Neil Baron: Despite all evidence to the contrary, most voters in battleground states believe that former President Donald Trump would do more for the economy than President Biden in a second term.
These voters are sadly mistaken. Trump's first term and current policy proposals are dire warnings that a second round of Trumponomics would be devastating to everyday Americans.
The problem is Biden has come out and called it Bidenomics.
Our deficits are due primarily to Trump's tax cuts.
The CBO's projected tax revenue without the Trumps Tax break for the decade was $43.7 trillion.
www.cbo.gov
The actual numbers and updated projections show federal revenue totaling $45 trillion between 2018 and 2027, or $3 trillion more than CBO's 2018 estimate without the reduction.
Now if you're a thinking individual you might say well inflation caused this , but tax revenue under the cuts has exceed projections as a percentage of GDP.
fred.stlouisfed.org
Revenues are up 40/66 (depending upon whose numbers you use) percent in five years. Through the first three years of the tax cut finds that the percentage of taxes paid by the top 1 percent rose as well.
I am just trying to understand the logic here.
So if revenue is greater than estimated without the Trump tax reduction, how did the Tax Cuts affect the deficits negatively?
But Biden hasn't don't much to fix inflation, just more spending, he owned the economy once he called it Bidenomics at work.
#7 | POSTED BY ONEIRONUT
Just because you don't know or care what he has done doesn't mean he "hasn't done much".
On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) into law, marking one of the largest investments in the American economy, energy security, and climate that Congress has made in the nation's history.
home.treasury.gov's%20history.
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