“US deficit to approach $1tn after Trump tax cuts and spending bill, CBO says” – The Guardian

crash rats

And here’s what we’ve all known all along: the United States is headed to a fiscal precipice that’ll lead to economic ruination for most Americans.

“Congressional Budget Office says economic growth from tax cuts will only partially offset deficit cost, despite White House claims” – The Guardian

Though only a few months ago, these “take care of ourselvers” promised the economy would become “rock solid.” And while the economy is growing, government spending is outpacing it. “America’s return to $1 trillion deficits is a big problem for you.”

According to the Congressional Budget Office, “If current laws governing taxes and spending generally remained unchanged, the federal budget deficit would grow substantially over the next few years, CBO projects, with accumulating deficits driving debt held by the public to nearly 100 percent of GDP by 2028. That amount would be far greater than the debt in any year since just after World War II.”

Remember the rats, weasels and other swamp critters in Wonderland want to stop-gap fix this by whacking away at social security benefits, Medicare, Medicaid and other “non-rich” folks’ “entitlement payments.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s