America’s 25-Year Tax Cutting And Fiscal Train Wreck
On July 4, the US Congress passed Donald Trump’s One Big Beautiful Bill Act—or BBB for short. The mainstream media and economists have mostly been reporting the details of the tax cuts contained in the bill—that is, which taxes got cut, how much accrued to businesses and the wealthy as opposed to the rest of us, what the impact is on GDP, and maybe even on government deficits and debt. All interesting facts. But not the most important. They purposely ignore the cuts in historical perspective and the bigger picture they represent.