Host Stephanie Ruhle brought up the president’s insistence that his tax cut will generate enough economic growth to pay for itself. “We know it takes time for that to happen,” she said. “But why aren’t we seeing it yet?”
“Because it’s not going to happen,” replied Salmon as Ruhle groaned audibly. “No one believed that when they insisted it. No one believes it now.”
“That’s not true,” she shot back sarcastically. “Republicans did.”
“We have seen actually that national debt increasing much faster than even the pessimists thought it would when the tax cut was passed,” Salmon continued, pointing to “massively” slower corporate earnings.
“All of this amazing new growth we were promised from the tax cuts isn’t happening. It’s like a single one-shot sugar high which increases the debt in perpetuity without really giving us anything sustainable.”
Note EU-Digest :
- The US national debt topped $22 trillion in February, and it's the first time the debt has ever hit that threshold.
- The record follows a year in which the budget deficit was $779 billion, the highest since 2012, and the amount of debt issued topped $1.3 trillion, the most since 2010.
- A debate is growing around how much the nominal amount of government debt really matters to the economy.
- Spreading out the debt over each US tax payer would put every US taxpayer in debt by $ 134, 838;000
Read more: Financial experts debunk Trump’s tax cut mythology as the national debt explodes | Salon.com
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