President Donald Trump just released his first annual budget. Like so many of Trump’s ideas, the new budget has a grandiose moniker — “A New Foundation For American Greatness.” I think “greatness” in a federal budget is at the very least oxymoronic, regardless of one’s political leanings.
Those on the left think the president’s budget will have a calamitous social impact, and that it is based on faulty and overly optimistic economic growth assumptions. Former Clinton Treasury Secretary Larry Summers wrote that the budget makes sense, “if you believe in tooth fairies and ludicrous supply-side economics.”
Those on the right have applauded the president’s budget, saying it’s rightly focused on mandatory spending reforms to Medicaid, welfare and disability programs. The Heritage Foundation says the Trump budget also, “follows the right approach on discretionary spending, by prioritizing national defense in a fiscally responsible way, with offsetting cuts to domestic programs that are redundant, improper, or otherwise wasteful.”
Interestingly, both of these observations could be accurate. The growth assumptions (3% economic growth per year) are definitely “optimistic,” to say the least. Yet prioritizing the national defense, the one legitimate Constitutional role of the federal government, also is a step in the right direction.
What I’m interested in, however, are the real shake-ups and surprises in Donald Trump’s budget. These are the eye-opening proposals/takeaways that have captured my attention, and that could have interesting implications for America.