Daily Management Review

MarketWatch: Donald Trump Will Bring the US to Crisis


03/08/2016


MarketWatch’s financial columnist Brett Arends believes that the economic program of presidential candidate of the United States Donald Trump is a path that might lead to debt crisis. Basing on Congressional Budget Office calculations, US Tax Policy Centre and the US Internal Revenue Fund, he in his article tries to explain to the American electorate that Trump would be too expensive even for the largest economy in the world.



getty
getty
The plan for the tax cuts proposed by the Republican Party’s race leader Donald Trump means that the national debt of the country will be approximately $ 22 trillion by end of his first term in the US President’s office.

Today, the figure is $ 14 trillion, that is, it will grow by 57% in four years. This is based on official forecasts of the US Congress Office of the Budget, as well as on a simple mathematical analysis of US Tax Policy Center, and the same we can see in calculations of the US Tax Foundation.

Trump won the primaries - and now it's time to seriously consider his proposals and promises. Congressional Budget Office predicts increase in the national debt from $ 14 trillion to $ 18 trillion by 2021. However, the calculations show that the national debt will grow by $ 4.4 trillion on the background of Trump's proposals for tax cuts.

By the way, while the tax reduction will be applied to all sectors, no more than 1% of taxpayers, or even 0.1% will get the greatest benefits from this. Trump's army of fans, who sincerely believe that he intends to oppose the "elite", will be very surprised by this turn of events.

An average household with an average income can save about $ 2700 a year with Donald Trump. The average taxpayer from the 0.1% will save $ 1.3 million.

Trump said that the tax cuts would be possible by eliminating "embezzlements" and combat "frauds". However, this is not going to happen. Republicans had promised it in 1980 - and we're still waiting for it – it is clear even in Ronald Reagan’s memoirs.

Trump says that he is not going to cut basic benefits, such as, for example, social security allowance, but to sharply increase military spending instead - "so that no one dare to mess with us". He also intends to pay special attention to veterans. Fact: Two-thirds of the entire federal budget goes to defense, health care, social security and interest on the public debt of veterans.

source: marketwatch.com






Science & Technology

Data Can Help You Make ‘Healthier Lifestyle Choices’

Motorola’s New Patent Will Self-Heal A Cracked Smartphone Screen

Auto Parts Out Of Wood Is What Japan Is Looking At Making

Security Firm Claims Hotel Guests Across Europe Were Targeted By Russia-Linked Hackers

World’s First Genetically-Modified Animal To Enter Food Supply Is Salmon

In The Future, UBS Analyst Says, Multiple Planes Could Be Operated From The Ground By Today’s Pilots

Will Germany save diesel?

How China became a pioneer of the solar industry

CNBC: Intel leaves the wearable gadgets market

Oculus Rift falls in price…again

World Politics

World & Politics

Rivalry Between Two Nuclear Giants Just Cranked Up By Trump

Ten most technologically advanced countries in the world

China counts losses from sanctions against the DPRK

OCP Group Vs South African Courts: A storm is brewing on international maritime trade

Britain to conduct a study on labor migration after Brexit

CNN: Rex Tillerson may leave the post of US Secretary of State

Its South China Sea Territory Being Protected By Indonesia From 'Foreign' Threats

A Swarm-Like Attack From North Korea Could ‘Overwhelm’ South Korea's THAAD Missile Shield