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Financial experts tear Trump’s tax cut mythology to shreds as the national debt explodes

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With the national debt hitting record-breaking highs, Axios chief financial correspondent Felix Salmon had bad news for MSNBC on Wednesday: President Donald Trump’s tax cuts would never pay for themselves.

Host Stephanie Ruhle brought up the president’s insistence that his tax cut will generate enough economic growth to pay for itself. “We know it takes time for that to happen,” she said. “But why aren’t we seeing it yet?”

“Because it’s not going to happen,” replied Salmon as Ruhle groaned audibly. “No one believed that when they insisted it. No one believes it now.”

“That’s not true,” she shot back sarcastically. “Republicans did.”

“We have seen actually that national debt increasing much faster than even the pessimists thought it would when the tax cut was passed,” Salmon continued, pointing to “massively” slower corporate earnings. “All of this amazing new growth we were promised from the tax cuts isn’t happening. It’s like a single one-shot sugar high which increases the debt in perpetuity without really giving us anything sustainable.”

“The CBO is saying the deficit will keep rising topping $1 trillion annually beginning in 2022,” Ruhle said to fellow panelist and former investment banker William Cohan. “Do you see any evidence that the tax cuts are going to pay for themselves?”

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“There’s certainly no evidence yet,” said Cohan, who added that he agreed with Salmon’s pessimistic take. “This was a president who as candidate said he was going to eliminate the national debt and in fact, he’s done pretty much just the opposite going from $19 to $22 trillion in record time, trillion dollar budget deficits.” He added that United States is “awash is debt”, citing trillion in student loans, credit card debt, and auto loans. The country was so saddled with debt, Cohan added, that “a serious problem in the near term” was inevitable.

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Virginia Democrats are so fired up that the party chair had to scold them: ‘Sit down — be quiet’

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Democrats in Virginia are fired up as they gathered in Richmond for their annual gala dinner.

Political analysts believe the Democratic Party of Virginia has a good chance to win control of the state legislature in 2019's election, before setting their sights on the Commonwealth continuing its recent trend of voting Democratic in presidential elections.

Patrick Wilson, a political reporter for the Richmond Times-Dispatch, attended the event.

He reported that Democrats were so "noisy" that it was hard to hear the speakers, which include presidential candidates Sen. Amy Klobuchar (D-MN) and South Bend Mayor Pete Buttigieg.

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‘Everyone knows what to expect’ at Trump’s Amway Center re-election kickoff

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Donald Trump considers himself a legendary salesman, but can he really sell America on giving him four more drama-filled years at the White House?

Tuesday, he'll make his big pitch.

The 2020 reelection kickoff rally is being held in Orlando, Florida and campaign operations chief Michael Glassner says the "historic" event "has already generated tens of thousands of ticketing requests."

There's little mystery about how the night will go down.

Expect Trump, the self-promoting hero of his ghost-written book "The Art of the Deal," to claim the US economy is richer, the military stronger, and the country more respected than ever in history.

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Florida man’s own family blasts him after he was arrested for racist threats: ‘This isn’t how we were raised’

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After a Florida man was arrested for trying to start a race war, a member of his own family slammed his values.

"A Florida man’s social media posts that threatened violence against African-Americans, Jews and homosexuals and that urged his followers to start a race war netted him a $1 million bond," the Miami Herald reported Saturday. "And then there’s another $100,000 bond he would have to pay to get out of Lee County Jail because of a weapons charge."

Joshua Leff, 40, is being held in the Lee County Jail.

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