Trump and GOP drive up the US deficit, contrary to promises ....

owedtojoy

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Trump's trillion-dollar-plus deficits put America on path to fiscal ruin

Unlike the trillion dollar budget deficits that occurred during the Obama administration that were temporary and largely the result of the Great Recession, the Trump deficits that will soon reach and exceed $1 trillion are permanent and will only get worse in the years ahead.
The deficit in the Obama years was high, but the difference then was that the President was raising taxes, and reducing it gradually.

But now, in a booming economy, Government's should be saving money and cutting the deficit. It was Charlie McCreevy's "When I have it, I spend it" that caused Ireland so much grief. When Governments have it, they should pay their debts, not give it away to the plutocrat classes to buy back shares.

Now the President and Congress have reduced taxes for the wealthy and for corporations, done nothing for working families, and is now taking aim at Welfare to pay for the largess to the top 5%.

[video=youtube;RE4-6ZA74uk]https://www.youtube.com/watch?time_continue=24&v=RE4-6ZA74uk[/video]

Trump and Mnuchin promised that tax cuts would pay for themselves and not explode the deficit. They lied. Trump said he would defend Welfare and Medicare. He lied. He promised "great Healthcare". He lied.

PS Under the last 6 Presidents, Reagan, the Bushes and now Trump exploded the deficit. Clinton and Obama both reduced it. Yet, Republicans have the reputation for being "better with the economy". Totally unjustified.
 


owedtojoy

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Republicans' hypocrisy on the US deficit is stunning

Getting The Bill For A Tax Cut And Spending Spree: Budget Deficit Jumps 17%


[Chart starts in 1960 & goes in 10-year divisions. The Great Recession is marked in grey.]

Google News - The federal budget deficit is soaring, and you can blame it all on Republican tax cuts.

Note that Clinton left a favourable budgetary position, but Republicans blew that on tax cuts and a $trillion war. They then triggered a recession.

Obama left an improving position - and now Republicans & Trump are on the same spending spree that Bush was, except the wars have not started yet.

Federal deficit increases, so Republicans propose Medicare cuts - Vox
 

Dame_Enda

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Need to understand that the US senate requires 60 votes for a budget, and they had to use a special procedure called Budget Reconciliation to push through the tax cuts with a simple majority, and that can only be used for very restrictive situations that are supposed to be deficit neutral. Both parties to blame. There hasnt been a budget for over 6 years. There are just "continuing resolutions".
 

owedtojoy

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Need to understand that the US senate requires 60 votes for a budget, and they had to use a special procedure called Budget Reconciliation to push through the tax cuts with a simple majority, and that can only be used for very restrictive situations that are supposed to be deficit neutral. Both parties to blame. There hasnt been a budget for over 6 years. There are just "continuing resolutions".
"Both parties to blame" my ass.

  • Who gave tax increases to plutocrats, and stiffed the middle class?
  • Who voted against every budget stimulation measure brought in by the Democrats under Obama because it would "explode the deficit"?
  • Who shut down the US government more than once over the budget?
  • Who several times threatened not to extend the debt limit and destroy the credit of the United States?
  • The GOP hampered recovery from the recession so effectively that it was slower than it should have been, and kept millions in needless hardship.

The Republicans deserve to be below where Fianna Fail are in Irish politics - out of office and in disgrace. It says a lot for the power of money and crap ideas in American politics that they are not.
 

livingstone

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Need to understand that the US senate requires 60 votes for a budget, and they had to use a special procedure called Budget Reconciliation to push through the tax cuts with a simple majority, and that can only be used for very restrictive situations that are supposed to be deficit neutral. Both parties to blame. There hasnt been a budget for over 6 years. There are just "continuing resolutions".
Umm - no, both parties are not to blame for pushing through tax cuts that have worsened the deficit.

