It appears that this President is off to a slow start on his promise to reduce the national debt "very quickly." Red got a tax cut.
Yes
Gets an F when judging national debt reduction in first 2.5 years of office.
So, here's the
President's budget through 2029, Kiiid. He promised to eliminate the deficit by the end of his term, FY2025.
https://www.whitehouse.gov/wp-content/uploads/2019/07/20msr.pdfGee, it looks like even with his cutting Social Security and Medicare from prior versions of the budget he is projecting budget deficit of ~$600 billion, despite bogus revenue projections and everything.
I love that while he provided a sum of the changes for the remainder of his proposed 8 year term and through 2029, he chose to not show the total amount added to the national debt even in his new and improved numbers which are better over the long haul by about $414 trillion.
His former budget projection added $6.55 trillion through 8 years. Now it adds a mere $6.225 trillion.
Get real, would you, Kiiid. Stop lying to yourself and to us. President Trump has no
plan to reduce the deficit to $0, even with lies and Social Security cuts! He's got trillion dollar deficits through 2021 and half a trillion in his most fevered dreams.
What do I mean by lies?
The MSR forecasts a growth
rate of 3.2 percent for the four quarters of
2019.
Relative to the Budget forecast, the MSR
forecast includes a substantial decrease in
interest rates in the near term, and a slight
decrease in the long run.
Where exactly is that 3.2% annual growth coming from, pray tell?
What are non-administration folks saying?
GDP Annual Growth Rate in the United States is expected to be 2.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in the United States to stand at 2.00 in 12 months time. In the long-term, the United States GDP Annual Growth Rate is projected to trend around 1.80 percent in 2020, according to our econometric models.
~Trading Economics
Overall economic growth will soften a bit. The expectation is for growth in the low 2% range, leaving growth for the year at about 2.6%. It will soften a bit again in 2020, an election year, dropping to about 1.8%. It is expected that the stimulus from the tax cuts will wane, and the trade deficit will again be a worry. Uncertainties about global growth may limit businesses’ willingness to expand, though this could change in a big way, depending on the outcome of U.S.-China trade negotiations.
~Kiplinger
Where is that 3.2% 1st quarter GDP growth from? It's from folks rushing their imports ahead of tariffs! Not happening in Q2, Q3, etc.
Was that the only lie?
Nope.
It's based on "a substantial decrease in interest rates in the near term."
There is no room for a substantial decrease. Trump appointee Shelton is calling for a 50 basis-point drop, but the money is on 25. (Shelton's done nothing but call for more decreases.)