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Corker on tax cuts
2001400ex
Member Posts: 29,457
in Tug Tavern
At the hearing, Corker said his best vote was on the Budget Control Act that limited domestic spending. He also slammed a recent bipartisan spending bill that could add an estimated $2 trillion to the deficit over a decade.
"None of us have covered ourselves in glory. This Congress and this administration likely will go down as one of the most fiscally irresponsible administrations and congresses that we've had," Corker said.
http://thehill.com/policy/finance/382663-corker-tax-cuts-could-be-one-of-worst-votes-ive-made?amp
"None of us have covered ourselves in glory. This Congress and this administration likely will go down as one of the most fiscally irresponsible administrations and congresses that we've had," Corker said.
http://thehill.com/policy/finance/382663-corker-tax-cuts-could-be-one-of-worst-votes-ive-made?amp
Comments
If you dig into the CBO numbers (and no one really should because they are never right), they also upped their GDP forecast significantly the next couple of years and revenue forecast from higher employment rates, etc, which means according to the CBO about 75-80% of the $1.9 trillion tax cut is getting paid for by increased economic activity.
If you are going to quote them at least do it accurately...
HondoFS...
So no 75-80% will not be made up by increased activity.
You seriously are the stupidest motherfucker here. Mostly because you actually think you are smart. Sledog and OBK don't try to support their bullshit.
What was the CBO's last GDP forecast before the tax cut? What is it in this forecast? Did it go up or down?
What was the CBO's last forecast for entitlement spending (welfare and such) before the tax cut? What is it in this forecast? Did it go up or down?
What was the predicted GDP out in the future, say 10 years from now, in the last CBO forecast before the tax cut? What is it in this forecast? Did it go up or down?
None of that is covered in whatever you think dynamic scoring is. I'd recommend running along now and playing with shiny objects in the corner, but instead I'm sure you are going to start spamming this board with all sorts of nonsense while ignoring the simple points above.
https://www.google.com/amp/thehill.com/policy/finance/382319-gop-tax-law-will-add-19-trillion-to-debt-cbo?amp
That being said, post some link or something demonstrating your point. Or GTFO.
DO IT
Link to 2017 CBO estimate:
https://www.cbo.gov/publication/52370
Link to 2018 CBO estimate:
https://www.cbo.gov/publication/53651
A few examples:
2017 CBO estimate on 2018 GDP growth: 2%
2017 CBO estimate on 2019 GDP growth: 1.5%
2018 CBO estimate on 2018 GDP growth: 3.3%
2018 CBO estimate on 2019 GDP growth: 2.4%
And on and on. The forecasted unemployment rate is several tenths of a % lower and a bunch of other good economic things. Dig in deeper and you see one of the biggest changes is the forecasted interest rates moving higher much, much quicker...because of why again? For the HondoFS of the world its because they upped their forecast of economic growth, which mean they also upped their forecast for interest rate hikes for the Fed to react to it. Feel free to argue we should make the economy shitty again so we can have 0% interest rates for the $19 trillion in debt we have already wrung up...don't think that is a winner.
You and some govt Excel jockey can go back and say all sorts of great things might maybe would have happened anyway even if the tax cuts and other policies didn't happen so the baseline really should get moved, but we have their forecast from last year, a year's worth of policy, and their current forecast. And it says most of it gets paid for. As a coach once said...Scoreboard baby.
But the CBO estimate says all sorts of other screwy stuff as well that will never happen, so it is pretty worthless. Keep spamming on though...I'm sure a 3rd link to the same idiot author will make a difference this time.
HondoFS...
BTW, I haven't argued in any way that the tax cuts wouldn't increase GDP growth or reduce unemployment.
You're just too much of a pussy to say it
I want this campaign
Stop posting links and come out and say it pussy
From the 2018 link above:
Delta in Revenues from 2017 Forecast due to "Legislative" = -$1.7 trillion
Delta in Revenues from 2017 Forecast due to "Economic" = +$1.1 trillion
That give you ~70%...dig in a little more and the lower unemployment rates, etc gives you a bit more benefit.
Keep arguing we should crater the economy because the lower interest rate will help debt servicing of the $19 trillion already run up...that's a winner.
In short, I'd recommend heading back to your corner now with your shiny objects...
I didn't argue anything about interest rates. All I said about interest rates are they the CBO increased the projected $1.5 trillion deficit addition to $1.9 trillion largely because interest rates are going up faster than they expected in December.
It's like you aren't even in the same conversation. Fucking read what is typed. And understand basic concepts like dynamic scoring.
You said I was wrong and asked for a link...I gave you the link, specifically the source material. You then said the numbers are wrong...I pull out the specific numbers from the CBO report itself that show you are a fucking moron and backed up what I said as far as both the CBO impact on revenues from both legislative changes and economic changes.
So now you keep ignoring anything I said or showed and now just keep blabbering "dynamic" because you think it sounds important or special or something when you have absolutely no clue what it includes and doesn't include.
HondoFS...
https://mobile.nytimes.com/2015/01/07/business/house-republicans-change-rules-on-calculating-economic-impact-of-bills.html
The CBO forecasted the economy last year before the tax cuts were passed. The CBO forecasted the economy this year after the tax cuts were passed. Amazingly enough, anyone not HondoFS can compare the 2.
Keep typing moron...