Trump's MASSIVE budget deficits

originally posted by: Ksihkehe
Whooooooooosh.

Did you see that unidentified flying object go completely over your head?

Wow, you're hallucinating too! That must be some gooooood stuff!

You must be so far gone that you forgot what you initially asked...

originally posted by: Ksihkehe
Why didn't Trump, or Obama for that matter, inherit a deficit free country when they started?

How would your "100% facts" effect the way the way that Obama inherited a deficit that started with the Iraq war?

Do you understand what inherited means, or are you just confused about the difference between the annual deficit and the national debt?

Whooooooooosh! I think I just saw that UFO heading your way.

do people think the world puts so much trust in the US economy for no good reason or something? wish people would understand that the debt of our country is not like the debt of some average joe that can't pay their deb, it's more like a billionaire owing 250 million dollars in debt while making 50 million a month, the bank won't demand that money even it's never paid because that persons account makes them many times that amount of money every year.
the banks aren't going to default the US because the US could easily pay off the debt in a very short period if it really had to but it really doesn't need to with how many trillions America generates every year just buying and selling stuff.

originally posted by: kasalt

originally posted by: DBCowboy
a reply to: kasalt

It's Trump's deficit. He owns it.

No argument here.

But who writes the budget that Trump signs?

It's the House of Representatives.

Trump pushed for a 1.5 trillion dollar tax cut for the rich. In other words, he gave a huge tax cut to himself: "Donald Trump’s $1.5 trillion tax cuts have helped billionaires pay a lower rate than the working class for the first time in history. In 2018 the richest 400 families in the US paid an average effective tax rate of 23% while the bottom half of American households paid a rate of 24.2%..." -- www.theguardian.com...

I am not rich and benefitted to the tune of $4,000+ from the Trump tax cut. Taxes are theft and you are talking out of your ass.

a reply to: timequake

We're riding on a wave of debt. Only a matter of time before the wave crests and crashes.

Word on the street it's a great time to buy a house though. Mortgage rates haven't ever been lower and all that jazz.

a reply to: namehere

No, it's because the US Dollar is the "official" reserve currency as designated by the Bretton Woods Agreement in 1944 after WWII. And a few countries have some gripes about America abusing it's status as the reserve currency to bully smaller countries.

originally posted by: Metallicus

originally posted by: kasalt

originally posted by: DBCowboy
a reply to: kasalt

It's Trump's deficit. He owns it.

No argument here.

But who writes the budget that Trump signs?

It's the House of Representatives.

Trump pushed for a 1.5 trillion dollar tax cut for the rich. In other words, he gave a huge tax cut to himself: "Donald Trump’s $1.5 trillion tax cuts have helped billionaires pay a lower rate than the working class for the first time in history. In 2018 the richest 400 families in the US paid an average effective tax rate of 23% while the bottom half of American households paid a rate of 24.2%..." -- www.theguardian.com...

I am not rich and benefitted to the tune of $4,000+ from the Trump tax cut. Taxes are theft and you are talking out of your ass.

Wow, you got back 4,000 big ones from Trump's tax cut? Party on, dude!

Look, no one likes paying taxes, but society needs the goods and services that they provide. It is necessary in order to have a society. Of course, there are those who look out for their own best interests to the total exclusion of everyone and everything else, but that's not the way a country works.

a reply to: kasalt

$4k is a big deal to 95% of Americans. Are you an elitist that doesn’t need 4K? I will admit 4K is a big deal to me and I thank the POTUS for letting me keep more of MY money.

originally posted by: Fallingdown
a reply to: ScepticScot

OK so the $700 billion TARP funds helped keep the Obamas debt down .,


I’ve been trying to put together a thread on the tarp program for a couple months. Most of the loans were paid back using government incentives/loans which left the next program holding the bag .

Money laundering inside trading buyouts .

But that was cool as long as it didn’t refly on TARP

The true cost of the bail out over ten years has been put at somewhere between 4 and 17 trillion .( with a T )

If I can show the Obama administration was blowing money like a drunk sailor at a whorehouse .

That’s gonna put a whole new spin on things. Don’t you think .

Here’s one link on it .

The Special Inspector General for TARP summary of the bailout says that the total commitment of government is $16.8 trillion dollars with the $4.6 trillion already paid out

Forbes

If I was a Obama supporter I would ignore TARP and hope it goes away.

Or they could point out was Bush era legislation.

Since the article doesn't actually provide any links or evidence to back up what it claims it's hard to say where gets that figure. I suspect what it's doing, as I have seen it else where, is adding together all loans regardless of duration or when they were paid back, so if a bank takes 3 short term loans over 3 years its the total loaned rather than most outstanding at any one point.

The commitments figure is the equivalent of adding up all the pre approved credit cards you get offered and saying that's how much debt you have.

a reply to: redmage

The whoosh was the point of my response going over your head. Obama did nothing to remedy these things you blame Bush for and all my "facts" were things that he didn't do. Sarcasm.

