Reply to post: Re: I don't get it

Republican tax bill ready to rescue hard-up tech giants, struggling rich

DougS Silver badge

Re: I don't get it

Yes, tons of debt was added during Obama's administration. All the more reason to actually CARE about it now, and not decide that we should add another $1.5T to it on the hope that economic growth will magically pay for it (which it provably didn't for Bush's tax cuts)

The CBO already estimates based on Trump's budget wanting big defense spending increases that the deficit will top $1T per year in FY 2021, and continue to grow beyond that. If he's in office eight years (which thankfully looks extremely unlikely) he would easily beat Obama's record for adding to the debt.

Also don't forget, if the economic growth being wishfully projected by republicans comes to pass, interest rates will have to rise, and fast. Then the interest expense on our outstanding debt starts rising FAST so strong economic growth could actually be worse for us than the tepid growth we've had the past seven years.

Trump knows a thing or two about interest rate increases causing problems for outstanding debt, it caused multiple bankruptcies in his businesses in the 90s where he was saved only by huge loans and guarantees from his father - that part is a matter of public record. There are also rumors his entire empire came very close to going under in the aftermath of 2008 - and that perhaps that's the reason he 1) won't release his tax returns and 2) he was rescued by dirty Russian money which is what enables Putin pull Trump's puppet strings.

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