Trump's lack of action on the deficit will likely cost American's greatly

Remember when Trump promised it would be easy to reduce the deficit? That's ok, neither does he.

But, let's look back at some of his past tweets concerning the deficit.






This is just a random sample of the over 80 Trump tweets in which he criticized his predecessor for his handling of the deficit. Since Trump obviously thought the deficit was a clear issue that was threatening to bankrupt the country, surely he addressed it, right? Well, actually no. Under Trump the deficit has reached levels not seen since the Great Recession.

According to the newest estimate from the Congressional Budget Office (CBO), the U.S. budget deficit hit $984 billion in fiscal year 2019. That amounts to a whopping 4.7% of U.S. gross domestic product — the highest level since 2012.

And it’s not a shortage of money that’s the problem. While the CBO reports that tax revenues were 4% higher in FY 2019 compared to FY 2018, federal outlays increased by 7%.

The fact that this spending binge and deficit pileup is happening during the longest economic expansion in modern U.S. history makes fiscal hawks like Edelman particularly uneasy.

“Imagine what happens if we in fact run into a recession,” he warned. “That means we’re going to face austerity. We’re going to see a combination of tax increases and government cuts in spending.”

The fact that a significant number of Americans have little in savings or liquid financial assets like stocks to fall back on gives Edelman even further cause for concern.

“It could get ugly for a lot of parts of American society,” according to Edelman. “The real question is: to what degree will this matter in the upcoming presidential campaign?

LINK

the highest level since 2012.

Hmmm...

The deficits and National Debt is on Congress 100%

All a President can do is sign it or not sign it 😃

Trump has however, criticized some of the spending legislation 🎯

a reply to: xuenchen

Yeah.

The buck stops...um...somewhare yonder.

a reply to: Gorgonite

Lets see , Obama Added 8 Trillion to the National Debt , Trump Only a Mere Trillion going on 3 Years . Trump WINS Again !

When was the last time Congress passed real.budget and voted on it? Apparently they don't want to be held accountable for their wasteful spending habits.

a reply to: Gorgonite

Do you remember the times when the House and Senate got together to do some good?

Three years of Trump bashing, unethical investigations, impeach at any cost.

Since the house is a sordid mess of lying butt wipes, we will just have to wait until after the next election.

Then you will see what happens to the debt.

First step in the right direction is to Audit The Fed!

Coming to you through the glory of President Trump.

That will sort the men from the boys!

P

Economists typically recommend that the federal government increase spending, and thus add more debt, during times of economic struggles and then pay down that debt when the economy recovers.

So while economic theory would support Obama's spending to help support the economy, Trump's recent debt binge has less support among economists.

a reply to: mugger

It's ALL FAKE Money Anyway .Really .

a reply to: Gorgonite
I guess it is impeachment again??

You had to dig up what your President said 8 years ago to proof what, actually?

He really lives rent free in your heads. Imagine what you else all those could achieve in their free-time who constantly think they found the holy grail for impeachment. So pathetic.

originally posted by: ManFromEurope
Economists typically recommend that the federal government increase spending, and thus add more debt, during times of economic struggles and then pay down that debt when the economy recovers.

So while economic theory would support Obama's spending to help support the economy, Trump's recent debt binge has less support among economists.

Credible Sources and Credible Examples are in order !!

We MUST save the Economy !!

😃 🥥

a reply to: Zanti Misfit

So your saying that they shouldn't be held accountable to the Citizens? Make them vote on it. It's their job.

a reply to: Zanti Misfit

8 trillion 8 years, 3 trillion 3 years, they are at the same rate. as the above poster said Obama did it during a recession which was economically responsible according to economists. Trump is doing it while we are supposedly under sunshine and rainbows which is economically irresponsible according to those same economists.

a reply to: conspiracy nut

Go tell it to the Fed . America Lost it's Economic Freedom in 1913 . Maybe Someday We will get it Back.........

Main difference, if it is effective or not, Trump has instigated a plan that has been acted upon to change the direction of the US economy

Not sure I noted Obama do anything at all

But I could stand corrected

Waiting for some to say we should cut the military spending and say at the same time Trump is wrong about the Middle East "Strategy" 😃

Where does the U.S. cut $1 Trillion from ? 😎

a reply to: xuenchen

I am all for cutting military spending and getting out of the middle east but how is Trump's military stragey cutting spending by cutting 100 troops from northern Syria and adding 2800 to Saudi Arabia? I agree it's a complicated issue for instance if we stopped sending Israel billions every year
would they be wiped off the face of the Earth or would they be able to fend for themselves?

My question is do we do more harm than good by leaving or by staying?

Perhaps we should leave it up to a world police instead of trying to be the world police

originally posted by: xuenchen
The deficits and National Debt is on Congress 100%

All a President can do is sign it or not sign it 😃

Trump has however, criticized some of the spending legislation 🎯

His folly wall, government shutdown and various trade wars probably didn't help.

Also, high senior staff turnover when there isn't any higher position in the land, is very expensive.

a reply to: Gorgonite

I don't think either the Reps or Dems have a snowball's hope in hell of saving the economy.

The fault rests firmly with the wage earners of America who can afford stuff, but put it on credit, anyway, because the banks just love debtors. Oh, and the fabulously wealthy who pull investment capital out of the economy and sequester it away. Like in offshore banks, gold, diamonds and etc.

Move to another country if you are not happy or downright “Reeeeeeing” since he was elected as your president of the country you were born and profited from...

But PLEASE not France... we don’t need you Screechers here.

Thank you.

Lags

a reply to: Gorgonite