As tempting as it is to tune out news about the debt ceiling and budget deals, it’s time to pay attention. The excellent Daily 202 from James Hohman and the Washington Post breaks down how bad red ink has gotten under Trump.
Estimated deficit for 2019: $1 trillion +
Deficit for 2018: $779 billion
Deficit for 2016: (Obama) $587 billion
National debt as of July, 2019: $22 trillion
National debt at Trump inauguration: $19 trillion
As we remember, Pres. Obama used debt to successfully stimulate an economy that was collapsing as he took office.
Trump used debt to finance a huge tax break for corporations and rich folk, which he and the Republicans said would make things better for us average Joes.
Here’s the full quote: […]
A new CNBC poll finds just 32% of the public reports having more take home pay because of new tax law, including only 48% of Trump supporters and 35% of the middle class. More than half say they see no change in their paychecks and 16% are unsure.
“The suburbs are swinging back to us.”
— Senate Minority Leader Chuck Schumer (D-NY), saying the Republican tax proposal is “an anti-suburban tax bill” because it would reduce how much homeowners can deduct in state and local taxes, the Washington Post reports.
A Public Policy Polling poll finds that 51% of small businesses are opposed to the Republican tax bill, while 34% support the GOP tax plan. Just over half of respondents — 52% — agreed with the statement that current proposals favor large corporations over small businesses. Fifty-eight percent said it felt wealthy corporations would benefit the most.
A new NBC News/Wall Street Journal poll finds 50% of Americans say they will blame President Trump and congressional Republicans if health care costs increase under Obamacare and if more end up losing coverage, while 37% say they would put the blame on former President Obama and Democrats. As for Trump’s tax plan, 25% of Americans say it’s a good idea, compared with 35% who say it’s a bad idea; another 39% say they don’t have an opinion.
Reuters/IPSOS: Of those adults who said they had heard of the “tax reform plan recently proposed by congressional Republicans,” just 28 percent said they support it, while 41 percent said they oppose it and another 31 percent said they do not know. The poll found opinions on Trump’s plan were sharply divided along party lines, with 56 percent of Republicans and just 9 percent of Democrats supporting it.
Kansas’ shortfall in revenue in 2015 and 2016 following massive income tax cuts signed into law by Republican Gov. Sam Brownback (R), the Kansas City Star reports. “The new figure raises the prospect of deep cuts in the state budget following controversial income tax cuts that Brownback vigorously defended during his re-election campaign against Democrat Paul Davis. Critics worry that schools, roads and social services will be among the areas cut in coming months.”
Congratulations to Speaker Pelosi and the Democrats for passing the middle-class tax extensions today. Over to you, Leader Reid.