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Saturday, January 16, 2021 6:33:29 PM
ALDACON, ...Trump and the National Debt
"If you truly want to know what blasted our debt,..."
Instead of Eliminating the Debt, Trump Will Add $5.6 Trillion
[...]
On September 8, 2017, Trump signed a bill increasing the debt ceiling. Later that day, the debt exceeded $20 trillion for the first time in U.S. history. On February 9, 2018, Trump signed a bill suspending the debt ceiling until March 1, 2019. On March 15, 2018, the debt exceeded $21 trillion. The debt will continue to increase until the 2019 deadline. The Committee for a Responsible Federal Budget estimates it could be $22 trillion by then. If so, Trump will have overseen the fastest dollar increase in the debt in just three years.
Trump's Fiscal Year 2019 budget projects the debt would increase $8.3 trillion during his first term. That's almost as much as Obama added in two terms while fighting a recession. Trump has not fulfilled his campaign promise to cut the debt. Instead, he's done the opposite.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146795315
"If you truly want to know what blasted our debt, look no further then Obama bein in office and
running a 2 trillion dollar deficit, more than the total of all presidents prior to him."
-
How the Deficit Got This Big
[...]
[...]
The second graph shows that under Mr. Bush, tax cuts and war spending were the biggest policy drivers of the swing from projected surpluses to deficits from 2002 to 2009. Budget estimates that didn’t foresee the recessions in 2001 and in 2008 and 2009 also contributed to deficits. Mr. Obama’s policies, taken out to 2017, add to deficits, but not by nearly as much.
A few lessons can be drawn from the numbers. First, the Bush tax cuts have had a huge damaging effect. If all of them expired as scheduled at the end of 2012, future deficits would be cut by about half, to sustainable levels. Second, a healthy budget requires a healthy economy; recessions wreak havoc by reducing tax revenue. Government has to spur demand and create jobs in a deep downturn, even though doing so worsens the deficit in the short run. Third, spending cuts alone will not close the gap. The chronic revenue shortfalls from serial tax cuts are simply too deep to fill with spending cuts alone. Taxes have to go up.
July 2011 - https://investorshub.advfn.com/boards/read_msg.aspx?message_id=65593499
"If you truly want to know what blasted our debt,..."
Instead of Eliminating the Debt, Trump Will Add $5.6 Trillion
[...]
On September 8, 2017, Trump signed a bill increasing the debt ceiling. Later that day, the debt exceeded $20 trillion for the first time in U.S. history. On February 9, 2018, Trump signed a bill suspending the debt ceiling until March 1, 2019. On March 15, 2018, the debt exceeded $21 trillion. The debt will continue to increase until the 2019 deadline. The Committee for a Responsible Federal Budget estimates it could be $22 trillion by then. If so, Trump will have overseen the fastest dollar increase in the debt in just three years.
Trump's Fiscal Year 2019 budget projects the debt would increase $8.3 trillion during his first term. That's almost as much as Obama added in two terms while fighting a recession. Trump has not fulfilled his campaign promise to cut the debt. Instead, he's done the opposite.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146795315
"If you truly want to know what blasted our debt, look no further then Obama bein in office and
running a 2 trillion dollar deficit, more than the total of all presidents prior to him."
-
How the Deficit Got This Big
[...]
[...]
The second graph shows that under Mr. Bush, tax cuts and war spending were the biggest policy drivers of the swing from projected surpluses to deficits from 2002 to 2009. Budget estimates that didn’t foresee the recessions in 2001 and in 2008 and 2009 also contributed to deficits. Mr. Obama’s policies, taken out to 2017, add to deficits, but not by nearly as much.
A few lessons can be drawn from the numbers. First, the Bush tax cuts have had a huge damaging effect. If all of them expired as scheduled at the end of 2012, future deficits would be cut by about half, to sustainable levels. Second, a healthy budget requires a healthy economy; recessions wreak havoc by reducing tax revenue. Government has to spur demand and create jobs in a deep downturn, even though doing so worsens the deficit in the short run. Third, spending cuts alone will not close the gap. The chronic revenue shortfalls from serial tax cuts are simply too deep to fill with spending cuts alone. Taxes have to go up.
July 2011 - https://investorshub.advfn.com/boards/read_msg.aspx?message_id=65593499
It was Plato who said, “He, O men, is the wisest, who like Socrates, knows that his wisdom is in truth worth nothing”
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