You Should Be Absolutely Furious Over Donald Trump’s $1 Trillion Deficit

With Vice President Mike Pence looking on, U.S. President Donald Trump speaks before signing the United States-Mexico-Canada Trade Agreement during a ceremony on the South Lawn of the White House on January 29, 2020 in Washington, DC. The new U.S.-Mexico-Canada Agreement (USMCA) will replace the 25-year-old North American Free Trade Agreement (NAFTA) with provisions aimed at strengthening the U.S. auto manufacturing industry, improving labor standards enforcement and increasing market access for American dairy farmers.  The USMCA signing is considered one of President Trump's biggest legislative achievements since Democrats took control of the House in 2018.

The president is pointing at the megabarge of cash his tax cut added to the budget deficit.
Drew Angerer/Getty Images

The federal deficit is expected to pass $1 trillion this year and keep rising over the coming decade, the Congressional Budget Office projected this week. By 2030, the debt held by the public is expected to grow to 98 percent of gross domestic product, up from just under 80 percent today. The culprit? President Donald Trump’s tax cuts and spending increases, as well as growing entitlement spending.

Is all this debt something to worry about? As far as the economy goes, no, not really. Washington may be borrowing a great deal of money, but we can probably handle it just fine. The U.S. is not on the verge of a fiscal crisis, and it’s hard to imagine what circumstances would cause one in the foreseeable future.

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