There will be wailing and gnashing of teeth from some Republicans and Donald Trump will pretend he didn't sign a federal budget with hundreds of billions of dollars in increased spending. But we're about to enter an era where trillion dollar deficits are the new normal.

Trump Signs $1.3 Trillion Spending Bill, Vows He Won't 'Do It Again'

What's absolutely astonishing is that in this election year, the trillion dollar budget deficits will not be a major issue. Certainly, some of the few budget hawks remaining in Congress will try and make a big deal about it, but they will be whispering in a hurricane. No one wants to think about what these deficits mean to the economy or to the financial well being of individuals -- notably our grandchildren.