What's a Trillion among Friends?

posted by iHeartMedia's Scott Crowder -

As much as liberals hate the President, the Trump administration isn't very conservative when it comes to spending. The Treasury Department says the U.S. is on pace to borrow a trillion dollars this fiscal year.

Rice economics professor John Diamond says the solution is simple, but painful.

"Cut spending or raise taxes; will that ever happen? I don't know.  This is a political problem; I don't wanna assign the blame to one party."

Professor Diamond says politicians love to kick the can down the road and let the future pay.

"So, everybody wants to spend more, at some point the market's gonna have to hold us accountable; you can't run deficits forever."

Last year the government borrowed $519 billion. This is the first full fiscal year under President Trump.

"But in terms of just a solution to our long term debt crisis, every year we wait the pain we'll have to endure to solve the problem grows and it grows exponentially."

The Treasury Department says we're on pace to borrow a trillion dollars this fiscal year. The overall national debt is expected to be more than $20-trillion in 2019.