House Passes Historic Debt Increase

http://www.crfb.org/press-releases/house-passes-historic-debt-increase

As per the Committee for a Responsible Federal Budget, this experiment has been tried and it failed:

“The last time Congress added 10-figures worth of tax cuts to the debt in 2001, it blew a hole in the budget and helped erase our surpluses — despite claims that economic growth would cover the cost. The growth fairy did not appear then, and it would be unwise to assume she will this time around.”

Today however, the experiment could be ruinous:

“When the tax cuts of 2001 were passed, debt was 31 percent of GDP, the nation was running budget surpluses, and we were on track to pay off our debt. Today, debt is 77 percent of GDP — higher than any time in history other than just after World War II.”

What should we expect?

“Instead of trickling down economic growth, the House plan will unleash a tidal wave of debt that will ultimately slow wage growth and hurt the economy.”

Reality show 2018: Mr. Trump and your Rep. followers ‘YOU ARE FIRED’

https://ethicsalarms.files.wordpress.com/2017/01/donald-trump-youre-fired.jpg?w=576&h=272

 

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About D. Posnett MD

Emeritus Prof. of Medicine at Weill Cornell Medical College
This entry was posted in Tax Reform, Trump, Uncategorized and tagged , , , . Bookmark the permalink.

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