Skip to content
Search AI Powered

Latest Stories

We Now Know the True Cost of the Trump Tax Cuts, and Yep, They Were a Total Con Job

We Now Know the True Cost of the Trump Tax Cuts, and Yep, They Were a Total Con Job
US President Donald Trump speaks alongside Republican Speaker of the House Paul Ryan and Republican Senate Majority Leader Mitch McConnell at Camp David in Thurmont, Maryland, January 6, 2018. (Photo by SAUL LOEB/AFP/Getty Images)

Contrary to what was promised by Republicans.

In 1946, the United States was recovering from World War II. Many products that fueled the American economy, redirected toward the war effort, had yet to recover in a post-war world. And the war had been expensive.

It's understandable then, that 1946 produced a record 106 percent federal debt to gross domestic product (GDP) ratio. That record has stood, as have those of the years immediately after WWII, for over 50 years.


In 2018, we're not involved in a world war. We aren't recovering from a world war that redirected vast amounts of American industry and workers toward production of materials for a war effort.

But in 2018, we're on track to beat those post WWII debt records.

That projection comes from the Congressional Budget Office (CBO).

The CBO, a nonpartisan resource for budget and economic information, reports by the end of 2018, the USA's debt to GDP, a measurement of the US economy, will reach 78 percent. The last time our debt reached that level was 1950 during the recovery from WWII.

And by 2028? America is headed for 96 percent debt to GDP with a trajectory to exceed that 1946 high of 106 percent.

But why, when we're not in a war recovery cycle, would our debts soar so high, eventually eclipsing our economic growth?

Remember the Republican tax plan that President Donald Trump and GOP leaders Paul Ryan and Mitch McConnell pushed? Recall the GOP tax plan, giving tax cuts to corporations and the highest income brackets, that would pay for itself and bring industry back to the United States and create jobs?

Turns out, it was not as advertised according to the many financial analyses done before and after Trump's tax cuts took affect. Turns out the dire warnings about what those tax cuts for the wealthiest and most profitable would do, they actually are doing.

The economy has continued to climb at the levels projected during the administration of President Barack Obama, where the deficit shrank again after growing under President George W. Bush who took over a shrunken deficit courtesy of President Bill Clinton.

In fact, despite the fiscally conservative rhetoric of Republicans, their watch produced the largest deficit growths while Democratic presidents have shrunk the deficit, going back to President Ronald Reagan.

Unfortunately the economic upturn inherited from Obama can't outdistance the debts being created by the current GOP led White House and Congress. And the trade wars Trump started with China, the EU, Canada and Mexico are not projected to help US economic growth either.

So the Trump slump is no great surprise, since the GOP currently holds the White House and both houses of Congress. But the record breaking debt is extreme even for a Republican presidency.

Some are wondering if it's due to Trump's own business style of racking up debts then walking away from them through bankruptcy proceedings. Unfortunately that business model doesn't work for a country.

November is still over 4 months away. The GOP can only hope voters have short memories when they campaign on issues of the economy.

More from People/donald-trump

Screenshot of Sanae Takaichi and Donald Trump
MS Now

Room Goes Silent After Trump Makes Super Tone-Deaf Joke To Japanese Prime Minister About Pearl Harbor In Shocking Video

The audience in the Oval Office went silent after President Donald Trump made a tone-deaf joke about the attack on Pearl Harbor to Japanese Prime Minister Sanae Takaichi following a question about why he kept his attack on Iran a "surprise."

Trump was wrapping up a Q&A with reporters during a bilateral meeting with Takaichi when a Japanese journalist pressed him on why key allies—like Japan—were not notified ahead of the attack on Iran on February 28.

Keep ReadingShow less
Screenshots from @torimosser's TikTok video
@torimosser/TikTok

Woman Says Stranger On TikTok Helped Save Her Life After Dangerous Medical Misdiagnosis

It is far too common for women's health concerns to be dismissed in the United States, especially when it comes to chronic conditions and pain levels.

Diagnosed with several chronic conditions, 23-year-old TikToker Tori Mosser reflected on years of painful stomach cramps and painful episodes when she finally was able to share that she'd received a diagnosis: Cyclic Vomiting Syndrome (CVS).

Keep ReadingShow less
Images from u/South-Basket-887's post in the 'Mildly Infuriating' subReddit
u/South-Basket-887/Reddit

Landlord Sparks Debate After Warning Tenant About Leaving Small Appliances Plugged In

Many of us have had to live in a rented space at some point in our lives and had to deal with landlords, some of whom can be very imposing and let the power of having tenants go to their heads.

But most of us probably didn't receive special notes from our landlords detailing the little observations they noticed about our lifestyles while doing a surprise inspection.

Keep ReadingShow less
Mark Zuckerberg
Celal Gunes/Anadolu via Getty Images

Meta Is Shutting Down Its VR 'Metaverse' After Spending An Obscene Amount Of Money Building It—And People Are Roasting Mark Zuckerberg Hard

Meta CEO Mark Zuckerberg was roasted online after Meta announced they'll be shutting down Horizon Worlds, part of their virtual reality "Metaverse," this summer after spending close to $80 billion on the project.

The news comes five years after Zuckerberg declared the metaverse to be the future of Facebook, even renaming the company Meta to reflect that vision. In recent months, Meta cut roughly 10% of the workforce in its "metaverse" division and signaled a shift away from virtual reality for its flagship platform, Horizon Worlds, where users interact through avatars.

Keep ReadingShow less
Screenshots of Rand Paul and Markwayne Mullin
C-SPAN3

Video Of GOP Senator Picking A Fight With A Witness Replayed During Contentious Senate Confirmation Hearing

Kentucky Republican Senator Rand Paul confronted his GOP colleague, Oklahoma's Markwayne Mullin, President Donald Trump's pick for Secretary of Homeland Security, over his "anger issues," even presenting video evidence.

Earlier this month, Trump announced he will replace Kristi Noem as Homeland Security Secretary with Mullin. Trump said Noem will instead take on the role of Special Envoy to the Shield of the Americas, a newly created organization intended to foster a right-wing alliance across South America.

Keep ReadingShow less