The GOP are in control of both Houses and the Presidency. The 'both parties to blame' line is pathetic. Consult your alt right websites and revert with a more convincing line at your earliest convenience, please.
 

owedtojoy

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Ex FED-SEC, Gary Cohn says TRUMP trade war is destroying the US service economy (80% of GDP is service)... | Political Forum

“When you’re a service economy, the way to stimulate your economy, the way to grow your economy is to allow consumers to buy goods as cheaply as they possibly can, and use the rest of their money to buy services or if they’re lucky enough to save,” he said. “Anything that raises the price of a good doesn’t make sense for our economy. Even if they’re paying it to the government as a tariff, it’s just another tax.”
Trade war & increasing the deficit? If a crunch comes, it will not be pretty. And the business cycle dictates a crunch sooner or later.
 

Jack Walsh

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Good topic Owed, will give it some support, but caught for time.

Only a madman would imagine a few thousand desperate people pleading for entry to the US is the greatest threat to America right now, with Trump/GOP heading the country off a fiscal cliff
 

President Bartlet

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"Both parties to blame" my ass.

  • Who gave tax increases to plutocrats, and stiffed the middle class?
  • Who voted against every budget stimulation measure brought in by the Democrats under Obama because it would "explode the deficit"?
  • Who shut down the US government more than once over the budget?
  • Who several times threatened not to extend the debt limit and destroy the credit of the United States?
  • The GOP hampered recovery from the recession so effectively that it was slower than it should have been, and kept millions in needless hardship.

The Republicans deserve to be below where Fianna Fail are in Irish politics - out of office and in disgrace. It says a lot for the power of money and crap ideas in American politics that they are not.
Well said and worst of all there is a fookwit of a GOP in the WH who has been bankrupt umpteen times - businessman my a$$
 

valamhic

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Good topic Owed, will give it some support, but caught for time.

Only a madman would imagine a few thousand desperate people pleading for entry to the US is the greatest threat to America right now, with Trump/GOP heading the country off a fiscal cliff
The greatest threat to America is China, next mass migration with is not confined to a few thousand and last is the deficit. There is a huge difference between a deficit in a growing economy where there is confidence and a lagging economy. Its is very complex and i accept it is the only weak part of Trump's policies. On the bright side he is saving a lot on climate change green spending.
 

valamhic

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owedtojoy

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Well said and worst of all there is a fookwit of a GOP in the WH who has been bankrupt umpteen times - businessman my a$$
Other signs the US economy is not just about a booming stock market and corporate profits.

The US housing market is not in a Bubble - it is the reverse, in a Slump. It means that buyers seeking houses cannot raise the cash due to poor income and/ or high interest rates.

Builders Slump as U.S. Housing Market Shifts to the Slow Lane

Housing Market is Faltering and Strong Economy Offers No Cure - WSJ



Would you not expect a rel-estate developer who made big promises about "$1trillion investment in infrastructure" to do better?
 

valamhic

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Need to understand that the US senate requires 60 votes for a budget, and they had to use a special procedure called Budget Reconciliation to push through the tax cuts with a simple majority, and that can only be used for very restrictive situations that are supposed to be deficit neutral. Both parties to blame. There hasnt been a budget for over 6 years. There are just "continuing resolutions".
The problem will most likely be resolved by buoyancy in the economy. There is confidence out there, but it is a cause for concern
 

owedtojoy

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In order to pay for this failed tax cut for the wealthy, and to repair the exploding deficit, which he promised to reduce to 0 in 7 years, Trump has launched swingeing cuts of every program he can .... except the military-industrial complex.

Betsy DeVos’s threats to the Special Olympics are cruel. But disabled people have bigger problems.

Betsy Devos is still struggling to explain cuts to Special Olympics funding

The Cabinet of Evil - Lawyers, Guns & Money

The sight of a billionaire woman who owns ten yachts justifying cuts to programs that help the handicapped, in order to pay for a tax cut that made her and Donald Trump much wealthier, Just about sums up the Reign of Trump.
 
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owedtojoy

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