A Penn Wharton study says the tax cut bill will increase debt by $1.9 to $2.2 trillion over the next decade with negligible impact on the economy.
The study says the bill will increase economic growth by no more than about one-tenth of one percent over the decade while the debt surges.
Conclusion
Penn Wharton Budget Model’s dynamic analysis projects that The Tax Cuts and Jobs Act increases federal debt in both the short- and long-run relative to current policy. In the near term, there is a small boost to GDP, but that increase diminishes over time.
Remember that when Donald Trump’s intellect is questioned he often responds by saying he attended the Wharton School of Finance at Penn. “I’m, like, a really smart person,” he has said when mentioning the Wharton connection.