Trump’s budget cuts help the rich, hurt the people, and damage important institutions.
They are completely unnecessary. The US is so rich that we could easily have paid our bills, increased social security and Medicaid, paid down on the debt, and remedied important problems besides.
The Big Picture
Wealth
Total Household Net Worth = $160 trillion
Half the Population’s Household Net Worth = $4 trillion
Indices
Taxes/GDP = 16.6%
National Happiness Ranking (NHR) = 24
World Indices: Country; Taxes/GDP; NHR
People who want minimum government and minimum taxes justify their position with laizzes-faire capitalism and libertarian philosophy. Trump and Musk are extreme examples of such people and they’re doing serious damage.
Wealth
Total Household Net Worth = $160 trillion
Half the Popolation’s Household Net Worth = $4 trillion
National Debt = $36 trillion
Income and Expenses
Gross Domestic Product (GDP) = $29.3 trillion
Federal Revenue = $4.5 trillion
Annual National Spending = $6.2 trillion
Deficit = $6.2 e12 – $4.5 e12 = $1.7 e12 = $1.7 trillion
The World
Tax/GDP ratios for other countries of the world.
- France = 46%
- Italy =43%
- Germany = 39%
- United Kingdom = 34%
- Canada = 33%
- Brazil = 33%
- Japan = 33%
- South Korea = 32%
- Argentina =30%
- Australia = 30%
- US = 28%