Borrowing by the federal government is set to top $1 trillion for the second year in a row. And this is occurring during the boom phase of the business cycle!
Deficits usually decline during economic expansions such as the current record-long one, as low unemployment and rising paychecks push up federal tax revenue, and automatic spending on safety-net programs declines, notes The Wall Street Journal.
But government spending in the Trump era is beyond anything you would normally expect in a boom phase.
It is irresponsible spending even from a Keynesian perspective.