Republican control of government has now produced a
ten-year outlook likely to push publicly held national debt close to $30
trillion by 2028. Debt as a percentage of the economy would be the highest
since 1946 and perhaps the highest ever recorded - depending on how much of the
tax bill is extended.
With total debt climbing to 100 percent of GDP one can
only imagine the consequences. Higher interest
rates? Competition crowding-out private
investment? Economic stagnation?
Uncharted territory.
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The GOP hasn't been the party of fiscal pragmatism for some time now. The brazenness in which they operate has reached a level unseen. Complete disregard of science, the public will, and economic reality. We are at the beginning of our own "Lost Decade". But since I am a sole prop, I get a nice 20% tax cut next year, that I don't need, didn't ask for, and will generate little economic activity. Going in the bank account. Bob Corker said it best: "I hope that is not the case, I hope there’s other data to assist, whether it’s jobs or growth or whatever." Let's all raise our glasses to being saved by whatever.
ReplyDeleteBob Corker has a case of buyer's remorse.......
ReplyDeletehttps://www.washingtonpost.com/news/wonk/wp/2018/04/12/sen-bob-corker-says-the-gop-tax-law-may-be-one-of-his-worst-votes-if-new-report-is-correct/
Of course it was. It was rushed legislation to say nothing of the fact that it was a hair-brained idea from the get-go. Allowing pass-through businesses to shield 20% of their earnings from taxation is absolute lunacy. Pair this with a gigantic increase military spending and there is nothing to do but scratch your head.
ReplyDelete