Thanks to Trump, government borrowing leaps to $1 trillion this year

Jump to Last Post 1-1 of 1 discussions (5 posts)
  1. promisem profile image98
    promisemposted 8 months ago

    Trump's new tax law that deeply slashes taxes on rich people and large corporations will force an 84 percent increase in government borrowing this year to nearly $1 trillion.

    https://www.washingtonpost.com/news/won … 3d92970ec3

    As a fiscal conservative and former Republican, I'm appalled once again at the total corruption of the Republican party and its principles. The party serves only the rich to the detriment of our country.

    How can anyone support the GOP and Donald Trump while claiming to be a conservative?

    1. wilderness profile image97
      wildernessposted 8 months agoin reply to this

      Odd.  All the projections I've seen are that it will increase the national debt by 1.5T in 10 years: that doesn't fit very well with 1T in the first year.

      But whether it's an accurate guess or not, seems that we badly need to cut spending, doesn't it? 

      (Was there a reason that the tax cut for the middle class wasn't included in the reasons for additional debt?)

      1. promisem profile image98
        promisemposted 8 months agoin reply to this

        The article refers to borrowing in a single year. The total increase in borrowing is $426 billion. To your point, it begs the questions of whether the debt estimates were too low.

        To my point, do you think the tax law is fiscally responsible if the national debt skyrockets?

        Yes, there is a reason that I didn't mention the middle class. Their tax benefit isn't meaningful.

        The $50,000 to $75,000 range will see an average tax change of $870.

        Millionaires on average will get an extra $69,660 boost. Those with less than $10,000 will get an extra $10 to play with.

        https://usercontent1.hubstatic.com/13893952.jpg

        1. wilderness profile image97
          wildernessposted 8 months agoin reply to this

          "To my point, do you think the tax law is fiscally responsible if the national debt skyrockets?"

          Possibly.  Don't forget, we're not operating under Trump's budget, but that of Obama.  Let's see what next year's budget (and actual spending) is before we make the call that a tax cut was fiscally irresponsible.  As well as what actual tax receipts this year are.

          "Millionaires on average will get an extra $69,660 boost. Those with less than $10,000 will get an extra $10 to play with.

          So 10000 millionaires get an extra $70,000.  And 100 million middle class wage earners gets 1,000.  Which one adds more to the debt?  (Hint: one is measured in the millions and the other in the billions.  And it isn't the millionaires that are in the billions.)

          (not that I believe that 70,000 figure; the median millionaire has 1.6M in wealth and earns $250,000 on the average.  Even if their tax bill is cut in half (it wasn't) then they DID owe $140,000, or 56% in federal taxes.  Didn't happen.  And the earner with 10,000 income got exactly zero as they didn't owe anything anyway.)

    2. Eastward profile image91
      Eastwardposted 8 months agoin reply to this

      I'm pretty skeptical of anything written in the Washington Post and generally try to avoid it as a news source. The CBPP appears to have a reasonably diverse board of directors -- though I'd have to put in significant due diligence to dispel biases. With the top 1 percent receiving 34% of total benefits, I have a feeling that our corruption problems will only deepen. More laws will serve profiteers rather than the American people, leaving us deeper in debt with a weaker dollar. I see a lot of argument lately that the Fed can print all the money it wants and that we can never go broke as a country. While that may be true in a way, if we have dollars being printed willy-nilly, we'll be lucky if they are worth the cost of the paper.

 
working

This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
Necessary
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Features
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Marketing
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Statistics
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)