“It’s the economics, stupid”. The economy is decisive, described Bill Clinton’s aide James Carville in 1992. Trump also promised his voters prosperity – five from the state’s wallet.
In the United States, the election promises of politicians have driven the federal budgets to dizzying deficits, viewed through the eyes of Finland.
In the United States, the federal debt has continued for years under the administrations of both parties. Even now, there is not much campaigning on the issue in the election fields, even though the parties’ budget disputes from time to time threaten to close government agencies and ministries.
The reason is simple. The state economy does not excite the American voter. That won’t win elections. That is why the political struggle about the state’s indebtedness was not really opened by either candidate in these presidential elections either.
Mixed Horrible Harris that Donald Trump’s in the election speeches, the state’s deficits exploded in completely different spheres when viewed from a Finnish perspective. In particular, election winner Donald Trump’s promise to reduce corporate and high-income taxes would increase the federal debt rally even more.
Former Minister of Finance Matti Vanhanen (mid.) estimate In an interview with Ilta-Sanomi Trump’s economic policy leads to an increase in deficits. According to him, Trump is “generous”.
In Finland, the situation is completely opposite in politics. In Finland, politicians are actually competing to see who will hit the table with the most severe state budget cuts. This happened, for example, in the previous parliamentary elections, which the coalition won by drumming up the toughest debt cuts.
To put it bluntly – Compared to the United States, taking care of voters’ wallets is a side plot in Finland alongside taking care of the state finances.
Government debt figures speak for themselves. While the Finnish voter is struggling with a debt hill of 171 billion euros, the voter in the United States is faced with a debt mountain of 35 trillion dollars. The amount is staggering: 35,000 billion – 35,000,000,000,000 dollars. Almost $105,000 for every American. Compared to Finns, the amount is well over three times higher.
Also compared to the size of the economy, the debt mountain of the United States is skyrocketing. Congressional Budget Office evaluate that the federal debt will hurt at the current pace to no less than 166 percent of the gross national product by 2054. The federal debt rose above the magical 100 percent mark in the United States some time ago.
As a detail, it can be mentioned that the rise in the interest rate alone increased the interest costs of the debt in the United States this year. 254 billion dollars.
The United States has come a long way Ronald Reagan from the start of the period, when the cold war nation had a minimal debt of 30 percent in relation to the gross national product. That was before the yuppie era and the casino economy years. Not to mention the financial crisis.
Those who are afraid of a mountain of debt do not play in Yankee politics. It’s the economy, stupid! Make America Great Again!