{"id":8228,"date":"2025-11-15T09:21:11","date_gmt":"2025-11-15T14:21:11","guid":{"rendered":"https:\/\/dahlman.online\/?p=8228"},"modified":"2025-11-15T09:21:13","modified_gmt":"2025-11-15T14:21:13","slug":"buy-a-bridge","status":"publish","type":"post","link":"https:\/\/dahlman.online\/index.php\/2025\/11\/15\/buy-a-bridge\/","title":{"rendered":"Buy a Bridge"},"content":{"rendered":"\n

Post-Truth<\/h2>\n\n\n\n

During World War II there was a huge influx of young, rural American men into New York City.\u00a0\u00a0They were there enroute to the battlefields of Europe, and they marveled at the miles of skyscrapers in \u201cGotham\u201d.\u00a0\u00a0Kids from places like Outville (really, just down the road from here in Pataskala) or Ottumwa (the birthplace of Radar O\u2019Reilly of MASH fame) or Ouray (above 10,000 feet in Colorado) wandered Times Square.\u00a0\u00a0And while they knew a lot about farming and hunting and fishing, some were a little bit na\u00efve about \u201cBig City\u201d ways.\u00a0\u00a0The joke was, there were so gullible that you could sell them the Brooklyn Bridge.<\/p>\n\n\n\n

Today we are, maybe, more sophisticated.\u00a0\u00a0The amount of information Americans get:\u00a0\u00a0from television, social media, online searches and unending texts and emails; is more than the old firehose versus garden hose analogy.\u00a0\u00a0There\u2019s a massive Niagara river flowing to us of so-called facts.\u00a0\u00a0We learn to select our sources because in this \u201cpost-truth\u201d era,\u00a0\u00a0just because we hear it doesn\u2019t make it true.\u00a0\u00a0(One of my Facebook friends can detail the design and construction of an alien spaceship, just passing the sun\u2019s orbit and headed towards earth \u2013 \u201cthe end is near!!\u201d).\u00a0<\/em><\/p>\n\n\n\n

Tariffs<\/h2>\n\n\n\n

Last night President Donald Trump proclaimed that his \u201cmagnum opus\u201d, the tariff plan, was directly changing the American economy.\u00a0\u00a0In fact, he said the following:<\/p>\n\n\n\n

\u201cTariff revenues SMASH records \u2013 slashing the U.S. deficit by over 25%!  Shrinking government spending, downsizing bloated bureaucracy and unleashing a wave of American jobs\u201d (Twitter\/X<\/a>).<\/em><\/p>\n\n\n\n

Another of my Facebook buddies praised him for this wonderful work.\u00a0\u00a0In fact, he said, “…that give us another two years, and the US deficit would be completely gone \u2013 what a marvelous job Trump is doing for the American people.”<\/p>\n\n\n\n

Deficit<\/h2>\n\n\n\n

So here are some other \u201cfacts\u201d, maybe sourced a little better.\u00a0\u00a0The true annual deficit of the United States Government is $1.78 Trillion.\u00a0\u00a0That\u2019s how much more the government is spending than bringing in.\u00a0\u00a0So the common definition of \u201cdeficit\u201d is in our current annual budget.\u00a0\u00a0To cut that \u201cdeficit\u201d by 25%, would require the government to either cut $445 Billion from expenditures, or raise that same amount in revenues.<\/p>\n\n\n\n

According to the Committee for a Responsible Federal Budget, tariffs have raised $195 Billion this year, about $140 Billion more than last year.\u00a0\u00a0So the Trump Administration should get credit for raising $140 Billion to reduce the deficit (CRFFB<\/a>).\u00a0\u00a0And there was a $200 Billion one-time student loan savings, putting Trump nearer to his magic number.\u00a0\u00a0But there were also increases in the budget spending, that in the end, leaves the 2025 deficit about the same – $1.8 Trillion (US Treasury<\/a>).<\/p>\n\n\n\n

Fancy book keeping, what we used to call \u201clyin\u2019 and figurin\u2019 by politicians”, ain\u2019t nothing new.\u00a0\u00a0It\u2019s easy to claim the savings, without owning the expenditures.\u00a0\u00a0Maybe your household made more money than last year.\u00a0\u00a0But if costs went up more than the additional income, it doesn\u2019t make your personal \u201cdeficit\u201d status any better.\u00a0\u00a0You might brag about how much you made, but you probably don\u2019t talk about how much you spent.<\/p>\n\n\n\n

Debt<\/h2>\n\n\n\n

Then there\u2019s the Federal government \u201clanguage problem\u201d.\u00a0\u00a0That\u2019s because there is a reasonable confusion between two terms:\u00a0\u00a0deficit and debt.\u00a0\u00a0The deficit is how much more the government spends annually then they bring in.\u00a0\u00a0The debt is the total accumulation of annual deficits that the government is responsible for.\u00a0\u00a0So, add this year\u2019s $1.8 trillion, to all of the other years of spending more than was brought in, and you get the debt.\u00a0\u00a0Deep breath \u2013 the US owes $38.2 Trillion\u00a0(Debt Clock<\/a>).\u00a0\u00a0<\/p>\n\n\n\n

Who do we owe it to?\u00a0\u00a0Close to two-thirds of the debt is owned\u00a0\u00a0by us, payable to us (Pew<\/a>).\u00a0\u00a0Government bonds are a source of financing, raising money to cover the debt and, like any loan, paying interest to the bondholders (US Treasury<\/a>).\u00a0\u00a0And about 20% of that money is actually borrowed from other government funds.\u00a0\u00a0The Government writes an \u201cIOU\u201d to itself, borrowing from social security, Medicare, and retirement funds.\u00a0\u00a0The US Government also owes money to folks in other countries and to banks and institutions in those nations. But it\u2019s not as much as you think:\u00a0\u00a0about 30% of the debt is \u201coverseas\u201d (Congress<\/a>).<\/p>\n\n\n\n

Real Numbers<\/h2>\n\n\n\n

What does having that much debt do?\u00a0\u00a0Well, first it reduces how much the government can spend on other stuff.\u00a0\u00a0Paying interest on a $38 Trillion debt costs a lot, even if the rate is low. Last year the US budget included about $1 Trillion to pay interest on the debt.\u00a0\u00a0And second, it has the effect of increasing the overall supply of money.\u00a0\u00a0More money in supply means that \u201cgetting\u201d money is easier, but it also means that the purchasing power of that money is lower.\u00a0\u00a0In \u201cplain language\u201d, the debt is a major influence towards rising prices \u2013 inflation.<\/p>\n\n\n\n

With all the \u201clanguage\u201d, it\u2019s easy to get confused.\u00a0\u00a0Some of my Facebook buddies truly believe that Donald Trump\u2019s tariffs are paying off the US debt at an amazing rate \u2013 but the numbers show that\u2019s not really true.\u00a0\u00a0In fact, he\u2019s not even reducing the debt.\u00a0\u00a0But he has had one visible effect:\u00a0\u00a0the cost of purchasing tariffed items is going up:\u00a0\u00a0coffee, cars, electronic equipment, and imported foods are notable examples.\u00a0 And, American consumers are paying for the tariffs.<\/p>\n\n\n\n

That increases our own personal spending, pushing some into a bigger personal deficit.\u00a0\u00a0And that\u2019s a problem that even Facebook can\u2019t solve.<\/p>\n","protected":false},"excerpt":{"rendered":"

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