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How big will this year's deficit be?

Tbird19482 said:
From what I have read I think you are close it may go as high as 4 Trillion and that has to be killing the right seeing it will be almost double Obama's highest deficit
and it can't all be blamed on Trump he didn't create the CV thing and with the shut down and all we are going to have a down turn ( we already have ) and we are going to have to spend our way out in order to get the economy back on track.
so if it isn't in FY 2020 it will run up the deficit in 2021
Have a nice day
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The fiscal year begins October 1st, so much of the borrowing and rolling over of short term debt will continue well into 2021 and even into 2022. That doesn't mean the deficit will necessarily grow into 2022. We're looking at 2023 as the first year deficits come down closer to $1 trillion.
 
Kushinator said:
The fiscal year begins October 1st, so much of the borrowing and rolling over of short term debt will continue well into 2021 and even into 2022. That doesn't mean the deficit will necessarily grow into 2022. We're looking at 2023 as the first year deficits come down closer to $1 trillion.
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and if a dem is elected to the President it will fall on him to cut the deficit like it did on Obama
and the right will put all the blame on him like they always do.
I don't see it coming down soon
Have a nice evening
 
Tbird19482 said:
You know he has been doing this for years
he did some of the same things on the other forum till he got kicked off
maybe the MOD. should look into him and what he does . if you are going to complain about somebody you should make sure you aren't breaking the TOS
have a nice day
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What is this other forum you speak of?
 
Kushinator said:
On a historical basis, low or no inflation environments coincide with little or no economic growth without a powerful influx of population growth.

People benefit when there is moderate inflation.
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Inflation eats principle and repayment. I thought that was your complaint. Now inflation is okay?
 
Samwise said:
Inflation eats principle and repayment. I thought that was your complaint. Now inflation is okay?
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That's your problem. You like to assume things. Learn the difference between normative and positive economics, and stop making every response a strawman.
 
Tbird19482 said:
and if a dem is elected to the President it will fall on him to cut the deficit like it did on Obama
and the right will put all the blame on him like they always do.
I don't see it coming down soon
Have a nice evening
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The GOP will oppose deficits the day Biden is elected. Remember this post come November 4th.
 
Kushinator said:
That's your problem. You like to assume things. Learn the difference between normative and positive economics, and stop making every response a strawman.
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Prescriptive vs. descriptive. Duh.

So given your statement that inflation eats principle and repayment, are you in favor of or opposed to inflation?
 
Kushinator said:
The GOP will oppose deficits the day Biden is elected. Remember this post come November 4th.
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OH you can bet on that
and it will be his fault that he didn't turn the economy around right away even if we are still feeling the effects of the CV
no matter what if it isn't anything good it will be his fault and if it is something good it will have been somebodies else's doing
it is always that way with the right
Have a nice evening
 
Kushinator said:
I've already stated my position. In fact, you even quoted the post.
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You did? Was your position that you are in favor of inflation or that you opposed inflation?
 
Samwise said:
You did? Was your position that you are in favor of inflation or that you opposed inflation?
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Why are you obsessed with my position? If you really care, you should read the posts that you quote. Moderate inflation is preferable to negative/zero/low/high inflation. What is moderate? The between 2% and 4%.

Now... with that said, do you have a point, or are you just wasting both of our time?
 
Kushinator said:
Why are you obsessed with my position? If you really care, you should read the posts that you quote. Moderate inflation is preferable to negative/zero/low/high inflation. What is moderate? The between 2% and 4%.

Now... with that said, do you have a point, or are you just wasting both of our time?
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I disagree that stealing 2 to 4 percent of everyone's dollar denominated wealth every year is a good thing. Compounded over tens of years that's an extraordinary amount of wealth taken.

But thanks to the Cantillon effect, some people are happy to have all this wealth transferred their way. But I guess that's not your concern.
 
Samwise said:
I disagree that stealing 2 to 4 percent of everyone's dollar denominated wealth every year is a good thing. Compounded over tens of years that's an extraordinary amount of wealth taken.
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Ahh, so there it is. You're one of those sound-money folk who don't have a proper understanding of macroeconomics. And it does show!

fredgraph.png


Even though the dollar has lost 93% of it's value since 1929, real disposable personal income per-capita has grown by more than 500%.

:lol:
 
Kushinator said:
The GOP will oppose deficits the day Biden is elected. Remember this post come November 4th.
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Isn't that the truth. The GOP cried about deficits for 8 years when Obama was president.

Now that Trump is in the White House, they don't care at all. Gave away a trillion to the already wealthy and corporations.
 
Kushinator said:
Ahh, so there it is. You're one of those sound-money folk who don't have a proper understanding of macroeconomics. And it does show!

fredgraph.png


Even though the dollar has lost 93% of it's value since 1929, real disposable personal income per-capita has grown by more than 500%.

:lol:
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Because of or in spite of?
 
Samwise said:
Because of or in spite of?
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You can't make the argument that people are worse off in a moderate inflation environment. There simply isn't any evidence.
 
Conservative said:
Seems that the left votes on personality and hate whereas Conservatives vote on policy and results.
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What "policy and results" won Trump the White House?

His many construction bankruptcies? His having burned numerous bank lenders?
His claim to build a wall? His promise to drain the swamp?
Or was it his demand to see Obama's birth certificate?
 
Rogue Valley said:
Isn't that the truth. The GOP cried about deficits for 8 years when Obama was president.

Now that Trump is in the White House, they don't care at all. Gave away a trillion to the already wealthy and corporations.
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Aren't we still paying off our charge card for GWB's invasion of Iraq? What's the APR on that?
 
