Not to mention $21 trillion in additional “missing” funds…!
Slick. Real Slick.
National Debt stands at $20.5 trillion. This can be seen here: http://www.usdebtclock.org/
Even the article states it’s $20.5 trillion.
Yet the headline picture on Yahoo implies the debt is only $14.4 trillion. $6 trillion less than it actually is!
It appears they are using a picture from over 5 years ago when the debt was significantly lower.
Assuaging through subliminal suggestion!
CIGA Wolfgang Rech
A National Sales Tax Is Coming
December 6, 2017
The national debt, though huge, isn’t a problem right now, which is why Republicans who claim to be budget hawks are willing to borrow another $1.5 trillion over the next decade to give tax cuts to most businesses and some households.
But at some point, the United States will have to reduce annual deficits that could swell to $1 trillion per year as early as 2019. Republicans would prefer to solve that problem by cutting social spending. But that seems unlikely. To make a difference, cuts in programs such as Social Security and Medicare would have to be vast, which would outrage voters.
A more likely solution is a national consumption tax, otherwise known as a value-added tax, or VAT. “A 5% VAT would raise an enormous amount of money,” says Jeremy Scott, a tax attorney who is vice president of editorial at the publisher Tax Analysts. “The next major fiscal crisis might be followed by a VAT.”
Barring surprises, this could be some ways off. The economy is healthy now and there’s no sign of an imminent recession. The GOP tax cuts could boost growth, a little bit, for a couple of years once they go into effect.
A recession will spur government to boost revenue
But we’re also in the later stages of the business cycle, with a recession inevitable sooner or later. And Washington’s flexibility to respond to a downturn narrows as the national debt grows. The national debt is now $20.5 trillion, which is 103% of GDP. Economists used to think this much debt was unsustainable — but they turned out to be wrong. If there were a problem, investors would show reluctance to purchase Treasury securities, pushing interest rates up. Credit ratings on U.S. debt might fall, with a whole cavalcade of ugly ramifications if investors really began to doubt Washington’s ability to pay what it owes. None of that has happened.