Anyone with basic knowledge of Keynes and Laffer could've predicted what was just confirmed by GDP: Trump's tax cuts did nothing for the US economy.
The US budget deficit soared due to a drop in tax revenues and increased spending. Trump's tax law and the bipartisan budget deal drove the jump.
After three weeks of data showing the average tax refund was smaller than last year, the IRS announced Thursday that refunds are up 1.3% on average.
The increase in national-debt accumulation has been caused by the GOP tax law's cut to revenues and the bipartisan budget deal's increased spending.