GOP 'Credit-Card' Policies Rack Up $4 Trillion More In Debt - by David Cay Johnston

[DonViejo]

June 29, 2018 4:00 am

Thanks to the Trump tax cuts for the rich and the corporations they control, the federal debt is growing faster than dandelions in spring, a report Tuesday from the Congressional Budget Office (CBO) warned. That’s a complete reversal of what candidate Trump promised voters.

Trump ran for office denouncing the federal debt as dangerously high and asserting that he could pay it all off in eight years. Instead, his tax cuts, together with profligate military spending—far more than the Pentagon says it needs—are growing our government’s debt.

“If current laws generally remained unchanged, CBO projects, growing budget deficits would boost that debt sharply over the next 30 years,” the new report stated. “It would approach 100% of GDP by the end of the next decade and 152% by 2048. That amount would be the highest in the nation’s history by far.”

The most ominous part of the new CBO report examines how the individual tax cuts are, at least for the moment, temporary. They expire after seven years while the corporate tax cuts are permanent. The seven-year limit understated the real costs, as calculated using Congressional budgeting rules.

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http://www.nationalmemo.com/gop-credit-card-policies-rack-up-4-trillion-more-in-debt/

[marylandblue]

1. Reagan on steroids

The trick hasn't changed. Campaign against the deficit, then cut taxes and raise military spending. When the deficit rises, blame social spending.

[RKP5637]

2. Many Americans are still too damn stupid, ignorant, propagandized and innately stupid

to figure out what's going on ... and then they go vote in the worst they can find.

[Takket]

3. But those "tax and spend democrats" are the real problem

[marylandblue]

4. I call Republicans the party of "borrow and spend"

[Doreen]

7. I would rather call them the party of "steal and spend."

[duforsure]

5. He also promised a better more affordable health care plan ,

which once again he's intentionally destroying it with their tax scam bill alone it'll take 15-20 million off of the ACA, then add to that others things he and the GOP are doing cutting trillions out of Medicaid , Medicare, and Social Security. He does the opposite of what he promised to do. Look at the oil prices also that have skyrocketed under trump and the gop. We will pay for their tax scam with all programs , because they'll destroy them all for their donors tax windfalls.

[world wide wally]

6. Apparently the deplorables are happy to pay any price to their godly master

[Achilleaze]

8. republican "conservatives" is just another stinking republican lie

lie lie lie - the GOP party of lies

[populistdriven]

9. print this, add clear tape, trim & carry around

[Vinca]

10. This is the story being lost amongst the daily horrors of this administration.

I'm beginning to think President Art-of-the-Deal is going to carry out the same business model he used for decades on the United States of America: bankruptcy. And he does things on such a grand scale it might be too horrendous to clean up.