Dear Editor: In August, the Congressional Budget Office projected a federal budget deficit of $1.1 trillion by the end of 2020. Unfortunately, the Treasury Department says the deficit is already at $1 trillion right now. During the Great Recession the deficit reached $1.4 trillion. However by the end of the Obama presidency the deficit had been reduced to $585 billion. While President Trump declares that our economy is the best in history our government is running trillion-dollar deficits. Should a recession arise as many economists are predicting, how will we counter it with a budget that is already in the red?
The tax cut was supposed to increase business investment, increase jobs and pay for itself. It did none of that. Jobs are not being created at the rate they where when Obama left office. According to Moody’s Analytics, Trump’s tariffs have cost the U.S. economy 300,000 jobs. If this trade war continues the numbers could climb to 450,000 by the end of this year. The job loss might rise to 900,000 by the end of 2020.
Our economy is not as stellar as the president wants us to believe. The numbers don’t lie.
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