Trump’s First Year: A Brief Financial Review
It is important to audit the actions of politicians and their effect on the financial and economic health of a nation.
President Donald Trump has been in the news lately pushing for more revenues via a trade war. This comes after changes to the tax code. The proposed tariff will most likely have a negative effect on the US economy. Comparative advantages exist and it is important for leaders to learn from the past and not commit the same mistakes as previous administrations.
Inflation numbers are affected mainly by the independent body chosen by legislators two days before Christmas in 1913. As reported yesterday, Senator Rand Paul is proposing a bill to audit the Federal Reserve, an idea endorsed by President Trump. The opposition to a proposed fed audit is driven by the Federal Reserve itself, and the fear that a discrepancy would be discovered.
When Obama took office, he inherited a financial disaster with 3%+ inflation in 2008. During his first year in office, Barack won the Nobel peace prize and saw the US dollar experience deflation in 2009. Since Donald Trump took office in 2017, the dollar has reached 2.1% inflation compared to Obama's 1.37% average.
After 1980, the United States opened the floodgates to public and foreign debt. The average taxpayer now owes the US federal government over $172,000.
Barack Obama doubled the debt in his tenure and left the country with $19.95 trillion in debt. President Trump has hardly slowed the $1.25 trillion per year pace set by Barack Obama as he pushes lawmakers to raise the debt ceiling. As of this publication, the US federal debt sits at $20.87 trillion and Trump is requesting a $4 trillion budget for 2019.
The Department of Defense admitted to losing $2.3 trillion in 2001. For the fiscal year 2015, the Army failed to justify $6.5 trillion in spending, 54 times the amount authorized by Congress. The US Federal Government is missing over $21 trillion according to the Department of Defense and the Department of Housing and Urban Development for the years 1998-2015.
The United States has a spending problem and it is up to its citizens and politicians to reign in federal operations in order to ensure a future with less violence and coercion. America and its citizens need Donald Trump to do more to ensure the federal government does less.
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