I am inclined to support Donald Trump’s plan to rebuild our nation’s infrastructure. He wants to spend more than a trillion bucks to remake our roads, highways, bridges, airports and rail lines.
The Republican president sounds like a big-spending Democrat with this bold notion. To which I say, bring it on!
Here’s the deal, however. How are we going to pay for this?
The president and his Republican congressional allies have just pushed through a big tax cut that slashes corporate income taxes and helps many Americans at the top of the income ladder. Corporate leaders are kicking back those tax savings to their employees, which is a good thing.
The tax cut is going to explode the federal budget deficit, not to mention add tremendously to our $20 trillion national debt.
What price will we pay to finance this huge infrastructure plan that has come forth from the president? Are we going to sacrifice more in social programs? Will there be cuts in Medicare, Social Security?
I don’t expect the defense establishment to pay for this infrastructure plan. Trump proclaims his love and admiration for the military. As do I. This is another area of agreement I have with the president.
I’ve already mentioned here that I consider myself to be a deficit hawk. President Barack Obama and Congress managed to pare down the annual deficit during Obama’s two terms. His successor, Trump, now is on the cusp of exploding it yet again.
Cutting taxes while at the same time spending more than $1 trillion to rebuild our infrastructure in my mind just doesn’t compute to anything other than adding billions and billions to the annual deficit.
I would like to support the infrastructure improvements. It’s the potential consequence of this massive expense that gives me pause.