When is the last time a Republican President or a Republican Congress actually lowered the debt?

[Mycroft]

Fun fact...

There are only two Presidents in the 20th and 21st centuries who reduced the national debt...and they were both Republicans.

U.S. Debt by President: Dollar and Percentage

The national debt has increased under most U.S. presidents. Here is how much each president's time in office added to the U.S. debt by percentage and dollar amounts.

www.investopedia.com

 

[ScrambledEggs]

The (Biden) FY2022 and FY2023 federal deficits were both higher than that of FY2019 (Trump’s highest pre-pandemic annual deficit).

Lmao yes, let's just ignore the pandemic. I know how much MAGA wants to ignore history.

 

[ScrambledEggs]

The (Biden) FY2022 and FY2023 federal deficits were both higher than that of FY2019 (Trump’s highest pre-pandemic annual deficit).

Also funny that Trump nearly doubled the deficit pre pandemic too

 

[ttwtt78640]

Lmao yes, let's just ignore the pandemic. I know how much MAGA wants to ignore history.

That was very unusual spending, but could be used to make Biden’s claim that he significantly reduced the annual federal deficit appear to be true.

 

[ttwtt78640]

Also funny that Trump nearly doubled the deficit pre pandemic too

Yep, and Biden later grew the ‘normal’ annual federal deficit some more.

 

[ScrambledEggs]

That was very unusual spending, but could be used to make Biden’s claim that he significantly reduced the annual federal deficit appear to be true.

Yep, and Biden later grew the ‘normal’ annual federal deficit some more.

Yea. Trump was pretty awesome if you...

* checks notes *

Ignore the worst parts of his Presidency

The party of personal responsibility

 

[stealthycat]

Republicans and Democrats have spent this country 35 trillion in debt

They're both to blame. Trump was the leader and to blame for the debt his administration added and now, Biden is the one to blame. 2024-2028 POTUS will have those 4 years of debt to take responsibility for

but its funny money now - defaulting is the only way to escape 35-50 trillion in debt ..... might ass well eliminate income taxes on $250,000 and below, what does it matter anyway?

because it doesn't

 

[Lord Tammerlain]

The last budget surplus in the US was the last year of Clinton, US debt still went up that year by approximately 30 billion

 

[CanadaJohn]

When is the last time a Republican President or a Republican Congress actually lowered the debt?

The Republicans had the Congress and the White House from 2017 to 2019 and from 2003 to 2007, why didn't they lower the debt in either of those periods?

A Canadian liberal asking about lowering debt is hilarious. Canadian liberals support a Prime Minister who continues to balloon deficits and the debt and claims that "budgets balance themselves"- if it wasn't so tragically imbecilic...................

 

[Greenbeard]

A Canadian liberal asking about lowering debt is hilarious. Canadian liberals support a Prime Minister who continues to balloon deficits and the debt and claims that "budgets balance themselves"- if it wasn't so tragically imbecilic...................

Not as hilarious as the idea of Republicans lowering the debt.

 

[L88]

Same as

When is the last time a Republican President or a Republican Congress actually lowered the debt?

The Republicans had the Congress and the White House from 2017 to 2019 and from 2003 to 2007, why didn't they lower the debt in either of those periods?

Same as Dems. Never since 1930

 

[Lord Tammerlain]

A Canadian liberal asking about lowering debt is hilarious. Canadian liberals support a Prime Minister who continues to balloon deficits and the debt and claims that "budgets balance themselves"- if it wasn't so tragically imbecilic...................

The federal deficit in Canada this year is lower than the last years of the Mulroney years in office


Harper took the surpluses of the Chretien years and after two years had nothing but deficit.

Alberta conservatives can't run a surplus without very high oil and gas prices

Druggie Ford in Ontario can't run a surplus if his life depends on it

 

[iguanaman]

When is the last time a Republican President or a Republican Congress actually lowered the debt?

The Republicans had the Congress and the White House from 2017 to 2019 and from 2003 to 2007, why didn't they lower the debt in either of those periods?

The answer is that no Republican Administration has not raised deficits in over 50 years no less lowering the debt. Remember what VP Cheney said...."Reagan proved deficits don't matter".

