The Democrats are screaming that the tax bill will add to the national debt. It might. Or it might not–depending on the growth of the American economy unleashed by lower taxes. However, there are some numbers that those Democrats might want to consider before they scream too loud.
A website called The Balance posted the following and updated it earlier this month:
The Gateway Pundit reported the following yesterday:
The major complaint that the Democrats have with the tax bill is that it is projected to increase the U S debt by $1.5 trillion. However, when compared to Obama President Trump already nearly has it covered.
The article at the Gateway Pundit includes the following:
The FED kept interest rates at near zero percent for most of Obama’s eight year term. Since President Trump was elected the FED have increased rates four times by a total of 1%. Increases in the Fed Funds Rate increase the cost of borrowing and the largest borrower in the world is the US government. With $20 trillion in debt, a 1% increase in interest payments equals $200 billion in annual interest payment increases.
President Trump has already paid for nearly all of the tax cuts. Aside from that fact, whose money is it anyway? The tax cuts will allow Americans to keep more of what they have earned. That is a good thing.