The GOP is not yet ready to tackle the nation´s massive debt.
That could change with the nomination of Senator Tom Cotton as its nominee for treasury secretary.
But the GOP’s fiscal policy, according to an analysis by The American Conservatives, would leave a lot of people holding the bag.
In fact, the debt would be worse off than it would be if the GOP nominated someone who actually wanted to address the issue.
What is the GOP´s debt?
In the year 2017, according the Center on Budget and Policy Priorities, the U.S. government is on track to exceed its debt limit, which is the maximum amount of money that the government can spend without triggering a default.
The GOP´ s debt is roughly $15.3 trillion, which puts it well above the $16.4 trillion limit set by the Democratic-controlled Senate.
The U.N. and the IMF have warned that a default would lead to a severe economic downturn.
In order to get around this, the GOP would have to drastically cut spending, and the debt could skyrocket to levels that would threaten the safety of the U:The top 10% of Americans own over 60% of the nation′s debt, and many of them hold the majority of its wealth.
They would be forced to spend most of the country′s money on things like military and policing and social programs.
It would be hard for anyone to convince a majority of the people in the U to make the sacrifice of paying for a trillion-dollar tax cut for the wealthy, and that is exactly what would happen if the party nominated someone like Cotton.
The debt is actually a lot bigger than that.
According to the Congressional Budget Office, a $16 trillion debt would leave the average American with a net worth of $1.4 million.
That figure does not include a $3.5 trillion in liabilities the government owes to creditors.
It also does not account for the debt owed to future generations.
In 2018, the average U..
S.-born American is estimated to have an annual income of $42,000.
The average household in the country owes more than $2,000 in student loans, $1,000 each in car loans, and more than a half a trillion dollars in credit card debt.
The reason that Cotton would make a difference is because he would not just slash government spending.
He would also cut taxes, which would leave more money for the U’s creditors.
For example, he would eliminate the estate tax and would cut the corporate income tax rate from 35% to 21%.
He would increase the federal corporate tax rate to 20%.
Cotton would also eliminate the Bush-era estate tax on estates worth more than more than half a million dollars.
The estate tax was created in 1986, when President Ronald Reagan and his wife Barbara were forced to sell the White House to avoid paying the estate taxes.
It was eliminated in 2010 by Congress, but it was raised again in 2017.
The American Conservative article: What would you cut if you were the GOP nominee for Treasury secretary?