$10 Trillion In Added Debt Shows Bush And Trump Tax Cuts Broke Our Modern Tax Structure

= Fleece the golden geese!

(Then wonder why the golden eggs stopped appearing....).

 

The spike in deficit spending under Trump was due to covid. The spike under Bush was the War on Terror in wake of 9/11. Obama's policies stiffled a recovery itching to explode per history. Reagan wanted to decrease spending, but couldn't get the cooperation of the Democrat house (and had to sign off on the deficits, in order to wage the cold war, and bring it to a successful, victorious end).

...and Billy Bob's 'surplus' was due to Newt Gingrich's house, inspite of Billy Bob, not because of him.

 

The deficit was in decline during the final years of Obama's term. Don't act like the deficit didn't increase during every single year Trump was in office

 

I don’t know whether to laugh or cry at some of your references city.

 

I have to give credit where it is due; when Clinton decided to work with Gingrich, the results were what we should DEMAND from government. Clinton caught a lot of shit initially from the Dems for doing what was right and what was needed.

 

Good grief this is one sided.

Trump was running trillion + dollar deficits before Covid during peacetime and good economy. These were some of the largest peacetime / non recession deficits in history in $ and % to GDP (until 2023) with Republican congresses.

Bush has 2 tax cuts, and expanded the Medicare system with no offsetting tax increases. Unlike in WW2, there were no supplemental tax increases to fund the war (which now seems to be the norm).

Obama stifled recovery? Obama, but mainly the Republican congress reduced deficits with fiscal austerity - after the recession.

Reagan increased defense spending and cut taxes. Clinton did not allow new tax cuts and went along with Republican spending control. He could have vetoed them.

Ont thing about Democrats is in general they fund their new programs, unless during a recession. Republicans cut taxes and increase spending at the same time.

 

Because data alone is not something you can draw conclusions on. Thats why there is a whole field called economics.

 

I've been reading this thread, but until now have not posted because I care and know little about economics. Silly me always thought, at its basic level, it was simple. The OP made me scratch my head. Your post reassures me.

Why do some show no hesitancy in spending hundreds of billions for that bottomless, corrupt pit they call the Department of Defense, yet show the heart of a grinch when it comes to helping real people, hypocritically asserting they care about the minimal abuse of welfare that they didnt care about in the DOD?

Anyone been around the beltway, especially Arlington? Thousands of businesses and people getting fabulously wealthy feeding at the public trough as they begrudge others even a sip!

In short, I think Post #3 is bullshit.

 

This brief period is why I like divided government. I get that the dot com boom had a lot to do with the revenue increase but Gingrich and Clinton do deserve some credit.

 

We all know it's a spending problem. 3 billion on office furniture is a recent one. DC is full of white-collar criminals.

 

I think you have to give them all the credit. No house speaker and president since then has even showed any real interest in doing what those two did. Today’s group is satisfied to just publicly blame the other and the public just picks their side as the “right” side.

As I said in the other thread; we don’t get $30T in the hole without both parties contributing to the foolishness.

 

The problem with the numbers on social security is it states what was spent. Which is a bit misleading. Need a break down on what is taken in, interest on loans, etc. maybe even a further breakdown on retirees, the dreaded SSI, etc

Cut entitlements is an often echoed talking point, leaving out that funds were contributed.

 

3 points of order:
A large part of the spike under Trump was due to covid. The deficit had already started increasing prior to covid.

A large part of the spike under Bush was the War on Terror. The deficit had already started increasing prior to the War on Terror.

The move towards Clinton's surplus started with the 1993 omnibus bill that passed with zero Republican votes.

Okay, now that we are all in the same reality again, carry on.

 

While unjustified waste, for a little context the $3 billion amounts to less than 0.1% of the $5 trillion Federal budget. Also keep in mind that not all of the $3 billion was unnecessary.

 

One more related point. The deficit increased in 2018 and 2019 when the unemployment rate was decreasing.

 

Inmate Number P01135809 was ramping up spending. Deficit was up to $1T/yr when he was in office, before Covid.




https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/


…..and he was ready and wanting to spend more than congress even wanted for relief


"I am asking Congress to amend this bill and increase the ridiculously low $600 (direct payment) to $2,000 or $4,000 for a couple,"

House Democrats, who had advocated higher direct checks only to encounter Republican resistance in the Senate, immediately said they welcomed Trump's support for sending out more money. “



Trump blasts Covid relief bill just passed by Congress, demands changesh

 

If spending is truly a priority for gop, then look at Nikki. She at least is aggressively campaigning on it. Vs trump just talking about his personal grievances. but maga will continue to follow Dear Leader. He is all angry, constantly grousing about being a victim and wants to own the libs vs actually gov.

Save this thread and bring it out in about 3 years if Dear Leader wins. It will be crickets on what our spending is then. We’ve seen this before.

Nikki:
“We must be honest: Both Democrats and Republicans are responsible for America’s spending crisis. They have both supported multitrillion dollar deficits that have brought us to a $31.6 trillion national debt and counting.

We need a president who will do what no one has done to date: Stand up to the big spenders in both parties.“

Nikki Haley: As president, I'll fight big spenders in both parties

 

Somewhat ironic that if Trump had his way a larger more inflationary bill would have been enacted yet the Republicans and right-wing media are blaming Biden for the inflation.

 

I am sure DOD is bloated but as a percent to GDP defense has been decreasing over the long haul and given the rising geopolitical challenges I would not expect huge cuts.

It would be the main reason I might support Haley over Biden. But again, spending really isn’t the problem here.