By Jack Bernard, contributing columnist
PEACHTREE CITY, Ga. | Traditionally, Democrats are spendthrifts and Republicans are not… until recently. But this is no longer the case with the ReTrumpicans.
Running as a fiscally conservative Republican in 2004, I won an election and became chairman of a rural Georgia County Commission. Under my leadership, we cut tax increases from 10 percent a year to one percent while increasing services. We accomplished this feat by eliminating obvious waste and increasing efficiency. It wasn’t easy or without conflict, but it was technically and politically doable. And most cost reduction votes were 3-2 … with the Democrats usually voting no.
However, over the past few decades, the GOP has just given up on deficits and a balanced budget. And, it has gotten much worse with them in control of the White House and Congress. Considering that the GOP constantly criticized Obama and Biden for deficits, the hypocrisy of the GOP leaders on this topic is remarkable.
In 2007-2008, the economy was sinking fast, moving us toward a second Great Depression. One proven way to stimulate the economy is to increase short term government expenditures. The philosophical idea behind this approach is to cut back funding when the economy improves and increase taxes as needed to reverse any short-term debt created. But that never happened.
The GOP-led effort to pull out of a recession began in 2008 when the GOP controlled Congress and President George W. Bush attempted to boost the economy via a stimulus package, taking effect in 2009. As the economy recovered, the deficit went down under Obama, as shown below.
Specifically, the annual national deficit increased significantly under Obama’s early years. Then, it went down considerably in his last term, as shown below. The first year of Obama’s first term (2009) deficits in billions were $1,413, versus 2016 – $585.
Under Trump, the annual deficit went right back up (in billions); 2017- $665 to a record high in 2020- $3,132. It reached the highest annual amount in history…partly fueled by Trump’s mismanagement of the Covid-19 epidemic.
Biden was also problematic, with very large deficit increases: 2021-$1,484, up to $1,833 in 2024. But it wasn’t just increased spending causing the debt increase.
The other reason for this dramatic increase was the 2017 Trump “temporary” tax cut. That tax cut is now permanent as of Trump’s Big Beautiful Bill (known as the Budget Buster Bill). According to projections, with Trump back in office and his cuts made permanent, the deficit will be $1,865 in 2025 and $1,713 in 2026.
The sole reason for the Trump tax cut was political, not economic. Economists understand that during periods of a strong economy the deficit must be decreased and efforts made to pay down on our national debt. But, in his second term, Trump wanted to stimulate an already strong economy. He knows that his actions are the opposite of what is advocated by mainstream economists.
As of May 2025, the national debt was $36.2 trillion- or $106,000 per US resident. Both parties have gone along with the fantasy that the debt will take care of itself via growth… gleefully passing budgets with tax cuts and increases for programs. Being fiscally irresponsible is the only thing both parties agree on.
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