 

[iguanaman]

Same as

Same as Dems. Never since 1930

Bill Clinton had budget surpluses for 4 years. Every single GOP President left office with deficits higher than when they came in.

He had budget surpluses for fiscal years 1998–2001, the only such years from 1970 to 2023. Clinton's final four budgets were balanced budgets with surpluses, beginning with the 1997 budget. The ratio of debt held by the public to GDP, a primary measure of U.S. federal debt, fell from 47.8% in 1993 to 33.6% by 2000.

https://en.wikipedia.org/wiki/Econo...ad budget surpluses for,1993 to 33.6% by 2000.

 

[ScrambledEggs]

Bill Clinton had budget surpluses for 4 years. Every single GOP President left office with deficits higher than when they came in.

He had budget surpluses for fiscal years 1998–2001, the only such years from 1970 to 2023. Clinton's final four budgets were balanced budgets with surpluses, beginning with the 1997 budget. The ratio of debt held by the public to GDP, a primary measure of U.S. federal debt, fell from 47.8% in 1993 to 33.6% by 2000.

https://en.wikipedia.org/wiki/Economic_policy_of_the_Bill_Clinton_administration#:~:text=He had budget surpluses for,1993 to 33.6% by 2000.

Cue: "Nooooo that was Gingrich!!"

 

[Helix]

When is the last time a Republican President or a Republican Congress actually lowered the debt?

The Republicans had the Congress and the White House from 2017 to 2019 and from 2003 to 2007, why didn't they lower the debt in either of those periods?

Because they wanted to let the rich raid the treasury again instead. They'll do it again if they get the chance.

 

[L88]

Bill Clinton had budget surpluses for 4 years. Every single GOP President left office with deficits higher than when they came in.

He had budget surpluses for fiscal years 1998–2001, the only such years from 1970 to 2023. Clinton's final four budgets were balanced budgets with surpluses, beginning with the 1997 budget. The ratio of debt held by the public to GDP, a primary measure of U.S. federal debt, fell from 47.8% in 1993 to 33.6% by 2000.

https://en.wikipedia.org/wiki/Economic_policy_of_the_Bill_Clinton_administration#:~:text=He had budget surpluses for,1993 to 33.6% by 2000.

That's not that debt reduction. And how do you have budget surpluses if your debt continues to go up every year. And again who was the majority in congress. And again where does spending originate? Read the Constitution

 

[iguanaman]

That's not that debt reduction. And how do you have budget surpluses if your debt continues to go up every year. And again who was the majority in congress. And again where does spending originate? Read the Constitution

The ratio of debt held by the public to GDP, a primary measure of U.S. federal debt, fell from 47.8% in 1993 to 33.6% by 2000.

Also who signs the budgets? More importantly which party keeps reducing tax revenue with tax cuts and then increase spending on top of it? You know the answer.

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years​

The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.

https://www.propublica.org/article/national-debt-trump

 

[Lord Tammerlain]

That's not that debt reduction. And how do you have budget surpluses if your debt continues to go up every year. And again who was the majority in congress. And again where does spending originate? Read the Constitution

Off budget items, a regular occurrence

 

[L88]

The ratio of debt held by the public to GDP, a primary measure of U.S. federal debt, fell from 47.8% in 1993 to 33.6% by 2000.

Also who signs the budgets? More importantly which party keeps reducing tax revenue with tax cuts and then increase spending on top of it? You know the answer.

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years​

The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.

https://www.propublica.org/article/national-debt-trump

To begin with, I'm not a Donald Trump fan he was entirely dishonest about his debt reduction and deficit wipeout. And yes the president does sign the final bill and look at what Biden has been signing off on. As far as debt to GDP that's just a pull it out of your rear end ratio. The debt influences what interest rates are and inflation. More debt more of each. As far as reducing anything what year has there been a reduction in tax revenue?

 

[iguanaman]

To begin with, I'm not a Donald Trump fan he was entirely dishonest about his debt reduction and deficit wipeout. And yes the president does sign the final bill and look at what Biden has been signing off on. As far as debt to GDP that's just a pull it out of your rear end ratio. The debt influences what interest rates are and inflation. More debt more of each. As far as reducing anything what year has there been a reduction in tax revenue?

LOL Tax cuts always reduce revenue. That is why they are called cuts. Stop listening to liars and start thinking for yourself.

