A lesson on our debt

Back in the olden days under Barack Obama, Republicans insisted on a balanced budget. They bemoaned the fate of future generations saddled with national debt. Politicians compared government to a business, and the federal budget to a household budget.

Yet most households also live with debt: mortgages on our houses, cars on the installment plan, and Christmas gifts on our credit cards. About 40 million of us hold student loan debt adding up to $1.2 trillion. The problem for either household or government is in getting overextended.

One big difference between households and government is that the latter makes war. The national debt grew the most under two wartime presidents, Woodrow Wilson and Franklin Roosevelt. The U.S. military is by far the largest in the world and now accounts for over half of all U.S. discretionary spending. Our nation is currently involved in from five to over 100 wars, depending on your definition. Maybe we’re overextended?

By several estimates, Donald Trump’s budget plan would add $10 trillion to the national debt over the next decade. The former fiscal conservatives say that’s OK because the economy will now grow like a magic bean. This claim has been put forth over and over for 35 years. It is “trickledown economics” or, in the words of President George H.W. Bush, “voodoo economics.” It is a propaganda fantasy.

How can you trust people who drop their principles as soon as they get into power?

CORALIE KOONCE

Springdale