Do we care about budget deficits / national debt anymore?

TexasTiger · February 10, 2018

52 minutes ago, AUFAN78 said:

Reminders are good:

http://fortune.com/2017/01/20/barack-obama-donald-trump-country-moodys/

And yet Trump’s already doubled last year’s deficit while touting a greatly improved roaring economy. Critical thinking is good.

AUFAN78 · February 11, 2018

On 2/10/2018 at 12:14 PM, TexasTiger said:

Critical thinking is good.

Well use some. That I had to remind you of that little 9 Trillion tab was telling. Hypocrisy knows no bounds.

Auburn85 · February 11, 2018

No, we don't.

TexasTiger · February 11, 2018

1 hour ago, AUFAN78 said:

Well use some. That I had to remind you of that little 9 Trillion tab was telling. Hypocrisy knows no bounds.

You didn’t have to remind me. I remember the past, just don’t live in it. Republicans were responsible for many of the last 9 budgets.

DKW 86 · February 11, 2018

14 minutes ago, TexasTiger said:

You didn’t have to remind me. I remember the past, just don’t live in it. Republicans were responsible for many of the last 9 budgets.

The Reps have been in control of the HOR since 2011, right? That would mean that the Rep Party has controlled the budget process for the last 7-8 cycles.

RunInRed · February 13, 2018

President Donald Trump’s budget blueprint doubles the deficits he forecast a year ago with little expectation they’ll shrink anytime soon.

As a result, the $20 trillion federal debt that Trump railed against as a candidate is projected to balloon to $30 trillion a decade from now. And that’s despite the healthy dose of economic optimism in Monday’s budget: 3 percent growth, low inflation, low interest rates and low unemployment each year. It also assumes trillions in spending cuts Congress has already rejected.

Even before Congress passed and Trump signed an expansive spending deal last week, financial markets began taking notice. The prospect of encroaching inflation and higher interest rates contributed to the biggest stock market rout in two years. Investors who spent January celebrating Trump’s tax package with the biggest rally since 1997 watched as those gains dissolved, leaving the S&P 500 back where it was in November.

“Congress is willing to spend like crazy, and that was part of why we sold off last week,” said Ian Winer, director of equities at Wedbush Securities Inc. “People are finally starting to say, where is all this money coming from?”

Even Trump’s budget chief, Mick Mulvaney, a member of the conservative Freedom Caucus when he was in Congress, acknowledged that red ink exceeding $1 trillion a year could cause interest rates to “spike.” He said if he were still a member of Congress he probably would have voted against the two-year budget agreement signed by his boss last week that will raise federal spending by almost $400 billion above current levels.

....

Now that Republicans control the House, Senate and the White House, they’re facing the much harder task of governing. The result so far has been partisan tax cuts and bipartisan spending increases.

...

The Committee for a Responsible Federal Budget, a non-partisan anti-deficit group, has projected red ink will hit $1.2 trillion next year, and stay above $1 trillion after that for years to come.

Donald Selkin, New York-based chief market strategist at Newbridge Securities Corp., said the end result could be faster rate hikes.

"You’re adding on debt to an economy that’s going pretty good," Selkin said. "That has the potential to mess things up."

https://www.bloomberg.com/news/articles/2018-02-13/gop-silence-on-deficits-under-trump-marks-turnabout-for-party

Proud Tiger · February 13, 2018

On ‎2‎/‎5‎/‎2018 at 2:59 PM, WDavE said:

Not quite true...

FY 2009 - Even though the budget had been approved, Congress added emergency funding to stop the Great Recession. It added the first year's worth of spending from Obama's Economic Stimulus Act to the FY 2009 budget. That $253 billion accrues to Obama.

FY 2010 - Obama's first budget created a $1.294 trillion deficit.

FY 2011 - This budget contributed $1.3 trillion to the debt.

FY 2012 - The deficit was $1.087 trillion.

FY 2013 - This was the first Obama budget where the deficit, $679 billion, was less than $1 trillion. Thank sequestration, which forced a 10 percent cut in spending.

FY 2014 - The deficit was $485 billion.

FY 2015 - The deficit fell further, to $438 billion.

FY 2016 - The deficit rose to $585 billion

FY 2017 - The deficit is projected to be $666 billion.

There you go with facts again. Oh well it always gives some (predictable) folks something to rationalize. They seem to forget what Mark Twain said........." Politicians and diapers have something in common, they all need to be changed every now and then."

RunInRed · February 13, 2018

So @Proud Tiger, you approve of Trump ballooning the deficit, as projected?

HVAU · February 13, 2018

4 hours ago, Proud Tiger said:

There you go with facts again. Oh well it always gives some (predictable) folks something to rationalize. They seem to forget what Mark Twain said........." Politicians and diapers have something in common, they all need to be changed every now and then."

Do you even understand the trend that is reflected in the numbers presented?

RunInRed · February 13, 2018

48 minutes ago, HVAU said:

Do you even understand the trend that is reflected in the numbers presented?

No, he doesn't, and he doesn't care. If Trump is doing it, it doesn't matter or there's an excuse. To be fair, it's not just him, many today are blinded by their own partisan biases.

Proud Tiger · February 14, 2018

5 hours ago, RunInRed said:

No, he doesn't, and he doesn't care. If Trump is doing it, it doesn't matter or there's an excuse. To be fair, it's not just him, many today are blinded by their own partisan biases.

Pot calling kettle black .......oops can't say that any more. How about pot calling kettle Red.

TitanTiger · February 15, 2018

Republicans Announce Plan To Pretend To Be Fiscally Conservative Again The Moment A Democrat Takes Office

http://babylonbee.com/news/republicans-announce-plan-pretend-fiscally-conservative-moment-democrat-takes-office/

Strychnine · February 15, 2018

43 minutes ago, TitanTiger said:

Republicans Announce Plan To Pretend To Be Fiscally Conservative Again The Moment A Democrat Takes Office

http://babylonbee.com/news/republicans-announce-plan-pretend-fiscally-conservative-moment-democrat-takes-office/

When truth is stranger than fiction, or satire in this case...