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Nobel-winning economist Paul Krugman says the US’s current $23 trillion federal debt is ‘not a serious problem’
The economist credited a strong private sector and low-interest rates with reducing the impact of debt on the US economy.
Lawmakers typically have more tools to reduce the debt when the economy is in a solid place, but recent policies have taken it the opposite direction.
Alexandria Ocasio-Cortez’s favorite economic theory derided by IMF chief Christine Lagarde as no ‘panacea’
Christine Lagarde has poured cold water on the viability of an esoteric economic theory popularized by US Representative Alexandria Ocasio-Cortez.
The budget deficit is being driven by the tax reform law supported by President Trump and the GOP as well as the bipartisan spending deal.
Trump once promised to eliminate the national debt in 8 years — but his new budget shows the president is going in the opposite direction
Candidate Donald Trump promised to eliminate the debt "over a period of eight years," but the presidential budget shows that isn't going to happen.
The US federal deficit soared to $310 billion to start fiscal year 2019, up 77% from the year before
The US budget deficit soared due to a drop in tax revenues and increased spending. Trump's tax law and the bipartisan budget deal drove the jump.
The increase in national-debt accumulation has been caused by the GOP tax law's cut to revenues and the bipartisan budget deal's increased spending.
The US will issue over $1.3 trillion in new debt in 2018, the highest amount since the depths of the recession
The amount of debt that the US government will issue in 2018 is projected to be $1.34 trillion, a 146% increase from 2017 and the highest since 2010.
Republicans claimed that the new Tax Cuts and Jobs Act would pay for itself or even decrease the federal deficit. But based on new numbers from the Treasury Department, that doesn't appear to be happening.
Treasury Secretary Steve Mnuchin doubled down on a claim about the tax bill that almost every independent group says is wrong
Treasury Secretary Steven Mnuchin claimed that the new GOP tax law would "pay for itself" during an interview Tuesday. The only problem is that every analysis, even those done by the Trump administration, shows the law will add to the federal debt.