This quick read is super fascinating—and troubling. We all know tax cuts, including the recent Trump-GOP tax law, will help drive up the national debt. But the amount the nation will pay to service the debt (think paying only the bare minimum payment on massive credit card debt) will climb to more than $818 billion per year over the next decade. To put this into perspective, it would cost the nation a comparatively minor $175 billion a year to lift all families out of poverty.
For years, taxpayers have been sold the supply-side myth that tax cuts (especially for the rich) pay for themselves. They don’t. Instead, they have been financed on an over-extended credit card whose balance ordinary working people (and their children) will be expected to pay via cuts in vital services.