Jim Risch and Mike Crapo Tax Cut Betrayal
In their joint statement on the Trump tax cuts Senators Jim Risch and Mike Crapo promised that the Trump tax cuts for the super rich and mega corporations would reduce the federal deficit. Did that happen? No way, not even close! Their joint statement was chock full of bad predictions and broken promises, and the prediction that the Trump tax cuts would reduce the federal deficit was the worst.
The federal deficit continues to grow at a higher rate because of the Trump tax cuts, even though the US is not in a recession. Jim Risch and Mike Crapo were dead wrong to claim that the Trump tax cuts would reduce the deficit. And they will be dead wrong each and every year for the foreseeable future.
It can be expected for the federal government to have a deficit during a recession when the slow economy generates less in taxes and the federal government increases spending to "prime the pump" and get the economy going again. But these huge Trump deficits during a time of economic growth are CRAZY!
In a projected stretch of over 50 years (1972-2022), the only time that the federal government has a surplus would be during the four years of a Democratic administration budget in 1998, 1999, 2000, and 2001 (until the Bush tax cuts created another era of huge deficit spending).
Over the past 50 years, Republicans like Risch and Crapo like to TALK A LOT about how they will fix the federal deficit, but then their tax cuts for their base, the super rich and mega corporations, blow huge holes in the federal budget.
Below are the most recent annual federal deficit amounts and projections, as reported by the Trump administration's Office of Management and Budget (OMB). The OMB projections are probably way low, too, especially if the economy enters a recession.
Fiscal Year Federal Deficit
2022 $1.0 trillion (projected)
2021 $1.0 trillion (projected)
2020 $1.1 trillion (projected)
2019 $1.1 trillion (projected)
2018 $785 billion
2017 $714 billion
2016 $620 billion
2015 $469 billion
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