Kushinator said:
Ahh, so there it is. You're one of those sound-money folk who don't have a proper understanding of macroeconomics. And it does show!

fredgraph.png


Even though the dollar has lost 93% of it's value since 1929, real disposable personal income per-capita has grown by more than 500%.

:lol:
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We are blessed to have built a resilient and diverse economy. Between 1972 and my retirement in 2015, I personally benefited from the increase in per cap disposable income.
But the current economy has become more stratified. There are high skill careers that generate good incomes for workers in technology, medicine, communications, sports, finance,
insurance and real estate. But if you have a low-demand skill job in many sectors that have grown over the past twenty years you are not likely
seeing your buying power increase.

For too many millions of Americans working in retail, personal care services, maintenance, food prep, agriculture, day care, or package delivery it is only a dream to ever
hope to own a home, or retire in comfort. In my lifetime (I am 70 years old) I have seen costs skyrocket for housing, medical care, insurance, food, autos, and college.
In 1982 our house cost $86K. Seventeen years later we moved to a slightly roomier home that cost $330K. Today, that original house is priced near $700K.
My college cost under $3K per semester. Same school today is $23K per semester.

Most incomes have not kept pace with inflation for everything our consumer economy needs to market. And if our consumers fail to buy more each year, the US growth slows or stalls.
I don't buy the business class argument that our economy can't support guaranteeing workers at least $15 per hour. A McDonald's worker in Denmark earns over $20 per hour, and the burger
costs a few cents more. And that Danish burger maker has outstanding healthcare protection and better job security than her American counter part. WHY IS THAT?
 
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dcaraz said:
We are blessed to have built a resilient and diverse economy. Between 1972 and my retirement in 2015, I personally benefited from the increase in per cap disposable income.
But the current economy has become more stratified. There are high skill careers that generate good incomes for workers in technology, medicine, communications, sports, finance,
insurance and real estate. But if you have a low-demand skill job in many sectors that have grown over the past twenty years you are not likely
seeing your buying power increase.

For too many millions of Americans working in retail, personal care services, maintenance, food prep, agriculture, day care, or package delivery it is only a dream to ever
hope to own a home, or retire in comfort. In my lifetime (I am 70 years old) I have seen costs skyrocket for housing, medical care, insurance, food, autos, and college.
In 1982 our house cost $86K. Seventeen years later we moved to a slightly roomier home that cost $330K. Today, that original house is priced near $700K.
My college cost under $3K per semester. Same school today is $23K per semester.

Most incomes have not kept pace with inflation for everything our consumer economy needs to market. And if our consumers fail to buy more each year, the US growth slows or stalls.
I don't buy the business class argument that our economy can't support guaranteeing workers at least $15 per hour. A McDonald's worker in Denmark earns over $20 per hour, and the burger
costs a few cents more. And that Danish burger maker has outstanding healthcare protection and better job security than her American counter part. WHY IS THAT?
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I a software developer and I will say prepandemic was a boom for us. You can literrally get a new job every 6 months and increase your salary by 50% - 100%. Not everyone has the luxury to do that.
 
Kushinator said:
You can't make the argument that people are worse off in a moderate inflation environment. There simply isn't any evidence.
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Yes there is evidence. It erodes their wealth. Makes them worse off.
 
Conservative said:
Yes and of course Carter didn't have anything to do with OPEC actions, did he? Amazing how inflation and unemployment just happen in the liberal world and economic policies have no affect on either.

You haven't been very good at predictions nor are you very good at understanding economic policies, the private sector and things like return on investment as related to the debt. It is quite telling how you and the other liberals in this forum focus on results but never the policies that generated those results. The very poor economic results coming out of the recession were blamed on the severity of the recession and not Obama economic policies but now all the pre pandemic economic results were a tribute to Obama and had nothing to do with Trump policies like these

Here'''s the Full List of Donald Trump'''s Executive Orders

then we really need to thank Obama for the tax cut that Democrats passed in 2018 before taking over the House.
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First EO:

Executive Order Minimizing the Economic Burden of the Patient Protection and Affordable Care Act"
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which means that people who don't have health insurance and show up at the emergency room don't ever have to pay. The rest of us take up the slack.

Expediting Environmental Reviews and Approvals for High-Priority Infrastructure Projects"
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That's as far as he could go toward eliminating the EPA. Burning river, anyone?
Enhancing Public Safety in the Interior of the United States"
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does nothing to enhance safety or to eliminate illegal immigration. It just punishes cities that won't help the ICE.

Border Security and Immigration Enforcement Improvements
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Build the wall. How many pesos has he collected for this one?

Protecting the Nation From Foreign Terrorist Entry Into the United States"
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all terrorists are Muslim, and all Muslims are terrorists. Keep them out.

Ethics Commitments by Executive Branch Appointees"

Signed: Jan. 28, 2017

This order stops all executive branch officials from lobbying for five years after they leave office and places a lifetime ban on lobbying a foreign government.

The order enacts a number of other lobbying restrictions, including banning appointees from accepting gifts from registered lobbyists and banning appointees who were lobbyists from participating in any issues they petitioned for within the last two years.

Some raised concerns over how Trump will fill the jobs in his administration under the new rules.
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This with an EO? It would be a good thing for the legislative branch to pass it.

There are more, of course, but you... no, I mean other readers, get the picture.
 
Samwise said:
I disagree that stealing 2 to 4 percent of everyone's dollar denominated wealth every year is a good thing. Compounded over tens of years that's an extraordinary amount of wealth taken.

But thanks to the Cantillon effect, some people are happy to have all this wealth transferred their way. But I guess that's not your concern.
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Exactly. Inflation is the worst tax of all, as it hits poor people the hardest. Spending trillions over tax revenues is a quick way to cause inflation.

A tax cut of 10% and increase of prices of 20% is no benefit to the consumer or the taxpayer.
 
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