You would think out of EVERYTHING the mainstream media has tried to spin the one thing they would know is untouchable is Trump’s economics. Nevertheless, they still try and it’s pretty laughable. This time the media claims that Trump’s tax cuts took a huge bite out of the Federal spending budget.
Firstly, those ‘evil tax cuts’ benefit the American people directly, way more so than their journalism every could.
The media isn’t the only one spreading needless fear. The Dems, especially the Democratic socialist, are trying to claim that the tax cuts will raise the deficit by a trillion dollars in 10 years.
You would think that the party who claims to worry about pay inequality for fast food workers would understand that one of the largest pay gaps in existence is between government employees and the average American. Trump’s new plan is to help close that gap.
President Trump has proposed freezing civilian federal workers pay in 2019. Instead of journalists actually reporting on the cost of the raise that has been canceled and corresponding benefits to the taxpayer, they chose to repeat Democrat talking points. They whine about hurting the bureaucrats and trash Trump. Worse, they retreat to the blatant lie that Trump’s tax cut “for the rich” and big corporations has blown a hole in the deficit.
That measure, along with a new two-year federal budget and tax cuts heralded by Republicans, have led to accusations Trump is ignoring the federal deficit, despite promising he would address it as president. The tax plan alone is expected to increase the deficit by $1.4 trillion over 10 years, according to a government estimate.
“It is outrageous and hypocritical that after spending billions of taxpayer dollars on unnecessary tax cuts for the wealthy and big corporations – and as the President boasts about the ‘great’ state of the American economy, that suddenly the White House finds that there is zero money left to pay a minimal cost-of-living adjustment to the patriotic, dedicated public servants.”
The actual facts are that federal corporate and individual taxes have declined a whopping $9 billion in the first ten months of F.Y. 2018, which is a drop in the bucket in an over $4-trillion budget.
The economy is growing much faster than projected precisely because of the tax cuts, and wage growth is the fastest since 2008, which means that Social Security tax receipts are also going up faster because of the tax cuts. The faster economic growth also has caused food stamp usage, disability claims, and unemployment claims to drop – which also lowers the projected spending. People are also driving and flying more, which also increases federal revenues. All of those items are easy to spot as helping reduce the deficit.