Some are having trouble adjusting to a President who has thought through for the past four years, with expert advisors, the problems our nation has and is doing something about it? Some are surprised that he is doing what he said he would do during his campaign?
Why would they be? President Trump stated clearly during the election what he would be endeavoring to do, and he demonstrated in his first term the politically strange practice of making a maximum effort to do what he promised.
Many of the problems we face are interrelated and all, ultimately, impact on our unsustainable fiscal situation. If you have problems with what is being done to fight fraud, waste, and abuse, consider the following 20-year increments:
In 1985, the Federal debt was $1.8 Trillion. Debt to GDP ratio, 41%
In 2005, the debt was $9.9 Trillion. Over four times more. Ratio, 63.5%.
On February 23, 2025, the debt was $36.2 Trillion. Almost four times the previous. Ratio123%.
In FY 2024, we had a $1.83 Trillion deficit: $4.92 Trillion in; $6.75 Trillion out. If we were to maintain this $1.83 Trillion deficit each year until 2045, we would DOUBLE the debt to $72.8 Trillion.
In FY 2024, according to the Treasury Department, the Federal Budget broke out like this:
- Social Security – 21.6%
- Health – 13.5%
- Interest on the Debt – 13.1%
- Defense – 12.9%
- Medicare – 12.9%
- Income Security – 9.9%
- Veterans Benefits and Services – 4.8%
- Education – 4.5%
- Transportation – 2%
- Other – 4.6% (Less than 100% due to rounding.)
If we were to double the national debt to $72.8 Trillion, what would that do to the interest payments? What if it doubled its percentage of the Federal Budget to 26.2%, more than one-fourth of all Federal expenditures, becoming potentially the largest budget item. Where does the additional 13.1% to cover the debt interest come from? What gets cut? How much more do you pay in taxes?
At what point does this become unsustainable? At what point is the citizenry, not just ineffective politicians, in the streets? At what point is our fiscal house in such disarray that we become insolvent, and we cease to exist as a viable society?
Is that the legacy that we want to leave our descendants? What do we want life to be like for them? Are we willing to condemn them to that type of existence simply because it’s President Trump making this effort? How shortsighted!
The only people who make no mistakes are the ones who do nothing. Everything will not be done perfectly, but we would do well to advocate for success of a President who doesn’t need the job nearly as much as we need him to have it, and an uber wealthy man who certainly does not need the job he is doing pro bono. They may be the last hope we have for long-term national solvency because, previously, debt reduction has only been a talking point for both parties.
Bill McGaha, Franklin