One big problem: The government needs more revenue as it is — a lot more. The biggest reason is as simple as it is inevitable: Millions more Americans retire each year to go on Social Security and Medicare.
In January, the Congressional Budget Office projected a 2018 budget deficit of $487 billion, rising to triple that size by 2027. The cost of benefits for aging baby boomers propel those rising deficits.
Opinion: Not Reagan. The tax cut plan comes at a time when government spending is at an all time high. Last week Reuters reported that the U.S. budget deficit widened to $666 billion for the fiscal year 2017 as record spending more than offset record tax receipts.
Record spending + Record deficits + Record need for tax revenue = Tax cuts? Really?
I probably wrote 100 or more posts on Obama’s spending frenzy. I quoted him calling George Bush’s spending as un-American while Obama doubled it.
But this is different. This time Americans are cheering the tax cuts and ignoring deficits and debt. No more cries about ‘kicking the can down the road’. No more worries about ruining the future of our children and grandchildren and no more talk of the US being bankrupt.
Now its buy, buy, buy, which should be bye bye.
The Zimbabwe stock market soared from 2000 to 4 million in 2 years:
The only problem is it cost $50,000 to buy a loaf of bread- much like Revelation 6:5-6.