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Donald Trump Says the Economy is Great. The $4.7 Trillion Dollars of Printed Money He’s Spending Says It’s #FakeNews

As a candidate, Trump said he would eliminate the debt, and his administration has frequently promised spikes in economic growth that never materialized to reduce it.

Trump legislation added $4.7 trillion to debt: watchdog

Published date; Jan 9, 2020

President Trump has signed bills into law that will add $4.7 trillion to the debt through the end of 2029, according to a study by the Committee for a Responsible Federal Budget, an anti-debt advocacy group.

Four pieces of legislation contributed the lion’s share of the new debt, the group said. The 2017 GOP tax cut, the largest of the bills, will add $1.8 trillion to the debt by the end of 2029, researchers noted, adding that the bipartisan 2019 budget deal to increase spending caps was a close second, at $1.7 trillion.

The final set of appropriations bills that Congress approved in December added another $500 billion, mostly through the repeal of three taxes that were meant to pay for the Affordable Care Act, the group said.

“Debt is rising on an unsustainable path,” the group wrote in the report.

“Thanks to legislation passed since 2017, the nation is facing trillion-dollar annual deficits for the foreseeable future without action is almost certain to surpass the record debt levels set after World War II in the coming years,” it added.

As a candidate, Trump said he would eliminate the debt, and his administration has frequently promised spikes in economic growth that never materialized to reduce it.

Since he took office, the overall debt has risen from just under $20 trillion to just over $23 trillion.

On Wednesday, the Congressional Budget Office estimated that the deficit increased 12 percent, some $39 billion, in the first quarter of the 2020 fiscal year, which began in September. The annual deficit is expected to surpass $1 trillion for the first time since 2012.

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Laws In Texas is a blog about the Financial Crisis and how the banks and government are colluding against the citizens and homeowners of the State of Texas and relying on a system of #FakeDocs and post-crisis legal precedents, specially created by the Court of Appeals for the Fifth Circuit to foreclose on homeowners around this great State. We are not lawyers. We do not offer legal advice. We are citizens of the State of Texas who have spent a decade in the court system in Texas and have been party to during this period to the good, the bad and the very ugly.

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