An Economic Time bomb is Ticking. And its set to go off on the Democrat watch [View all]

[turbinetree]

Trump & The GOP have lit the fuse on an economic timebomb that is set to go off on the Democrats watch (pardon the mixed metaphor.)

Two reasons why this is coming (guaranteed):

First, Trump’s massive un-paid-for Corporate tax cut will explode the National Debt. The “official” size of the Trump deficit was estimated to be “$1.2 Trillion”, but last March, the Treasury reported that the federal government ran a $209 Billion dollar deficit just for the month of March. Multiply that times 12, and if things don’t change, that translates to a $2.4 Trillion dollar annual deficit, TWICE the predicted amount. And this was when people were still paying the 2017 tax rate. Next year, the Federal Reserve will be left with no choice but to raise interest rates in order to raise enough capital to cover the shortfall. That will suck hundreds of billions out of the economy… slowing spending, thus slowing the economy and costing jobs.

The next danger sign is the recent rise in oil/gas prices (gasoline is nearly a dollar per gallon higher today than it was the day Obama left office.) “Unofficially”, every $1 increase in the price of a gallon of gas is roughly equal to a $100 Billion dollar tax increase on the Middle Class… more than wiping out Trump’s “tax cut” that was helping to boost his economy. That’s how much money Trump’s gas price increase will suck out of the economy this year. (Trump once attacked Obama for rising gas prices in this 2011 tweet.) Rising gasoline prices are the most regressive “tax” of all. The poorer you are, the larger a percentage of your income goes to buying fuel.

https://www.dailykos.com/stories/2018/5/30/1767865/-An-economic-timebomb-is-ticking-And-it-is-set-to-go-off-on-the-Democrats-watch