Comments by "" (@DavidJ222) on "Zakaria: America's defense budget is out of control" video.
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The wheels have fallen off Republican claims (LIES) that Trump’s massive corporate tax cuts would pay for themselves by generating increased growth and government revenues over the next decade. Reminds me of Cheney's claim that the Iraq war would pay for itself. Republican voters fell for that one too.
“Not only will this tax plan pay for itself but it will pay down debt,” Treasury Sec Steven Mnuchin famously boasted (LIED) in September 2017.
The national debt surpassed $22 trillion for the first time last year, a milestone that experts warned is further proof the country is on an unsustainable financial path that could jeopardize the economic security of every American.
The Treasury Department reported the debt hit $22.012 trillion, a jump of more than $30 billion in just this month.
The national debt has been rising at a faster rate following the passage of Trump’s $1.5 trillion tax-cut package after a little more than a year. The nation has added more than $1 trillion in debt in the last 11 months alone.
Trump has quickened the rate at which the debt is growing by widening the deficit to finance his $1.5 trillion package of sweeping tax cuts for himself, his wealthy friends, big banks, and corporations.
Trump promised these tax cuts would pay for themselves by spurring on economic activity, but revenues have since stalled. Federal spending by the Trump administration is around 6.6 percent higher than it was before. In 2017, the national debt grew by 4 percent, according to CBO data, which excludes intragovernmental holdings. By the following year, Trump's second in charge, this had accelerated to 7 percent.
It's a similar story with the deficit. When Trump was elected in 2016, the size of the deficit measured as a portion of GDP was 3.2 percent. By the end of 2018 this had increased to 3.9 percent. The deficit is expected to hit 4.2 percent in 2019. It is on course to reach a nominal value of $1 trillion by the end of the year.
That increase comes despite the economy doing well, so yes, it can be attributed directly to his tax cuts for the wealthy, which clearly aren't paying for themselves, as most professional economists warned. Trump's tax cuts was nothing more than corporate welfare, OR, a tax cut for the swamp.
Trump thinks about the national debt as he does his own personal debt. A 2016 Fortune magazine analysis revealed Trump's business is $1.11 billion in debt. That includes $846 million owed on five properties. This is not surprising considering that Trump famously bragged about being the "King of Debt" along with the fact that Trump has filed for bankruptcy 6 times, and has relied on Saudi Royals, and Russian Oligarchs to come to his rescue and bail him out numerous times over the years.
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