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Budget Deficit Jumps Nearly 17% in 2018

Conservative said:
No, sorry you didn't as your chart shows the deficits but not what caused them. It does appear that you don't even know how to read the charts you post
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Refer to the link.
 
This is the classic GOP bait and switch -- they cut taxes on the rich and corporations, claiming that the tax-cuts will pay for themselves. When they produce huge deficits, they then use that as an excuse to cut entitlement programs they always wanted to cut anyway.

Even as McConnell declares that Medicare is "unsustainable" (spoiler: It isn't), Paul Ryan's PAC has been running ads accusing *Democrats* of planing to cut Medicare. The contempt for voters' intelligence is awesome.

As I said, this is nothing new (below, from 2003):

DpuSHueW0AEgYA3.jpg
 
MTAtech said:
This is the classic GOP bait and switch -- they cut taxes on the rich and corporations, claiming that the tax-cuts will pay for themselves. When they produce huge deficits, they then use that as an excuse to cut entitlement programs they always wanted to cut anyway.

Even as McConnell declares that Medicare is "unsustainable" (spoiler: It isn't), Paul Ryan's PAC has been running ads accusing *Democrats* of planing to cut Medicare. The contempt for voters' intelligence is awesome.

As I said, this is nothing new (below, from 2003):

DpuSHueW0AEgYA3.jpg
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Actually this is nothing more than liberal jealousy and hate rhetoric for people who have more than they do. the tax crusade recognizes that people spending their own money need less federal govt. help whereas the liberal reality is that liberals are incapable of competing in a private sector economy and want the nanny state. Supply siders understand that we have a private sector economy where people are employed due to the increase in demand that having more spendable income creates. For some reason you believe that an increase in spending power reduces federal revenue but have yet to post the data supporting that claim whereas I have.

You are very poorly informed and well indoctrinated on the leftwing ideology that fails wherever implemented and you always run when challenged with data
 
Media_Truth said:
If you don't like the chart, take it up with GovernmentSpending.com, a Conservative organization. GW Bush Administration history is extremely important to any talks of deficits, because the Cheney PNAC agenda was the primary driver of the current US debt and deficits.
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I just talking about the way the horizontal axis is garbled along the bottom.

Media_Truth said:
https://abcnews.go.com/Nightline/story?id=128491&page=1

The group, the Project for the New American Century, or PNAC, was founded in 1997. Among its supporters were three Republican former officials who were sitting out the Democratic presidency of Bill Clinton: Donald Rumsfeld, Dick Cheney and Paul Wolfowitz.

In open letters to Clinton and GOP congressional leaders the next year, the group called for "the removal of Saddam Hussein's regime from power" and a shift toward a more assertive U.S. policy in the Middle East, including the use of force if necessary to unseat Saddam.

And in a report just before the 2000 election that would bring Bush to power, the group predicted that the shift would come about slowly, unless there were "some catastrophic and catalyzing event, like a new Pearl Harbor."

That event came on Sept. 11, 2001. By that time, Cheney was vice president, Rumsfeld was secretary of defense, and Wolfowitz his deputy at the Pentagon.

The next morning — before it was even clear who was behind the attacks — Rumsfeld insisted at a Cabinet meeting that Saddam's Iraq should be "a principal target of the first round of terrorism," according to Bob Woodward's book Bush At War.
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You're barking up dead trees. PNAC has been defunct for over a decade.
 
SMTA said:
It does to intelligent folks who are smart enough to know that history effects where we are today.
Also to folks who understand it.
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Yeah, I've seen how much it adds to your always concise and educated contributions.
 
Bullseye said:
Yeah, I've seen how much it adds to your always concise and educated contributions.
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Damn right. Impossible for you to keep up.
 
Conservative said:
Actually this is nothing more than liberal jealousy and hate rhetoric for people who have more than they do. the tax crusade recognizes that people spending their own money need less federal govt. help whereas the liberal reality is that liberals are incapable of competing in a private sector economy and want the nanny state. Supply siders understand that we have a private sector economy where people are employed due to the increase in demand that having more spendable income creates. For some reason you believe that an increase in spending power reduces federal revenue but have yet to post the data supporting that claim whereas I have.

You are very poorly informed and well indoctrinated on the leftwing ideology that fails wherever implemented and you always run when challenged with data
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What percentage of tax revenue **isn't** spent?

Private sector spending creates demand. Government spending creates demand.
 
Here's a little lookSo far at the results from Trump's tax bill.

Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected. The Treasury Department reported this week that individual income tax collections for FY 2018 totaled $1.7 trillion. That's up $14 billion from fiscal 2017, and an all-time high. And that's despite the fact that individual income tax rates got a significant cut this year as part of President Donald Trump's tax reform plan.

