When Republicans are in power, they act like Democrats. When Democrats are in power, they act like Republicans. Both parties whine about the other, nothing gets done, and the nation’s fiscal picture deteriorates.
That’s life in Washington, even if a supposed trailblazer like Donald Trump is sitting in the White House.
The non-partisan Congressional Budget Office (CBO) stated that the GOP tax cuts will help increase the budget deficit, worsening the federal government’s financial situation.
According to the CBO, the federal deficit will balloon to $804 billion in fiscal year 2018, up from $665 billion in fiscal year 2017. The budget deficit is then projected to surpass $1 trillion by 2020. The CBO forecast projects a cumulative deficit of $11.7 trillion for 2018-2027
Unfortunately, that’s only the beginning.
The national debt is poised to top 100 percent of the gross domestic product (GDP) by 2028, up from the current 77 percent.
“That amount is far greater than the debt in any year since just after World War II,” the CBO said.
Meanwhile, the real GDP is anticipated to grow by 3.3 percent in 2018, 2.4 percent in 2019, and 1.8 percent in 2020. The CBO added that these growth rates will not offset the budget deficits.
If the U.S. government maintains the status quo, the CBO warns:
“In that scenario, far larger deficits and much greater debt would result than in CBO’s baseline projections for the 2019–2028 period. Deficits would be larger by an average of a full percentage point of GDP, rising by a total of $2.6 trillion to yield a cumulative deficit of nearly $15 trillion over that period. And debt held by the public would reach about 105 percent of GDP by the end of 2028, an amount that has been exceeded only once in the nation’s history. Moreover, the pressures contributing to that rise would accelerate and push debt up even more sharply in subsequent decades.”
Of course, the Democrats and other leftists will suddenly declare their concern about spending and deficits. They will decry the Trump budget and argue that fiscal responsibility needs to return to Washington – as if that happened under former President Barack Obama. Senator Chuck Schumer is already doing this.
“The CBO’s latest report exposes the scam behind the rosy rhetoric from Republicans that their tax bill would pay for itself,” Schumer said in a statement.
The American people shouldn’t fall for this yet again.
I think children can do better than these donkeys and elephants!