President Donald Trump (R) has submitted his budget proposal for the next year to Congress, and on its surface, it does little to address the current large budget deficit and its attendant borrowing on top of the current national debt. It does, though, seriously plus up defense spending, with its request for $1.5 trillion for the Departments of Defense and Homeland Security.
There are a couple of ways to think about that. One is to deal with the threat to our economy, and so to our national security, of that burgeoning debt resulting from the continuing large deficit by raising taxes (as Progressive-Democratic Party politicians demand to do, especially on those Americans of whom they so vociferously disapprove) or by cutting spending (as budget hawks in the Republican Party demand to do).
Raising taxes, though, hurts all of us, not just those Evil Rich. Taking money away from the folks who make it and put it to gainful use reduces private economy investment and innovation—things us citizens do far better than even the most well-meaning government ever can—and that drop negatively impacts business competitiveness, expansion, and jobs, each of which hurts all Americans who are not part of the Evil Rich cohort.
Cutting government spending, on the other hand, always is a very good way to help our economy since it takes government competition for resources and more direct inputs to production out of the competition among businesses for those same factors, which puts downward pressure on prices that both businesses and consumers face. The cuts do, though, reallocate lots of jobs away from politicians’ districts and toward more efficient locations for the work, with efficiency defined by the businesses themselves rather than government politicians.
The other way to think about the budget with its deficit and attendant borrowing is articulated quite clearly by Trump:
We have to take care of one thing: military protection. We have to guard the country.
Indeed. We can’t protect our economy and its health, much less reduce deficits and borrowings, if we can’t defend our nation and instead have our futures dictated to us by our enemies—as the People’s Republic of China President Xi Jinping has committed himself to doing.
The answer writes itself, as anyone to the right of the Progressive-Democratic Party can see: plus up our defense spending, cut Federal spending everywhere else, and either cut taxes further or at least leave them alone.