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Promises NOT kept: Trump’s budget deficit surpasses Obama’s record-breaker, amassing $2 trillion in debt in 2 years. Trump’s economy slowing faster than expected.

Photo credit:
Intellectual / Pixabay via Inquisitor

“Barack Obama Had The Record For Largest U.S. Budget Deficit. Donald Trump Just Broke It.”

“The United States federal budget deficit in February was the largest in history according to the Treasury Department, HuffPost reports. Despite Donald Trump’s promise to balance the budget within eight years, in the two years since he took office, the country’s total debt has increased by $2 trillion, with a $234 billion budget shortfall in February alone.

“Analysts attribute the record-setting gap between spending and revenue with a combination of a dramatic drop in corporate tax revenue coupled with an increase in federal spending. The 2017 tax cuts championed by the president lowered corporate tax rates from 35 percent to 21 percent for a total tax package projected to cost an estimated $1.5 trillion,” by Josh West, Inquisitor. Read more

“Economy slumping faster than expected, with fourth-quarter GDP revised down”

“The economy is facing headwinds from the fading stimulus, slowing global growth, a trade war with China and uncertainty over Brexit.”

“The U.S. economy slowed more than initially thought in the fourth quarter, keeping growth in 2018 below the Trump administration’s 3 percent annual target, and corporate profits failed to rise for the first time in more than two years,” by Reuters. Read more

Posted by Steve on March 31, 2019 at 12:05 am | Permalink

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