The greatest threats to the United States are the rise of China and, as I noted on Thursday, the federal deficit. President Donald Trump and Congress have a window to address the China problem. But the federal deficit must be addressed today. The drivers of the deficit are spending on Social Security, Medicare, Medicaid, and paying interest on the debt which now stands at 100% of gross domestic product. All four spending categories that are causing out-of-control spending are growing faster than the economy is growing. So, each year the deficit climbs as a percentage of GDP.

To reduce the threat that the deficit poses, spending must be addressed, revenue raisers must be considered, and the president and Congress must put into place policies that will accelerate economic growth. Faster growth produces additional revenue. But growth policies only realize results over time. The economy does not suddenly grow faster.