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[W:1422] Federal Deficit Soars

Re: Federal Deficit Soars

Trump doesnt make law, he enforces it. Congress is the one who wrote and passed the increased spending and does nothing about out of control social spending. And that includes the majority of democrats who voted for increased spending with the Republicans.

Not totally true at all. The Republicans have nobody to blame but themselves. They control all 3 legislative branches. Trump also has to approve any legislation. When they voted tax cuts that primarily benefit multimillionaires and billionaires, they voted to increase the deficit substantially. It will soon surpass $1 Trillion. Happy with your boys????
 
Re: Federal Deficit Soars

Yes... I suggest you go to any treasury department accountant.. and explain to him how you are using the Treasury data to prove that Reagan's tax cuts did not hurt revenue and did not increase the deficit.

They would tell you that you are completely wrong.. and that the raw data that you are using does not prove what you say it does.

I already posted why and provided links to why your assumptions regarding that data are invalid. You simply choose to ignore the facts.

Yeah, but he has more posts than anybody else. Doesn't that count for something?
 
Re: Federal Deficit Soars

Not totally true at all. The Republicans have nobody to blame but themselves. They control all 3 legislative branches. Trump also has to approve any legislation. When they voted tax cuts that primarily benefit multimillionaires and billionaires, they voted to increase the deficit substantially. It will soon surpass $1 Trillion. Happy with your boys????

A majority of democrats voted for all the spending bills since Trump took office, appropriating 1.4 trillion. Thus they are just as responsible as Republicans, and Trump who approved it.

Yes, I am happy with tax cuts. Not so much with spending increases or inaction by all parties on mandatory spending, which are the main drivers of debt.
 
Re: Federal Deficit Soars

A majority of democrats voted for all the spending bills since Trump took office, appropriating 1.4 trillion. Thus they are just as responsible as Republicans, and Trump who approved it.

Yes, I am happy with tax cuts. Not so much with spending increases or inaction by all parties on mandatory spending, which are the main drivers of debt.

Are you also for a Capital Gains tax cut? If so, you must be a trickle-down proponent. This will increase the deficit eveen more. But since the Reagan years, Republicans have consistently increased deficit spending. Reading about the "Two Santa Claus Theory" opened my eyes.

https://en.wikipedia.org/wiki/Jude_Wanniski#The_Two_Santa_Claus_Theory
 
Re: Federal Deficit Soars

I suggest you go back to the classroom and ask any Professor to explain to you what we pay debt service on.

Already know.

I
also suggest you go to your classroom and ask your professor if a tax cut is an expense and has to be paid for?

Yep.. already have. He says,.,like just about all economics phd's that tax cuts cause increase in deficits because the lost revenue is not made up in increase growth over the long term. And if you are concerned about not increasing the deficit and debt.. then yes.. a tax cut needs to pay for itself.

Then you can always go to any accountant and look at a balance sheet and see the bottom line number and ask if that number is valid.

Yep.. and that accountant will tell me that that number comes from a myriad of things that affect my revenue and spending. So.. they will tell me its invalid to assume just because my revenue went up when I took a shower every night.. that the shower is what caused the increase in revenue.

Just as any accountant will tell you that just because revenue went up when taxes were cut.. it does not mean that the tax cuts were responsible for that revenue. ALSO just because revenue went up for a short period.. it does NOT mean that the tax cut did not hurt revenue long term. Which any Treasury person will tell you.

Your argument may be one of the dumbest on record because we pay debt service on Treasury data
Really.. Explain to me how we pay debt service on "treasury data?

when federal income tax revenue grows does it really matter how?.

Absolutely it does. Because revenue can grow.. even though you are actually doing some things that decrease revenue.. and are stopping you from making as much revenue as you COULD be making.

How does growing tax revenue cause deficits?

because you slow the growth of that tax revenue relative to the growth of your expenditures.


Go to any competent accountant. Ironically we have a couple on this board that argue the same position with you that I have. But you go to a competent accountant and they will tell you exactly the same thing I am.
 
Re: Federal Deficit Soars

LOL, no, I don't see that at all.

Did you see Michael Cohen getting sued over his taxi company income. Basically he buys medallions for his taxi company and then gets a percentage of the profits. How is this productive for the economy? How is Cohen anything but a leach in this scheme?
 
Re: Federal Deficit Soars

Already know.

I

Yep.. already have. He says,.,like just about all economics phd's that tax cuts cause increase in deficits because the lost revenue is not made up in increase growth over the long term. And if you are concerned about not increasing the deficit and debt.. then yes.. a tax cut needs to pay for itself.



