That’s hillarious.
Reality Check: After Huge Tax Cuts, Revenues Increased. The Deficit is Spiking Because of Overspending.
Guy Benson| Posted: Nov 08, 2019 11:05 AM
FTA:
Federal tax revenues rose during the 2019 fiscal year as the economy grew, but spending increased by over $200 billion more, which is why the country ended up running a deficit approaching $1 trillion, according to Congressional Budget Office data released Thursday...Specifically, in the 2019 fiscal year, which ended Sept. 30, federal revenues increased by $133 billion (or 4%), but spending spiked by $339 billion (or 8%), driving up the deficit by $205 billion to $984 billion. Spending was driven by a $115 billion spike in the cost of Medicare, Medicaid, and Social Security, an additional $52 billion in interest payments on the national debt, and a $48 billion spike in defense spending.
To put a finer point on this, federal tax revenues increased by four percent in 2019, reaching the highest level in American history. Republicans cut taxes (every single Democrat voted no), the economy grew, employment soared, and the federal government is now collecting more money in tax revenues than ever before.