Thanks to the Trump tax cuts for the rich and the corporations they control, the federal debt is growing faster than dandelions in spring,
a report Tuesday from the Congressional Budget Office (CBO) warned.
That’s a complete reversal of what candidate Trump promised voters.
Trump ran for office denouncing the federal debt as dangerously high and asserting that he could pay it all off in eight years. Instead, his tax cuts, together with profligate military spending—far more than the Pentagon says it needs—are growing our government’s debt.
“If current laws generally remained unchanged, CBO projects, growing budget deficits would boost that debt sharply over the next 30 years,” the new report stated. “It would approach 100% of GDP by the end of the next decade and 152% by 2048. That amount would be the highest in the nation’s history by far.”
Assuming the individual cuts are extended for the full 10 years, the Trump tax cut law will add not $1.5 trillion or the revised estimate of $1.7 trillion to our national debt, but about $3 trillion. Add in increased military spending, and the additional debt will soar to nearly $4 trillion–a more than 25% increase from when Trump took office.