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So far, there are 8 threads about national debt on this site, but Schmidt's thread about Trump's tax cuts is a better starting point.
Beyond making things before for rich people and corporations, the only REAL change caused by the law will be an increase in the national debt. As of February of 2019, the national debt was $22 trillion. This is a rise of $2 trillion from the day that Trump took office. (This is the guy who said, during his campaign, that he would ELIMINATE the national debt in 8 years).
Over the next 10 years, annual federal deficits — when Congress spends more than it takes in through tax revenues — are expected to average $1.2 trillion, which would be 4.4 percent of gross domestic product. That's far higher than the 2.9 percent of GDP that has been the average for the past 50 years.
The last Republican president to balance the budget was Ike, in 1957. The last Democrat to do that was Bill Clinton in 1999. If the Clinton tax rates had been left in place, the national debt would have been eliminated in 10 years, but George W. made that impossible.
As a share of the U.S. economy, the national debt stood at 78 percent of GDP in 2018. But the CBO says it will rise to 93 percent by the end of 2029. Again, those numbers put the ratio at levels not seen since just after World War II.
Toward the end of WWII, our debt to GDP was more than 100%.
Although even 93% of GDP sounds like a lot, there ARE counties whose debt is even a higher percentage of their GDP. The highest is Japan, with a ratio of 223%. Having a low debt to GDP does not mean that a country is doing well, since Afghanistan has a ratio of 8.3%.
In our country's history, there has only been ONE TIME that we did not have a national debt - and it was a disaster. It happened in 1835, and it led directly to the Panic of 1837.