Can Trump and Elon Really Save Us from the Debt Crisis
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So I had a big collective eye roll yesterday. I saw Larry Fink, Larry Fink did a piece in the Wall Street Journal. He’s a CEO of BlackRock, How to Grow Out of America’s Debt Woes. And I thought for sure, even as I started reading his column today and he’s talking about how the United States was able to make investments in infrastructure.
and how we were able to grow our economy and how it’s helped. And I get all that. And I was actually surprised. I was surprised that in his column, he didn’t talk about government spending. He talked about spending from the private sector and the private sector investing in infrastructure.
He said the $1 trillion infrastructure sector is one of the fastest growing private markets. This is good news for the United States. Historically, infrastructure has been responsible for much of our economic growth between 1860 and 1890. Railroad expansion accounted for 25 % of the increase in GDP. The same proved too for highways. Investments in the interstate system drove a quarter of the country’s productivity growth between 1950 and 1980.
nine and he’s saying the same can be done today and he’s talking about the various different data centers that are becoming larger and more powerful not to mention the fact the energy that we need for these data centers and what needs to be built. He says that AI infrastructure could be our century’s economic equivalent of the transcontinental railroad.
a project that creates historic growth in countless ways for making individual workers more efficient to helping people save for retirement. I’m not arguing with him. I think I agree with all of that. But again, I also believe that this has to come from the private sector, not from taxpayers. When the government decides to pick and choose winners and losers, they fail more often than not.
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It causes disconnects in the marketplace. We’ve talked about the whole Island of Dr. Moreau type of a situation. You are creating genetic defects in the overall economy that quite frankly don’t belong. The market will decide with that being said. Can we grow our way out of our debt problem? I don’t think so. I don’t.
I think that politicians will, it’s pie in the sky to think that we’re going to be able to grow our way out of our current debt problem. Don’t believe it. But I think it’s going to play a part. We have to have an all hands on deck type of a situation. Judy Shelton, one of my favorites, did a interview this past week talking about it being the national security threat, our debt. I’ve been saying the same thing for some time.
but I mean all of the above. Okay. Yeah. Yeah. We need to cut spending in a massive way. In a massive way. And again, one of the reasons for my excitement over the Trump win, was some of the things that Elon Musk was looking to get involved with and cutting government spending. Ron Paul now wants to join in as well. That’s a big part.
I just think right now, and people say, well, what about taxes and raising taxes? I just think that it is, and I’ve said this before, think it’s wrong. I don’t think you go to the American taxpayer and ask them for more money when you have proven to be terrible stewards of my tax dollars. You want to come to Americans.
After you decide you start balancing our budget, we’re not running deficits. We’re not seeing tons of government waste. We’re not sending money all over the globe haphazardly. You want to come back to the American taxpayer and say, hey, listen, we’ve done all of these things. We’ve done all these things. We’ve cut government spending. We’ve gotten rid of our deficit, but we’ve got a balanced budget at this point. We’re growing the economy.
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Could we raise maybe your taxes here or there, whatever it may be, and we’re going to utilize that money to pay down our national debt? I think that’s reasonable.
I think that the problem that many people have, like myself, when people start talking about paying higher taxes, to me that’s like giving a drug addict money, just giving them cash. Knowing that they’re just gonna go out and spend the money on drugs and make their situation worse. You send more money to Washington DC, they’re just gonna turn around and spend more.
They’re gonna spend all of that and then more on top of that. So again, raise my taxes, raise other people’s taxes. Okay, I tell you what, why don’t you prove to all of us that you can be good stewards and act in a responsible fashion. Watchdogonwallstreet.com.
