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re: US government is running out of money faster than expected, Mnuchin warns
Posted on 7/12/19 at 6:52 pm to Taxing Authority
Posted on 7/12/19 at 6:52 pm to Taxing Authority
quote:
it’s like 2006-2016 never happened, eh?
We are discussing now.
Weird how you avoided Buckeye’s post.
This post was edited on 7/12/19 at 6:54 pm
Posted on 7/12/19 at 7:16 pm to HC87
quote:Just pointing out the hypocrisy of blaming the ever-increasing debt on Trump.
And continues to increase, with no signs of even leveling out. Cmon, you gotta do better than that.
The patterns have been in place for decades. Yes, even when Clinton had surpluses on paper for a couple of years.
Posted on 7/12/19 at 7:19 pm to wookalar1013
The most thin skinned, lying POS that has ever been in the WH. Amazing how these dumb bastards believe everything he says.
Posted on 7/12/19 at 7:27 pm to bmy
quote:
Cut 1% per year per agency. Including defense and intelligence. Until balanced.
Pretty sure Rand Paul has a bill similar to this. It would take a decade to balance the deficit, but it won't even be taken to the floor.
Posted on 7/12/19 at 7:41 pm to wookalar1013
Slow day on the dorkboard?
Send possum landshark and jb3 over.
Send possum landshark and jb3 over.
Posted on 7/12/19 at 7:46 pm to FightnBobLafollette
No you just suck cock. You might want to ask the guys you when you finish swallowing if they can chip in some bills to help you pay off your Uber.
You loser.
You loser.
Posted on 7/12/19 at 8:51 pm to FightnBobLafollette
quote:So it's not relevant (when talking about competency for conducting the job of Sec Treasuary... the (faux) ignorance of not knowing that 1099 income comes with a tax liability isn't relevant? Ok.
Irrelevant.
Posted on 7/12/19 at 9:20 pm to FightnBobLafollette
quote:Nope.
We are discussing now.
quote:You seem to believe that somehow his post is problematic. It's not.
Weird how you avoided Buckeye’s post.
The government already takes too much money. Has for a long time. Increased tax revenues under Obama is meaningless. Spending increases FAR outpaced any increased revenue. His post only reinforces that spending is out-of-control.
While he shows that tax receipts were up 8.3% from 2012-2017... Spending over that same time period was up an average of 2.6%. Leaving less than a 5% spread. Big whoop.
But those years aren't really telling.
Most of the damage was done between 2007 and 2009. During that time spending increased by 28.9% while tax receipts simulatneously fell by 18.0%. Over same time period out deficit went from a measly $160B to $1.4 TRILLION. A 779% increase.
If we had the same budget spending today as we did in 2007 (and I don't remember people dying in the streets, or government being too small at that point) with today's revenue... we'd have a $1.8 TRILLION dollar surplus.
Let those numbers sink in (if you can comprehend them) and show me why we have a revenue problem? Or that it's Mnuchin's fault.
This post was edited on 7/12/19 at 9:21 pm
Posted on 7/12/19 at 10:12 pm to Mickey Goldmill
Maybe the left should finally accept the 2016 election results and consequences. We can’t afford all these endless political scavenger hunts, stalling tactic lawsuits, special prosecutors...
Posted on 7/13/19 at 10:28 am to Ace Midnight
quote:
And you don't see a historical trend of economic growth being boosted by a reduction in marginal rates?
It definitely is.
quote:
But, you would also agree that curtailing spending would provide immediate and lasting benefits, no speculation required, right?
Yes, but government spending is also a component of GDP / growth. When we cut taxes and do not cut spending, the deficit widens and we are essentially financing growth at this point. We are maximizing short-term growth and piling up debt.
If we actually balanced the budget, growth would be severely curtailed.
This post was edited on 7/13/19 at 10:30 am
Posted on 7/13/19 at 10:31 am to pizzatiger
quote:
When we cut taxes and do not cut spending, the deficit widens and we are essentially financing growth at this point.
No. Receipts are up (or no worse than flat) after the rate cuts.
So, it is only and always spending that drives the deficit and debt.
Period. Full stop.
Posted on 7/13/19 at 10:32 am to Mickey Goldmill
Why would you post a CNN article?
Find a real source.
Find a real source.
Posted on 7/13/19 at 10:42 am to Ace Midnight
quote:
No. Receipts are up (or no worse than flat) after the rate cuts.
So, it is only and always spending that drives the deficit and debt.
Period. Full stop.
You can think of it however you want but economists refer to this an an opportunity cost. But for the tax cuts, we would be projected to have more revenue and a smaller deficit.
Doesn't matter anyway. We aren't going to touch spending in any meaningful way because, like I said, that would harm growth too.
We are clearly in "maximize growth at all costs" mode
It's irresponsible
This post was edited on 7/13/19 at 10:44 am
Posted on 7/13/19 at 10:45 am to Ace Midnight
quote:
So, it is only and always spending that drives the deficit and debt.
And look, I agree that we have a spending problem but you cannot straighten things out by cutting taxes. It's not realistic. You have to collect revenue during good times to save for lean times at least until we get the financial house in order. As soon as a recession hits, we are fricked again
This post was edited on 7/13/19 at 10:47 am
Posted on 7/13/19 at 11:22 am to pizzatiger
quote:
but you cannot straighten things out by cutting taxes.
I agree with you. We must also curb government spending and live within our means. We can do it gradually or wait until it has to be abrupt.
Increasing taxes always drags the economy, which is resistant to taxation beyond a certain point, anyway.
quote:
You have to collect revenue during good times
Which a relatively flat tax rate during times of growth will do.
quote:
to save for lean times at l
You mean, "to not borrow so much" - "save" would imply we have no debt and that is unlikely during any of our lifetimes. Reducing the deficit, now, only means, "not borrow so much." Hopefully, we can retire some debt and reduce the debt service.
Debt service will be what brings down this entire house of cards. Debt service driven by spending, not by reduced marginal rates (which spur growth and create a larger pie).
This post was edited on 7/13/19 at 11:23 am
Posted on 7/13/19 at 11:24 am to Mickey Goldmill
quote:
US government is running out of money faster than expected, Mnuchin warns
So stop fricking spending my money you cocksuckers.
Posted on 7/13/19 at 11:39 am to Mickey Goldmill
quote:
which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts
That is a lie. Tax revenue went up!
Posted on 7/13/19 at 11:50 am to Mickey Goldmill
Hardly a surprise. They have to cut or eliminate social security and medicare.
Posted on 7/13/19 at 11:52 am to BigAppleBucky
Next recession is going to crush us. We're running a trillion dollar deficit in a good economy. It's funny thinking back to when Republicans pretended to be fiscally conservative.
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