This article was published by The McAlvany Intelligence Advisor on Monday, October 23, 2017:
University of Virginia professor Herbert Stein, the father of Ben Stein of Ferris Bueller fame, was known as a pragmatic conservative. But he is best known for his cryptic expression, “If something cannot go on forever, it will stop.”
Mick Mulvaney’s hopeful outlook hasn’t yet been tarnished by his experience in Washington. Serving as a member of the House of Representatives from South Carolina prior to accepting the position of President Trump’s Director of Office of Management and Budget, Mulvaney really thinks, based on his public statements, that things really can go on forever. All that is needed is a little tweaking: “We need to grow our economy again and get our fiscal house in order. We can do that through smart spending restraint, tax reform, and cutting red tape.”
A closer look at the size of that fiscal deficit, however, reveals Mr. Mulvaney’s naiveté: on Thursday the Treasury Department announced that the deficit for the fiscal year that ended on September 30 was
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