During the 2016 campaign when Trump said he would eliminate the entire federal debt in eight years and it would be “easy” to do, I laughed my butt off. No one could possibly be dumb enough to believe that, could they? That would require a $2.5 trillion surplus every year for eight years. But as I and virtually everyone else with a brain predicted, he’s massively increased it with ill-advised tax cuts for the rich.
The federal deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of $222 billion, or 32 percent, over the same period the previous year, according to the Congressional Budget Office (CBO).
The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added.Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.
Gosh, if only someone had predicted that before they passed the bill. Like, oh I don’t know, everyone? This is exactly what the CBO said would happen and Republicans pretended they were wrong. They knew better. They knew it would case a huge increase in the deficit, they just didn’t care. They only care about the deficit when a Democrat is in the White House. And they know they can sell that highly dishonest nonsense to their followers very easily. They’ll just blame it on “entitlements,” which apparently doesn’t include rich people who feel entitled to have their taxes cut.