The Banker
Diamond Member
- Banned
- #1
The Bush and Trump tax cuts are the main reason for our out of control deficits as independent, non-partisan groups have estimated that they have added at least $10T to the deficit.
Republicans have the nerve to complain about deficits and even shut down the government, but their tax cuts and big spending bills are the reason the deficit is so large.
In 1993 Bill Clinton passed the deficit reduction act that raised taxes on the wealthy, cut military and other spending, and gave us the Bill Clinton balanced Budget.
GW Bush and Trump did the complete opposite of Bill Clinton and handed out trillions in tax cuts to the ultra wealthy and jacked up military and other spending massively. Bush and the GOP destroyed the balanced budget, ruined it with their policy, then Trump turned it into a $3T/yr deficit. In 2000 to start the Bush presidency we had a balanced budget, at the end of the failed Trump presidency we had $3T/yr deficits. Bush and Trump bankrupted America and their massive tax cuts to the ultra wealthy were the main reason why.
I bet Trump is going to have the same economic policy of more massive tax cuts that blow up the deficit even more. Then the republicans are going to try and blame the democrats for all the debt that the republicans create.
Republicans have the nerve to complain about deficits and even shut down the government, but their tax cuts and big spending bills are the reason the deficit is so large.
In 1993 Bill Clinton passed the deficit reduction act that raised taxes on the wealthy, cut military and other spending, and gave us the Bill Clinton balanced Budget.
GW Bush and Trump did the complete opposite of Bill Clinton and handed out trillions in tax cuts to the ultra wealthy and jacked up military and other spending massively. Bush and the GOP destroyed the balanced budget, ruined it with their policy, then Trump turned it into a $3T/yr deficit. In 2000 to start the Bush presidency we had a balanced budget, at the end of the failed Trump presidency we had $3T/yr deficits. Bush and Trump bankrupted America and their massive tax cuts to the ultra wealthy were the main reason why.
I bet Trump is going to have the same economic policy of more massive tax cuts that blow up the deficit even more. Then the republicans are going to try and blame the democrats for all the debt that the republicans create.
Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio
Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.
www.americanprogress.org