Tax cuts are an addiction for the US, economist warns



Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University discusses his outlook for the U.S. economy under President Trump.

18 thoughts on “Tax cuts are an addiction for the US, economist warns

  1. tom k

    Maybe we should concentrate on our own country instead of making a global police force. Also a trade war would not really hurt us as much as you think since we consume much of our own products.

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  2. R.A. Dalton

    I am a 63-year-old retired moderate independent voter. This country was founded on the concept that citizens are responsible for their OWN lives and must have the freedom to live those lives as they see fit without undue interference from the federal or state government. This all changed however in the 1930s under FDR which greatly expanded the powers of the Federal Government and its reach and introduced socialism. After eight decades of ever increasing government and socialism a majority of our citizens now expect, no demand, that the government provide jobs and health care for them and generally take care of them from cradle-to-grave. Government is now involved in virtually EVERY aspect of our lives. All this had led to the current extreme debt situation we see now throughout our society. As an example in 1981 we had a national debt of less than one Trillion dollars. We are now well over 20 Trillion dollars of national debt for 2018. We are well past the point of no return on a national debt we can never hope to pay off through normal economic means. The same debt situation also exists in almost all levels of city, county, and State governments as well. Yet instead of taking measures to deal with this debt crisis our leaders make the same economic, defense and other pledges that President Reagan more or less made in the early 1980s. The last President Carter budget saw us having a national debt of $907,701,000,000, The last President Regan budget, after 8 years in office, had us with a national debt that had tripled to $2,857,430,960,187. This trend, which has accelerated since that time, can only lead to the collapse at some point of our economy and our currency, which has had nothing whatsoever backing it since 1971 when Nixon took us off the gold standard. We have bought our prosperity, and continue to do so, by going further and further in debt and our currency, because of FED printing press extremes, gets more worthless by the year. A dollar today has only about less than 5% of the buying power of a 1920s dollar. At some point the rest of the world is going to wake up to the fact that we have been exchanging our worthless printed paper for their tangible products and resources. This realization can only end in tears at some point for almost everyone. I just hope that I am not around to see it. It will make the last great depression look positively pleasant by comparison. BTW I highly recommend David Stockman’s book “The Great Deformation: The Corruption of Capitalism in America” which explains how we got where we are and where we are heading in a much better and more comprehensive way then I can.

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  3. Art Curious

    Spending cuts are long overdue. The FBI has a budget of 8 billion dollars that is way way too much for what we get in return, we could easily cut their budget in half and get better results using the US Marshall Services. HHS has 79,000 employees and a MASSIVE budget that is nothing more than backdoor socialism. Most people don’t know that democrats buy votes by increasing government jobs.

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  4. Leigh Barry

    Hey ding dong DorkTARDS China can SAVE SOOO much because they're NOT bound by the same LAWS and RESTRICTIONS our MANUFACTURING IS!!! Which is WHY their products can contain arsenic and lead! Don't even get me started on their wages!!! You can't compare China and America as if they're manufacturing equals who're bound by the same ethical values because we're NOT!!! Its the equivalent of asking the average person to compete with a GINORMAS company…to make the same product and present it, expecting the person to produce a comparable product, at the same cost and within the time frame…..its NOT going to happen!!! People would claim its unfair to expect the same when one has EVERYTHING and the other has nothing!
    So his comparing China to America is a straw man

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  5. jo phoenix

    And Fox along with all others makes fun of Putin who has paid off there debt and our ship of fools continue the crap the new jobs a low wages and low wages will not support our military and all those low wage workers do not have one cent saved for retirement we are a bloody joke no one wants to pay for another tribe and that is what we are a group of tribes and we hate one another..

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  6. jo phoenix

    BS its not instance gratification is the cost of living keeps going up and we changed the definitions so we lie about what the true inflation is what a deal a nation diving head long into third world but the ones they run it just move to their homeland Israel and leave the traitors to their own to be chased like animals by the unwashed and blaming to escapee while they went along with the lie like the French man said to his girlfriend who was leaving for ISRAEL because France was unbearable to live in any-longer, I have no other home to go too.

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  7. Nogive Nogets

    The Fed being able to print money & the banks being able to lend themselves bank deposits at a 10 multiple (fractional reserve banking) is why they can give you a measly .5% while lending your money at a much higher rate. if they believe we should be saving more then give us an incentive to do so. end the easy money from the fed & fractional reserve banking & rely on $1 depost = $1 lent so those of us who save money can get a decent return without gambling in the stock market.
    https://www.investopedia.com/articles/investing/022416/why-banks-dont-need-your-money-make-loans.asp

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  8. River Raid

    This guy is another downer. Didn't say ANYTHING about the financial mess that Ovomit put us in. I'm far from an optimist but tax cuts produce real value.
    1. CUT TAXES – the economy will boom.
    2. QUIT IRRESPONSIBLE SPENDING – the budget and economy will stabilize over time.
    We give $300 million to the Palestinians every year so they can kill us and the Israelis. Are you fcuking kidding me?!?! Quite giving my tax dollars to terrorists!!

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  9. Pete & Christine Gannon

    Personal income taxes were not to be imposed unless it was an absolute emergency. WW2 brought in the emergency personal income tax. It was never dropped. The addiction of personal income taxation is with the politicians.

    Commerce was and is supposed to be the financier revenue stream of our Federal Government. It was that way to keep the Government interest to always keep our private industry as strong as possible. We now are realizing that our private industries were decimated by Globalist Socialist politicians from both sides of the aisle.

    Lets get real and start asking why our life force is still on the taxation block and our industries were given away to the most corrupt dealing politicians. Eh Hillary.

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  10. Green Sea Eagle

    We're 21 trillion in debt as of March 17, 2018. The first time in our history we've reached the 21 trillion mark. Tax cuts are nice but with less tax revenues, and having 72 million people on Soc Sec and Medicare (about 36% of our federal budget), the debt is just going to explode upwards. Also, despite the so called tax cuts, wage growth for working class people remains sluggish, and hasn't moved up much since the Clinton era. People simply don't understand why its hard to cut taxes when our population is at 330 million, 72 million are non-producing seniors, another 26 million are low-income children from impoverished families, etc. And yet we spend 19% of out total budget on military spending which we need to assure other creditor nations that our economy is stable enough to invest in. I fear President Orange Turd simply has no understanding of how micro/macro-economics work, has no clue why free trade is one of the pillars of Capitalism, has little to no understanding on how government works, zero understanding of our constitution, etc. In other words, he's a carbon copy of his core voting base. Mainly, uneducated, ignorant, extremist, bigots, with the collective IQ of a pile of horse dung.

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