When debt exceeds GDP

The Gross Domestic Product (GDP) is the market value of all goods and services. At over $20 trillion, America’s national debt now exceeds its GDP. If unabated, by year 2035, America will be facing bankruptcy as Greece finds itself in today. When the piper comes calling, do we allow our children to be taken away? I think not because Trump just presented our kids a lifeline.

On December 4 in Seattle, Steve Moore, an economist on CNN, state that Trump’s Tax Reform and Jobs Act can actually eliminate our national debt by 2035 because it focuses on increasing economic growth. Moore said a 4 percent annual GDP growth will generate tax revenues to do this. It could be sooner when done in concert with deregulation, infrastructure, energy independence and American manufacturing jobs.

History supports Steve Moore. Under Obama, with a 1.4 percent GDP average annual growth from 2008 to 2016, the national debt doubled. When Reagan cut taxes, the annual GDP average 4 percent and tax revenues doubled.

I am betting on President Trump with his business savvy to address our debt. To Nancy Pelosi: What’s your plan to reduce that national debt besides just crying, “Armageddon”? Do Democrats even care?

Dave Saulibio

Colbert