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Old 07-31-2019, 11:08 AM
 
Location: Long Island
33,384 posts, read 14,076,435 times
Reputation: 7151

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Quote:
Originally Posted by carcrazy67 View Post
As I remember not a single budget proposed by Obama was acceptable. By the way, it IS Congress that determines the spending! Seems to me Obama had a Republican Congress when the deficit started to decrease.

If you have a tax cut and monies to the treasury increase, said tax cuts are NOT responsible for the deficit. The real problem is we have far too much entitlement spending.....and nobody on either side is actually willing to deal with it.
Reagan had the largest tax cut in history at the time but at least had the good sense to see that it wasn't working and followed up with some of the largest tax increases in history.


His largest problem was increased defense spending and congress reneging on spending cuts after the tax cut, sounds familiar.


Two things cause deficits, spending and lack of revenue. Spending went up in 2018 as usual but the revenue was similar to 2017. Its not all about spending, if not for the tax cuts the budget would be in much better shape with this hot economy.
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Old 07-31-2019, 08:08 PM
 
Location: Barrington
46,345 posts, read 34,276,613 times
Reputation: 15441
Quote:
Originally Posted by Goodnight View Post
Reagan had the largest tax cut in history at the time but at least had the good sense to see that it wasn't working and followed up with some of the largest tax increases in history.


His largest problem was increased defense spending and congress reneging on spending cuts after the tax cut, sounds familiar.


Two things cause deficits, spending and lack of revenue. Spending went up in 2018 as usual but the revenue was similar to 2017. Its not all about spending, if not for the tax cuts the budget would be in much better shape with this hot economy.
There was the pesky S&L Crisis, too.
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Old 07-31-2019, 08:13 PM
 
Location: Long Island
33,384 posts, read 14,076,435 times
Reputation: 7151
Quote:
Originally Posted by middle-aged mom View Post
There was the pesky S&L Crisis, too.
Ah yes, he needed to deregulate banking, that didnít end well.
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Old 08-01-2019, 05:35 AM
 
Location: Florida
63,393 posts, read 34,556,572 times
Reputation: 10574
Hilarious how Lou Dobbs (a loyal Trump leg humper) tries to dodge the question about the out of control spending and skyrocketing deficits.


Cavuto, Dobbs get in heated exchange over Trump and deficit on Fox Business Network


https://thehill.com/homenews/media/4...n-fox-business

A Fox Business Network segment on Wednesday grew increasingly animated as anchors Neil Cavuto and Lou Dobbs sparred over what President Trump has done to manage the rising deficits in the U.S.

Cavuto repeatedly pressed Dobbs on the issue after the host, a vocal Trump supporter, said he believed the president had addressed the debt and deficits.
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Old 08-01-2019, 06:26 AM
 
16,895 posts, read 9,176,602 times
Reputation: 6855
Quote:
Originally Posted by middle-aged mom View Post
The US was debt free, exactly one year, 1835. Every POTUS inherits debt and adds to it.
Not true.

Also in 1835 we allegedly hit zero debt, but then went right back into debt...in the same year.

Actually Calvin Coolidge lowered the debt from his first day in office to his last day in office. He is the last president to have done that. Other presidents have also lowered the debt since 1835, although few in number. They include Millard Fillmore, Franklin Pierce, Andrew Johnson, Ulysses Grant, Rutherford B. Hayes, James Garfield, Chester Arthur, Grover Cleveland's 1st non-consecutive term, Benjamin Harrison, Warren G. Harding, and Calvin Coolidge all lowered the debt.

Also, Eisenhower is the last president to have the national debt lower during a Fiscal Year.


Your overall point of both parties are part of the problem is true.

https://www.treasurydirect.gov/govt/...ebt_histo3.htm


Quote:
Originally Posted by middle-aged mom View Post
Reagan campaigned on balancing the Federal budget. His Admin never once submitted a balanced budget.
Clinton never once submitted a balanced budget and actually said he opposed a balanced budget when the Republicans just won back the House promising to balance the budget. Even with that never once did the national debt shrink during a Fiscal Year and I still hear Democrats give him 100% credit for the mythical surpluses.



Quote:
Originally Posted by middle-aged mom View Post
The US crossed the $ Trillion debt mark under his watch.

Yes, Reagan failed with our debt. So did every president after him. Including Trump.


Quote:
Originally Posted by middle-aged mom View Post
The Iraq War cost $6 trillion/ $1 trillion a year when interest on incremental debt and VA benefits are factored in. Most of this spending was not budgeted.
Your numbers are confusing and seemingly incorrect.

The Iraq War is projected to cost $6 Trillion total over the next 40 years when including interest and other expenses. No...not $1 Trillion a year in interest.

Quote:
The U.S. war in Iraq has cost $1.7 trillion with an additional $490 billion in benefits owed to war veterans, expenses that could grow to more than $6 trillion over the next four decades counting interest, a study released on Thursday said.
https://www.reuters.com/article/us-i...92D0PG20130314

Speaking about off budget expenses...Bush opposed it and then did it. Obama then blasted Bush for doing it, promised not to do it, and then did it more than Bush did. Now Trump does it.

It is normalized and allows politicians in both parties to lie.

