“In addition to a larger deficit, because of lower tax revenue and more spending, the government would have to lay out more money to pay the interest not only on the new money its borrowing but on the new money its already borrowed.
Economic growth will generate some additional tax revenue just like it did under Ronald Regan, but it’s not enough to fully offset the full impact of the tax cuts. Of course you throw government spending increases into the mix, and these budget deficits could skyrocket well north of a trillion dollars a year.” - in SchiffGold
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse. Visit the new website Schiff On The Markets for exclusive content.