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Thread: Federal Deficit Soars

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    Re: Federal Deficit Soars

    Quote Originally Posted by MTAtech View Post
    This says it all:

    So now you care about the deficit and debt? Really? Did you vote for Obama? Since you want to credit Obama for the economy do you now want to give him credit for the 500 billion in debt service in the 2018 deficit? Posted a link that you seem to want to ignore as well and don't blame you. going to be tough for liberals to create dependence if we do generate the 5% GDP growth this last qtr of 2018 and that would put Trump's first full fiscal year well over 3% something Obama never did

    What is a liberal to do when they aren't needed any more?

    https://www.businessinsider.com/trum...-strong-2018-8.

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    Re: Federal Deficit Soars

    Quote Originally Posted by Conservative View Post
    So now you care about the deficit and debt? Really? Did you vote for Obama? Since you want to credit Obama for the economy do you now want to give him credit for the 500 billion in debt service in the 2018 deficit? ...{blah, blah, blah}
    It's all covered in this column today:

    Days of Fear, Years of Obstruction

    [When]Lehman Brothers failed 10 years ago[, t]he U.S. economy was already in a recession... 6.5 mil. jobs would be lost over the next year. It was a terrifying time.
    Still, we didnít experience a full replay of the Great Depression, and some have argued that the system worked...
    But this is only half right. We avoided utter disaster, but nonetheless experienced a huge, sustained employment slump... Why did the slump go on so long?

    There are multiple answers, but the most important factor was politics ó cynical, bad-faith obstructionism on the part of the Republican Party.
    ...
    Unemployment rose to almost 10%, then came down with painful slowness; it didnít get back to 5% until seven years after Lehmanís fall. Why didnít rapid financial recovery lead to rapid economic recovery?
    At a basic level, the answer is that the financial crisis was only one symptom of a bigger problem: the collapse of a gigantic housing bubble. The bursting bubble exerted a powerful downdraft on the economy, both because it led to a plunge in residential investment and because it was a huge hit to household wealth, which reduced consumer spending.What the crisis called for, then, were policies to boost spending... But the normal response, cutting interest rates, wasnít available, because rates were already near zero. What we needed, instead, was fiscal stimulus: increased government outlays and tax cuts for lower- and middle-income families, who would be likely to spend them. And we did indeed get substantial stimulus. But it wasnít big enough, and even more important, it faded out much too fast. By 2013, with unemployment still above 7%, government at all levels was providing barely more economic support than it had in 2007, when the housing boom was still running strong.

    Why did the response to a depressed economy fall short?...
    the most important reason the great slump went on so long was scorched-earth Republican opposition to anything and everything that might have helped offset the fallout from the housing bust.
    When I say ďscorched earth,Ē Iím not being hyperbolic. Letís not forget that in the summer of 2011 Republicans in Congress threatened to provoke a new financial crisis by refusing to raise the debt limit. Their goal was to blackmail President Barack Obama into cutting spending at a time when unemployment was still 9% and U.S. real borrowing costs were close to zero.
    Back then, the GOP claimed that their opposition was driven by fiscal responsibility. But this was complete hypocrisy, as the last two years prove.
    The very same politicians who piously declared that America couldnít afford to spend money supporting jobs in the face of a deep, prolonged slump just rammed through a huge, deficit-exploding tax cut for corporations and the wealthy even though the economy is currently near full employment...
    So if you want to understand why the great slump that began in 2008 went on so long, blighting so many American lives, the answer is politics. Specifically, policy failed because cynical, bad-faith Republicans were willing to sacrifice millions of jobs rather than let anything good happen to the economy while a Democrat sat in the White House.
    "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: Federal Deficit Soars

    Quote Originally Posted by MTAtech View Post
    It's all covered in this column today:

    Days of Fear, Years of Obstruction


    Back then, the GOP claimed that their opposition was driven by fiscal responsibility. But this was complete hypocrisy, as the last two years prove.
    Oh great ,another 'objective " ( laff) opinion from a hyper-partisn liberal.

    What does Robert Reich have to say about this? same thing?

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    Re: Federal Deficit Soars

    Quote Originally Posted by MTAtech View Post
    It's all covered in this column today:

    Days of Fear, Years of Obstruction


    Back then, the GOP claimed that their opposition was driven by fiscal responsibility. But this was complete hypocrisy, as the last two years prove.
    Aw, yes, that loyalty to liberalism, are you afraid of losing your welfare check? What you don't seem to grasp is that 500 billion of the 2018 deficit is due to debt service NOT created by Trump and what you also fail to recognize is that all those CBO Predictions never predicted the current GDP growth or even considered the Trump budget which is proposed to be less than this years. Name for me any President that submitted a lower budget than the previous year's budget?

