Friday, June 29, 2018

Trump's Policies Has Pushed The U.S. Toward It's Highest Debt Level Since WWII


Remember how Republicans endlessly railed against the national debt when President Obama had to use stimulus money to drag the U.S. economy out of the worst economic disaster since the Great Depression.

Yeah, about that.

Now that Republicans have their Dear Leader Trump in office they've suddenly been rendered mute in the face of his out of control spending and a 1.6 billion dollar tax cut even though he was handed a booming economy with a minuscule unemployment rate by that very same President Obama.

According to a new Congressional Budget Office report America’s fiscal outlook is on pace to be the largest in history by far with the debt-to-Gross Domestic Product ratio reaching its highest level since after World War II.

This despite Donald Trump's campaign promise that he would eliminate the national debt over his eight years in office.

The report projects that the debt would reach 78 percent of gross domestic product by the end of this year which would be the highest level since about 1950.

The CBO then estimated that by 2028, the national debt will be roughly the size of the entire U.S. economy due to the deficit spending done by Trump in his less than 2 year's in office...

"If current laws generally remained unchanged, the Congressional Budget Office projects, growing budget deficits would boost that debt sharply over the next 30 years; it would approach 100 percent of GDP by the end of the next decade and 152 percent by 2048,"

In other words due to Trump's new tax and spending laws combined with his inability or unwillingness to deal with the costs of programs like Social Security and Medicare skyrocket the amount the government pays in interest on money borrowed to make up for the gap to the point where it equals the all of the cash coming in.

No comments:

Post a Comment