In Pennsylvania on Tuesday, Republican White House hopeful Donald Trump delivered a blistering attack on U.S. trade policy. Unfortunately, he chose the wrong week to proclaim, "We Are Going To Make America Great Again For Everyone--Greater Than Ever Before."
Just the day before, the deficit hawks at the Committee for a Responsible Federal Budget (CFRB) offered the latest analysis showing Trump's massive tax-cut windfall for the wealthy would fuel $11.5 trillion in additional national debt over the next decade. That dire forecast arrived hot on the heels of a study by former John McCain adviser and current Hillary Clinton donor Mark Zandi of Moody's Analytics. He found that if all of Trump's proposed policies became reality "the U.S. economy would plunge back into recession, losing millions of jobs."
But as horrifying as the predicted numbers would be under President Trump—a long recession from 2018 through 2020, 3.5 million jobs lost, unemployment catapulting to 7.4 percent and the U.S. economy shrinking by 2.4 percent—America's future could actually be much worse. That's because there's one other Trump pledge neither analysis took into account. To Bob Woodward on March 31, Trump proclaimed he could eliminate the entire national debt "fairly quickly." Just how how quickly?
"Well, I would say over a period of eight years."
You read that right. To erase all of Uncle Sam's red ink current and projected by the end of his second term, President Donald Trump would have to slash federal spending by more than 90 percent. (See chart above.) That's not just the budgetary equivalent of causing the sun to rise in the west or switching off gravity on Earth. Trump's ax would trigger a global economic calamity leaving Americans nostalgic for the Great Depression.
http://feeds.dailykos.com/~r/dailykos/index/~3/Xlvq_RSYFiA/-President-Trump-promises-the-next-Great-Depression
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