The Congressional Budget Office (CBO) estimates national GDP economic growth of about 2 percent for the coming year, then 1.9 percent for the rest of the decade. Annual deficits will rise, however, driving up the total federal debt. Unless things change, "the federal budget deficits and debt will steadily increase over the next 30 years, reaching the highest level of debt relative to GDP ever experienced in this country," the CBO report said.
Meanwhile, the administration continues its war on spending, ordering budget cutbacks on federal agency spending. For example, the budget for the Food and Drug Administration (FDA) will be cut by $2 million for fiscal year 2020, and will accelerate every year thereafter until the total drop will be $60 million over ten years.
Question: With federal deficits increasing in the face of spending cuts, inflation rising and agency budgets falling, what will happen to critical agencies like the FDA, which is responsible for monitoring and approving critical, life-saving drugs and medications?
That's just one agency. The pattern is repeated on almost every federal group, with the exception of the military.
How can budget deficits and total government debt rise even as spending falls? One possible answer is inflation versus income, where prices rise as revenue falls. The likely result is bankruptcy.
So why is revenue falling, you ask? Tax cuts for the super-wealthy, that's why.
Perhaps the letters GOP no longer stand for "Grand Old Party," as denizens of the Republican base once called it, but now the letters stand for "Greed Over Poverty."
As this pattern continues, with rising prices and stagnant wages, coupled with soaring isolationism and discrimination against certain "other" groups, as well as corporate greed feeding on the delusion that military supremacy is more important than cooperation and mutually beneficial international trade, the danger becomes clear.
Violence.
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