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According to a report from Democrats on the Joint Economic Committee (JEC), Donald Trump‘s 2017 tax cuts have not lived up to their promises, Newsweek reports. Notably, the report highlighted that while the tax cuts were proposed to pay for themselves, the non-partisan Congressional Budget Office said that the cuts would increase the federal debt by $ 2 trillion over 11 years.
JEC vice-chair Representative Carolyn B. Maloney noted in a press release that the legislation had exacerbated inequality, which she notes was at an “all-time high” at the time the law was passed.
“And it isn’t on track — as the administration had claimed — to ‘pay for itself;’ instead, it will add almost $ 2 trillion to the national debt. That will make it harder for policymakers to fight the next recession and has already prompted Republicans to consider cuts to Medicare, Social Security and Medicaid.”