The CBO reports that the federal budget deficit for fiscal year ending 9/30/18 (Trump's first fiscal year) will be $804 billion, up from the $666 billion in President Obama's last fiscal year which ended 9/30/17. The major cause according to the CBO are the Trump tax cuts that were passed last December. The report also stated that in fiscal year ending 9/30/19, single year deficits of over a trillion dollars will return and by the year 2026 over $11.9 trillion will be added to the national debt. And to think it was Trump who said the $18 trillion national debt was a disgrace during the campaign.
Also per the CBO, the GDP will grow to 3.3% this year and fall back to 2.4% next year. And once again like Reagan and Bush 43, Trump has repeated the same fiscal disaster tax cuts. He and his party used the same lies and called it tax reform but it is the same worn out ideology of trickle down economics that never resulted in the republican promise of balanced budgets, real job creation, economic growth that they said would balance the budget or expanding wages for the middle class.
But for those who follow PolitiDose and seek the truth and facts, the CBO report is old news because PolitiDose called the shots long ago that republican administrations and their party have no record of being fiscally responsible since President Eisenhower in 1960. That is over 50 years ago. And when Trump leaves office he will be like ever republican President since "Ike" he will leave office with a larger deficit than when he took office. The claim that republicans are best at controlling federal spending is a fairy tale. That too has been explained in PolitiDose long ago.
Yes, my fellow Americans, understanding the failed past is still the key to a better future. Reagan, Bush 43 and Trump have failed that test and so have their party. And their motive is to bankrupt the federal government so social security, medicare, Medicaid and other social programs can be drastically cut or eliminated. Hopefully, impeachment and the November congressional elections will sweep out the republican control of the federal government.
This commentary written by Joe Lorio