As for inherit and deficit, it's accurate. Inherit to receive as if by succession from predecessors: the problems the new government inherited from its predecessors. Deficit, in this case deficient financials. Debt, caused by budget deficits and further deficit spending.

I'm sorry if you are aren't capable of adapting to the use of similar words in place of those you've become comfortable with. How about this. Why did Obama and Trump have to assume their respective offices with more national debt than the previous administration in spite of congressional acknowledgment of excess spending, with continued expanding wars, and subsidization of those politically connected?

You've drawn this out so god damn far by not taking a single contextual clue that the point no longer matters. At least, 13 years later you managed to get one more jab in at Bush. Maybe we can really push it and get a Dan Quayle potatoe joke in, really turn back the clock.

originally posted by: rickymouse
At seventeen trillion when he inherited this deficit, there is about 850 billion interest on the loan a year if five percent interest is paid on that loan. It is hard to make headway on a loan like that. Just to pay the interest, they would have to raise every workers taxes a real lot. Everyone would have to pay around four grand a year in interest alone.

Our country is in deep dodo.

The interest is about 600 billion however it pays about 200 billion of that to itself.

Of the remaining 400 or so the majority of that is paid out within the US.

Still chunky numbers however.

originally posted by: namehere
do people think the world puts so much trust in the US economy for no good reason or something? wish people would understand that the debt of our country is not like the debt of some average joe that can't pay their deb, it's more like a billionaire owing 250 million dollars in debt while making 50 million a month, the bank won't demand that money even it's never paid because that persons account makes them many times that amount of money every year.
the banks aren't going to default the US because the US could easily pay off the debt in a very short period if it really had to but it really doesn't need to with how many trillions America generates every year just buying and selling stuff.

That's an important point.

People often view the debt in isolation with no regard to the assets that are owned or wealth being generated.

a reply to: Fallingdown

Obama said the recession ended in 2008

The financial crisis started in 08 , that's a matter of record.

originally posted by: Ksihkehe
The whoosh was the point of my response going over your head. Obama did nothing to remedy these things you blame Bush for and all my "facts" were things that he didn't do.

So you don't understand what the word "inherit" means. Got it.

Even if Obama had done every single one of those things, it still would not have stopped him from inheriting a deficit that began with the Iraq war. None of those changes would have made him a time-traveler to be able to go back in time and eliminate a deficit before it landed in his lap. Same goes for Trump. He can't go back in time to eliminate Obama's deficits in order to prevent himself from inheriting one. That's why new Presidents are not held accountable for the deficit in their 1st year in office. Things are still running on the previous administration's budget for a year to allow the new President time to put together their own economic agenda.

Your response didn't go over my head. Your response was simply irrelevant and unrelated to the answer of the initial question that you asked.

This isn't a matter of, "adapting to the use of similar words in place of those I've become comfortable with". This is apparently a matter of you getting you panties in a bunch because you misused very different concepts (deficit and debt) interchangeably in your initial question. Currently, that's about a 22.4 trillion dollar error/difference.

Clearly the very separate concepts of the annual deficit and the national debt went way over your head. Whooooooooosh!

originally posted by: Ksihkehe
How about this. Why did Obama and Trump have to assume their respective offices with more national debt than the previous administration

"With more national debt? "

The reason Obama and Trump each assumed their respective offices with "more national debt" than their predecessors is because their immediate predecessors (Bush for Obama, and Bush+Obama for Trump) ran annual deficits that increased the national debt instead of running an annual surplus to decrease the national debt like we had in the few years before the Iraq War started. War is expensive, and neither Bush, Obama, nor Trump has made balancing the budget a priority while we're still over there in the Middle East. Stimulus to avert a financial collapse in '08 because "too big to fail" banksters were gambling on absurd derivatives didn't help the annual deficit or national debt either.

a reply to: kasalt

The thing is we don't have a revenue problem right now, even with the tax cuts revenues were up. We have a massive spending problem that is compounded by many things and huge amounts of waste. If we were to eliminate much of the waste we could cut taxes even more and still have revenue increases.

The other major issue is a slippery slope for many people but there are huge numbers of programs and different things that should not be funded by tax dollars. There is more than enough tax revenue to go around if it was just spent wisely and for the things taxes are supposed to go towards.

I can't find the article now but it was from a couple weeks ago where Trump put forth his ideas to cut spending and it talked about how he wanted the house to look at his proposal and possibly take a vote for amendments to the current budget. If I remember from the article Nancy Pelosi said they were not interested in doing any changes because the current budget was approved through 2021. If that is the case what a huge disservice to the country. Why would you not want to improve something. I know in my household if we get extra money or see an opportunity to save we make an adjustment. The extra cash isn't put into the toilet and flushed like much of our tax dollars are now.

