The "biggest problem of the decade."
This LA Times headline says it all. How will the U.S. pay for the GOP tax scam that gives 83% of the tax cuts to the top 1%? With a $1.8 trillion price tag and enormous risks to the economy.
Key excerpts:
Key excerpts:
“The tax cuts championed by President Trump are pushing the nation toward an unprecedented level of debt, heightening the risk for another financial crisis, according to the nonpartisan Congressional Budget Office.”
“The budget office’s annual look at the government’s long-term financial outlook paints a grim picture, projecting soaring deficits in the coming years, with debt ultimately peaking at more than 152% of the nation’s gross domestic product.”
“The biggest problem in the coming decade stems from last year’s tax cut. It is estimated to increase the deficit by more than $2.3 trillion over that period.”
“The spiraling price of providing subsidized healthcare and Social Security for the nation’s aging population adds to the problem, the budget office said.”
“The national debt is projected to surge upward, bringing the nation into uncharted territory unless the government adopts far-reaching policy shifts that could include deep cuts in spending on entitlement programs or significant tax increases.”
“The heavy level of debt is already taking a toll on taxpayers. The report projects that government borrowing costs are on track to exceed the amount the government spends each year on Social Security.”
“The budget office’s annual look at the government’s long-term financial outlook paints a grim picture, projecting soaring deficits in the coming years, with debt ultimately peaking at more than 152% of the nation’s gross domestic product.”
“The biggest problem in the coming decade stems from last year’s tax cut. It is estimated to increase the deficit by more than $2.3 trillion over that period.”
“The spiraling price of providing subsidized healthcare and Social Security for the nation’s aging population adds to the problem, the budget office said.”
“The national debt is projected to surge upward, bringing the nation into uncharted territory unless the government adopts far-reaching policy shifts that could include deep cuts in spending on entitlement programs or significant tax increases.”
“The heavy level of debt is already taking a toll on taxpayers. The report projects that government borrowing costs are on track to exceed the amount the government spends each year on Social Security.”