Trump tax cuts and spending to result in $2 Trillion budget deficit by 2028

The tax cuts did cut revenue, naturally, but the ole GOP didn't sell it that way,,,,

 

That article says we are projecting for a 1% increase. Am I missing something?

 

Which is a decrease from what we would have had if we hadn't cut taxes to the extent we did. Sorry I wasn't clear I was talking about the overall picture.

As the article says, the rate of revenue growth is decreasing which is a contributing to the US hitting $1 trillion deficits sooner than expected with the tax cuts baked in. The article also mentions that the GOP controlled Congress's "routine" decision to further increased spending in tandem with slowing revenue growth is contributing.

 

Revenues were 3.25 trillion in 2015, 3.27 trillion in 2016, and 3.32 trillion in 2017. That's about a 2.1% increase over those years. So for me it's hard to project that revenues would have increased significantly if taxes stayed the same. Revs increasing by 1% or so is kind of in line with the past few years, but who knows maybe revs would have spiked to pay for the spending increase. I'm curious where most of the spending growth will come from in 2018. For those years I listed the major spending increases came from Social Security, Medicare, and what the CBO lists as "other" which is unemployment compensation, federal civilian and military retirement, vet benefits, earned income tax credit, SNAP, and some other mandatory programs.

 

Significantly is pretty subjective. It all depends on if revenue growth decline accelerates, a recession would certainly be unfortunate. Do you think timing matters with tax cuts?

Good question. However, I'm more interested in the overall direction we are headed. It seems the article notes a trouble trend is accelerating, it's not like we don't know we have an aging population.

 

Fiscally conservative ehh. Just imagine how much these same Aholes will scream about the deficit the next time a Democrat is in any sort of position of power.

 

What is crazy isn't the borrowing, it's when we are borrowing. Recessions are the time to borrow and run a deficit. When economic times are good like now, that is the time to start paying down the debt.

The Republicans just want to keep spending and also decrease the money coming into the govt. It is economic folly.

 

Wow! That would represent a MASSIVE increase over 2017 from $263 bln to $390 bln. That's a nearly 50% increase!

This is now getting into danger zone area with that kind of spike up. I'm curious who will actually step in and do something about spending.

 

It's the 2 Santa Claus Theory.

The Democrats have always been known as the Santa Claus party who want to give the American people things... healthcare, social security, etc., and the Republicans knew that was a problem since they knew they were historically the party that wants to roll back the goodies. So they created tax cuts as a way to create their own "Santa Claus" while taking away the Democrats "Santa Claus" because you can run up the deficit with things like tax cuts (which almost all the benefits go to their rich donors mind you), and then whenever a Democrat comes into power, you can scream at the top of your lungs about the Deficit, and tie the Democrats hands behind their backs to make cuts, or at least limit their "Santa Claus" initiatives.

it's actually quite smart politically, but morally corrupt.

 

Don’t look at how much Medicare will increase over the next ten years.

Timing huge tax cuts with spending increases was a deft move. Which politician will take the very popular position of cutting popular social programs after large tax cuts?

 

This is why GOP is the party of jokes and jokers right now.

 

Which is a shame since we really do need some fiscal conservatives to straighten out what’s coming down the pike.

 

It depends which tax cuts. I think the corporate tax cut will be positive and it makes America more appealing for corporations. I've been watching Bloomberg TV a lot lately and it seems that more than a few of the foreign commentators tend to agree with this, but time will tell. I did see Canada is a bit worried about the economic effects the American corporate tax cut will have on them. I think the repatriation of cash tax cut is positive and corporations have taken advantage of it. I think standard deduction increase is something that the Dems should have pushed since this helps out the lower end of federal income tax payers. IMO it should and could have been pushed up even higher and indexed for inflation. I think further reform with 401k's and IRAs would be good as well and this is another issue Dems should have pushed. For non-federal tax cuts I think lotteries should be banned, but this is a side issue.

Also, here's a fun game to play that fixes Social Security.

http://socialsecuritygame.actuary.org/#make-your-choice-now

 

Here, we have GOP for rich people, and the Demo party for poor people. No party cares middle class people who work hard, and pay more taxes to save the country.

 

As a nation we need to accept that theres no point in living past 70 if it's a burden to others. Euthanize to save the children of tomorrow.

 

I certainly agreed corporate tax cuts were needed but I think this Admin/Congress mismanaged the overall picture.

SSN is far less worrisome than rising healthcare costs with boomers retiring on top of that. I think how well we mange or mismanage our aging population obligations will be the biggest issue for developed nations. It's not just at the federal level, state and local pensions are scary. It's going to affect a lot of things.

 

Hey everybody! I'm going to propose 'Logan's Run' on an internet message board and pretend like I'm serious. I might even be pretending that to myself as well, but who cares, it will be fun to see what everyone else thinks.

Of course I'm trolling.

 

Its raw stupidity - the kind you put in yellow drums and tag toxic!

 

You watch too much TV. It's a great solution as well as having a 1 child policy in Latin America, Africa and rural Asia. Why do you think China is doing so well today, pulling far away from the US in GDP (PPP). Endless consumption and hoping for the best leads to destruction and desperation.