Posted on 04/28/2017 9:23:29 AM PDT by SeekAndFind
During his campaign, Donald J. Trump embraced the cause of fiscal responsibility and accused President Barack Obama of shackling the country with a “mountain of debt.”
Mr. Obama “doubled our national debt. Doubled it,” Mr. Trump claimed in a speech in Virginia Beach.
Then on Wednesday, Mr. Trump unveiled the outlines of his much-anticipated tax overhaul, calling for steep tax cuts with only modest offsetting revenue increases. Economists I spoke to this week estimate it would add trillions to the national debt over the next decade.
“We’ve only done the rough numbers, but this looks like a tax cut of a magnitude of about $5 trillion,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a bipartisan advocacy organization for fiscal responsibility. “That is simply unimaginable given our fiscal situation and the size of the deficit, which is already the worst since World War II.
The sense of incredulity was widely shared.
“Paul Ryan and Kevin Brady must be beside themselves in private,” said Leonard E. Burman, director of the Urban-Brookings Tax Policy Center and a professor at the Maxwell School of Syracuse University, referring to the House speaker and the House Ways and Means Committee chairman. “They put in years of work on a tax reform plan that at least tried to be revenue-neutral,” meaning tax cuts would be offset by closing loopholes, “and wouldn’t explode the deficit.”
Or as Steven M. Rosenthal, a business tax expert and senior fellow at the Urban-Brookings Tax Policy Center, put it: “Mr. Trump’s plan basically is tax cuts for everyone. Real reform, with revenue neutrality, is difficult. There are winners and losers, but Trump apparently just wants winners.”
(Excerpt) Read more at nytimes.com ...
Economic History 101 should be a prerequisite for anyone seeking a degree in economics.
NY Slimes never cared when OBAMA was President.
FAKE Concern from a FAKE News organization.
Odd the same economists had no problem with 0bama racking up debt like a drunken sailor
Odd the same economists had no problem with 0bama racking up debt like a drunken sailor
They have nothing to fear because historically a tax rate cut increased federal revenue year over year.
Doubling the national debt used to be a good idea, if you’re a Democrat. Doubling the national debt used to be a bad idea, if you’re a Republican. Things are different now.
Where were these “Economists” while Obama doubled the National Debt from $10 trillion to $20 trillion?
Also, none of these Economists ever heard of the laffer curve. If you are heavily over taxed and reduce tax RATES, you should see tax REVENUES increase as economic activity booms and more people participate and become tax payers, or work longer and pay taxes on more hours of labor.
The devil is in the details and cutting tax rates too far will cause tax revenues to drop. I expect that is not the case.
Cutting taxes cause people and business who have “gone Galt” and dropped out of the work/tax cycle, to get back working again, or working longer hours. A lot of people went Galt during Ibama’s Reign of Terror. Labor participation plunged. Many millions will come back with a booming economy spurred by appropriate tax cuts.
Whose “economists”? Ours or theirs?
“Economists” fear.
“Many” say.
“Scientists” warn.
“Experts” alarmed.
Always the mystery team of unnamed persons who are meant to mask opinion as fact with the gravitas of authority.
Fake is an understatement.
Stats came out awhile back that the Feds are collecting more revenue than ever before. It’s super high. I say it’s time to cut them down to size. I don’t want them to have anymore money to spend. Period.
Diabolical is the most fitting word for me.
Oh. Now they’re worried about debt?? FU!
Economists Fear Reagan’s Tax Plan Only Heightens a ‘Mountain of Debt’ - 1981
Federal Debt
Homelessness
War Protests
President's vacations
“The deficit is big enough to take care of itself”.
Ronald Reagan
We should slash the amount the Feds are collecting, but it is stupid to do it without also cutting spending.
Critics of the plan are obviously being hypocrites, but it doesn’t mean debt is suddenly OK. The debt is the country’s single biggest problem (maybe second to illegal immigrants), and it has to be dealt with on the spending side.
“An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.” - Laurence J. Peter
After 8 years of monumental debt because of out of control spending, they’re [now] worried about debt? Unbelievable....
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