Amazing: slash taxes on companies and the wealthy, jack up military spending, and, hey presto, deficits go up.
The message back from the Administration (from multiple resources):
1. "Even though all that cutting tax rates will boost productivity will increase tax revenue stuff hasn't kicked in yet, we're sure it will next year! Just wait!"
2. "Oooh, bad deficits. Don't worry, we're going to slash all sorts of stuff in the budget [i.e., social welfare and safety net progams] as soon as we get past this pesky midterm thing. Just wait!"
Exactly as predicted, and predictable.
Treasury: Budget deficit swells under Trump to largest in six years – POLITICO
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Of course, supply side theory predicted that the increase in business resulting from lower tax burdens would more than make up for the lower tax rates. Only problem is that the theory didn't pan out when comparing the Reagan deficits to the Carter deficits.
Then again, today we can wistfully look back at the days when the deficit was only $221 billion.
As the article explicitly or implicitly states, there were external issues that increased deficits in the Bush 41 (Kuwait), Bush 43 (Afghanistan, Iraq, recession) and Obama (recession) administrations. And the President doesn't have 100% control over the budget. But still, Trump's budgets are higher than most of the preceding ones (2009-2012 excepted).
https://www.thebalance.com/deficit-by-president-what-budget-deficits-hide-3306151
And there is some debate over who was responsible for the budget surpluses of the late 1990s. (Of course, if Congress is responsible for the surpluses, they should also be responsible for the deficits.)
https://www.cato.org/publications/commentary/no-bill-clinton-didnt-balance-budget
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Treasury: Budget deficit swells under Hi love 😍
Since Congress, not the Executive Branch, is in control of budgets, one would want to look at both parties. However, the increases have also been in: medicare, social security and natural disaster relief. But, yes, military spending has increased, which it should. Soldiers finally received a pay raise. And, thank God they did. A lot may not know that they have to pay for all their meals and clothing once out of Basic Training. And, if you factor in the fact that most make around 20-25k a year, well, they deserve the raise. Also, equipment has been neglected for almost 10 years. Stuff breaks when you're trying to break and destroy other things and people.
Tax revenues are at the highest levels and imagine if both sides could agree on simple reform, like not having automatic budget increases each year, especially if the increase isn't needed. Or, say line item veto-one would be able to get rid of all those bridges to nowhere and pork we complain about.
Lastly, you might be a little mistaken on the tax break of the rich. The marginal rate might have gone down, but when you factor in the max cap of $10k for property and state tax deductions, well…you get a lot of rich paying more, not less. But, even so, so what if they make a lot of money. If they made it honestly (let's not assume that all rich people are crooks) then, it's their right to keep as much of it as possible. I don't hold it against Labron James for making millions a year playing basketball. He has a skill and the market, not the government, dictates his wages and earnings.
I'd hate to see anyone be subject to some "DC" board of pay and equalization standard, that would mean no matter how smart you are or how hard you work, you'd make the same as the other guy. Also, corporations are owned by individual stock holders, with the majority of stock holders in public pension funds. More they keep, the more the stock value increases. But, once again, it's not the governments money nor their role to determine "market value fairness" Even those beloved socialist countries don't have as high as a corporate tax as we do, but, maybe they don't need to since the US defends and fiances the majority of NATO. But, I might be wrong on that, but, I don't believe I am.