Look at the "budget deficit" which is smaller than the actual debt growth, because of all the expenses outside of the budget. It is a magic show!


Quote:
Originally Posted by middle-aged mom View Post
The bailout loans to banks turned a profit.

Stimulus to states- not so much.
Bush's bailouts had the expenses on his watch and the profit paybacks on Obama's watch - padding his numbers downward.



Quote:
Originally Posted by middle-aged mom View Post
We often confuse a Federal budget deficit with Federal debt.

A budget is nothing more than an intention and the perception of the size of the budget deficit is minimized by borrowing.

The real action happens in Appropriations.

Every POTUS inherits debt and piles on more.

Percentage increase in debt by POTUS

LBJ- 13%

Nixon- 34%

Ford- 47%

Carter- 43%

Reagan- 186%

Bush 1- 54 %

Clinton- 32%

Bush 2- 101%

Obama- 74%

Trump- TBD

For any candidate to say they will eliminate the Federal debt is seriously goofy stuff.

Where are you getting your numbers from?

The US Treasury website shows the debt going up 88% or 9.3 Trillion on Obama's watch. Bush only raised the debt by 5.3 Trillion or 101.5% as you say.

If you say that some of Obama's expenses were set in motion by Bush and Obama couldn't resolve it so it is on Bush than LBJ's numbers are laughable with the Vietnam War and poorly funded programs created by him. Also Trump, who is failing financially, is taking it on the chin from Obama, Bush, Clinton, etc...and every president who kicked the can down the road on insolvent programs, he inherited an Afghanistan War from Obama who escalated it after inheriting it from Bush, etc...

Every president in my lifetime has failed financially.

https://www.treasurydirect.gov/govt/...ebt_histo4.htm
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Old 08-01-2019, 06:31 AM
 
Location: Bella Vista, Ark
72,266 posts, read 83,996,790 times
Reputation: 42042
Quote:
Originally Posted by Tall Traveler View Post
Wallace is a Democrat and is the son of Mike Wallace of 60 minutes....Trump has never been about reducing the deficit (unfortunately) so the fact that a Demcorat Congress has ballooned the deficit is not surprising.
So true on both statements: though I really like Chris Wallace he is a democrat and admits it. He has views different from many of Fox. To those who think all of FOX is slanted, think again. They are right leaning but are, by far, the most balanced network we have.
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Old 08-01-2019, 07:25 AM
 
Location: Long Island
33,384 posts, read 14,076,435 times
Reputation: 7151
Quote:
Originally Posted by Finn_Jarber View Post
Hilarious how Lou Dobbs (a loyal Trump leg humper) tries to dodge the question about the out of control spending and skyrocketing deficits.


Cavuto, Dobbs get in heated exchange over Trump and deficit on Fox Business Network


https://thehill.com/homenews/media/4...n-fox-business

A Fox Business Network segment on Wednesday grew increasingly animated as anchors Neil Cavuto and Lou Dobbs sparred over what President Trump has done to manage the rising deficits in the U.S.

Cavuto repeatedly pressed Dobbs on the issue after the host, a vocal Trump supporter, said he believed the president had addressed the debt and deficits.
Lou Dobbs was actually decent when he was on radio, since he joined Fox he became the same as Hannity and Ingrahm. He criticized deficits for 8 years under Obama but now he can't bring himself to state the obvious. Neil Cavuto is very fair as are many other Fox announcers but then there is that far right wing.


Stuart Pane started off by blaming the federal reserve for predicted economic weakness while completely avoiding the debt but at least he indicated at the end that when Kudlow states that debt doesn't matter we are in new territory.
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Old 08-01-2019, 07:31 AM
 
Location: Long Island
33,384 posts, read 14,076,435 times
Reputation: 7151
Quote:
Originally Posted by nmnita View Post
So true on both statements: though I really like Chris Wallace he is a democrat and admits it. He has views different from many of Fox. To those who think all of FOX is slanted, think again. They are right leaning but are, by far, the most balanced network we have.
Chris Wallace is one of the best on any network, I could care less if he was a democrat, republican or communist. The 2017 tax cut was passed when the republicans controlled all three branches, it wasn't a democratic congress as Tall T, indicated.
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Old 08-01-2019, 08:00 AM
 
Location: Florida
63,393 posts, read 34,556,572 times
Reputation: 10574
Quote:
Originally Posted by Goodnight View Post
Lou Dobbs was actually decent when he was on radio, since he joined Fox he became the same as Hannity and Ingrahm. He criticized deficits for 8 years under Obama but now he can't bring himself to state the obvious. Neil Cavuto is very fair as are many other Fox announcers but then there is that far right wing.
Can you imagine Glenn Beck and Lou Dobbs both used to work for CNN, and then ended up being the most blatantly biased FOX talking heads the network has ever seen (or any other network).
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Old 08-01-2019, 08:02 AM
 
Location: alexandria, VA
9,681 posts, read 4,410,496 times
Reputation: 5406
Quote:
Originally Posted by Finn_Jarber View Post
Can you imagine Glenn Beck and Lou Dobbs both used to work for CNN, and then ended up being the most biased FOX talking heads the network has ever seen.
Trump has made being a nut job acceptable.
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