Source: Wall Street Journal
“If the economy continues to grow at the normal postwar rate, growth-driven federal revenues will overwhelm the costs of the tax cut, paying for virtually all of its originally projected 10-year revenue losses in just five years. But if Treasury borrowing cost normalizes to 3.2% over the next five years, the cost of servicing the federal debt will more than double, from $316 billion this year to $666 billion in 2023. If borrowing costs rose to 4.8% over the next five years, federal debt-servicing costs would more than triple, reaching $1.1 trillion in 2023. In that scenario, the cost of servicing the $7.5 trillion increase in the public debt incurred during the 2009-16 period alone would cost $362 billion – more than the current cost of servicing the entire federal debt….Every dollar the federal government doesn’t spend is a dollar it doesn’t have to borrow. The caps on discretionary spending should not be lifted in 2019, and any new spending program should require a real spending offset….It’s time to make peace on trade and wage war on the deficit.”
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