Skip to content
Search AI Powered

Latest Stories

We Now Know the True Cost of the Trump Tax Cuts, and Yep, They Were a Total Con Job

We Now Know the True Cost of the Trump Tax Cuts, and Yep, They Were a Total Con Job
US President Donald Trump speaks alongside Republican Speaker of the House Paul Ryan and Republican Senate Majority Leader Mitch McConnell at Camp David in Thurmont, Maryland, January 6, 2018. (Photo by SAUL LOEB/AFP/Getty Images)

Contrary to what was promised by Republicans.

Make us preferred on Google

In 1946, the United States was recovering from World War II. Many products that fueled the American economy, redirected toward the war effort, had yet to recover in a post-war world. And the war had been expensive.

It's understandable then, that 1946 produced a record 106 percent federal debt to gross domestic product (GDP) ratio. That record has stood, as have those of the years immediately after WWII, for over 50 years.


In 2018, we're not involved in a world war. We aren't recovering from a world war that redirected vast amounts of American industry and workers toward production of materials for a war effort.

But in 2018, we're on track to beat those post WWII debt records.

That projection comes from the Congressional Budget Office (CBO).

The CBO, a nonpartisan resource for budget and economic information, reports by the end of 2018, the USA's debt to GDP, a measurement of the US economy, will reach 78 percent. The last time our debt reached that level was 1950 during the recovery from WWII.

And by 2028? America is headed for 96 percent debt to GDP with a trajectory to exceed that 1946 high of 106 percent.

But why, when we're not in a war recovery cycle, would our debts soar so high, eventually eclipsing our economic growth?

Remember the Republican tax plan that President Donald Trump and GOP leaders Paul Ryan and Mitch McConnell pushed? Recall the GOP tax plan, giving tax cuts to corporations and the highest income brackets, that would pay for itself and bring industry back to the United States and create jobs?

Turns out, it was not as advertised according to the many financial analyses done before and after Trump's tax cuts took affect. Turns out the dire warnings about what those tax cuts for the wealthiest and most profitable would do, they actually are doing.

The economy has continued to climb at the levels projected during the administration of President Barack Obama, where the deficit shrank again after growing under President George W. Bush who took over a shrunken deficit courtesy of President Bill Clinton.

In fact, despite the fiscally conservative rhetoric of Republicans, their watch produced the largest deficit growths while Democratic presidents have shrunk the deficit, going back to President Ronald Reagan.

Unfortunately the economic upturn inherited from Obama can't outdistance the debts being created by the current GOP led White House and Congress. And the trade wars Trump started with China, the EU, Canada and Mexico are not projected to help US economic growth either.

So the Trump slump is no great surprise, since the GOP currently holds the White House and both houses of Congress. But the record breaking debt is extreme even for a Republican presidency.

Some are wondering if it's due to Trump's own business style of racking up debts then walking away from them through bankruptcy proceedings. Unfortunately that business model doesn't work for a country.

November is still over 4 months away. The GOP can only hope voters have short memories when they campaign on issues of the economy.

More from People/donald-trump

Florence Pugh; sign for Cornell University; Josh Gad
Jason Mendez/Getty Images for Netflix; Matt Burkhartt/Getty Images; Matt Winkelmeyer/Getty Images for Disney

Florence Pugh And Josh Gad Lead Celebrity Outrage After Cornell Frat Members Assigned Essays As Punishment For Sexual Assault

About a week ago, the story of the "Cornell 7" allegations broke publicly when a civil lawsuit was filed by a former Cornell University student known only as Jane Doe. The lawsuit detailed an October 2024 sexual assault at the Chi Phi fraternity house and Cornell University's handling of the assault after it was reported to school officials.

The public backlash against the seven rapists and four university officials named in the suit, as well as Cornell University, the Ivy League, and fraternities as a whole has been swift. Many people have shared their own experiences with institutions of higher learning and the mishandling of sexual assaults.

Keep ReadingShow less
Screenshot of Luanne James
WKRN News 2/YouTube

Heroic Tennessee Librarian Sues After Being Fired For Refusing To Hide LGBTQ+ Books From Kids

Luanne James, the former library director of Tennessee's Rutherford County, has filed a lawsuit against the county's library board after she was terminated for refusing to move LGBTQ+ books from the children's section to the adult section.

The board’s decision to move the roughly 100 children’s books to the adult section followed a statewide “age-appropriateness review” ordered the previous year by Tennessee Secretary of State Tre Hargett, a Republican.

Keep ReadingShow less
Donald Trump
Aaron Schwartz/Getty Images

Trump Hit With Blistering Factcheck After Making Patently False Claim About Prices Going 'Way Down'

President Donald Trump was swiftly fact-checked by CNN fact-checker Daniel Dale after he claimed to members of the press that "almost every price has come way down" following Joe Biden's presidency.

Earlier in the day, Trump bragged to reporters that the United States has the "best poverty," sparking immediate criticism. He continued to lie later, even as inflation remains above the level recorded when Biden left office, economic growth has slowed, and the cost of filling a gas tank has surged roughly 50% since the war against Iran began.

Keep ReadingShow less
Screenshot of Donald Trump in campaign ad
U.S. Government

Trump's Latest Government-Funded Campaign Ad Just Aired On National TV—And Critics Are Crying Foul

President Donald Trump and the White House are facing criticism after Fox aired a new taxpayer-funded campaign ad that was "paid for by the U.S. government" several times over the weekend.

The black-and-white ad uses slowed footage of Trump walking through a hallway, accompanied by his voiceover pledging that "this is the final battle." It ran during at least two of Fox’s Sunday NFL broadcasts, appearing during the Washington Commanders-Seattle Seahawks game and the Carolina Panthers-Cleveland Browns matchup, as well as on Fox News.

Keep ReadingShow less
Paulina Porizkova speaks candidly about aging and the expectations placed on women as they grow older.
@paulinaporizkov/Instagram

Paulina Porizkova Speaks Out About How Women Are 'Expected To Go Silent' As They Get Older In Powerful Video

Paulina Porizkova knows what it’s like to have all eyes on her. The supermodel rose to fame in the 1980s, but at 61, she’s speaking candidly about what happens when society stops looking at women the same way.

The Czech-born model became a fixture in fashion and beauty, from back-to-back Sports Illustrated Swimsuit covers in 1984 and 1985 and a longtime partnership with Estée Lauder to a stint behind the judges’ table on America’s Next Top Model.

Keep ReadingShow less