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Thread: Former Treasury Secretary Lew Says Tax Cuts Will Leave the U.S. Broke

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  1. #1
    Senior Member JohnDoe2's Avatar
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    Former Treasury Secretary Lew Says Tax Cuts Will Leave the U.S. Broke

    Former Treasury Secretary Lew Says Tax Cuts Will Leave the U.S. Broke


    Marcus Bensasson
    Bloomberg January 2, 2018



    Jack Lew, former U.S. Treasury secretary, speaks during a Bloomberg Television interview in New York, U.S., on Friday, Sept. 29, 2017. Lew discussed the GOP's tax overhaul plan. Photographer: Peter Foley/Bloomberg More


    Former U.S. Treasury Secretary Jacob J. Lew said the Trump administration’s decision to add a significant amount of debt through last year’s tax legislation is leaving the country broke.


    “It’s a ticking time bomb in terms of the debt,” Lew said in a Bloomberg Radio interview with Tom Keene and Jonathan Ferro. “You cannot run a fiscal policy by spending trillions of dollars you don’t have at a time that the economy is doing well.”


    Having chosen to make tax policy without including Democrats in any of the conversation, now the administration probably can’t rally Republicans in Congress to do the basic business of government, such as making sure the country doesn’t default on debt and children don’t get thrown off health insurance, he said.


    More from Bloomberg.com: Trump Calls for Change in ‘Failing’ Iran as Protests Turn Fatal


    “The next shoe to drop is going to be an attack on the most vulnerable in our society,” Lew said. “How are we going to pay for the deficit caused by the tax cut? We are going to see proposals to cut health insurance for poor people, to take basic food support away from poor people, to attack Medicare and Social Security. One could not have made up a more cynical strategy.”


    “What we’ve seen is a tax cut that spends money we don’t have to have very concentrated benefits for global corporations and the top 1 percent, and it’s leaving us broke,” according to Lew.

    https://finance.yahoo.com/news/forme...125300506.html








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  2. #2
    Senior Member Judy's Avatar
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    Yeah! He's right, but only half-right. Now we're broke with no jobs. After the tax cuts, our government will be broke, but we'll have jobs. The only way to have a solvent government and good jobs is to repeal the failed income tax and replace it with the FairTax, HR 25, which I firmly believe is where our tax cut plan is headed and why it was designed the way it was.

    Very hopeful.

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    Senior Member Beezer's Avatar
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    CUT SPENDING!

    STOP BORROWING FROM CHINA AND GIVING THE MONEY TO FOREIGN AID!!!

    DEFUND ALL REFUGEE, ASYLUM, ILLEGAL ALIEN, ANCHOR BABY, TPS PROGRAMS!

    GUT THE BLOATED BUDGET AND STOP THE WASTE, FRAUD AND ABUSE OF OUR MONEY!

    NO TAX REFUNDS TO ILLEGAL ALIENS.

    BOOT ALL ILLEGALS OUT...NO DACA...THEY SEND 40 BILLION OUT OF THE COUNTRY YOU FOOLS!!!!

    #MAGA
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