Marilyn MonHoe 11,011 Posted July 22, 2019 Share Posted July 22, 2019 The White House projects that the federal deficit will surpass $1 trillion this year, the only time in the nation's history the deficit has exceeded that level, excluding the four-year period following the Great Recession. "The 2019 deficit has been revised to a projected $1.0 trillion," the White House Office of Management and Budget (OMB) wrote in its midyear review. As a candidate, President Trump promised to wipe out not only the deficit but the entire federal debt, which has surpassed $22 trillion. Republicans cast aside projections that their 2017 tax reform law would add $1.9 trillion to the deficit over a decade. Larry Kudlow, the top White House economic adviser, claimed just last week that the tax cuts were on track to pay for themselves. Spending has also shot up as a result of bipartisan budget deals, in which Republicans sought massive increases in defense expenditures and Democrats sought equal increases on domestic priorities such as health care and education. Leaders of the Democratic-controlled House and Republican-controlled Senate and the White House are again in discussions to increase spending ahead of fiscal 2020, which begins Oct. 1, and a looming deadline to raise the debt ceiling. Budget hawks noted with dismay that the rising deficit was taking place at a time of strong economic growth, when economists say fiscal policy should be more restrained. Source: https://thehill.com/policy/finance/453177-wh-projects-1-trillion-deficit-for-2019 Link to post Share on other sites More sharing options...
Shattered 132 Posted July 22, 2019 Share Posted July 22, 2019 This always happens whenever a Republican is in office. Deregulation and tax cuts for the rich are always pushed because they will lead to "trickle down economics". 83% of the tax cut benefits went to the top 1%. Republicans lie directly to the American people to fuel their own greed. Don't ever forget that. Link to post Share on other sites More sharing options...
HorusRa2 5,005 Posted July 22, 2019 Share Posted July 22, 2019 Those tax cuts really brought an increase in revenue, huh? Link to post Share on other sites More sharing options...
dit 46,738 Posted July 22, 2019 Share Posted July 22, 2019 The ppl thinking Trump's model would be sustainable are probably shook lol. Link to post Share on other sites More sharing options...
Economy 52,854 Posted July 22, 2019 Share Posted July 22, 2019 10 minutes ago, HorusRa2 said: Those tax cuts really brought an increase in revenue, huh? I mean, if they were to work it would take longer for growth to translate to higher revenue That being said of course they won't pay for themselves... I did the math before and based on general economic taxation you'd need a ripple effect of about X6 for every $1 in tax cuts for them to pay for themselves In other words for every $1 in tax cuts GDP would need to increase $6 for the tax cuts to be revenue neutral Even in the best of circumstances and the most effective targetting of tax cuts the ripple effect is typically not this high Link to post Share on other sites More sharing options...
Adakam 2 Posted July 22, 2019 Share Posted July 22, 2019 BuT tHe tRuMp eCoNoMy iS ThE bEsT!!! Freakin idiots, everyone that voted for him Link to post Share on other sites More sharing options...
Emvee 8,830 Posted July 22, 2019 Share Posted July 22, 2019 Trump voters will look past this and blame immigrants instead. The lunacy. Link to post Share on other sites More sharing options...
Morphine Prince 109,670 Posted July 22, 2019 Share Posted July 22, 2019 33 minutes ago, Postboy said: Trump voters will look past this and blame immigrants instead. The lunacy. Republicans are geniuses when it comes to scamming. They scam the poor and brainwash those same poor people to hate other poor people. If there’s one thing you can say about Republicans it’s that their rich donors get their money’s worth. Link to post Share on other sites More sharing options...
DeleteMyAccount 11,881 Posted July 22, 2019 Share Posted July 22, 2019 THIS IS WHAT DEMS NEED TO RUN ON TO WIN IN 2020. Calling out Trump is fine but talking about this stuff will win more people over. The deficit is always a triggering point for people when they hear big numbers. Sadly that's how it works, but it's true. Larry Kudlow, the top White House economic adviser, claimed just last week that the tax cuts were on track to pay for themselves. How accurate/inaccurate is this? Spending has also shot up as a result of bipartisan budget deals, in which Republicans sought massive increases in defense expenditures and Democrats sought equal increases on domestic priorities such as health care and education. This is why Americans don't get free healthcare. And it's so easy to understand how to pay for more benefits. It's not evil socialism. It's not crazy taxes. It's using money that's already there and allocating it towards healthcare, education, infrastructure, etc.... Link to post Share on other sites More sharing options...
