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US NewsTrump On Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

14:50  06 december  2018
14:50  06 december  2018 Source:   thedailybeast.com

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“Yeah, but I won ’ t be here ,” the president bluntly said, according to a source who was in the room when Trump made this comment during discussions on the debt . One current senior Trump administration official vented that Trump “doesn’t really care” about actually attacking the debt “ crisis

Here ’s why. Dan Glazebrook is a freelance political writer who has written for RT, Counterpunch, Z magazine Last Friday, Donald Trump announced new sanctions on Turkey – comprising a doubling of the steel and Underlying the currency’s vulnerability are the country’s massive dollar debts .

Trump On Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up © Provided by The Daily Beast Photo Illustration by The Daily Beast

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Since the 2016 presidential campaign, Donald Trump’s aides and advisers have tried to convince him of the importance of tackling the national debt.

Sources close to the president say he has repeatedly shrugged it off, implying that he doesn’t have to worry about the money owed to America’s creditors—currently about $21 trillion—because he won’t be around to shoulder the blame when it becomes even more untenable.

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Donald Trump is reportedly refusing to tackle the US’s spiralling national debt because he will not be in office “Yeah, but I won ’ t be here ,” Mr Trump remarked, a source As recently as last month, The Washington Post reported the president had urged staff to draw up a list of wide-ranging government

When Mr. Trump took office on Jan. Republicans railed against the national debt level under the Obama administration, when it jumped from .6 trillion to .9 trillion, nearly doubling, but few have been as outspoken about the situation with Republicans controlling Capitol Hill and the White House.

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the national debt in the not-too-distant future. In response, Trump noted that the data suggested the debt would reach a critical mass only after his possible second term in office.

“Yeah, but I won’t be here,” the president bluntly said, according to a source who was in the room when Trump made this comment during discussions on the debt.

The episode illustrates the extent of the president’s ambivalence towards tackling an issue that has previously animated the Republican Party from the days of Ronald Reagan to the presidency of Barack Obama.

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A debt crisis occurs when creditors think borrowers, whether a household, business or government, will default on their debts . Causes and cures. A household debt crisis occurs when a family starts falling behind on monthly payments. There are three types of household debt

David Stockman: Debt Crisis Countdown Begins. [Ed. Note: To see exactly what this former Reagan insider has to say about Trump and the fiscal threats from politics and the debt crisis , David Stockman is sending out a copy of his book Trumped ! A Nation on the Brink of Ruin…

Trump On Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up © Getty

But for those who have worked with Trump, it was par for the course. Several people close to the president, both within and outside his administration, confirmed that the national debt has never bothered him in a truly meaningful way, despite his public lip service. “I never once heard him talk about the debt,” one former senior White House official attested.

Marc Short, who until recently worked for Trump as his legislative affairs director, said he believed the president recognized "the threat that debt poses" and he pointed to Trump's concern "about rising interest rates" as evidence of his concern over the matter.

"But there’s no doubt this administration and this Congress need to address spending because we have out of control entitlement programs," Short said, adding, “it’s fair to say that...the president would be skeptical of anyone who claims that they would know exactly when a [debt] crisis really comes home to roost.”

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Shored up by a third EU-led bailout, Athens was told this week that further rescue funds would not be forthcoming Complicating matters further is the direction the IMF will take now that President Trump is in power. Last week, the IMF delivered its gloomiest assessment yet of Greece’s debt burden

Donald Trump 's massive tax cuts and Congress's substantial spending increases are pushing government If congress hopes to solve the debt crisis , says one economist, “whatever Sign Up for Our Newsletters. Sign up now to receive FORTUNE's best content, special offers, and much more.

Recent reports have suggested that Trump is determined, at least rhetorically, to address the issue. And Hogan Gidley, a spokesman for the president, noted that the president and his team have proposed policies to achieve some deficit reduction, "including in his first budget that actually would’ve balanced in 10 years, a historic, common-sense rescissions proposal."

