Deficits Don't Matter... again

https://www.businessinsider.com/us-government-to-spend-more-on-debt-than-on-military-within-a-decade-2018-9

Next year, the deficit is expected to reach nearly $1 trillion, the first time it has been that large since 2012, when the US was still recovering from the financial crisis and rates were near zero.

In February, a bill was approved to raise federal spending by $300 billion over 3 years, which will further increase the financial burden. The Congressional Budget Office said that interest payments on the national debt are expected to triple over the next decade.

And Washington Republicans introduced legislation this month that would make the tax cuts permanent.

"The issue has just disappeared," Senator Mark Warner, a Virginia Democrat, told the Times. "There's collective amnesia."

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trumpforthewin

Thanks Obama

helpstrumpimo

mike damone gets pegged by fetters

deficits don't matter

Comments

RaceBannon

Not today

TierbsHsotBoobs

We're making America great again by drowning future generations in debt.

High five?

RaceBannon

I'm too upset about how Dr Ford is being treated

SFGbob

I just thank the lord that she is a survivor who has been able to overcome her claustrophobia and fear of flying so quickly.

RaceBannon

To be fair she only flies several times a year.

Also like how it was beach buddies advising her

Pitchfork51

When will you losers get it

Making libs cry is the only thing that matters

SFGbob

Yes, her fear of flying isn't that bad when she is going on vacation.

RaceBannon

On the economy Obama was quite clear that this is his and Trump didn’t do it

Guess Obama wants to add to his 10 trillion

2001400ex

Except there's identifiable actions by Trump and Congress to increase expenditures and reduce revenues.

SFGbob

I agree, lets cut spending. Where do you want to cut? Btw, how much did you complain about deficit spending when Obama was in office?

2001400ex

I complained about spending under Obama. But the larger issue was the revenue drop from 2009 through 2012 that caused the huge deficits. That with tarp ($600 billion) and the stimulus ($800 billion).

The difference is Obama took a $1.5 trillion deficit and turned it into $500 billion. Trump is taking a $500 billion and turning it into over a trillion.

And I'm sure you never ever complained about the deficit under Obama. What's the difference now?

SFGbob

So you can't tell us where you'd cut spending. I'm shocked.

AZDuck

Where would you increase taxes?

UWhuskytskeet

It's always a good idea to cut tax receipts and increase spending during times of economic expansion. This is common knowledge.

2001400ex

No shock you didn't respond about your hypocrisy.

No politician will cut spending. At least Democrats are up front about it. The people you vote for blatantly lie about it and say they will cut spending. Then they just spend spend spend. Just like Democrats do.

SFGbob

I wouldn't. We don't have a deficit because we tax too little. We spend too fucking much.

UW_Doog_Bot

FYI the rest of the world will still pay us to take loans out at rates that are below inflation. It's quite literally because we want to prevent higher inflation that we are raising interest rates.

If you don't understand why you should take out ANY loan that has an interest rate lower than inflation you probably shouldn't be worrying about the national debt.

https://nytimes.com/2018/09/26/us/politics/federal-reserve-raises-interest-rates.html

AZDuck

A quick glance at other nation's fiscal decisions appears to contradict your logic. For that matter, this nation's fiscal decisions from 2010-2016 kinda fits the same pattern.

https://data.oecd.org/gga/general-government-deficit.htm#indicator-chart

but, sure

WestlinnDuck

It isn’t conservatives that have created a culture of economic ignorance and hypocrisy. The entire dem agenda is to spend more money – a lot of money. They would start with the government takeover of all healthcare and add a few more tens of trillions to the deficit. Our public school system K-12 and our colleges and universities promote economic illiteracy and are proud of it. Teaching socialism is akin to teaching a flat earth. Big surprise that the low information voter and “independents” are attracted to the promise of free sh*t and vote for it. Then you have supposed Republicans supporting crony capitalism like the ethanol scam and the hundreds of billions of wasted tax dollars on federal intervention into the state and local public education process. Did we get an educated public out of that money? Nope we got barry and Bernie and Alexandria Ocasio-Cortez. The US Congress is the result of who the people vote for. If we want spending controlled, then we need to elect a congress that wants to control spending. That isn’t what the people want and certainly not any democrat.

So, I support a spending freeze. You leftards who are now whining about a deficit that you don’t really give a sh*t about don’t because your education failed you and you are proudly ignorant.

AZDuck

"Deficits don't matter" Dick Cheney, 2004

"[The deficit is] a great talking point when you have an administration that’s Democrat-led,” said Representative Mark Walker, Republican of North Carolina and the chairman of the Republican Study Committee, a group of about 150 conservative House members. “It’s a little different now that Republicans have both houses and the administration.”

This is a straightforward test for “deficit hawks”: do they care about this issue no matter who’s in the White House? Are they as quick to denounce borrowing when it’s tax cuts for the wealthy on the line as they are when Democrats are pushing domestic investments?

For much of the congressional GOP, the answer to both questions is no. For the party en masse, there’s no consistency, no guiding principles, and no real effort to explain why their interest shifts with the winds.

What the numbers show is that the total debt increased the most at 184% over 8 years and at the fastest rate under President Reagan at almost 14% per year. In fact, the three Republican presidents had the fastest growing debt on a yearly basis.

Reagan

Started Presidency: $965 billion
Ended Presidency: $2.74 trillion
Increased 184% or 13.9% per year

H.W. Bush

Started Presidency: $2.74 trillion
Ended Presidency: $4.23 trillion
Increased 54% or 11.5% per year (only in office for four years)

Clinton

Started Presidency: $4.23 trillion
Ended Presidency: $5.77 trillion
Increased 36% or 4.0% per year

W. Bush

Started Presidency: $5.77 trillion
Ended Presidency: $11.1 trillion
Increased 93% or 8.5% per year

Obama

Started Presidency: $11.1 trillion
Ended Presidency: $19.85 trillion
Increased 78% or 7.5% per year

President Obama’s debt actually grew at a slower annual rate than any of the Republican presidents even though there were events that negatively impacted the deficit that started before he became President. The Great Recession is probably the biggest of them as can be seen in the yearly deficit numbers. While all politicians use data to support their positions, the sound bite that the debt doubled under Obama is very misleading.

https://www.forbes.com/sites/chuckjones/2018/01/15/obamas-federal-debt-grew-at-a-slower-rate-than-reagan-h-w-bush-or-w-bush/

But you know, libtards, demonrats. Boo!