Quote:
Originally Posted by jwd
Tax cut! YES!
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Tax cuts are great but I fear this is the wrong time. The national debt is now over 20 trillion and counting. Soon the largest percent of or GNP will be interest on the debt. The debt is expected to grow to 22 trillion by the end of Trump's first term. It was 9 trillion in 2008 and 11 trillion by 2011. Republicans only care about spending when democrats are in the white house. On the flip side democrats only care about the debt and raising the debt ceiling when republicans are in the White House. Each party is leading to the demise of the United States. Debt is what has destroyed great empires over the centuries. Tax cuts are supposed to be given during a recession to spur economic growth. In 2009 the democrats and Obama did the opposite and spent a trillion dollars on "stimulus." Tax cuts should have happened then. Now that the economy has some legs is the time to cut spending. This tax cut could actually hurt the economy by over-heating it. The market is already falling because of higher interest rates and inflation. When the next recession happens there would be anything to jump start the economy since the taxes were already cut. If you are not living in your means why dont you cut spending if you are reducing revenue? There is no way any country can sustain a 22 trillion dollar debt. In 50 years when world historians look at the demise of the United States they will look at the foolish spending of Congress and presidents of both parties 2000-2018. The world will dump dollars and look to other currencies. All of this spending is coming off a printing press at the Federal Reserve that needs paid back with interest. All great countries who have done this (printing money to finance spending) have crashed and burned. By 2027 China will be the world's sole superpower.