I remember when conservatives, Republicans, use to harp and rant about the debt and fiscal policies….those days are gone just recently the new tax cuts will explode the deficit and expand the debt that the GOP use to guard heavily. According to Congressional Budget Office estimates, the bill will add more than $1 trillion to the national debt over the next decade. The annual deficit for fiscal 2017 was $666 billion, or 3.5 percent of the overall U.S. economy. That share, because of the tax bill, will now increase, though by how much is a matter contentious debate.
The news about the state of the debt was released…….
The US spends far more on its military than any other nation on Earth, but very soon, it will not be the top expenditure of the US government. Rather, rising interest rates and years of mounting debts mean that soon, interest on the debt will overtake that.
Interest costs will be $390 billion next year, and more than $900 billion within a decade, according to the Congressional Budget Office. At present, US military budgets are in the $700 billion range, and themselves constantly growing.
Somewhere, these two growing lines will intersect, and the runaway military spending is a big reason why. There simply is no way for US to keep pouring substantial portions of a trillion dollars down the well annually for the military without borrowing, and that debt is just growing.
The US debt is huge, and that is in no small part because of decades of runaway military spending, and trillions dumped into nuclear weapons. Lawmakers largely are not interested in this matter right now, likely reflecting their unwillingness to cut military spending to try to get the debt back in line.
And the Trump GOP wants another round of tax cuts…..are these toads serious?
Yes they are!
With the nation’s attention rightly transfixed by the Senate GOP’s monstrous efforts to ram through a Supreme Court nominee who has been credibly accused by multiple women of sexual assault, House Republicans on Friday voted overwhelmingly to approve another $3 trillion in tax cuts for the wealthiest Americans just weeks before the November midterms.
If the last round of cuts exploded the debt then what will another round do?
If you did not know about this end run by the GOP then you can thank your local media for the lack of coverage.
But if you are such a slow learner that you think the GOP tax cuts are a good thing…..then you are a moron or a wealthy person that is making out like a bandit….but for the wider picture of the cuts…..
Tax Day has come and gone. How are those cuts working out?
Spoiler alert: They’re not. Republicans sold their rush-job bill as a way to boost an already strong economy; my colleague Holden Miller boasted they would be jet fuel for growth and touted the year-end bonuses and wage growth so many got.
I argued that most people weren’t seeing increased paychecks, that the bonuses were one-time and heavily concentrated in a couple industries, and that they weren’t lifting up the economy as promised. Actually, in the long term, they’re putting an already strong economy at risk.
Every month we get more fresh evidence of that.