Ballooning debt harms our youth, but Trump doesn't care

The Hill reports:

When running for the White House, candidates always claim they will tackle deficits, but virtually none of them actually do. The big turning point was under President Franklin Roosevelt.

From 1790 to 1932, the government balanced its budget 68 percent of the years, but since Roosevelt entered office in 1933, the budget has been balanced only 14 percent of the years.

Two fiscal revolutions of the 1930s continue to bedevil federal budgeting. First was the invention of “entitlement” spending, which is spending that grows on auto-pilot. Today, entitlements account for most of the budget and politicians such as Trump pretend they have no responsibility to control it.

The second invention was Keynesian economics, which informed politicians that deficit spending was good for the economy, replacing the older view that debt was immoral and damaging. Today, the economics of Keynesianism are hotly debated, but there is no doubt that it has given politicians a license to spend, spend, spend.

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