Yep.. and that accountant will tell me that that number comes from a myriad of things that affect my revenue and spending. So.. they will tell me its invalid to assume just because my revenue went up when I took a shower every night.. that the shower is what caused the increase in revenue.

Just as any accountant will tell you that just because revenue went up when taxes were cut.. it does not mean that the tax cuts were responsible for that revenue. ALSO just because revenue went up for a short period.. it does NOT mean that the tax cut did not hurt revenue long term. Which any Treasury person will tell you.

Really.. Explain to me how we pay debt service on "treasury data?



Absolutely it does. Because revenue can grow.. even though you are actually doing some things that decrease revenue.. and are stopping you from making as much revenue as you COULD be making.



because you slow the growth of that tax revenue relative to the growth of your expenditures.


Go to any competent accountant. Ironically we have a couple on this board that argue the same position with you that I have. But you go to a competent accountant and they will tell you exactly the same thing I am.

Here is reality, Reagan cut FIT taxes and FIT revenue grew 68% and revenue growth doesn't cause deficits, spending does and even with that so called Reagan spending it remained 50% of GDP which again you want to ignore.

Regarding 2018 You also ignore that 500 billion of the current debt in fiscal year is DEBT SERVICE on the Debt Trump inherited yet is blamed for. Apparently data and results aren't something you have any interest in
 
Re: Federal Deficit Soars

Here is reality, Reagan cut FIT taxes and FIT revenue grew 68% and revenue growth doesn't cause deficits, spending does and even with that so called Reagan spending it remained 50% of GDP which again you want to ignore.

Regarding 2018 You also ignore that 500 billion of the current debt in fiscal year is DEBT SERVICE on the Debt Trump inherited yet is blamed for. Apparently data and results aren't something you have any interest in

the reality is when Reagan cut taxes.. the federal revenue collected as a percentage of GDP declined.. while the percentage of spending as a percentage of GDP stayed relatively the same (I think spending as a percentage of gdp did decrease slightly to 21.2 percent by 1989) which is why Reagan ended up leaving a large deficit and debt.

Regarding 2018 You also ignore that 500 billion of the current debt in fiscal year is DEBT SERVICE on the Debt Trump inherited yet is blamed for

Nope.. nice diversion again. Don't ignore it. Doesn't matter... what matters is that when he lowers taxes and collects less revenue per GDP.. it increases the deficit.
 
Re: Federal Deficit Soars

the reality is when Reagan cut taxes.. the federal revenue collected as a percentage of GDP declined.. while the percentage of spending as a percentage of GDP stayed relatively the same (I think spending as a percentage of gdp did decrease slightly to 21.2 percent by 1989) which is why Reagan ended up leaving a large deficit and debt.



Nope.. nice diversion again. Don't ignore it. Doesn't matter... what matters is that when he lowers taxes and collects less revenue per GDP.. it increases the deficit.

LOL, so what, GDP DOUBLED and FIT revenue grew 68%, why does FIT as a percentage of GDP in a private sector economy matter?

Total ignorance of the components of GDP and the private sector. how is your lemonade business doing?
 
Re: Federal Deficit Soars

LOL, so what, GDP DOUBLED and FIT revenue grew 68%, why does FIT as a percentage of GDP in a private sector economy matter?

Total ignorance of the components of GDP and the private sector. how is your lemonade business doing?

If you sell your lemonade for a penny instead of a quarter, you'll make more sales and increase business. Awesome!

Sadly, you'll be losing money as more money will be going out of your business and far less coming in. Thus, making the lemonade business no longer viable.

Cutting taxes so much so often is akin to discounting our first world society down to a third world rate. It's not sustainable.
 
Re: Federal Deficit Soars

All this "progress"--and there has not been much of it so far this year to speak of--has been financed by the Republican government. Amazing how some people are so willing to accept massive deficits when the Republicans do it!

Why do the words PLAIN STUPID come to mind
 
Re: Federal Deficit Soars

A majority of democrats voted for all the spending bills since Trump took office, appropriating 1.4 trillion. Thus they are just as responsible as Republicans, and Trump who approved it.

Yes, I am happy with tax cuts. Not so much with spending increases or inaction by all parties on mandatory spending, which are the main drivers of debt.

No these are Trumps decisions for his FAT MATES
 
Re: Federal Deficit Soars

Trump has been a complete disaster.
 
Re: Federal Deficit Soars

If you sell your lemonade for a penny instead of a quarter, you'll make more sales and increase business. Awesome!

Sadly, you'll be losing money as more money will be going out of your business and far less coming in. Thus, making the lemonade business no longer viable.

Cutting taxes so much so often is akin to discounting our first world society down to a third world rate. It's not sustainable.

