FILE PHOTO: The U.S. Capitol building is seen in Washington, U.S., February 8, 2018. REUTERS/ Leah Millis
Trump and the Republicans promised that their tax cuts for the rich would pay for themselves, but a new CBO analysis revealed that deficit is going to balloon under Trump.
Reuters reported, “Despite stronger-than-predicted economic growth ahead, the CBO said the deficit will grow to $804 billion in fiscal 2018, which ends on Sept. 30, up from $665 billion in fiscal 2017. The deficit is how much Washington’s spending exceeds its revenues. CBO forecast 3.3 percent growth in 2018 in gross domestic product, a broad measure of the economy, and 2.4 percent GDP growth in 2019. In the next few years, deficits will “grow substantially” before stabilizing in 2023, resulting in a projected cumulative deficit of $11.7 trillion for 2018-2027, the CBO said.”
In a statement provided to PoliticusUSA, Senate Democratic Leader, Sen. Chuck Schumer (D-NY) said, “The CBO’s latest report exposes the scam behind the rosy rhetoric from Republicans that their tax bill would pay for itself. From day one, the Republican agenda has always been to balloon the deficit in order to dole out massive tax breaks to the largest corporations and wealthiest Americans, and then use the deficit as an excuse to cut Social Security and Medicare. The American people deserve a Congress that is focused squarely on helping the middle class, not patronizing Kabuki theatre –like sham ‘balanced budget’ votes – from Republicans who blew up the deficit to benefit wealthy special interests.”
The Republican theory of the tax cut paying for itself was a big lie. The Republicans theorized that they would give a massive tax cut to the wealthy and corporations who would then take that money and reinvest back into the economy which would spur growth and increase wages and jobs. What has actually happened is that the wealthy and corporations took the money used to buy back stock or pay down debt, and sat on the rest.
The tax cut will take more money out of the economy that it will bring in. This is why the deficit is going to blow up in the years to come.
The Trump tax cut was built on a scam. The con is imploding, and Republicans will pay for their deception at the ballot box in November.
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