re: US government is running out of money faster than expected, Mnuchin warns

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And continues to increase, with no signs of even leveling out. Cmon, you gotta do better than that.

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Just pointing out the hypocrisy of blaming the ever-increasing debt on Trump.

The patterns have been in place for decades. Yes, even when Clinton had surpluses on paper for a couple of years.

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Cut 1% per year per agency. Including defense and intelligence. Until balanced.

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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.

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.

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We are discussing now.

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Nope.

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Weird how you avoided Buckeye’s post.

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You seem to believe that somehow his post is problematic. It's not.

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.

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And you don't see a historical trend of economic growth being boosted by a reduction in marginal rates?

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It definitely is.

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But, you would also agree that curtailing spending would provide immediate and lasting benefits, no speculation required, right?

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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.

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When we cut taxes and do not cut spending, the deficit widens and we are essentially financing growth at this point.

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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.

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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.

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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

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but you cannot straighten things out by cutting taxes.

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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.

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You have to collect revenue during good times

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Which a relatively flat tax rate during times of growth will do.

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to save for lean times at l

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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).

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which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts

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That is a lie. Tax revenue went up!

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.