Trump’s shiny tax-cut plan has a $1.5 trillion problem

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CNBC: Congress is speeding toward a budget plan that, in the name of cutting taxes, lets the government collect $1.5 trillion less revenue for the next 10 years.

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:

Image result for The Zimbabwe stock market soared to 50 million.

The only problem is it cost $50,000 to buy a loaf of bread- much like Revelation 6:5-6.

 

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2 COMMENTS

  1. In the midst of our colossal debt, both public and private; and the extreme derivative exposure of the criminal banking system, no sensible explanation can be given why the stock market is ever soaring upwards aside from the printing of money in the form of bonds that are being scarfed up by the corporations. In most cases the corporate worth to stock ratio is the highest that it has ever been – in many cases upwards to 1 to 10. So if a run on the bank (they all invest in the stock market) happens one will be lucky to get 10 cents on the dollar. The elites and the banksters are counting on you to go even deeper in debt, thus collateralizing more of your you assets to aid in their “payback.” Stupid you if you fall for all their BS in the myriad TV commercials wanting you to procure another credit card, especially at 11 -15% when the banks barrow the money at less than 2%. Spending CUTS are what is needed, and the author is right on when questioning tax cuts at this late date!!! In this financial “House of Cards” only the Almighty knows which card will be pulled to collapse the entire world financial system. I believe it has to do with the rapture of the church and the cataclysmic happenstances that will follow – Revelation 13!! [What else is most important to this secular world of the lusts of the flesh and the pride of life?]

    • I am in agreement that the cataclysmic economic meltdown beginning in Revelation 6 is likely caused by the rapture of the church, thanks for mentioning.

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