Monday, March 6, 2017

Ned tells the Whopper

The Trumpster sent old Ned out to tell the story about growing our way out of bankruptcy with more debt. The conservative senators from small state America are doing the math.  A ten year at 3.5% means interest payments, relative to budget, will be growing at 7% over a five year period. Their tiny state projects are held to inflation?  No, their baskets might go empty, The senators  are reading the fine print, let us hear from them tomorrow.
Judge Dredd at Business Insider:
President Trump — along with his Office of Management And Budget director Mick Mulvaney, Treasury Secretary Steven Mnuchin and chief economic adviser Gary Cohn — has set out on a course where the goal is to increase defense spending, cut most other discretionary spending, leave untouched both Social Security and Medicare, and enact major tax reform that includes large individual and corporate rate reductions. Not bad.
Since three of these four men are either native or adopted New Yorkers — Mulvaney, a South Carolinian, is the exception — they probably know of a bridge in Brooklyn they can sell that allows them to do all this without significantly affecting the nation’s debt. Actually, they have even a better idea.It is dynamic scoring.Mnuchin told CNBC in his first extensive interview that it was the administration’s intent to use dynamic scoring. He said this a few times, just to make the point clear. Scoring on tax reform (from the Joint Committee on Taxation) and on spending issues (from the Congressional Budget Office) might bind the Congress. But the administration is going to be unbound because it will use dynamic scoring

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