GOP tax cuts for rich adding to nation’s debt Sen. Steve Daines and Rep. Giantforte have no clue as to how our economy functions. When Trump took office the U.S. economy was growing at a nice clip. In fact, more jobs were created during Obama’s last three years of office than have been created during Trump’s first three years in office. Federal revenues were increasing, and the federal budget deficit was decreasing. Then Daines and Giantforte did something truly stupid: They passed a huge tax cut for the largest corporations and billionaires. When the economy is thriving and growing you do not need tax cuts. Rather tax cuts should occur when the economy is declining or mired in recession.
Daines and Giantforte promised us that the huge tax cuts would “pay for themselves through economic growth.” They lied and they knew that they were lying. Every independent economist predicted that this tax cut for the rich would result in higher deficits. Today we see the result of what Daines and Giantforte did. Yes, billionaires and millionaires (like Daines and Giantforte) are indeed richer, as Trump bragged to his billionaire friends while at Mar a lago. However, the deficits have now doubled from what they were during Obama’s last year as president to over $1 trillion.
Deficits do matter, as Daines and Giantforte used to remind us when Obama was president. Today 13% of federal spending goes just to pay for interest on our national debt, now well over $23
trillion. Trump’s lapdogs have truly failed us and our kids.
Bozeman Daily Chronicle 3/1/2020