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

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A159
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« on: October 23, 2017, 03:11:49 pm »

You know something(s) will be squeezed in order to bring this particular projected rise in debt down. Its time to sweat it.




https://www.msn.com/en-us/money/markets/trumps-shiny-tax-cut-plan-has-a-dollar15-trillion-problem/ar-AAtX4YM?li=BBmkt5R&ocid=spartanntp
CNBC
John Harwood
3 hrs ago

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.

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If so, GOP tax and budget plans would require the government — already projected to borrow another $10 trillion over the next 10 years — to borrow even more as Baby Boomers draw their checks. If the economics profession proves more accurate than Trump, the national debt will grow higher as the economy grows, not lower.
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« Reply #1 on: October 23, 2017, 03:52:20 pm »

Start trimming the military budget.
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« Reply #2 on: October 26, 2017, 02:26:14 pm »

I've called for that for many yrs. It's one of the most obvious $$$$ wasters. But, don't look for that to really happen anytime soon, if ever, in our lifetime. The profiteering MIC is here to (stay) gouge the taxpayer.
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« Reply #3 on: October 30, 2017, 04:32:03 pm »

They probably think they can save that much by lopping off the old and the sick from the budget. When that doesn't work, they'll blame the liberals.
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