Then that being the case you shouldn't have any problem showing the bank statement with a loss of revenue due to the tax cuts?? Still waiting??

Liberalism is certainly dying hard the entitlement mentality as well as a strong desire to scare the hell out of everyone and then find someone else to blame for their own problems, a true change in human behavior
 
Re: Federal Deficit Soars

Why do the words PLAIN STUPID come to mind

Interesting how massive deficits were accepted when Obama was in office by the same people now condemning PROJECTIONS!! As stated far too many people have absolutely no understanding of the U.S. economy totally ignoring economic activity. when people have more spendable income they spend it, save it or invest it, all helping the U.S. economy. Spending more money generates revenue in other areas, corporate profits, excise taxes due to trips being taken, sales taxes for local and state expenses meaning less of a need for federal tax dollars. Cutting FIT always generates more economic activity thus more federal, state, and local revenue
 
Re: Federal Deficit Soars

Trump has been a complete disaster.

Yep, that is what the actual results show

Almost 4 million new jobs have been created since President Trump’s election.

African-American, Hispanic-American, and Asian-American unemployment rates have all recently reached the lowest levels in history.

Women’s unemployment rate has reached the lowest level in 65 years.

Veterans’ unemployment rate recently reached its lowest level in nearly 20 years.

The unemployment rate for Americans without high school diplomas is at the lowest level ever recorded, and the Trump administration’s new workforce initiative will deliver
job-training to more than 4 million Americans.

Manufacturing jobs are being created at the fastest pace in over three decades.

Nearly half-a-million manufacturing jobs have been created since the president took office. In the month of July alone, nearly 40,000 new manufacturing jobs were added.

Almost 3.9 million Americans have been lifted off food stamps since President Trump’s election.

The president crafted the largest tax cut in a generation, which led to savings for more than 80 percent of households and pay raises and bonuses for 4 million American workers.

President Trump protected American taxpayers by asking Congress to rescind $15.4 billion in unused appropriations.

The president has hired/nominated an impressive number of women to senior positions in his administration, including the first female director of the CIA, Gina Haspel.

He’s appointed two Supreme Court justices, and the Senate has now confirmed 26 appellate court judges of his choosing, as well as Supreme Court Justice Neil Gorsuch.

He successfully negotiated the return of four American hostages in one month’s time.

President Trump’s Unified Agenda of Regulatory and Deregulatory Action has exceeded the 2:1 mandate, eliminating 22 job-killing regulations for every one new regulatory action.

President Trump signed the “Right to Try” Act to give terminally ill patients a chance to try lifesaving treatments.

The Department of Homeland Security arrested 796 MS-13 gang members and associates in FY 2017, an 83 percent increase from the previous year.

The president signed the VA Mission Act, which allows veterans who don’t live near a VA facility or can’t get an appointment in a timely manner to seek medical care from private health-care providers.

Signed the National Defense Authorization Act, which provides an $82 billion funding increase for the Department of Defense over the current period, including a $617 billion Pentagon budget, $22 billion for the nuclear weapons program and $69 billion for U.S. military efforts abroad, as well as new tanks, ships, and planes. The package includes a salary boost for service members, about a 2.6 percent raise—the biggest military pay raise in nearly a decade
 
Re: Federal Deficit Soars

Are you also for a Capital Gains tax cut? If so, you must be a trickle-down proponent. This will increase the deficit eveen more. But since the Reagan years, Republicans have consistently increased deficit spending. Reading about the "Two Santa Claus Theory" opened my eyes.

https://en.wikipedia.org/wiki/Jude_Wanniski#The_Two_Santa_Claus_Theory

Im for any tax cut. The more the better. And twice as much for spending cuts. This will reduce the deficit even more.
 
Re: Federal Deficit Soars

No these are Trumps decisions for his FAT MATES

Thats a nice talking point, but the reality is congress makes law, and the President enforces it. He requests money, he doesnt write bills, and he only has a say in whether he approves. He can even be overridden. In fact, neither him nor congress even have control over mandatory spending which is responsible for most of the debt. Of course, inaction on runaway mandatory spending is a problem theyre all responsible for.

But so long as youre focused on using it to win elections, it wont change.
 
Re: Federal Deficit Soars

mandatory spending!

social security and medicare!

the Republican Dream! Dismantle the Social Safety Net. put all those retired working class Americans who paid into that system on Welfare. Oh wait! No welfare either!

now that is the 3rd rail in politics. those politicians want to keep their phoney baloney jobs.
 
Re: Federal Deficit Soars

We really just need to raise the minimum wage so Labor can pay enough in taxes to cover social spending.

that would be a start. really what we need to do is create quality jobs that make working class citizens tax paying, consumers that can afford buy a home and live the american dream instead of sending the jobs to lands of cheap labor and no regulation to enrich the investor class.

how about we make all income subject to social security and medicare tax.
 
