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US debt hits record under Trump, Republicans mum…

“But despite faster growth, the budget deficit climbed 17 percent to $779 billion last year, the worst since 2012” writes Virginie Montet for yahoo.com. “If we don’t have a strong military, you don’t have to worry about debt, you have bigger problems,” Trump told reporters last week.The massive corporate tax cuts that Trump pushed for at the end of 2017, and the surge in spending, especially in defense, have increased the fiscal deficit for the world’s largest economy.The National Debt Clock shows the bad news about US federal borrowing, swelled in part by corporate tax cuts approved in late 2017 (AFP Photo/TIMOTHY A. CLARY) Washington (AFP) – More massive than the US economy, the national debt hit a new record of $22 trillion under President Donald Trump but Republicans who traditionally rail against debt and deficits have remained mum.And household debt now stands at $13.5 trillion, well above the previous peak before the crisis.
 
Source: yahoo.com



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