charley
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As a candidate, Donald Trump promised to get rid of the entire national debt over a period of eight years. When this promise was made, the national debt stood at $19 trillion; it has since risen to $21.7 trillion. In the fiscal year ending September 30, it grew by $779 billion, up 17 percent from $666 billion in fiscal 2017. This year, after the Trump tax cuts take full effect, another $1 trillion worth of government IOUs will be issued. Trump is known worldwide as a liar, and slowly, very slowly Americans are waking up to that fact. Trump still wants to give more money to the 1% in order to keep them onboard with the 'Trump Agenda'.
The deficit is absolutely higher than anyone would like, says Kevin Hassett, chairman of the President's Council of Economic Advisers. Historically unprecedented, adds Jason Furman, who occupied Hassett's position in the Obama administration. He feels that with unemployment virtually non-existent, and the economy growing at annual rate of at least 3 percent, we should be paying down debt, not spilling more red ink over the national ledger. Indeed, in 2000, the last time the unemployment rate dipped below 4 percent, tax revenues rose 11 percent and the government ran a large budget surplus.
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