In a letter to Democratic House Speaker Nancy Pelosi, Mnuchin wrote that the US might default on its obligations as soon as early September, before Congress returns from its summer recess.
The US Treasury, which is facing a growing deficit thanks to President Donald Trump’s 2017 tax cuts, had said it had enough cash to last until the fall.
Here are some things we already know about the looming Trump recession.
1) It will be caused by greedy poor people who have the audacity to be poor while expecting government services.
2) Another culprit will be fat cat teachers and teacher unions. Also Mexicans,liberals, Iran, and the fake media.
3) More and bigger tax cuts will get us out of it because when corporations and rich people get tax cuts they reinvest that money in creating jobs.
4) We’ll need to socialize bank losses because socialism is good for that and that alone.
5) To do so, we’ll have to “tighen our belts” (around our necks) and get rid of wasteful government spending on Social Security.
6) Democrats will compromise with Republicans on this for of trickle down stimulus rather than risk being viewed as partisan.
