The International Monetary Fund (IMF) recently released the fall edition of its 2018 World Economic Outlook, a periodic report examining the global economy. Although the report forecasts continued growth for at least the next year, broader trends indicate that many economies, both advanced and developing, can expect a slowdown in the not-so-distant future.
Trillion-dollar annual deficits not seen since the Great Recession are expected to return as soon as next year, and when that happens, American taxpayers will be paying an average of $1 billion per day in interest costs on the national debt.
Corporate tax receipts dropped by 31 percent in 2018 — an unprecedented decline during a time of economic growth. The Tax Cuts and Jobs Act is responsible for the plunge.
Other than during the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.