    You certainly are persistent in posting nothing but negatives while never celebrating the good news. going to be a tough qtr when you see 4-5% GDP growth giving Trump over 3% for his first fiscal year on top of the millions of jobs created, strong full time positions created, and now people keeping more of their own money. Who are you going to get to be dependent on your ideology with so many people now doing better? Really hate to see that record dollar amount given to charity, don't you?

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    Re: Federal Deficit Soars

    Quote Originally Posted by Conservative View Post
    Aw, yes, that loyalty to liberalism, are you afraid of losing your welfare check? What you don't seem to grasp is that 500 billion of the 2018 deficit is due to debt service NOT created by Trump and what you also fail to recognize is that all those CBO Predictions never predicted the current GDP growth or even considered the Trump budget which is proposed to be less than this years. Name for me any President that submitted a lower budget than the previous year's budget?

    You certainly are persistent in posting nothing but negatives while never celebrating the good news. going to be a tough qtr when you see 4-5% GDP growth giving Trump over 3% for his first fiscal year on top of the millions of jobs created, strong full time positions created, and now people keeping more of their own money. Who are you going to get to be dependent on your ideology with so many people now doing better? Really hate to see that record dollar amount given to charity, don't you?
    Debt service (interest) is the same in 2017 as it was in 2008.



    While you cheer the "good news" most people aren't seeing the economic growth. Watch out, GOP: The economy is roaring, but most Americans aren't feeling it

    • "The economy" may be roaring, but for most voters their economy is not.
    • The positive news Wall Street savors ó robust corporate profits, rising stock prices, surging output growth ó deliver the greatest rewards to a relatively modest share of more affluent Americans.


    "Fifty-one percent of the electorate lives paycheck-to-paycheck," explains David Winston, a strategist for GOP leaders battling to save their House majority. "Their issues are wages and the cost of living. Ultimately for those folks, the question is, are those paycheck-to-paycheck dynamics getting better?"


    "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: Federal Deficit Soars

    Quote Originally Posted by KLATTU View Post
    Oh great ,another 'objective " ( laff) opinion from a hyper-partisn (sic) liberal.

    What does Robert Reich have to say about this? same thing?
    Translation: "I can't refute anything Dr. Krugman wrote, so I will respond by merely dismissing him as a 'hyper-partisan,' and retreat to my safe-space -- my predetermined viewpoint."
    "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: Federal Deficit Soars

    Quote Originally Posted by MTAtech View Post
    Debt service (interest) is the same in 2017 as it was in 2008.



    While you cheer the "good news" most people aren't seeing the economic growth. Watch out, GOP: The economy is roaring, but most Americans aren't feeling it
    Better tell that to Treasury as once again you prove you don't have a clue because we know that the bank account of the United States is never right. they should always get their data from you and sources you want to believe

    https://www.treasurydirect.gov/govt/...ir_expense.htm

    What is it about liberalism that creates this kind of loyalty?

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    Re: Federal Deficit Soars

    Quote Originally Posted by MTAtech View Post
    Translation: "I can't refute anything Dr. Krugman wrote, so I will respond by merely dismissing him as a 'hyper-partisan,' and retreat to my safe-space -- my predetermined viewpoint."
    Actually your translation is I believe what I want to believe regardless of the data proving me wrong thus I have no problem making a fool of myself and losing credibility

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    Re: Federal Deficit Soars

    Quote Originally Posted by MTAtech View Post
    Translation: "I can't refute anything Dr. Krugman wrote, so I will respond by merely dismissing him as a 'hyper-partisan,' and retreat to my safe-space -- my predetermined viewpoint."

    Krugman :

    Why did the response to a depressed economy fall short?...
    he most important reason the great slump went on so long was scorched-earth Republican opposition to anything and everything that might have helped offset the fallout from the housing bust.
    When I say “scorched earth,” I’m not being hyperbolic. Let’s not forget that in the summer of 2011 Republicans in Congress threatened to provoke a new financial crisis by refusing to raise the debt limit. Their goal was to blackmail President Barack Obama into cutting spending at a time when unemployment was still 9% and U.S. real borrowing costs were close to zero.

    Ok , I refute everything he said there.
    .
    It's an opinion based on pure hyper-partisan supposition.

    Satisfied?

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    Re: Federal Deficit Soars

    Quote Originally Posted by MTAtech View Post
    Debt service (interest) is the same in 2017 as it was in 2008.



    While you cheer the "good news" most people aren't seeing the economic growth. Watch out, GOP: The economy is roaring, but most Americans aren't feeling it
    Not surprising at all that you were proven wrong but not mature enough to apologize for your error. There obviously is something about liberalism that makes it impossible to admit when wrong and to accept the official data or even post any official data but rather always post opinions from sources you want to believe regardless of how it makes you look when wrong.

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