As America teeters dangerously on the precipice of economic oblivion, it is abundantly clear that the nations staggering debt cannot be ignored any longer. For too long, policymakers have kicked the debt can down the road, prioritizing short-term political gains over long-term fiscal planning and responsibility. The reality is grim, and if we don't address the debt crisis soon, we may find ourselves plunging into the abyss; one from which recovery will be painfully arduous, if not impossible.
Enter Donald Trump, a businessman with a notorious flair for deal-making. And before you roll your eyes and dismiss the very notion, think about it; he knows how to navigate the treacherous waters of business finance. Love him or loathe him, there's a certain pragmatism in bringing someone with Trump's background into the conversation about repairing our faltering economy and addressing the trade imbalances that have crippled our economic growth.
According to the latest data, the U.S. national debt is rapidly approaching an eye-watering $37 trillion, a figure that continues to grow like a bad rash. The interest payments alone are beginning to choke the life from our economy, diverting valuable resources away from critical services. According to recent estimates, more than one trillion each year goes towards the servicing of America’s debt; and that number is expected to grow dramatically if the status quo continues.
Understanding this, we must address the monster lurking in the economic shadows. Free trade is often touted as the golden goose for economic success. But when your trading partners are countries like China, who manipulate their currency, undercut labor costs, steal intellectual property, and subsidize all of their industries, fair trade goes right out the window. It’s not just about playing nice at the global table; it’s about ensuring American businesses can compete on a level playing field.
If you believe that Trumps tariffs are just another part of a petulant trade war, think again. They’re a necessary pushback against unfair practices that have long plagued both Republican and Democrat economies. The need for a tough stance on tariffs has never been clearer than it is today. Tariffs can help close the gap by generating revenues through import duties, thus reducing the overall need to borrow money from foreign creditors.
For years, American companies have been shifting operations overseas at an alarming rate, chasing cheaper labor and higher profit margins. This exodus has resulted in a crippling trade deficit that has stretched well beyond numbers on a spreadsheet. It has eroded America’s job market and stifled innovation and investment here at home. To be fair, American companies are beholden to their shareholders; at the end of the day, it’s the corporate bottom line that matters to them. This fact alone underscores Trump’s America first policy and the vital role it must play going forward.
POTUS will reevaluate and renegotiate trade agreements that have favored foreign interests over American workers. The goal is to reinvigorate domestic manufacturing and provide a much-needed infusion of resources into our beleaguered economy. While this strategy has some critics, there’s a logical underpinning that can’t be dismissed. If businesses are unburdened by excessive regulation and taxation, they’re more likely to invest in, and expand here in America.
Trumps approach to the economy has always centered around tax cuts and deregulation. However, without addressing current spending levels and identifying waste and fraud, everything else is moot; tariffs alone are not the magic bullet. DOGE is going to prove to be very useful in the coming days, especially since most Americans lack a true understanding of America’s catastrophic fiscal situation.
Treasury Secretary Scott Bessant has not ruled out the potential of a recession but maintains that these steps need to be taken now to avert a complete economic meltdown. While penning this article, DOGE has already identified roughly $120 billion in waste, fraud and abuse. These numbers are expected to rise dramatically as DOGE continues its core mission. And lest anyone think this is just a partisan issue, the facts are that both parties have historically dropped the ball on protecting the American taxpayer.
Trumps tough stance on tariffs is forcing us to rethink our approach to trade and economics. It’s not just about protecting industries, its about protecting America’s way of life. Free trade means creating an economy where Americans can thrive, not wither under the weight of unfair competition and backbreaking debt. We must allow the businessman to do what he was elected to do; and that is to “drain the swamp” and eradicate the status quo.
Editorial comments expressed in this column are the sole opinion of the writer.
