![]() ![]() Nobody who has any background in economics thought the tax bill was a good idea.’’ ‘‘The tax cut was an overall step in the wrong direction. He makes an exasperated face and his eyebrows shoot up over his circular tortoiseshell glasses. It’s one thing to borrow money for infrastructure investment, but this.’’ said Durst. ‘‘We’re mortgaging our children’s future. Durst and his father, who died in 1995, have donated heavily to Democrats over the years, according to data compiled by OpenSecrets.Org. The last time the unemployment rate was this low, the government ran a surplus.ĭurst thinks it’s inevitable taxes will have to go up, and he’s baffled that President Trump would give a tax cut to wealthy Americans like him. In good economic times, the government is usually able to shrink the deficit, but the latest data out this week shows the federal government is on track to spend about $900 billion more this year than the revenue it is bringing in. It’s expected to grow quickly as Social Security, Medicare, and interest payments balloon. The United States hasn’t had this high a debt level as a percent of gross domestic product since the World War II era, according to the nonpartisan Congressional Budget Office. I think, can I afford all this debt? Then you realize the government is busy borrowing even more money on your behalf.’’ I always feel nervous signing a mortgage or a car loan. ‘‘This is an astonishing statistic,’’ said David Kelly, chief global strategist at JPMorgan Funds. Personal debt per household will be about $126,000. Debt held by the public will top $127,000 per household by the end of the year, according to JPMorgan. ![]() Economists typically focus on debt held by the public, which is currently about $16 trillion, because that is the amount the government truly owes creditors (the rest of the debt is money one government agency owes another). ![]()
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