Our money is being used to play these political games and I know I am tired of it and I am not sure why more Americans don't see this regardless of party affiliation. The people are being scammed and in many cases the money they should be getting back tot heir paychecks can be life changing.

originally posted by: Stupidsecrets

originally posted by: kasalt
The national debt has increased to the tune of an additional $3,000,000,000,000.00 (3 trillion dollars) since Trump took office. That amounts to upwards of $100,000.00 for every man, woman, and child in the country. I'd like to ask each of you, how has your life been benefited by all of this increased expenditure?

According to Forbes, President Trump was handed an economy that was growing. In 2017, his first year in office, the deficit grew to $666 billion. It was $984 billion last year and is projected to be over $1 trillion in 2020 at $1.02 trillion. If the 2020 projection is accurate, this will be a 74% increase in the budget deficit in just four years... -- www.forbes.com...

The economy under Trump is supposedly better than it was in the 1990s under President Clinton, and yet Clinton was able to not only balance the budget but create a budget surplus, while Trump is running trillion-dollar deficits.

Trump's budget is "The Largest Budget Deficit With A Strong Economy" according to a Forbes headline. "At the projected 4.6% for fiscal 2019 it will be the largest in a non-recession year, and the red line shows it will only be worse..." -- www.forbes.com...

If we are living in "the strongest economy in the history of the world" (according to Trump), then how is Trump running record-high budget deficits during such a great economy? The answer is because of Trump's tax cuts to the rich: "Donald Trump’s $1.5 trillion tax cuts have helped billionaires pay a lower rate than the working class for the first time in history. In 2018 the richest 400 families in the US paid an average effective tax rate of 23% while the bottom half of American households paid a rate of 24.2%..." -- www.theguardian.com...

The GOP had initially argued that lower taxes for the rich would lift the economy enough to make up for the loss in federal revenue. But key Republicans have since walked back the long-standing claim that the 2017 package would pay for itself. -- markets.businessinsider.com... In other words, the Republicans lied to you when they said that tax cuts to billionaires would pay for Trump's deficits. It's merely a variation of Reagan's "Trickle-down economics" lie.

Meanwhile, we hear absolutely no complaints from the Republicans about Trump's budget deficits or the national debt because Trump is a Republican. Republicans only care about budget deficits and the national debt when the president is a Democrat. That's when Republican hacks come out of the woodwork and complain about how deep in debt we are as a nation, and how we can't afford to pay for what Democrats want. But when a Republican is in the White House, Republicans forget about all of the deficit and debt rhetoric and they spend, spend, spend! The only question is, what are the Republicans spending all of that money on? They certainly aren't spending it for the benefit of the American public!

Every country is in the red except some quasi island countries. If you think it's so horrible go move to those island countries and see how you like it. I assure you, you will hate it.

Not every US state has poor fiscal health. Most of the poor health ones are Democrat strongholds. Some states even have a budget surplus. As for Clinton balancing the budget, he didn't do much. We about damn near were in the black already. All he did was cut some programs, one being the GI BILL for a couple semesters which I remember because I could not afford college even though I fcvking earned it already. He also cut funding for a LIGO in TX even though it was damn near built. The one in La ended up finding gravity waves years later.

Be careful what you wish for is all I can say. The budget can be balanced at anytime. Just remember, it's going to impact you directly or people you know and you will get pissed off just like me.

You're either lying or misinformed.

Start at the bottom of this list for the poorest states...

247wallst.com...

And compare...

worldpopulationreview.com...

a reply to: ScepticScot

I’ve got links to the actual figures .

Special investigator general TARP , Capital purchase program , White House budget accountability on TARP to name a few .

I’m just in a little over my head on this one. But I will post something in the near future .

originally posted by: gortex
a reply to: Fallingdown

Obama said the recession ended in 2008

The financial crisis started in 08 , that's a matter of record.

My bad I meant June 2009 .

Source

a reply to: ScepticScot

I’ve got links to the actual figures .

Special investigator general TARP , Capital purchase program , White House budget accountability on TARP to name a few .

I’m just in a little over my head on this one. But I will post something in the near future .

Contrary to what the OP says, many Trump supporters are deeply concerned about our huge deficits. As much as I like the president, who I think could be one of the greatest ever, his lack of concern about public debt is maddening.

Personally, I’d like to cut defense spending in half (at least) and let the rest of the world pay for its own defense and freedom of navigation. That would cut the deficit by a third! As for the remaining $650 billion deficit, I’d support a half and half solution: cut the budget by $325 billion and raise taxes by the same amount.

If we were truly responsible and fair toward future generations, we would not only make deficit spending illegal, we would also pay down public debt by at least $100 billion per year or more.

originally posted by: DBCowboy
a reply to: kasalt

It's Trump's deficit. He owns it.

No argument here.

But who writes the budget that Trump signs?

It's the House of Representatives.

Under Clinton in was run by republicans.

Under Trump it is run by Pelosi and AOC.

*shrugs*


No member of congress will ever spend less because they are all meat-twinkies.

But what you can do is elect people that will increase it less than the other guy.

It's about all we have.

Until Giant Meteor visits, or the zombie apocalypse.

No, Trump doesn't own it...He was forced to accept it...