Who will pay for Trumps Free Money ? (Reagan, retired, programs)
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The same people that will pay for Obama's $10T increase in the debt.
Who though ?
Who is going to pay this money back ?
It's all borrowed money.
People seem to think that this is all free money with no consequences.
"Interest payments will rise from $325 billion last year to $928 billion by 2029, a nearly threefold increase. If tax cuts and spending increases are extended, interest will exceed $1 trillion and set a new record as a share of the economy."
People seem to think that this is all free money with no consequences.
"Interest payments will rise from $325 billion last year to $928 billion by 2029, a nearly threefold increase. If tax cuts and spending increases are extended, interest will exceed $1 trillion and set a new record as a share of the economy."
First off, Federal debt is never paid off. It can certainly be paid down. But looking at our our almost 200 year history since 1837, Federal debt constantly rises moving forward in time. And I will bet my life it will continue to do so.
China is not buying Federal debt, the Fed is. And as Trump knows debt, he knows that Fed owned debt can have minimal impact on we the taxpayer.
As long as the Fed is buying debt, the increase in interest payments is almost moot, since by law the bulk is swept back to the Treasury.
They are if the federal government is spending more than it is receiving in taxes, which was the case when the case when they were passed. When you give people back their tax money when the tax money doesn’t cover the expenses to begin with, you are just borrowing more — hence giving away money.
Trump’s tax cuts were like opening a $10K credit line for every taxpayer and then maxing it out on their behalf, giving most of it to corporate/wealthy and a small amount back to the taxpayer.
Who pays for it? Our kids and grandchildren. Or at least they pay the interest on the debt. Doubt they can wipe it out.
At least Biden will make a dent in the deficit and hopefully debt, by removing the Trump tax loophole and making billionaires pay their fair share.
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