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US Treasury Dept. Borrows $1 Trillion To Pay For GOP Tax Cuts--Again

By   Follow Me on Twitter     Message Ted Millar       (Page 1 of 3 pages)     Permalink    (# of views)   21 comments

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The end of 2017, Donald Trump signed into law the Republican "Tax Cuts and Jobs Act."

Basically, it is a tax bill that hands $1.5 trillion in permanent tax breaks to corporations and the wealthy like Trump and his ilk.

It was supposed to stimulate an economy that didn't need stimulating, put more money into everyone's pockets (especially those who don't need it), and create jobs.

Whenever conversations drift toward the Democrats' plan to provide free tuition at state colleges and universities and Medicare for all, someone is bound to ask, "How are we going to pay for it?"

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That question, though, never seemed to be relevant when Republicans concocted the plan for this massive giveaway to their billionaire donors.

So, how are we going to pay for it?

Turns out, the Treasury Department will have to borrow $1 trillion again, the highest level of borrowing in six years--the second year in a row--to pay for the government's ensuing budget deficit.

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The Congressional Budget Office (CBO) predicts economic growth this year will fall to 2.3 percent, down from last year's 3.1 percent.

The shutdown didn't help either.

According to Reuters:

"The U.S. economy lost at least $6 billion during the partial shutdown of the federal government due to lost productivity from furloughed workers and economic activity lost to outside business, S&P Global Ratings said on Friday."

A projected downturn in this year's fourth-quarter federal government purchases will also affect economic growth.

This year, as the tax cuts' stimulative effects weaken and the federal budget deficit climbs to nearly $900 billion, the CBO estimates the economy will slow to 2.3 percent from last year's 3.1 percent.

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And about those jobs...

That, too, was a ruse.

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Ted Millar is poet and teacher. His poetry has been in featured in myriad literary journals, including Caesura, Circle Show, Cactus Heart, Third Wednesday, and The Voices Project. He is also a contributor to Liberal America and Liberal Nation Rising.

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kappie

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if we bury neo liberal economics what will the moderate democrats who run this country with the republicans have to look forward to.republicans have suceeded admirably in the lets shrink government and drown it in a bathtub philosophy they love.If we are stupid enough to elect another moderate Democrat or even worse another republican-libertarian then you can look for even more and larger cuts to programs benefitting the poor and middle class.With all the democrats running we have really only 3 choices to right this sinking ship,Bernie,Elizabeth and the hawaiian whose name eludes me and is already being blasted by moderate democrtic sites like Dailey kos

Submitted on Tuesday, Jan 29, 2019 at 8:16:06 PM

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Charles Homer

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Here is a president-by-president look at the growth of America's national debt:


click here


At some point in the not too distant future, Washington will be forced to permanently change its fiscal tactics.

Submitted on Tuesday, Jan 29, 2019 at 8:41:54 PM

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Thanks for this link. I've added this to my reference library. Nothing like hard, cold facts to add some perspective.


Submitted on Wednesday, Jan 30, 2019 at 11:31:43 PM

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Kenneth Johnson

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A Trillion here, a Trillion there...

It adds up.

(But the main concern of the nation is the 5 Billion.)

Submitted on Tuesday, Jan 29, 2019 at 9:08:37 PM

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In the 1960's Senator Everett Dirksen supposedly said, "A billion here, a billion there, and pretty soon you're talking real money"


Ken, you and the senator think alike. The only minor difference is 1,000 billion. But I think that is reasonable accounting for inflation. I mean somewhere back in the '60's gas could be bought for 25 cents a gallon. Imagine what it costs these days to drive a Cadillac...


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(I was never a car guy and at the time I drove a Mercury Capris. Crummy car.)

Submitted on Thursday, Jan 31, 2019 at 3:20:38 AM

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ThirdEyeOfTheStorm

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"Penny-wise and Pound-foolish", but in this case its not about the cost of the fence. It's to deflect the attention of thePeople away from the trillions and trillions being wasted on M-U-R-D-E-R.

Submitted on Thursday, Jan 31, 2019 at 11:54:02 AM

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Let's include Senator Feinstein and other public servants.

'Basically, it is a tax bill that hands $1.5 trillion in permanent tax breaks to corporations and the wealthy like Trump and his ilk.'

Submitted on Tuesday, Jan 29, 2019 at 9:11:38 PM

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Good one, Kenneth. That's not lipstick on Feinstein. It's hypocrisy dripping out of her mouth. It's blood-red because she and her 'ilk' are bleeding the country dry.

Submitted on Tuesday, Jan 29, 2019 at 10:46:02 PM

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And I thought they only came out at night. (EEK!)

Submitted on Tuesday, Jan 29, 2019 at 11:11:23 PM

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Senator Diane Feinstein and her husband are poster children for profits to be made, directly or indirectly from the Military-Industrial War Industry, far beyond any normal dream of avarice.

Submitted on Tuesday, Jan 29, 2019 at 11:43:20 PM

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When you're going down the toilet and the end is assured,

....laugh at the fat a$$ of the flusher.

