Donald Trump Has Finally Done Something: He’s Increased the Deficit By a Trillion Dollars

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This is pretty amazing. Donald Trump hasn’t actually done much of anything in the past five months except flap his jaws. But it’s been some pretty expensive flapping. CBO’s last projection of the federal deficit was released in January. Literally nothing has happened since then except for Trump shooting off his piehole every day and congressional Republicans demonstrating that they can’t control their own lunatics. But that’s been enough. CBO’s projection of the federal deficit over the next decade has already increased nearly a trillion dollars:

The deficit in 2017 alone is projected to be $134 billion higher than CBO estimated when Obama left office. Why? “One reason for the sharp rise in the deficit in 2017 is the slow growth in revenue collections through May and the slow growth expected for the rest of the year.” And why is revenue collection so slow? CBO doesn’t say, but here’s a good guess:

The one thing that Republicans have made clear is that they’re really, really committed to cutting taxes on the rich. And they’ll probably make the tax cuts retroactive too. So why not lowball your quarterly tax payments in hopes they come through? It’s probably a pretty good bet.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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