To the editor:
In response to Richard Rolando’s Feb. 5 letter, as a result of the “Tax Cuts and Jobs Act (TCJA) that President Donald Trump signed into law on Dec. 22, 2017, the federal budget deficit ballooned from $666 billion in fiscal 2017 to $779 billion in fiscal 2018 (an increase of 17 percent) due in large part to a sharp decline in corporate tax revenue.
The Congressional Budget Office has projected that the government’s annual shortfall will increase to $981 billion in fiscal 2019. And then top $1 trillion in 2020 — and will continue to jet indefinitely. My condolences to the youth and future generations of this country.
Obviously, Trump’s tax cuts, which were supposed to grow the economy enough to pay for them — haven’t and won’t. In 2016, then presidential candidate Trump stated that he would pay off the national debt “over a period of eight years.” Another fairy tale.
So fiscally speaking, now more so than ever, this country is “headed toward rock bottom” thanks to Trump’s tax cuts.
Hold on tight.
South Wellfleet, Mass.