I'm very concerned about the US Debt to GDP. Here is the wikipedia page on it:https://en.wikipedia.org/wiki/History_of_the_United_States_public_debt
Here is the main image from it:
Some people say that this U shaped pattern doesn't matter. I'm not one of them.
I strongly disagree with the Trump tax cuts. I do however think the tariffs were a good idea. If the debt is going to be brought down, we need a decade or two of surplus budgets. Currently a surplus budget sounds like a pipe dream. How can lowering taxes help us get to a surplus budget? When the debt was brought down after WWII, we were exploiting the resource of women going to work. There was also better automation. Better automation may help us now, but as far as exploiting human and natural resources, we are fairly tapped out. There is no new frontier to conquer.
2019-09-06 OK, I have some more to say here... These current good economic times are fueled by tax cuts. Now a trillion dollar deficit is ordinary. When we paid down the national debt in the 50's through the 70's, the tax rate on high income earners was in the 70% range. The tariffs seem more like a punishment for China than a way to bring US manufacturing back. Is any of this working? Pensions are disappearing and social security is headed towards reduced benefits.