Missing from Donald Trump's State of the Union address, the I-word and the D-words
Feb 6, 2020 10:42:10 #
"Trump is using America like how he used his hotels and casinos, loading them with so much debt that they ultimately filed for bankruptcy"
According to the latest report from the nonpartisan Congressional Budget Office, the federal government will spend $1 trillion more than it collects during this fiscal year. Put another way, it is shelling out about $4 for every $3 it is taking in. In fact, CBO projects annual deficits topping $1 trillion as far as the eye can see.
President Donald Trump hailed the American economy Tuesday night as evidence that "the state of union is stronger than ever before," It was a shrewd, if exaggerated, boast.
Trump is up for reelection, and no president in modern times has been denied a second term with such robust economic numbers.
With historically low unemployment and surging stock markets, 75% of Americans agree that the economy is in good shape, and just over half say Trump's policies are "strongly" or "somewhat" responsible.
You can't fault Trump for touting his economic record, but there's another aspect to it that, like impeachment, went unmentioned during the address: deficits and debt. Under Trump's leadership, the government is running up red ink at rates typically seen only during recessions and war.
According to the latest report from the nonpartisan Congressional Budget Office, the federal government will spend $1 trillion more than it collects during this fiscal year. Put another way, it is shelling out about $4 for every $3 it is taking in. In fact, CBO projects annual deficits topping $1 trillion as far as the eye can see.
This year, the government will spend $382 billion just to pay interest on the national debt. By the end of the decade, debt service is forecast to reach $819 billion. That's money that could otherwise be used to rebuild the nation's crumbling roads, bridges and water systems — the sort of infrastructure improvements that both parties cheered during Trump's speech.
Tax cuts have sliced into revenue; Trump's massive 2017 tax cuts have sliced into revenue and surely haven't paid for themselves, as supporters claimed they would.
The hope was that businesses would spend their tax savings on factories and create still more jobs. Instead, much of the windfall went toward stock dividends or buybacks that benefited wealthy investors.
Projected deficits rise from 4.6% of gross domestic product in 2020 to 5.4% in 2030. By comparison, the CBO notes, "during the past 50 years, deficits have averaged 1.5% of GDP when the economy was relatively strong (as it is now).""
According to the latest report from the nonpartisan Congressional Budget Office, the federal government will spend $1 trillion more than it collects during this fiscal year. Put another way, it is shelling out about $4 for every $3 it is taking in. In fact, CBO projects annual deficits topping $1 trillion as far as the eye can see.
President Donald Trump hailed the American economy Tuesday night as evidence that "the state of union is stronger than ever before," It was a shrewd, if exaggerated, boast.
Trump is up for reelection, and no president in modern times has been denied a second term with such robust economic numbers.
With historically low unemployment and surging stock markets, 75% of Americans agree that the economy is in good shape, and just over half say Trump's policies are "strongly" or "somewhat" responsible.
You can't fault Trump for touting his economic record, but there's another aspect to it that, like impeachment, went unmentioned during the address: deficits and debt. Under Trump's leadership, the government is running up red ink at rates typically seen only during recessions and war.
According to the latest report from the nonpartisan Congressional Budget Office, the federal government will spend $1 trillion more than it collects during this fiscal year. Put another way, it is shelling out about $4 for every $3 it is taking in. In fact, CBO projects annual deficits topping $1 trillion as far as the eye can see.
This year, the government will spend $382 billion just to pay interest on the national debt. By the end of the decade, debt service is forecast to reach $819 billion. That's money that could otherwise be used to rebuild the nation's crumbling roads, bridges and water systems — the sort of infrastructure improvements that both parties cheered during Trump's speech.
Tax cuts have sliced into revenue; Trump's massive 2017 tax cuts have sliced into revenue and surely haven't paid for themselves, as supporters claimed they would.
The hope was that businesses would spend their tax savings on factories and create still more jobs. Instead, much of the windfall went toward stock dividends or buybacks that benefited wealthy investors.
Projected deficits rise from 4.6% of gross domestic product in 2020 to 5.4% in 2030. By comparison, the CBO notes, "during the past 50 years, deficits have averaged 1.5% of GDP when the economy was relatively strong (as it is now).""
Feb 6, 2020 10:45:30 #
Feb 6, 2020 10:52:58 #
LWW wrote:
Awwww ... leftists concerned about the debt is so cute.
And you not. How Trump like.
Feb 6, 2020 11:06:41 #
BigWahoo wrote:
And you not. How Trump like.
Funny, you said nothing when Obama ran the National debt up more than all other presidents combined...
https://checkyourfact.com/2019/02/26/fact-check-obama-debt-presidents-combined-double/
Feb 6, 2020 11:07:44 #
And these deficits will be used to justify rolling Social Security and Medicare benefits back. Those payroll deductions were ‘premiums’ we paid over the years. Those who are old enough pay a monthly premium for Medicare. So Trump is just stealing your money.
Feb 6, 2020 11:19:59 #
John_F wrote:
And these deficits will be used to justify rolling Social Security and Medicare benefits back. Those payroll deductions were ‘premiums’ we paid over the years. Those who are old enough pay a monthly premium for Medicare. So Trump is just stealing your money.
Hmmm, you do realize the outsized portion of our debt that these programs represent, right?
https://www.cbo.gov/content/what-difference-between-mandatory-and-discretionary-spending
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