Realigment of Budget Priorities by the D. Trump Administration: First Results
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93/94 История
33 Экономика. Народное хозяйство. Экономические науки
32 Политика
Date of publication
11.09.2018
Public year
2018
Realigment of Budget Priorities by the D. Trump Administration: First Results
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Annotation
The effectiveness of the fiscal policy of the D. Trump Administration on changing the configuration of the U.S. federal budget priorities is analyzed. The Administration of D. Trump adopted the principles of the R. Reagan Administration (1981–1989), which was based on a sharp increase in military spending and a large-scale tax reform. The resulting growth of the budget deficits in the 1980s, and nowadays is thought to be mitigated by significant reduction in social spending. The first results of the D. Trump Administration fiscal policy showed that a sharp increase in budget deficits in the first 1.5 years of the administration's stay in power was not offset by a reduction in social spending, which showed a weak interchangeability with military spending, mainly because of the active resistance of Democrats in the U.S. Congress to the politics of social spending cuts. Under these conditions, a highly likely prospect appears that the projected significant growth of budget deficits and gross federal debt will soon become an extremely powerful obstacle to the policy of further increasing military spending and modernizing U.S. strategic nuclear forces.
About authors
Vladimir Vasiliev
Senior Research Fellow
Institute for the U.S. and Canadian Studies, Russian Academy of Sciences
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