• The actual amount of tax revenue collected in FY2018 was significantly lower than the CBO’s projection made in January 2017—before the tax cut was signed into law.
  Given that the economy grew in 2018, and in the absence of another policy that could have caused a large revenue loss, the data imply that the 2017 tax cut substantially reduced revenues.
  The 2017 tax cut reduced the top corporate tax rate from 35 percent to 21 percent—a 40 percent reduction. It also reduced income taxes for most Americans.

What does the composition of the revenue shortfalls tell us about the effect of the TCJA?​

The TCJA’s changes mostly affected the corporate and individual income taxes (Figure 2). The act reduced the top corporate tax rate from 35% to 21%—a 40% reduction. Actual corporate income tax revenue in FY2018 was $135 billion lower than CBO’s projection from 2017—almost exactly a 40% decline. The most recent CBO projections estimate further decreases in corporate tax revenue. The TCJA also reduced income taxes for most Americans, which led to a decline in revenues relative to prior projections. For individual income taxes, actual collections in FY2018 were $97 billion, or 5.4%, below pre-TCJA projections.

https://www.brookings.edu/articles/did-the-2017-tax-cut-the-tax-cuts-and-jobs-act-pay-for-itself/

 

[L88]

LOL Tax cuts always reduce revenue. That is why they are called cuts. Stop listening to liars and start thinking for yourself.

• The actual amount of tax revenue collected in FY2018 was significantly lower than the CBO’s projection made in January 2017—before the tax cut was signed into law.
  Given that the economy grew in 2018, and in the absence of another policy that could have caused a large revenue loss, the data imply that the 2017 tax cut substantially reduced revenues.
  The 2017 tax cut reduced the top corporate tax rate from 35 percent to 21 percent—a 40 percent reduction. It also reduced income taxes for most Americans.

What does the composition of the revenue shortfalls tell us about the effect of the TCJA?​

The TCJA’s changes mostly affected the corporate and individual income taxes (Figure 2). The act reduced the top corporate tax rate from 35% to 21%—a 40% reduction. Actual corporate income tax revenue in FY2018 was $135 billion lower than CBO’s projection from 2017—almost exactly a 40% decline. The most recent CBO projections estimate further decreases in corporate tax revenue. The TCJA also reduced income taxes for most Americans, which led to a decline in revenues relative to prior projections. For individual income taxes, actual collections in FY2018 were $97 billion, or 5.4%, below pre-TCJA projections.

https://www.brookings.edu/articles/did-the-2017-tax-cut-the-tax-cuts-and-jobs-act-pay-for-itself/

LOL Tax cuts always reduce revenue. That is why they are called cuts. Stop listening to liars and start thinking for yourself.

• The actual amount of tax revenue collected in FY2018 was significantly lower than the CBO’s projection made in January 2017—before the tax cut was signed into law.
  Given that the economy grew in 2018, and in the absence of another policy that could have caused a large revenue loss, the data imply that the 2017 tax cut substantially reduced revenues.
  The 2017 tax cut reduced the top corporate tax rate from 35 percent to 21 percent—a 40 percent reduction. It also reduced income taxes for most Americans.

What does the composition of the revenue shortfalls tell us about the effect of the TCJA?​

The TCJA’s changes mostly affected the corporate and individual income taxes (Figure 2). The act reduced the top corporate tax rate from 35% to 21%—a 40% reduction. Actual corporate income tax revenue in FY2018 was $135 billion lower than CBO’s projection from 2017—almost exactly a 40% decline. The most recent CBO projections estimate further decreases in corporate tax revenue. The TCJA also reduced income taxes for most Americans, which led to a decline in revenues relative to prior projections. For individual income taxes, actual collections in FY2018 were $97 billion, or 5.4%, below pre-TCJA projections.

https://www.brookings.edu/articles/did-the-2017-tax-cut-the-tax-cuts-and-jobs-act-pay-for-itself/

 

[iguanaman]

 

[L88]

So Brookings was incorrect about the TCJA in their PROJECTION. What is your point?

 

[Rogue Valley]

The largest federal debt/deficit jumps transpired during the terms of Abraham Lincoln (Civil War), George W. Bush (Iraq/Afghanistan), and Donald Trump (tax cuts for the wealthy).