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

Baidu comes up with a self-driving bus

Developing countries are stepping up their own space programs

McAfee: Number of cybercrime attacks skyrocketed

RemoveDebris Mission To Clear Debris Of In Orbit Over Earth

British experts: Online gambling is dangerous

Vodafone Chooses ‘Highly Trafficked Urban’ Space As Its 5G Testing Grounds

Space To Become A Travel Destination By 2022

Dream Of Immortality Can Be Realised By 2045

Predicting A Patient’s Death Might Be Possible With Google’s Machine Learning Tool

Are online DNA databases dangerous?

World Politics

World & Politics

Le Maire: The US refused to release France from anti-Iran sanctions

One Belt, One Road is facing difficulties around the world

Qatar to raise $ 4 billion to buy Eurofighter Typhoon jets

The UK sets to turn all cars zero-emission by 2030

Brexit Minister’s Resignation States May’s Brexit Policies Weakening The Country’s Stance

Global Plastic Waste Can Wrap The Planet ‘Seven Times Every Hour’

ILO: World has to pay more attention to children and elderly care services

German ruling coalition is under threat of disintegration