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US debt explodes under Trump — threatening vital programs like Social Security

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President Donald Trump is fond of boasting about the economic gains achieved by his administration, even as critics point out that improving economic indicators can be traced back to Obama era policies. The President often brags that his business acumen, applied to America’s economy and world trade, has resulted in wins for the American people.

But as Politico reported Tuesday, the US federal deficit has also soared during his time in office, threatening the future of vital programs like Social Security and Medicare.

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According to Congressional Budget Office estimates, in less than two decades the federal deficit will the biggest in history.

“The prospect of large and growing debt poses substantial risks for the nation and presents policymakers with significant challenges,” according to CBO director Keith Hall.

“In CBO’s projections, most of the spending growth for Social Security and Medicare results from the aging of the population. Growth in spending on Medicare and the other major health care programs is also driven by rising health care costs per person,” he said.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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Trump responds to China raising tariffs — by raising tariffs on over half a trillion dollars in Chinese goods

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After US markets tanked on Friday, President Donald Trump dramatically escalated his trade war with China.

"For many years China (and many other countries) has been taking advantage of the United States on trade, intellectual property theft, and much more. Our country has been losing hundreds of billions of dollars a year to China, with no end in sight," Trump tweeted.

"Sadly, past Administrations have allowed China to get so far ahead of fair and balanced trade that it has become a great burden to the American taxpayer. As President, I can no longer allow this to happen," he argued.

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MSNBC anchor blasts Trump’s ‘lunacy’ after ‘a Twitter tirade that sent the Dow spiraling’

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The New York Stock Exchange closed down over 600 points on Friday as President Donald Trump's trade war with China escalated.

MSNBC anchor John Heilemann said, "we’re hours away for the president taking off to the G7 summit in Bairritz, France, where allies are bracing for the Trump-fueled mayhem that is now 100% certain to ensue, with Trump like a drunken traveler in the departure lounge about to take a trip that he dreads, already sewing global chaos, days-long public meltdown typically moved from words to actions."

"Donald Trump beginning this day with a Twitter tirade that sent the Dow spiraling, closing down more than 600 points today and escalating his trade war with China with these norm-shattering, power-abusing words in this tweet," he said, putting the tweet on-screen.

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‘Making things worse’: National Farmer’s Union chief unloads on Trump in blistering statement on trade war

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Roger Johnson, the president of the National Farmers Union, delivered a blistering rebuke to President Donald Trump after he responded to new tariffs from China by issuing a purported "order" telling American companies to look for alternative places to manufacture their goods.

In an official statement, Johnson pointed out that farmers so far have felt the brunt of the president's trade war, as China has slapped heavy tariffs on key agricultural products such as soybeans.

He also crushed the president for failing to make any progress on reopening the Chinese market to American goods.

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