When the Titanic hit an iceberg, everyone on board hardly heard anything but a thump. Everything looked good for a while. The ship was making good speed ahead of schedule. You know the rest.
Today, the US economy is looking good. The rich are happy with a booming stock market. The little people are doing better with a record low unemployment. But the ship is sinking.
Trump and his tax cut Republican ideologues inherited an economy that was recovering on it own. They ignored what overdoing tax cuts did to Kansas. They went full speed ahead with massive corporate tax cuts and some crumbs for the working people. As pointed out many times on this blog, the deficit was going to skyrocket.
In boom times, the deficit contracts. In fact at the end of the Clinton administration in the late 1990’s, there was even a surplus. Not this boom. The deficit is near $1 trillion. When the next recession comes, the deficit will explode and almost certainly pull interest rates up making the growing national debt more expensive to finance. This will add to the deficit!
The future has become so ominous for the economy that Moody’s may soon lower the rating of U.S. debt. This on top of the Medicare and Social Security trust funds nearing exhaustion.
Donald is still ignorant of what they have done or he would resign.