Other major sources of revenue climbed as well, as the overall economy revived. FICA tax collections rose by more than 3%. Excise taxes jumped 13%.
The only category that was down? Corporate income taxes, which dropped by 31%.
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Oh, and for all you "Obama did that" fans:


Let's compare these results with Obama's last full fiscal year in office, 2016.
Individual income tax revenues went up by a mere 0.3%, Treasury data show. Fiscal 2016 also saw a 13% drop in corporate income taxes. FICA tax collections climbed by less than 1%. Excise tax collections dropped almost 3%.
Overall revenues increased by 0.5% — about the same as this year. The deficit? It climbed by $148 billion.
So, in other words, the government did better on revenues and deficits in the year after Trump's tax cuts went into effect than it did in Obama's last year in office.
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Let the "Nuh-uh" chorus begin!
 
Helix said:
https://www.debatepolitics.com/brea...-17-2018-a-post1069171214.html#post1069171214
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Stunning again passion and ignorance of data, the lines on the chart look very graphic until you assign value to them. Please post where that chart shows Federal Income Tax revenue not just total revenue? Did you bother to check the date on that article you posted.....?? April 8. Federal income taxes were cut leading to a 4 billion dollar reduction during the first 6 months of 2018 all in the first quarter and we will see a total increase by the end of the third qtr. as FIT revenue continues to rise. Be honest for a change with your articles.
 
Conservative said:
Actually this is nothing more than liberal jealousy and hate rhetoric for people who have more than they do. the tax crusade recognizes that people spending their own money need less federal govt. help whereas the liberal reality is that liberals are incapable of competing in a private sector economy and want the nanny state. Supply siders understand that we have a private sector economy where people are employed due to the increase in demand that having more spendable income creates. For some reason you believe that an increase in spending power reduces federal revenue but have yet to post the data supporting that claim whereas I have.

You are very poorly informed and well indoctrinated on the leftwing ideology that fails wherever implemented and you always run when challenged with data
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You're a Genius! You figured it out! Your analysis works like this:

Middle class Americans get a few hundred dollars in tax-cut and because of that, they no longer need Medicare or Social Security. Why hasn't anyone figured that out? Who needs the federal government?
 
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Mithros said:
What percentage of tax revenue **isn't** spent?

Private sector spending creates demand. Government spending creates demand.
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Not the right question, what percentage of tax revenue SHOULD be spent when you allow people to keep more of what they earn. Govt. spending if in the public sector creates debt, Reagan proved that private sector spending does increase demand i.e. military spending, Obama teachers and unions
 
MTAtech said:
You're a Genius! You figured it out! Your analysis works like this:

Middle class Americans get a few hundred dollars in tax-cut and because of that, they no longer need Medicare or Social Security. Why hasn't anyone figured that out?
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So tell me how you give a tax cut to people who don't pay Federal income taxes and further tell me exactly why this is even an issue for you? Since percentages are so important to you why don't you apply the percentages those tax cuts represent for the middle and upper class. Your class envy is nothing more than jealousy and diversion from your own failures as with the right attitude and effort you could have joined that upper class but now you want to whine about it

Post 355 blows you right out of the water for how can FIT revenue grow with FIT cuts?
 
Oh, and World Economic Forum now rates us as the most competitive economy or as they like to call it: The Ideal State


The United States leads the annual World Economic Forum’s study of global rankings for the first time since the 2008 financial crisis.
Under the new framework for competitiveness, released Tuesday, the U.S. achieved the closest to the “competitiveness frontier,” or “ideal state,” with a score of 85.6. Singapore (83.5), Germany (82.8), Switzerland (82.6) and Japan (82.5) rounded out the top five in the rankings, which assessed 140 countries.
The report uses new methodology to capture the dynamics of the global economy in the Fourth Industrial Revolution, characterized by a combination of artificial intelligence, cybersecurity, idea generation and other factors.
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And yes, the report is not all sweetness and light; it does highlight some problems we have:

The report also notes the United States’ vulnerabilities, including a weakening social fabric and a debilitating security situation, due to the nation’s homicide rate, which is five times the advanced economies’ average. American weaknesses include checks and balances, judicial independence and corruption. The U.S. lags behind most advanced economies on the health pillar, with healthy life expectancy three years below the average, at 67.6 years. The U.S. trails South Korea by a full 20 points on ICT adoption regarding mobile-broadband subscriptions and internet users.
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Tweet from Ezra Klein
‏ @ezraklein

The GOP agenda, in 3 simple steps:

