James Jones: Pandemic Isn't an Excuse for Reckless Spending
James Jones is the chairman of Monarch Global Strategies and a member of the Committee for a Responsible Federal Budget. He recently wrote a piece for The Oklahoman, an excerpt of which is below:
When you’re in the middle of a national emergency, containing the crisis and helping those in harm’s way is the No. 1 priority. Issues that would normally be top of mind have to be put on hold as we deal with the COVID-19 pandemic. This means temporarily pausing important efforts like the need to address the national debt, which is already at post-World War II highs.
The signature accomplishment of the Trump administration, the 2017 tax cuts, greatly reduced federal revenue. Lawmakers simultaneously increased spending without much thought to our borrowing. As a result, before the coronavirus started wreaking havoc, the federal government was already running a $1 trillion annual deficit.
Read the full piece here.
"My Views" are works published by members or staff of the Committee for a Responsible Federal Budget, but they do not necessarily reflect the views of all members or staff of the Committee.