Brianstl
DIS Veteran
- Joined
- Sep 8, 2019
- Messages
- 2,322
Debt is not revenue took in. Debt is the result of spending exceeding revenue. While tax revenue has continued to grow after the tax cuts spending has grown at an even faster pace.The data does not seem to support that:
https://www.brookings.edu/policy202...cut-the-tax-cuts-and-jobs-act-pay-for-itself/
The CBO predicts a deficit of $1.1 Trillion in 2020, with $17.8 trillion in debt held by the public. Who knows what those numbers will look like in a few months time with the bailouts.
https://www.cbo.gov/topics/budget
Some more info on deficit and debt drivers, which cites tax cuts: https://www.thebalance.com/current-u-s-federal-budget-deficit-3305783
I am not, by any means, an economist and like most of you, I’m concerned about what the future may hold for our well-being - both health and economic. But there have been numerous factors before the pandemic indicating potential long term problems with how our economy operates and the pandemic is likely to make those come to the forefront of this continues for a long time.