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The Proposed Trump Tax Overhaul legislation

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    I hope people watched Fareed on CNN today. He clearly said what I've been saying for a long time; "we are living in a bubble right now" . It is starting to look like in the past; employment at an all time low, the stock market at an all time high.

    Such things can't continue forever; history has shown that. First of all the new "tax" law will only hasten the demise, because of the additional debt as well an top down economy won't work as proven in the past. Second, due to Trump's insecurity and awful performance, an new war may break out (N.K?) to escape his being driven into the "corner". Once that will happen the market will crash.

    Furthermore the stupidity to hand out 700 billion to the Pentagon, adds to all the waste at the Pentagon, where no account is done whatsoever on what for the money is spent, let alone cost overruns as well total waste on junk which gives no return on investment. But yeah; why spent it on education or healthcare? The priorities in this country are totally wrong, which will only increase the speed of the downfall of the US. Putin sees this picture correct and "praises" Trump, because he knows on how it will end.

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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.

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    The six biggest American banks — JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley — avoided paying a combined total of $18 billion worth of taxes last year as a result of President Trump’s tax cuts. Meanwhile, the annual deficit has ballooned to a TRILLION DOLLARS... and the "tea party" is silent.

    (source = Democracy Now!)

    Then again, it could have been more than that.

    Bloomberg said the savings were more like $21 billion.

    Vox puts it at $28,8 billion.

    Los Angeles Times said it was $32 billion.

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    What "savings"? Sorry, Trump is wasting more money than ever any President before him; the amount over 3 years is already more than an billion and likely much more. Protecting this big family and all his "outings for nothing" is costing us fortunes. Guess who pays his guests stay at Mar-a-Lago; the tax payer. Who burns tons of fuel by using the 747 for trips of half an hour? Who pays for his protection at rally's? Etc etc. Let alone what he "pockets" from all the "kickbacks" he and Kussner arranged. La la land for sure; the dumb masses here want an Czar who rips them off.