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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?”

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“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?”

“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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WATCH: Franklin Graham tells Jeanine Pirro coronavirus pandemic is because of people sinning

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Franklin Graham blamed sinners for the COVID-19 coronavirus epidemic during a Saturday night appearance on Fox News.

Host Jeanine Pirro noted the growing death toll and wondered how God could let that happen.

"Well, I don't think it's God's plan for this to happen," Graham said.

"It's because of the sin that's in the world, judge," he argued.

"Man has turned his back on God, we have sinned against him, and we need to ask for God's forgiveness and that's what Easter's all about," he continued.

"This pandemic, this is the result of a fallen world that has turned its back on God," he added.

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Drought causing water shortage amid coronavirus crisis in Chile

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With historically low river flows and reservoirs running dry due to drought, people in central Chile have found themselves particularly vulnerable to the coronavirus pandemic.

Years of resource exploitation and lax legislation have allowed most reservoirs in that part of the country to run dry.

"There are now 400,000 families, nearly 1.5 million people approximately, whose supply of 50 liters of water a day depends on tankers," Rodrigo Mundaca, spokesman for the Movement for the Defense of Water, the Earth and the Protection of the Environment, told AFP.

One of the main pieces of advice to protect people against coronavirus is to wash your hands regularly.

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Trump warns of ‘tough week’ ahead — after the United States surpassed 300,000 coronavirus victims

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US President Donald Trump warned Americans on Saturday to brace for a "very horrendous" number of coronavirus deaths in the coming days as the total number of global fatalities from the pandemic soared past 60,000.

As confirmed COVID-19 cases in the United States surpassed 300,000 with more than 8,300 deaths, there was some encouraging news in Italy and Spain.

Europe continues to bear the brunt of the epidemic, however, accounting for over 45,000 of the worldwide deaths, and Britain reported a new daily high in fatalities.

There are now more than 1.17 million confirmed coronavirus cases around the world and there have been 63,437 deaths since the virus emerged in China late last year.

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