Thanks to the Trump/Republican tax cuts, the national debt is now increasing at the fastest pace in American history (details here). That means by this date next year, the national debt will have increased by at least a trillion more dollars.
Vanity Fair magazine published a snarky piece earlier this week about this debt explosion with the title "Republicans Are Spending Money Like Marie Antoinette with a Black Card" (link here).
The article begins: "Once upon a time -- as in, prior to January 20, 2017 -- any Democrat to utter the phrase 'domestic spending' was immediately silenced by a Greek chorus of G.O.P. lawmakers squawking about the deficit. In 2009, when the Senate passed a $787 billion economic stimulus measure to combat the financial crisis, Senate Majority Leader Mitch McConnell called the vote 'one of the most expensive...in history,' and added, 'Americans are wondering how we’re going to pay for all this.'"
In 2009, a tax cut was badly needed to jump-start the stalled economy after one of the worst recessions in a century, but Republicans in Congress balked. In 2018, when the economy is purring along fine, the GOP developed collective amnesia and passed a much more expensive tax cut.
There's no other way to say it: the Republicans are shameless with their staggering hypocrisy.
So back to Trump's 2016 promise. No one has asked him lately if he still plans on honoring that pledge to eliminate all debt or if that was just another big fat lie.
It's pretty clear, however, that Trump has no real clue how deficits and debt work. Last October, for instance, he made the nonsensical claim that a rising stock market will wipe out the national debt (details here). Of course it won't.
The man has an undergraduate degree from Wharton but attended at a time when it was easy to pay a starving graduate student to do your papers and take your exams. And Trump bragged repeatedly before he entered politics that he never attended class nor read the required textbooks.
It's no wonder he filed for bankruptcy six times. He doesn't understand basic finance.
A man like that should be kept as far away from the Oval Office as possible.
You hit the nail on the head when you wrote "the Republicans are shameless with their staggering hypocrisy." Actually, they are shameful.
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AAAAAMEN!
ReplyDeleteWhen USA is named the richest country in the world, well this is a bit a lie.
«45» is shoveling your debt to the younger generations in the future to pay for. With his negative views on immigration, REAL Americans will struggle to pay back on his desilusional foolish ideas.
The difference between Canadian and American way of life stands on our way to work our domestic every day spending.
I went to USA many times and I was flabbergasted that in your so call advanced country, credit cards are so much used. No way I could use my «debit card» to pay anywhere.
Here in Canada, using debit cards to pay the grocery, clothes or restaurant is the normal way to assure you spend with the money you have in your banking accounts. We use credit cards when it's necessary and try to avoid it as much as we can.
No surprising that at the highest level of government in USA you spend too much in regard of what income money will NOT come in.
Trumpty Dumpty NEVER had to be careful about MONEY and even bragged about it but now, he's in office and he's a real danger for USA's economy.
It's time you STOP that ignorant and foolish man.
Que se puede esperar semejantes hipócritas que solo les interesa su bienestar a costa de los demás. Después que este chico se tome el café lo esperamos en la cama. Amigo venezolano,Cucuta
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