U.S. Deficit To Explode To Over $3.5 Trillion By 2028 After Passage GOP Tax Plan, New Study Finds
A recent study by the University of Pennsylvania’s Wharton School showed that the newly enacted GOP tax plan will more than triple the U.S. deficit.
The study showed that the deficit will explode, increasing from $1 trillion to $3.5 trillion within the next 10 years. The plan will likely increase to anywhere between $2 trillion and $10.6 trillion by 2040.
The Republican tax plan, pushed through by Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan, was enacted this winter with President Donald Trump‘s signature. Secretary of Treasury Steven Mnuchin has argued that the economy will grow enough to counteract the deficit.
House Representative Mike Thompson tweeted that the nonpartisan Congressional Budget Office showed that in 2028, the deficit will increase to its highest in history.
“This just in, the non-partisan CBO estimates that the deficit will hit $1 trillion by 2020 and $1.5 trillion by 2028, our country’s largest ever deficit,” Thompson wrote on Twitter. “Its estimates show that this drastic increase is in part due to laws passed by Republican leaders, including the tax plan.”
Thompson advocated against it, saying it is “unacceptable.”
“We should reverse course on these fiscally irresponsible policies and enact rational spending measures for a better fiscal future while also safeguarding our nation’s retirement security programs like Social Security and Medicare,” Thompson tweeted.
This is unacceptable. We should reverse course on these fiscally irresponsible policies and enact rational spending measures for a better fiscal future while also safeguarding our nation’s retirement security programs like Social Security and Medicare. https://t.co/WfB1c93NO0
— Mike Thompson (@RepThompson) April 10, 2018
The tax plan’s expected deficit explosion seems counterintuitive to the tradition of Republicans running as deficit hawks, and some experts have called the move hypocritical.