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mac
Joined: 07 Mar 1999 Posts: 17743 Location: Berkeley, California
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Posted: Thu Aug 22, 2019 3:34 pm Post subject: The Debt |
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When Republicans called a spade a spade instead of a Trump shovel, they cared about fiscal policy. Long gone.
YEAR DEBT IN BILLIONS PERCENTAGE OF GDP
2008 $10,025 68% Bank bailout. QE.
2009 $11,910 ($11,000 on Mar 16 and $12,000 on Nov 16) 83% Bank bailout cost $250 b. ARRA added $241.9 b.
2010 $13,562 ($13,000 on Jun 1 and $14,000 on Dec 31) 90% ARRA added $400 b. Payroll tax holiday ended. Obama Tax cuts. ACA. Simpson-Bowles
2011 $14,790 ($15,000 on Nov 15) 95% Debt crisis. Recession and tax cuts reduced revenue.
2012 $16,066 ($16,000 on Aug 31) 99% Fiscal cliff
2013 $16,738 ($17,000 on Oct 17) 99% Sequester, Government shutdown.
2014 $17,824 ($18,000 on Dec 15) 101% War cost $309 billion. QE ended. Debt ceiling crisis.
2015 $18,151 99% Defense = $736.4 b.
2016 $19,573 ($19,000 on Jan 29) 104% Defense = $767.6 b.
2017 $20,245 ($20,000 on Sep 103% Congress raised debt ceiling.
2018 $21,516 ($21,000 on Mar 15) 105% Trump tax cuts.
2019 $22,776 ($22,000 on February 11) 106% Defense = $956.5 b.
2020 $24,057 (est.) 106% Defense = record $989 b.
Under the Obama administration, the debt increased by $9.5 trillion, but the support for increased debt was bipartisan and in response to the worst financial crisis in our history. Under the Trump administration, it has increased by about $4.5 trillion in only three years, and led to a massive buy-back of stock.
Source: https://www.thebalance.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287
Much as I disliked the Clinton's, the debt only increased by $1.4 trillion during his 8 years. Since nobody has better credit than the US government, such massive debt increases are inflationary. Pick your metric and compare 1993 to 2019. |
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isobars
Joined: 12 Dec 1999 Posts: 20935
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Posted: Thu Aug 22, 2019 4:52 pm Post subject: |
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Some world class economics pros present very persuasive arguments why the debt has at worst zero impact on our lives ... even why big debts HELP most investors. No one here, of any political persuasion, has the credentials to prove them wrong. |
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mac
Joined: 07 Mar 1999 Posts: 17743 Location: Berkeley, California
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Posted: Sun Aug 25, 2019 10:38 pm Post subject: |
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Really. |
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boggsman1
Joined: 24 Jun 2002 Posts: 9118 Location: at a computer
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Posted: Mon Aug 26, 2019 8:35 am Post subject: |
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isobars wrote: | Some world class economics pros present very persuasive arguments why the debt has at worst zero impact on our lives ... even why big debts HELP most investors. No one here, of any political persuasion, has the credentials to prove them wrong. |
Is this the official RNC view on debt? |
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MalibuGuru
Joined: 11 Nov 1993 Posts: 9293
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Posted: Mon Aug 26, 2019 9:53 am Post subject: |
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boggsman1 wrote: | isobars wrote: | Some world class economics pros present very persuasive arguments why the debt has at worst zero impact on our lives ... even why big debts HELP most investors. No one here, of any political persuasion, has the credentials to prove them wrong. |
Is this the official RNC view on debt? |
It's sad that it's come to this, but on the bright side, we'll be paying of the debt with cheaper money as a result of asset inflation. IMO, 99% of the wealth created in the last 12 years has been a result of zero interest rates and money printing. When this ends, it'll be nuclear war. |
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mac
Joined: 07 Mar 1999 Posts: 17743 Location: Berkeley, California
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Posted: Mon Aug 26, 2019 10:35 am Post subject: |
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Malibu doubles down on inflation. The GOP--all in on steal now, make your grandchildren pay the bill. Sad. |
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MalibuGuru
Joined: 11 Nov 1993 Posts: 9293
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Posted: Mon Aug 26, 2019 12:32 pm Post subject: |
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mac wrote: | Malibu doubles down on inflation. The GOP--all in on steal now, make your grandchildren pay the bill. Sad. |
Unfortunately Mac, the Democrats control the purse strings. No president in his right mind would push the issue. |
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mac
Joined: 07 Mar 1999 Posts: 17743 Location: Berkeley, California
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Posted: Mon Aug 26, 2019 1:09 pm Post subject: |
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MalibuGuru wrote: | mac wrote: | Malibu doubles down on inflation. The GOP--all in on steal now, make your grandchildren pay the bill. Sad. |
Unfortunately Mac, the Democrats control the purse strings. No president in his right mind would push the issue. |
We don’t have a president in his right mind. Obvious to all. But only a fellow lunatic would ignore the impact of the Trump tax cuts—and then argue our children will pay it back with inflated dollars.
https://www.taxpolicycenter.org/briefing-book/how-did-tcja-affect-federal-budget-outlook |
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MalibuGuru
Joined: 11 Nov 1993 Posts: 9293
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Posted: Mon Aug 26, 2019 2:43 pm Post subject: |
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mac wrote: | MalibuGuru wrote: | mac wrote: | Malibu doubles down on inflation. The GOP--all in on steal now, make your grandchildren pay the bill. Sad. |
Unfortunately Mac, the Democrats control the purse strings. No president in his right mind would push the issue. |
We don’t have a president in his right mind. Obvious to all. But only a fellow lunatic would ignore the impact of the Trump tax cuts—and then argue our children will pay it back with inflated dollars.
https://www.taxpolicycenter.org/briefing-book/how-did-tcja-affect-federal-budget-outlook |
Tax revenue has remained solid since tax cuts were implemented |
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mac
Joined: 07 Mar 1999 Posts: 17743 Location: Berkeley, California
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Posted: Mon Aug 26, 2019 3:21 pm Post subject: |
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Fake news from a fake conservative. Facts:
U.S. Tax Revenue by Year
FY 2020 - $3.64 trillion, budgeted.
FY 2019 - $3.44 trillion, estimated.
FY 2018 - $3.33 trillion.
FY 2017 - $3.32 trillion.
FY 2016 - $3.27 trillion.
FY 2015 - $3.25 trillion.
FY 2014 - $3.02 trillion.
FY 2013 - $2.77 trillion.
Revenues have grown by about 4%--over three years. During the Obama era, despite deficit spending and an economy that Republicans had driven into the ditch, tax revenues grew from $2.1 trillion to $3.27 trillion--57% over 8 years.
Fake news. |
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