Re: Federal Deficit Soars

LOL, so what, GDP DOUBLED and FIT revenue grew 68%, why does FIT as a percentage of GDP in a private sector economy matter?

Total ignorance of the components of GDP and the private sector. how is your lemonade business doing?

Because revenue will increase as GDP increases. But that does not mean that your revenue is growing at the same rate as the GDP.


Okay..let me help you understand.


One year.. your company's revenue is 100,000 and the next year.. your revenue is 200,000. an increase of 100%.

the next year your companies revenue is 210,000.

Awesome right? revenue WENT UP.. so everything is great right? The raw number increased;.. Revenue Grew!!!.

Except anyone with a clue about business.. would be like.. hmmm.. how come it didn;t grow relative to the economy and prior growth?



You however would be ranting "but but.. look at the raw number.. its BIGGER than the year before.. which means.. any changes we made last year worked!!!!

That's why things like FIT as a percentage of GDP matter. Especially when you consider that its not a "private sector economy". Government spending factors into that GDP.. and grows it when there is deficit spending.

that's why you have to understand the FIT and government spending as a percentage of GDP.. The raw numbers alone.. do not give you a valid picture.
 
Re: Federal Deficit Soars

Because revenue will increase as GDP increases. But that does not mean that your revenue is growing at the same rate as the GDP.


Okay..let me help you understand.


One year.. your company's revenue is 100,000 and the next year.. your revenue is 200,000. an increase of 100%.

the next year your companies revenue is 210,000.

Awesome right? revenue WENT UP.. so everything is great right? The raw number increased;.. Revenue Grew!!!.

Except anyone with a clue about business.. would be like.. hmmm.. how come it didn;t grow relative to the economy and prior growth?



You however would be ranting "but but.. look at the raw number.. its BIGGER than the year before.. which means.. any changes we made last year worked!!!!

That's why things like FIT as a percentage of GDP matter. Especially when you consider that its not a "private sector economy". Government spending factors into that GDP.. and grows it when there is deficit spending.

that's why you have to understand the FIT and government spending as a percentage of GDP.. The raw numbers alone.. do not give you a valid picture.

Yes, revenue will increase with GDP but Federal Income Taxes only increase when jobs are created. You don't seem to understand the concept. Govt. spending as a percentage of GDP means absolutely nothing, debt means everything and the taxpayers are now funding 500 billion in debt service thanks to the debt that you and your liberal friends helped create. FIT revenue growth does not lead to deficits unless bureaucrats spend the money and they always do. Maybe basic civics would help you
 
Re: Federal Deficit Soars

Here is reality, Reagan cut FIT taxes and FIT revenue grew 68% and revenue growth doesn't cause deficits, spending does and even with that so called Reagan spending it remained 50% of GDP which again you want to ignore.

Regarding 2018 You also ignore that 500 billion of the current debt in fiscal year is DEBT SERVICE on the Debt Trump inherited yet is blamed for. Apparently data and results aren't something you have any interest in

Amazing how you look at the Reagan failures of deficit building, and come up with all kinds of excuses. And then the horrific GW Bush years. And now Chump's skyrocketing deficit. And then you look at the Clinton years, with 4 amazing years of budget surplus, and your response is that he cooked the books. I'd say you are way beyond bias in your outlook. You are down-right lying and manipulating.
 
Re: Federal Deficit Soars

Amazing how you look at the Reagan failures of deficit building, and come up with all kinds of excuses. And then the horrific GW Bush years. And now Chump's skyrocketing deficit. And then you look at the Clinton years, with 4 amazing years of budget surplus, and your response is that he cooked the books. I'd say you are way beyond bias in your outlook. You are down-right lying and manipulating.

Yep amazing how poorly informed you truly are. Reagan implemented an economic policy that created almost 17 million jobs, doubled the GDP and left debt at 52% of GDP along with creating a peace dividend, looks like a pretty good return on investment to me but as usual Return on investment isn't something you understand either. Oh, by the way Reagan won 49 out of 50 states in 1984 and generated 10 million more votes. How did Obama do?

How you coming on figuring out the debt service on the debt that Trump inherited? As for the Clinton surplus, please post the Treasury data showing those surpluses because I just can't find them at the bank account of the U.S. You leftists love making things up and lying

Debt to the Penny (Daily History Search Application)

It is rather sad to see how the left has manipulated you and how little pride you have in yourself that you don't mind letting the left make you look foolish. Stop buying rhetoric and learn how to do research

Debt to the Penny (Daily History Search Application)
 
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