No one is likely to be happy with the projected higher deficits laid out in a new analysis of Kamala Harris’ and Donald Trump’s economic plans.
The analysis released Monday by the nonpartisan Committee for a Responsible Federal Budget suggests a Harris presidency could increase the national debt over 10 years by $3.5 trillion. That’s even though the vice president’s campaign insists her proposed investments in the middle class and housing would be fully offset by higher taxes on corporations and the wealthy. Her campaign policy guide states that Harris is “committed to fiscal responsibility — making investments that will support our economy, while paying for them and reducing the deficit at the same time.”
The same analysis says former President Trump’s ideas could heap another $7.5 trillion onto the debt and possibly as much as $15.2 trillion. That’s even though he suggests growth would be so strong under his watch that no one would need to worry about deficits.
The last time a President ran a balanced budget was Clinton. He did so with the support of the House, by increasing taxes on the wealthy, energy consumption, and Social Security.
The only chance Harris would have at running a balanced budget would be if Democrats obtain control of the House.
We don’t need a balanced budget. The government is not a business.
Foreign ownership of US debt is risky, and could lead to instability of the US Dollar.
https://usafacts.org/articles/which-countries-own-the-most-us-debt/