FOR IMMEDIATE RELEASE
Thursday, December 6, 2018
Delaney: Trump Comments Show a Lack of Urgency on National Debt Crisis
FRIENDSHIP VILLAGE, MD – On Wednesday, The Daily Beast reported that in a meeting with senior White House advisors to discuss the national debt crisis, President Trump said that he “won’t be here” when it blows up. The article cites multiple sources within the administration who say that Trump has repeatedly shrugged off the nation’s $21 trillion debt, implying that he will not be president when the debt blows up.
Last year, President Trump signed a $1.5 trillion tax cut that was not fully offset by other revenue or spending changes. In September, the New York Times reported that interest payments on the debt are the federal government’s fastest growing expense and that, “within a decade, more than $900 billion in interest payments will be due annually, easily outpacing spending on myriad other programs.” At that level, taxpayers would spend more on interest on the debt than on the military or key domestic programs like Medicaid.
“Yesterday’s reporting makes it clear that President Trump doesn’t care about the national debt and bears no sense of personal responsibility for the crisis he has made worse. This is on par with what we’ve come to know of this president: if it doesn’t affect him directly, he doesn’t care. Trump’s approach to solving the debt crisis is brushing it off until his term ends and leaving it to someone else to deal with,” said Congressman Delaney. “This kind of short-termism is irresponsible and hurts us in the long-run. This is a crisis we cannot continue to ignore. If our current fiscal situation continues to get worse, it’s going to be really difficult to help people in the next economic crisis and that’s immoral. Trump and the Republicans have shown us over the past year that they care more about partisan politics than our fiscal health so it’s time for Democrats to take the lead. If we keep this up, we won’t be able to adequately defend our country, invest at home and prepare for the future. We need to bring our fiscal situation under control now so that our children and grandchildren aren’t forced to shoulder the burden of our mistakes and so we can continue to have the flexibility to make progressive investments to improve the lives of our citizens.”
This year, Delaney was named a Fiscal Hero by The Campaign to Fix the Debt. In his book, The Right Answer, Delaney argues that lowering the nation’s debt to GDP ratio should be one of our top policy priorities and that this should be done by 1) raising revenues, 2) responsibly controlling long-term spending costs and 3) looking seriously at the fiscal impact of all new policies.