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Started By
Message
Posted on 1/8/22 at 11:58 am to Zappas Stache
quote:
of course Trump inherited a booming economy so he can't take credit for anything but exploding the debt.
Wrong again.
Trump inherited an economy which was struggling upward despite Obama's economic policies.
*High taxes, especially those on businesses, do not promote economic growth.
*Administration-imposed limitations on energy production, such to the point where we have to import oil to meet domestic demand, does not promote economic growth.
*Not having in place a long-term tax plan (so that businesses can make longer term plans) does not promote economic growth.
*Allowing in millions of illegals does not promote economic growth.
*A steadily falling Labor Force Participation Rate does not indicate economic growth.
*Steadily increasing SNAP enrollment through most of an administration's tenure is not indicative of strong economic health.
What Trump did was cut taxes and provide room for more O&G production domestically. Those two things not only removed the limits set in place by the previous administration, they poured fire on growth to the point where we were seeing near-record Unemployment as well as low-end wage growth naturally outpacing higher-end wage growth.
quote:
exploding the debt
Common misconception. The House controls the purse strings. Going back to 1996 the House under Democrat control has spent over $13T in deficit spending while holding the House for only 9 years (an average of just under $1.5T per year). Under Republican House control it has been around $4.7T over the course of 17 years (or $277B per year).
During much of Obama's first term Democrats failed to even produce a budget, running the government off of CR's (Continuing Resolutions) instead. During the Obama years, when House leadership was under GOP control there was a total deficit spending of $2.1T over 4 years (average of $547B) while the 4 years the House was under Democrat control saw deficit spending of $5T (average of just under $1.7T). Trump had two years of each party controlling the House while he was in office. GOP House during this period $1.4T in deficit spending (or $722B per year) while Democrats racked up a whopping $4.1T (or $2.05T per year).
And this year Biden and a Democrat-controlled House spent more in deficit than any other year in the history of this country (Democrat-controlled Houses account for all 5 of the highest deficit spending years outside of WW2 and Depression Era deficits (outlays as a percent of receipts, in order to be fair about it since I don't have time to adjust for inflation for each year).
All of this is easily found at the White House's website. LINK
This post was edited on 1/8/22 at 12:01 pm
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