Vice President Mike Pence has finally admitted that Trump's new tax plan would in fact add to the U.S. budget deficit. He claims that they would compensate that with increased economic growth, but that just sounds a bit too far fetched.
These statements puts himself and the president at odds with some congressional Republicans who are a little more wary about rising deficits. However, details of the plan haven't leaked yet, and we're still probably months away from finding out what's really in this monstrosity.
It's important to note, Pence, that the economy has grown more slowly in the first quarter than it has in three years, so the likelihood of whatever else you're thinking of pulling out of your sleeve has of actually is plummeting faster than the country's confidence in Trump himself.
Pence also admitted that this would be a huge uphill battle, and that it may be difficult to fulfill campaign promises.
“Maybe [the deficit would be increased] in the short term, but the truth is, if we don’t get this economy growing at 3 percent or more, as the president believes that we can, we’re never going to meet the obligations that we’ve made today,’’ Pence said.
Trump said on “Face the Nation” on CBS on Sunday that besides the faster economic growth he anticipates, deficits are “going to be made up by better trade deals” and by what he called a “reciprocal tax” on countries that export products to the US.
“We’re going to come up with reciprocal taxes and lots of other things on those countries,” Trump said. “We’re also going to fix all of our trade deals. We’re going to have a very wealthy country again.”
The problem is, this idiot's idea of sound economics isn't reducing the regulations on trade that are making it difficult for everyone but the large corporations, but to implement things like tariffs and high taxes that ultimately hurt the poor.
Many Republican lawmakers campaigned for years on reducing U.S. debt and deficits. Under Senate rules, any changes to taxation would end after 10 years unless the proposals are revenue neutral — that is, they don’t add to the deficit in the long run.
Isn't it just like them to run their mouths, but when they finally get their turn at the helm they say “to hell with that”?
Senate Democratic Leader Chuck Schumer said Trump’s outline “adds anywhere from $3 trillion to $7 trillion to the deficit” and that Republicans must account for that.
“Many of our Republican friends who railed against the deficit when President Obama wanted to help middle-class people and poor people are saying that this is OK,” Schumer said on “Fox News Sunday.” “I think it’s going to cause huge problems for America.”
This is a big deal and could have disastrous effects on our economy. We need to stand up and hold Trump accountable for everything that he's doing. If we don't stop him now, we may not have much of a country left to take back in 4 more years.
Watch the interview here: