Trump’s Tax Plan Is a Reckoning for Republican Deficit Hawks
....The Congressional Budget Office projects that the federal debt will grow by $10 trillion over the next decade. By 2027, the deficit could reach $1.4 trillion, or 5 percent of the economy, it says.
The office’s predictions have been off before, and the impact of tax cuts on the economy is a matter of debate, as so many variables determine a country’s economic fortunes. But tax historians and veterans of previous tax fights are quick to point out that lower rates are not necessarily a panacea for slow growth.
“This is fool’s gold that you’ll cut taxes, everybody will work harder, more money will come and you’ll erase the fiscal impact,” said Steve Bell, who was a Republican staff director of the Senate Budget Committee from 1981 to 1986. “It never happens....”[/quote]
https://nytimes.com/2017/04/26/us/polit ... google.ca/$1:
Economists Fear Trump’s Tax Plan Only Heightens a ‘Mountain of Debt’
...During his campaign, Donald J. Trump embraced the cause of fiscal responsibility and accused President Barack Obama of shackling the country with a “mountain of debt.”
Mr. Obama “doubled our national debt. Doubled it,” Mr. Trump claimed in a speech in Virginia Beach.
Then on Wednesday, Mr. Trump unveiled the outlines of his much-anticipated tax overhaul, calling for steep tax cuts with only modest offsetting revenue increases. Economists I spoke to this week estimate it would add trillions to the national debt over the next decade.
“We’ve only done the rough numbers, but this looks like a tax cut of a magnitude of about $5 trillion,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a bipartisan advocacy organization for fiscal responsibility. “That is simply unimaginable given our fiscal situation and the size of the deficit, which is already the worst since World War II.”
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https://nytimes.com/2017/04/27/business ... google.ca/So for those keeping score, Trump moves to balloon the debt and deficit
like every Republican before him.
Meanwhile Wynne delivers a balanced budget. That must be driving the usual suspects here insane.
For all their talk, Republicans have absolutely NO TRACK RECORD of fiscal responsibility. Even here in Canada, the Ontario conservative record is no better than the Liberal record and federally they are much worse. For a party that zealously shrieks that balanced budgets at all times are an absolute necessity, conservatives sure have a shitty track record of obeying their own religion.
They're kind of like the kid who strikes out every time he's at bat but claims to be the best player on the team and everyone else sucks in comparison. They have all the authenticity of an Islamic extremist who secretly spends his free time eating pork chops and being the submissive in a bisexual all-Jewish orgy. More accurately, they're like the guy who strikes out with women every single night of the week but then claims to be an "alpha male" and gods gift to the "inferior sex" and who habitually sexually harasses every attractive woman within arms reach while claiming to be a gentleman.