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Thread: Republicans once railed against deficits. President Trump's tax plan piles on more than $2 trillion

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    Republicans once railed against deficits. President Trump's tax plan piles on more than $2 trillion

    Full Title: Republicans once railed against deficits. Now President Trump's tax plan piles on more than $2 trillion in red ink


    By Lisa Mascaro
    October 5, 2017

    Not long ago, Paul D. Ryan stood before charts and graphs as the House Budget Committee chairman like a new Ross Perot, promoting an austerity plan that slashed taxes and spending, and warning of the dangers of deficits. “The facts are very, very clear: The United States is heading toward a debt crisis,” he said then. “We face a crushing burden of debt which will take down our economy, which will lower our living standards.” Now as House Speaker, the Wisconsin Republican is undergoing a role-reversal, championing President Trump’s tax cuts, which promise massive tax cuts for corporations and, to some extent individuals — and which experts say will add some $2 trillion to the nation’s red ink over the next decade. Republicans are racing to assemble Trump’s tax package, which remains more conceptual than actual legislation, at a time when the nation’s debt load has topped the eye-popping level of $20 trillion. For Trump, who routinely leveraged borrowing to expand his real estate empire and declared on the campaign trail that he loved debt, a tax plan that expands the government’s deficit may be no problem.

    During a recent White House meeting, Trump boasted to lawmakers from the tax writing House Ways and Means Committee that the country’s economic growth could hit four, five, even 6% under his tax plan, which administration officials say would more than cover lost revenue and even reduce the deficit. But, the lawmakers asked, what if growth isn’t so strong — most mainstream economists doubt it will be — what’s Plan B for making up the deficit shortfall? For that, there was no clear answer, said those who attended. During a recent White House meeting, Trump boasted to lawmakers from the tax writing House Ways and Means Committee that the country’s economic growth could hit four, five, even 6% under his tax plan, which administration officials say would more than cover lost revenue and even reduce the deficit. But, the lawmakers asked, what if growth isn’t so strong — most mainstream economists doubt it will be — what’s Plan B for making up the deficit shortfall? For that, there was no clear answer, said those who attended. Rep. Thomas Massie (R-Ky.) hung a debt clock in his office — even before photos of his kids — after he was elected. Now, he worries that his colleagues may put aside concern over deficits. “I didn’t want to forget that is the main issue here that I came to solve,” said the libertarian-leaning congressman. “I may very well be alone. Part it is the zeal for the deal on tax reform, and people are willing to hold their nose. ... Because we’ve done nothing else.”
    5-6% economic growth per year would be so astounding that virtually all economists discount it entirely. So the question remains ... How can we afford the Trump tax cuts?

    On Capitol Hill, GOP Representatives and Senators shrug their shoulders and ignore the $2 trillion dollar question. They need a legislative-political win today ... regardless of the cost to future generations.


    Every age has its own Fascism -- PRIMO LEVI

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    Re: Republicans once railed against deficits. President Trump's tax plan piles on more than $2 trill

    Quote Originally Posted by Rogue Valley View Post
    Full Title: Republicans once railed against deficits. Now President Trump's tax plan piles on more than $2 trillion in red ink




    5-6% economic growth per year would be so astounding that virtually all economists discount it entirely. So the question remains ... How can we afford the Trump tax cuts?

    On Capitol Hill, GOP Representatives and Senators shrug their shoulders and ignore the $2 trillion dollar question. They need a legislative-political win today ... regardless of the cost to future generations.
    Haven't you noticed? Deficits are only bad when the president is a Democrat.

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    Re: Republicans once railed against deficits. President Trump's tax plan piles on more than $2 trill

    Quote Originally Posted by bearpoker View Post
    Haven't you noticed? Deficits are only bad when the president is a Democrat.
    Both parties are good at being deficit hawks...when it's not their guy in the WH.


    Quote Originally Posted by Jetboogieman View Post
    This issue has been plowed more times than Paris Hilton.

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    Re: Republicans once railed against deficits. President Trump's tax plan piles on more than $2 trill

    Quote Originally Posted by rocket88 View Post
    Both parties are good at being deficit hawks...when it's not their guy in the WH.
    Ain't that the truth.
    This Reform Party member thinks it is high past time that we start electing Americans to congress and the presidency who put America first and their political party further down the line. But for way too long we have been electing Republicans and Democrats who happen to be Americans instead of Americans who happen to be Republicans and Democrats.

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    Re: Republicans once railed against deficits. President Trump's tax plan piles on more than $2 trill

    Quote Originally Posted by bearpoker View Post
    Haven't you noticed? Deficits are only bad when the president is a Democrat.
    I haven't heard Democrats "railing" against deficits. They do note them, especially when Republicans push tax cuts.

