After years of hysterical warnings about a “looming fiscal crisis” from deficits under President Barack Obama, Republican leaders in Congress are suddenly willing to increase deficits for President Donald Trump. This deficit flip-flop is certainly hypocritical, but it also obscures the true nature of the threat posed by Trump.
Trump is taking office at a time when America’s fiscal system is extremely strong. The primary threat is not that America will go broke; it is that America’s fiscal strength will be wasted and abused. Trump and his allies in Congress are poised to privatize America’s fiscal strength to further enrich a wealthy few and give corporations more power over ordinary Americans.This article was originally published in MarketWatch.