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Trump's Policies Projected to Cause Massive Long-Term Deficits
Republicans screamed at the top of their lungs for eight years under President Obama about budget deficits and our national debt. They blamed him for bank bailouts initiated before his term. They shot down incredibly vital stimulus plans to bring our economy out of a total collapse and, you know, make America great again.
Some Republicans never believed what they were saying and it was just a game to thwart Obama and Democrats regardless of the long term harm to our nation. Others are idiots and actually believed the now seemingly minor deficit spending would ruin us forever.
Then we got Trump. Now deficits don't matter? Let's hand money back to the rich, cut programs that help 90% of the country, and explode the deficit. What?
To say we're all being played by House and Senate Republicans and the Trump administration when it comes to the deficit is polite.
...for the first time [the CBO] officially projected the federal deficit rising to almost $1 trillion in 2019 [alone] and then staying at or well above that previously unfathomable level every year through 2028.
The Congressional Budget Office estimates the government will take in $1.9 trillion less in revenue and spend $300 billion more over the next decade than the White House estimated.... Trump in February proposed a $4.4 trillion budget that would boost federal spending for the military and border security, cut many domestic programs and projected deficits through the next decade. The proposal depends heavily on cuts to government safety-net programs and expectations of a big gain in economic growth.
Deficits would total $9.5 trillion over the coming decade, or $2.3 trillion more than the White House estimates, CBO, Congress’s nonpartisan scorekeeper, said Thursday.
That would take the debt held by the public from 78% of GDP in the current fiscal year to 86% of GDP in 2028.
The reason is surprisingly simple.
Congress in December enacted corporate and individual tax cuts and in February approved a two-year budget deal, followed by a spending bill that boosted government outlays this year on both domestic and military programs.
No doubt this sort of news will be met with Republicans' calls for savage cuts to social programs that the majority of our nation, hundreds of millions of people, depend on to varying extents. Pay attention and actively dissent.
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