Submitted on Tuesday, Jan 29, 2019 at 10:17:37 PM

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I did not need the visual, but I get your point. :)

Submitted on Thursday, Jan 31, 2019 at 10:21:08 AM

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$1 trillion more borrowing? That's only $3,061.31 more debt for each and every living U.S. citizen. You have a problem with that?

Submitted on Tuesday, Jan 29, 2019 at 10:41:22 PM

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I've heard the Fed is willing to take payments.

That, if true, is certainly good news.

Submitted on Wednesday, Jan 30, 2019 at 1:23:43 AM

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Lance Ciepiela

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A little over a century ago very powerful forces on Wall Street convinced Congress to completely restructure our financial system. An immensely powerful central bank known as the Federal Reserve was created and the goal was to transform the U.S. dollar into a debt-based currency that would continuously be inflated and to create an endless debt spiral from which the federal government could never possibly escape.

Sadly they were successful on both counts. Since the creation of the Federal Reserve the value of the U.S. dollar has declined by approximately 98 percent and our national debt has gotten more than 5000 times larger.

If Donald Trump truly wants to fix the economy, he must shut down the Federal Reserve "and start issuing debt-free money. If he just tries to patch up our current system he will fail because it has been fundamentally flawed from the very beginning. #FederalReservePower #CenturyOfEnslavement.

Submitted on Wednesday, Jan 30, 2019 at 1:56:09 AM

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David Watts

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Pop quiz for everybody to get a perspective on large #'s.

Get your pencils ready. If you made one million dollars a DAY, how long would you have to work to make one trillion dollars?


tick tock tick tock ... time is up. If your answer is 2,740 YEARS(!) you win a box of chocolates...

Submitted on Thursday, Jan 31, 2019 at 3:40:05 AM

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Leslie Johnson

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A perfect analysis which underscores our need to end the Federal Reserve....but then that would mean we'd be returning to be a country for, of and by the people. TPTB have no interest in that.

Submitted on Wednesday, Jan 30, 2019 at 11:57:14 AM

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Why does 'history' teach us about Patrick Henry and not Governor Morris?

Here is the draft version of the Preamble given to Morris in early August 1787:

"We the people of the states of New-Hampshire, Massachusetts, Rhode-Island and Providence Plantations, Connecticut, New-York, New-Jersey, Pennsylvania, Delaware, Maryland, Virginia, North-Carolina, South-Carolina, and Georgia, do ordain, declare and establish the following constitution for the government of ourselves and our posterity," the draft Preamble read.

Once given the task of editing the Preamble, Morris took into consideration the various debates and arguments made in Philadelphia and offered this revised version:

"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."

Patrick Henry, a Patriot and prominent Anti-Federalist, attacked the words "We The People" during a debate with James Madison at Virginia's convention to approve the Constitution.

"Who authorized them to speak the language of 'We the People,' instead of 'We the States'?" Henry declared at the Virginia convention. Madison countered with an argument that government should be established by the people.

Submitted on Wednesday, Jan 30, 2019 at 6:07:49 PM

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Leslie, thank you for reminding me of those words. The words, "to be a country for, of and by the people." That sounds so wonderful. I can't, but can you remember what country is supposed to be like that? It must be nice to live in such a wonderful country. Maybe I will move there and become an expat. You want to come along? We would not need to salute the flag. Instead, would could have a glass of red wine or two and dream of a better world... :)

By the way, did you have a good time in Puerto Rico?

Submitted on Thursday, Jan 31, 2019 at 10:09:53 AM

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Like the "...again" ending in the title of this informative piece.


Artificial scarcity. Limited resources. Downsizing. We've heard all these terms before, a recurring meme excusing more austerity for us.


It's a zero sum game. Their gain is our loss. With no Robin Hoods, the bishop and sheriff just grow richer while we squat hungry in the woods.


Neo-feudal. Pyramidal. Rigid class barriers. All are excuses to justify the further fleecing of the poor, peasants, and renters, who are the lowest rung on the ladder. Their needs are seen as a drain by those with wealth.


We know lower taxes on all of us disproportionally helps the rich. Their income is considered unearned and subjected to a preferential tax rate--with nothing going to Social Security--while Earned Income is subject to the full weight of full taxation. No 5% rate like the Japanese, who mandate health care for all full time employees. Try 14.4%+ with insurance bleed on top for us.


Yes, the tax rates have fallen for people who work but the rich pay less as a percentage of their income. They need to be taxed. This is the Robin Hood our nation's collective soul needs. To pay for expenses we must tax the rich more.


Corporations have poured trillions into their stock buybacks and the money they make gets directed out of the Main Street economy. The gains in stock prices stack even greater inequity as the rings adorning the Bishop's fingers grow heavier and his chests overflow with gems.


Needs are many and costs growing. By regulating we can protect us from the evils of a tax system that self-destructs like a Mission Impossible tape as the tax cuts for the politically connected drain the resources of the country and lead to bankruptcy (for us all, but not them.)


BTW the Bishop will be riding through the forest tomorrow at 7:45 AM, y'all. Collect the tax required.

Submitted on Wednesday, Jan 30, 2019 at 6:33:39 PM

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