But Gidley also passed the buck to the legislative branch. "While the President has and will continue to do everything in his power to rein in Washington’s out of control spending," he said, "the Constitution gives Congress the power of the purse and it’s time for them to work with this President to reduce the debt.”

Those close to Trump say that one reason the issue of debt reduction has never been an animating one for him is because he is convinced that it can be solved through means other than tax hikes or sharp spending reductions.

Stephen Moore, a conservative economist at the Heritage Foundation and an economic adviser to Trump’s 2016 campaign, recalled making visual presentations to Trump in mid-2016 that showed him the severity of the debt problem. But Moore told The Daily Beast that he personally assured candidate Trump that it could be dealt with by focusing on economic growth.

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One of those is coming up fast. From the Post: Mnuchin is hurtling toward his first fiasco, unable to get Congress, let alone his colleagues in the And the BPI generates a buy signal when it turns higher from oversold conditions. Here ’s how the Gold Miners Bullish Percent Index (BPGDM) looks now…

Here are the 5 reasons it grew so large, and how it damages U.S. economic growth. The U.S. debt is the sum of all outstanding debt owed by the federal government. Each new program and tax cut adds to the debt . These show up in budget deficits by president.

“That was why, when he was confronted with these nightmare scenarios on the debt, I think he rejected them, because if you grow the economy… you don’t have a debt problem,” Moore continued. “I know a few times when people would bring up the enormous debt, he would say, ‘We’re gonna grow our way out of it.’”

Moore has since championed this approach to tackling the debt as a key part of “Trumponomics,” and has co-authored a book supporting it.

As Moore recalled, a belief that robust economic growth would solve all problems was the way Trump—starting in 2016—justified the cost of his ambitious proposals to slash taxes, pursue big infrastructure projects, and simply avoid massive cuts to Social Security and Medicare. Since then, the president has continued to show indifference over the national debt, to the consternation of more traditionally conservative associates.

One current senior Trump administration official vented that Trump “doesn’t really care” about actually attacking the debt “crisis,” and prefers simply “jobs and growth, whatever that means.”

For the most part, the Republican Party has gone along. Over the first two years of the Trump administration, congressional Republicans have slashed taxes dramatically while increasing defense and discretionary spending, all without giving much indication that they’re going to take a stab at dramatically gutting certain popular entitlements.

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When the crisis hits, it will come quickly and will be severe. Bond prices will fall and interest rates will spike. However, the fundamentals of the crisis will eventually win out unless policymakers do something to confront the causal factors driving the underlying unsustainability of this massive debt .

The results have not been what Trump and Moore have promised; at least not yet. Economic growth increased over the past year—including a robust 4.1 percent in the second quarter of 2018—but the federal deficit has ballooned as well, in part because the government has taken in less revenue because of the tax cuts. Current forecasts are not too rosy about the future economy.

Recently, both Trump and some Republican lawmakers have hinted at regret over their approach.  Earlier this year, Trump conveyed his disappointment with signing a large spending bill, particularly after he saw typically-friendly allies on Fox News tear into him for supporting legislation that they viewed as funding Democratic priorities, exacerbating the national debt, and ditching his pledge to build a gigantic border wall, according to a report at the time in Axios.

Sources close to the president tell The Daily Beast that Trump was genuinely taken aback by the severity of this mini-revolt from MAGA loyalists.

However, right-leaning reformers shouldn’t be holding their breath.

The Washington Post recently reported that Trump had instructed his cabinet to devise plans to trim their budgets in an effort to reduce the federal deficit. But Trump also set strict limits on what sorts of programs could be cut—and quickly proceeded to propose increased spending in other areas of the federal government.

“He understands the messaging of it,” the former senior White House official told The Daily Beast. “But he isn’t a doctrinaire conservative who deeply cares about the national debt, especially not on his watch…It’s not actually a top priority for him…He understands the political nature of the debt but it’s clearly not, frankly, something he sees as crucial to his legacy.”

The former Trump official adding, “It’s not like it’s going to haunt him.”

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