Do Be Fooled by Trump’s Lies
So you think the economy is doing great? That’s what Trump and many in his administration would like you to think. The national debt in the U.S. has increased more than 10% since President Trump took office in January of 2017 with the deb-to-GDP ratio approaching 110% in 2019. [efn_note]Investopedia, August 14, 2019 – The National Debt Explained[/efn_note]
Although Trump said he would be reducing the national debt, it is now sky rocketing. Sure, reduce taxes but then what funds the government? Borrow, borrow, borrow. It is what brought on Trumps many bankruptcies and probably what will cause serious problems in the United States.
When Congress spends more than it takes in, the debt increases. If you did this with your personal budget, you would be in real trouble. If you want to shake in your boots, read the Congressional Budget Office report titled, “The Budget and Economic Outlook: 2019-2029.”
The report states: “Real GDP is projected to grow by 2.3 percent in 2019—down from 3.1 percent
in 2018—as the effects of the 2017 tax act on the growth of business investment wane and
federal purchases, as projected under current law, decline sharply in the fourth quarter of 2019.” [efn_note]Congressional Budget Office – The budget and Economic Outlook: 2019 – 2029[/efn_note] [efn_note]zFacts – National Debt Graph – How “Voodoo” Caused Most of the National Debt
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Think twice when Trump says the economy is doing great.
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