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You Can Always Count on Spending Increases

February 10, 2020

Right before we rung in the new year, a budget deal was passed to the tune of $1.4 trillion – enough to avert a government shutdown.

 

The one consistent thing in the last 40 years, regardless of which political party rules, is the nonstop rise in government deficit spending. It never ends. It probably won’t until we hit another crisis or depression, which may not be far off.

 

But nobody seems to care.

 

The new budget keeps the government funded through September 2020. It was passed after much debate the day before President Trump’s impeachment proceedings were announced.

 

The media points to a budget with bipartisan support because both sides got what they wanted. It’s true, they all got more money. That includes $500 billion tacked on to the budget deficit over the next decade, for annual spending for will top $4.75 trillion this year.

 

Remember the days of sequestration? That seems laughable now. Any semblance of spending control is gone. And if we’re being honest, it was all probably just lip service from the start. We’re not even pretending anymore.

 

Of course, as the law passes, the same fingers holding the pens that made the law are now pointing out blame for the spending.

 

Republicans justify their defense spending in the name of national security while saying more money for social programs drives budget deficits. Meanwhile, Democrats sidestep blame because their social spending helps many Americans and say GOP military spending is the issue.

 

Neither party talks too much (or cares at all) about our $23+ trillion debt that’s growing by the second.

 

Congress will spend no matter what. How long will our debt be attractive to international buyers? Well, that’s a discussion for another time.

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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

Andrew Wood, Dan Simon and Alison Slezak are Investment Advisor Representatives. Advisory services are offered through CoreCap Advisors, LLC., a Registered Investment Advisor. CoreCap Advisors, LLC and Daniel A. White & Associates, LLC are separate & unaffiliated entities. 

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