President Trump’s budget proposal has now been released, and it’s a mixed bag: some useful and necessary spending cuts; some useful and necessary spending increases; no attempt to restructure entitlements; some wishful thinking on economic growth. So, here’s a brief summary of the good and the bad of a budget that will never be passed, but helps spell out the administration’s priorities.
1. It Doesn’t Touch Entitlements. As The Wall Street Journal points out this morning, Trump’s budget doesn’t touch Social Security spending or Medicare. That’s in line with Trump’s promises during the campaign, but it also means that all other cuts will never achieve a balanced budget. Social Security and Medicare spending now represent nearly half the budget. The Journal states:
.png)
.png)
