US national debt – there was only a brief reference to this in today’s news but THIS IS A BOMBSHELL!

President Donald Trump managed to bankrupt several businesses prior to becoming President. It looks like he is now on his way to bankrupting the US economy. Now it has always been the norm for the Republican Party to lambast the Democrats on frittering away millions of public money. If you look at this photo, you can see Pence, McConnell and Ryan et al. all smiling as Trump announces his massive $1.5 trillion tax cuts that are going to ruin the US economy over the longer term. How did it come to pass that it is now the Republican Party who are no longer the fiscally responsible party in the US?

US annual budget deficit forecast to hit $1 trillion

Donald TrumpImage copyright GETTY IMAGES
Image caption Donald Trump and his fellow Republicans celebrate passing $1.5 trillion in tax cuts 

The US is heading for an annual budget deficit of more than $1 trillion (£707bn) by 2020 following tax cuts and higher public spending, according to the Congressional Budget Office.

It said that while the measures will temporarily boost the US economy, they will exacerbate its long-term debt.

The agency said US debt could rise to a level comparable to World War II and the financial crisis.

It warned that it would have “serious negative consequences” for the US.

Read more

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s