Magic math got Trump’s bill through, but it won’t make debt vanish
The way this tax cut and spending package was rammed through Congress has rightly alarmed sensible budget watchers, who say the debt trajectory is unsustainable.
Washington | The national debt clock has been ticking away in New York since 1989 as a dynamic reminder of how much the United States has on its collective credit card bill. But on the streets of Washington, DC, a more personal reminder has popped up.
The Peter G. Peterson Foundation, named for the late Nixon-era commerce secretary and former investment banker and private equity titan, is running bus shelter billboards that portray the debt per person. On Thursday (Friday AEST), when Republicans passed Donald Trump’s major tax cut and spending bill, the figure sat at $US106,110 ($161,590).
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Jessica Gardner is The Australian Financial Review’s United States correspondent. She was previously deputy editor - news. Connect with Jessica on Twitter. Email Jessica at jgardner@afr.com
