Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

UpInArms

(51,253 posts)
Wed Mar 21, 2018, 12:59 PM Mar 2018

It didnt take long for the U.S. to rack up another trillion dollars of debt

?uuid=7d6d25ee-2c4a-11e8-8734-ac162d7bc1f7

It has taken a little more than six months for the U.S. national debt to grow by a trillion dollars, a quick clip that has little precedent over the nation’s recent history.

Last week, the debt hit $21 trillion for the first time, rising from the $20 trillion mark it notched on Sept. 8. The debt is guaranteed to go higher, with President Donald Trump having signed a debt-limit suspension in February, allowing unlimited borrowing through March 1, 2019. Economists expect wider deficits to result from the tax cut Trump signed in December.

While a trillion-dollar increase over roughly six months isn’t unprecedented — there was one in 2009, during the Great Recession, and another in 2010 — it’s certainly fast.

...snip...

The first time the nation’s debt hit $1 trillion was in October 1981, during Ronald Reagan’s first term.


...more at https://www.marketwatch.com/story/it-didnt-take-long-for-the-us-to-rack-up-another-trillion-dollars-of-debt-2018-03-20
2 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
It didnt take long for the U.S. to rack up another trillion dollars of debt (Original Post) UpInArms Mar 2018 OP
What, me worry? BSdetect Mar 2018 #1
Nickle and dime tax saving for the lower classes.... magicarpet Mar 2018 #2

magicarpet

(13,941 posts)
2. Nickle and dime tax saving for the lower classes....
Wed Mar 21, 2018, 02:45 PM
Mar 2018

.... billions in tax savings to Corporations and high earning tax payers. With a second drop in taxes coming before the election. The intent is to excite the Rethug base to come out in vote in the 2018 midterms.

Then after the election they go oops .... the tax cuts caused astronomical deficits. We now need drastic austerity programs to balance the federal budget. Social programs - Social Security, Medicare, and Medicaid must all be slashed to help balance the budget.

Tax cuts to the super wealthy and rich will stay in place into the foreseeable future - that will not be subject to the austerity belt tightening programs.

Latest Discussions»General Discussion»It didnt take long for th...