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Title : The Scariest Budget Numbers E'er Seen
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The Scariest Budget Numbers E'er Seen

David Stockman explains:

While the FBI was raiding the offices of Trump's lawyer yesterday afternoon, the CBO published a blockbuster study evidencing the Donald's ain raiding party. To wit, in roughly xc days of fiscal madness betwixt Dec as well as February, Trump as well as his GOP allies piled $459 billion onto adjacent year's (FY 2019) deficit.

That eruption of cherry ink consisted of $285 billion for the taxation neb and $174 billion of spending add-ons for defense ($56 billion), domestic programs ($105 billion) as well as additional debt service ($13 billion). For FY 2019 lonely the added debt amounted to 2.3% of GDP, as well as turned an awful financial province of affairs into an outright disaster.

Indeed, the existent "watershed moment" yesterday was non that Mueller went afterward the keeper of Trump's legal skeletons, simply that CBO permit the existent monsters out of the financial closet, translating Trump-O-Nomics into the scariest budget numbers e'er seen.

Namely, a world debt that reaches $33.85 trillion (130% of GDP) by 2028 and that's non our projection; it's correct at that spot on p.87 of the CBO's official report.

Moreover, that's the skillful tidings component of the report. But to believe that Earth debt is alone heading for 130% of gross domestic product during the adjacent 10 years, y'all accept to believe inward Rosy Scenario economic science as well as last OK with the crooked book-keeping forced on CBO yesteryear our estimable legislators...

[T]the world debt number 10-years out is actually $40 trillion and 150% of GDP. And there's no conceivable means to dig out from nether it because the seismic sea wave of baby-boom retirements as well as the associated Welfare State financial costs are insuperable.

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