us taxpayers and everyone’s children. Our debt now exceeds the value of everything that America produces in a year. Soon, warns economist Ed Stringham, we’ll be like Greece; forced to make sudden cuts because we cannot borrow more to finance our spending addiction.
Stossel fears that the U.S. government will then just print more money. That’s what countries like Venezuela and Zimbabwe have done. That didn’t work out well.
Let’s avoid that fate. Cut spending, now!
Actually, the federal government could avoid a crisis if it just reduced future spending increases to the rate of inflation. But the big spenders won’t even do that.
Produced by Maxim Lott. Edited by Naomi Brockwell.