JusKeepBreathin 19,311 Posted July 22, 2019 Share Posted July 22, 2019 1 hour ago, Economy said: I mean, if they were to work it would take longer for growth to translate to higher revenue That being said of course they won't pay for themselves... I did the math before and based on general economic taxation you'd need a ripple effect of about X6 for every $1 in tax cuts for them to pay for themselves In other words for every $1 in tax cuts GDP would need to increase $6 for the tax cuts to be revenue neutral Even in the best of circumstances and the most effective targetting of tax cuts the ripple effect is typically not this high They will soon try to cut "entitlements." Why do you think Rand Paul voted against the 9/11 victims compensation fund? It's already started. Trump's 2020 budget already cuts Social Security Medicare and Medicaid. "Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity." -Martin Luther King Jr. Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted July 22, 2019 Share Posted July 22, 2019 9 minutes ago, ZacharyMark said: THIS IS WHAT DEMS NEED TO RUN ON TO WIN IN 2020. Calling out Trump is fine but talking about this stuff will win more people over. The deficit is always a triggering point for people when they hear big numbers. Sadly that's how it works, but it's true. Larry Kudlow, the top White House economic adviser, claimed just last week that the tax cuts were on track to pay for themselves. How accurate/inaccurate is this? Spending has also shot up as a result of bipartisan budget deals, in which Republicans sought massive increases in defense expenditures and Democrats sought equal increases on domestic priorities such as health care and education. This is why Americans don't get free healthcare. And it's so easy to understand how to pay for more benefits. It's not evil socialism. It's not crazy taxes. It's using money that's already there and allocating it towards healthcare, education, infrastructure, etc.... Spending increases, not tax cuts are the reason for high debt .. Pubs got more military, Dems got more domestic... We got a bigger bill. like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
DeleteMyAccount 11,881 Posted July 22, 2019 Share Posted July 22, 2019 2 minutes ago, JusKeepBreathin said: They will soon try to cut "entitlements." Why do you think Rand Paul voted against the 9/11 victims compensation fund? It's already started. Trump's 2020 budget already cuts Social Security Medicare and Medicaid. The fact that Republicans still have a chance to win in 2020 completely stuns me with this information. That's what happens when everyone watches Faux News and lives where there's no urgency for factual information... Just now, Woolfsmck said: Spending increases, not tax cuts are the reason for high debt .. Pubs got more military, Dems got more domestic... We got a bigger bill. Yea, I know. I was quoting the OP....... Link to post Share on other sites More sharing options...
Marilyn MonHoe 11,011 Posted July 22, 2019 Author Share Posted July 22, 2019 2 hours ago, Shattered said: This always happens whenever a Republican is in office. Deregulation and tax cuts for the rich are always pushed because they will lead to "trickle down economics". 83% of the tax cut benefits went to the top 1%. Republicans lie directly to the American people to fuel their own greed. Don't ever forget that. “Every Republican president since Teddy Roosevelt has experienced a recession in his first two years in office,” says Sam Stovall, chief investment strategist for the research firm CFRA. In fact, nine of the past 10 recessions in history have begun with a Republican in the White House. And several Republican commanders in chief — Dwight Eisenhower, Richard Nixon, and George W. Bush — have presided over multiple economic contractions. http://money.com/money/5140978/a-100-year-curse-on-gop-presidents-might-explain-why-stocks-are-tumbling/ Republicans and the economy don’t mix very well Link to post Share on other sites More sharing options...
uo111 5,282 Posted July 23, 2019 Share Posted July 23, 2019 1 hour ago, Woolfsmck said: Spending increases, not tax cuts are the reason for high debt .. Pubs got more military, Dems got more domestic... We got a bigger bill. Spending increases AND tax cuts are the reason for the high deficit. The equation has both. Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted July 23, 2019 Share Posted July 23, 2019 18 minutes ago, uo111 said: Spending increases AND tax cuts are the reason for the high deficit. The equation has both. Ok....so the Republican spending is way worser tho....right? Bipartisanship bedamned. like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
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