No matter what your political persuasion, you might wonder whether our Congresspeople are fiscally irresponsible, financially oblivious, intentionally misleading or are just merely telegraphing their future plans.
In December they voted in H.R. 1, the Tax Reform Act of 2017 which reduced taxes a little for some, but a lot for others. There is now a big hole in federal revenues.
Then they passed H.R. 1625: Consolidated Appropriations Act of 2018, which significantly increased expenses. Getting the picture? Revenues are down, expenses up.
According to the Washington Post the Congressional Budget Office reports, “America’s deficit is rising sharply and will surpass $1 trillion per year by 2020, a gap that has grown since Congress cut taxes and increased spending …”
Recently the International Monetary Fund was more pessimistic, “The U.S. debt-to-GDP ratio is projected widen to 116.9 percent by 2023 …” That means our ...
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