It’s an unfortunate given that the subject of budget deficits is rarely high on anybody’s list of important topics. But the idea of the federal government spending $1 trillion more each year than it receives in taxes is hard to understand.
President Donald Trump released his proposed budget for 2020 this week, and his effort to get $8.6 billion more for a wall along the southern border is sure to get plenty of attention. Whatever you think about the president’s determination about that wall, the money sought for it is a rounding error in a budget of $4.7 trillion — less than two-tenths of 1 percent.
Overspending is a far bigger problem. If the figures proposed this week are anything close to what actually gets in the budget, it means the government will be spending 22 percent more than it’s taking in. That is beyond reckless.
Congress is sure to have its own ideas on spending, especially with control of the two chambers divided. But most likely, figures like this week’s will be pretty close to the actual spending and revenue — and nobody seems to be worried about. Nor do they want to do anything about what’s driving up the deficit, entitlement spending and tax cuts.
What a shame.