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    Re: Republicans once railed against deficits. President Trump's tax plan piles on more than $2 trill

    Democrats are the party of tax and spend. Republicans are the party of spend but don't tax. Predictable results. But they are the responsible ones.

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    Re: Republicans once railed against deficits. President Trump's tax plan piles on more than $2 trill

    Quote Originally Posted by rocket88 View Post
    Both parties are good at being deficit hawks...when it's not their guy in the WH.
    Actually, the Democratic objection isn't so much to the deficits. It's pointing out:

    1) The rank hypocrisy of the Republicans on this issue
    2) How the proposed tax cuts favor the wealthy

    Dems would be on board with quite a few of the reforms, if the benefits were more evenly distributed. Meanwhile, Republicans basically just want tax cuts for the rich. Even much of the anti-ACA moves are about attempts to repeal a tax imposed primarily on the wealthy to fund it.

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    Re: Republicans once railed against deficits. President Trump's tax plan piles on more than $2 trill

    Quote Originally Posted by Visbek View Post
    Actually, the Democratic objection isn't so much to the deficits. It's pointing out:

    1) The rank hypocrisy of the Republicans on this issue
    2) How the proposed tax cuts favor the wealthy

    Dems would be on board with quite a few of the reforms, if the benefits were more evenly distributed. Meanwhile, Republicans basically just want tax cuts for the rich. Even much of the anti-ACA moves are about attempts to repeal a tax imposed primarily on the wealthy to fund it.
    I just don't want them to lie to people any more. They can't project 5% growth and say that revenues are actually going to go up. It's just a lie. Revenues go up every year. The important stat is revenue as a % of GDP. And historically revenue as a % of GDP is lower under eras of supply side.

    Tax Cuts are an easy sell. People love money. But, why compound the situation with lies, because they can't rebut arguments from the left. It's flummoxing.

    I also don't want them to cut taxes, tell the country revenues are actually going to climb. Say they are climbing during their period of congratulatory parties where they each consume a 10 lb choclate dove, and then point to the budget and say, "Well since our revenues are climbing from all these tax cuts, I guess we can't afford to fund programs for the poor any longer."

    Doesn't that kind of take their own argument away from them. They can't claim rising revenues and no money for the poor.
    Quote Originally Posted by Mac77 View Post
    It could add fuel to the leftwing attacks on cops that was started by obama when he was president
    Quote Originally Posted by Bucky View Post
    The headline says he resigned, however, he was essentially fired. Michael Bolton needs to bring in his people.

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    Re: Republicans once railed against deficits. President Trump's tax plan piles on more than $2 trill

    Quote Originally Posted by bearpoker View Post
    Haven't you noticed? Deficits are only bad when the president is a Democrat.
    A Republican Congressman admitted just that the other day.
    "I never meant to say that the Conservatives are generally stupid. I meant to say that stupid people are generally Conservative. I believe that is so obviously and universally admitted a principle that I hardly think any gentleman will deny it." --J.S. Mill

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    Re: Republicans once railed against deficits. President Trump's tax plan piles on more than $2 trill

    Quote Originally Posted by Winston View Post
    I just don't want them to lie to people any more. They can't project 5% growth and say that revenues are actually going to go up. It's just a lie. Revenues go up every year. The important stat is revenue as a % of GDP. And historically revenue as a % of GDP is lower under eras of supply side.

    Tax Cuts are an easy sell. People love money. But, why compound the situation with lies, because they can't rebut arguments from the left. It's flummoxing.

    I also don't want them to cut taxes, tell the country revenues are actually going to climb. Say they are climbing during their period of congratulatory parties where they each consume a 10 lb choclate dove, and then point to the budget and say, "Well since our revenues are climbing from all these tax cuts, I guess we can't afford to fund programs for the poor any longer."

    Doesn't that kind of take their own argument away from them. They can't claim rising revenues and no money for the poor.
    Well, they can "say" anything. It just won't happen. Jared Bernstein has a good take on this.

    Do Republicans Really Care About the Deficit?

    ...
    Indeed, rumor is that Mr. Trump has his economics team ginning up a “dynamic growth model” that will spit out phony growth effects offsetting much of the cost of their tax cut.
    Don’t believe it. Our fiscal history on this point is clear: Cutting taxes loses revenues, which, unless offset by higher taxes elsewhere or spending cuts, increases the budget deficit, which in turn raises the debt. (The debt is the sum of all past deficits minus past surpluses.)
    In fact, the Republican budget hawk is a rare bird. There are, instead, flocks of chicken hawks who use the deficit argument to block spending, promote fiscal austerity, and small government, conveniently tossing deficit concerns aside when it comes to tax cuts.
    "I never meant to say that the Conservatives are generally stupid. I meant to say that stupid people are generally Conservative. I believe that is so obviously and universally admitted a principle that I hardly think any gentleman will deny it." --J.S. Mill

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