Step 1: Cut taxes on corporations and the rich, increasing deficits

Step 2: Induce panic about high deficits, cut health care spending for the poor and elderly in response

Step 3: Repeat
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jonny5 said:
I asked what actions he took to reduce the deficit and you posted a debt chart.
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I already said twice now that you covered it here:

jonny5 said:
How did he fix it exactly? What specific actions? I seem to recall in 2009 he signed a trillion dollar spending bill, signed a bill cutting payroll tax, and created a new health care program. Deficits remained high until 2014, after we had added another 6 trillion in debt.
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Those were pretty big stimulus for the economy.

jonny5 said:
The reality is the deficit went down because revenue recovered normally and due to actions taken by the fed and govt (Democrats and Republicans), and also due to growth in spending cuts forced on Obama by the GOP congress in 2013. The President does not appropriate money, nor does he create wealth to tax.
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I know people want to often downplay the president's role in the fiscal health of the country but... The president proposes the budget that is debated and modified in congress.

Such proposals are the jumping off point that budgets are built around.
 
MTAtech said:
Tweet from Ezra Klein
‏ @ezraklein
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Yep corporations employing people, giving bonuses, healthcare, retirement accounts, and pay raises all bad as well. Still don't get it, do you, I posted a link showing corporations that gave out bonuses, pay raises, increased 401k contributions, and boosted insurance payments all reduce profits thus taxable income
 
poweRob said:
Smaller deficit doesn't mean less debt. Deficit still is deficit. Smaller deficit is still better than larger deficit. There should be leverage in the federal government to be able to flex and stimulate when the economy is slow. Then as the economy starts rolling you pull back. Real economists have said what would happen and now the deficit is about to explode due to plummetting tax receipts which is what the GOP wants, so they can then bitch about SS, Medicaid and poor poeple in general. GOP economics is a failure. Spin all you want.

And TOTAL lulz at your condescending hypocrisy of calling others partisan.
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annnnd, right on cue

After instituting a $1.5 trillion tax cut and signing off on a $675 billion budget for the Department of Defense, Senate Majority Leader Mitch McConnell said Tuesday that the only way to lower the record-high federal deficit would be to cut entitlement programs like Medicare, Medicaid and Social Security.


https://www.msn.com/en-us/news/poli...ocial-security-medicare/ar-BBOtGyE?li=BBnbfcL
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Conservative said:
Stunning again passion and ignorance of data, the lines on the chart look very graphic until you assign value to them. Please post where that chart shows Federal Income Tax revenue not just total revenue? Did you bother to check the date on that article you posted.....?? April 8. Federal income taxes were cut leading to a 4 billion dollar reduction during the first 6 months of 2018 all in the first quarter and we will see a total increase by the end of the third qtr. as FIT revenue continues to rise. Be honest for a change with your articles.
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the article is honest. keep on dancing and moving goalposts. this reminds me of arguing with truthers : do it long enough, and you'll be spending five pages debating about a grainy picture of a bolt or something. i know that massive tax cuts contribute to deficits, i assume that you know it, too, and if you don't, i no longer care. reality is reality whether you admit that you're wrong or not. goodbye.
 
poweRob said:
Smaller deficit doesn't mean less debt. Deficit still is deficit. Smaller deficit is still better than larger deficit. There should be leverage in the federal government to be able to flex and stimulate when the economy is slow. Then as the economy starts rolling you pull back. Real economists have said what would happen and now the deficit is about to explode due to plummetting tax receipts which is what the GOP wants, so they can then bitch about SS, Medicaid and poor poeple in general. GOP economics is a failure. Spin all you want.

And TOTAL lulz at your condescending hypocrisy of calling others partisan.
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What is it, 3? 4? posts in and you still havent addressed my initial point. This is the third straight year of 20% increases in the deficit. but, oddly, only the first time you have thought to start a thread on it. I wonder why. Oh, I know, its because the first two increases happened under Obama so you didnt care. Now that its Trump, the sky is falling. Sorry but its just impossible to take that sort of hackishness seriously.
 
Helix said:
the article is honest. keep on dancing and moving goalposts. this reminds me of arguing with truthers : do it long enough, and you'll be spending five pages debating about a grainy picture of a bolt or something. i know that massive tax cuts contribute to deficits, i assume that you know it, too, and if you don't, i no longer care. reality is reality whether you admit that you're wrong or not. goodbye.
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The article was April 8, this is October, the tax cuts had just gone into effect and refunds from 2017 were processed, I know you are smarter than this. You seem to want to argue that a article Trumps Treasury data. The reality is you have passion for this issue and will not explain why? Why is the Trump deficit so concerning to you when Obama created 9.3 TRILLION?
 
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