The economy of the United States is booming, but its finances are going bust. In the first 11 months of fiscal 2017, the nation’s budget deficit was $674 billion. For the first 11 months of fiscal 2018, it was $898 billion, an increase of 33 percent. President Donald Trump’s administration now says the annual shortfall will exceed $1 trillion in 2019 and remain above that level for at least three years.
The deficit has exceeded $1 trillion in only four years, from 2009 through 2012, when unemployment of 8 percent to 10 percent depressed income tax receipts, low corporate…
Big tax cuts put social programs on cutting block
