Why is Trump increasing the deficit with is TAX cut? (Iraq, wages)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Trump has the lowest approval rating of any President in history and he is adding to the national debt on top of it. Why do people still support this clown?
Do Cons realize they are handing over power to the Democrats with all this stupidity?
^^^ Found one of the last few believers in trickle down voodoo economics.^^^
How many employees do you have?
Do you pay them? Would you give them a raise? Would you expand your operations with the decrease in taxes thus hiring more?
Or is it Robin Hood economists running rampant again with Aww shucks we have to go to work...
Trickle down works. It didn't work when Clinton enabled corporations write offs giving top CEOs authority to give themselves raises to the tune of millions/ 10s of millions.
Well, let’s hear you explain exactly how it causes debt without spending.
Quote:
Originally Posted by PedroMartinez
Hurry, I have to leave in a few minutes.
All money has a corresponding liability (debt). Cash is a liability of the Treasury, reserves are a liability of the Fed and Bonds are a liability of the Treasury.
The vast majority of these liabilities (dollars) are reserves. The central bank creates reserves and lends these to bank entities, i.e. primary dealers who distribute the capital via secondary / overnight markets. This is how most U.S. Dollars are created -- via loans -- and these reserves are created at the central bank, within the banking system, before the gov't ever spends any money.
I know something about this subject. Forty years ago, while working for New York Rep. Jack Kemp, I helped originate the Republican obsession with slashing taxes that came to be called “supply-side economics.” While I believe this theory played a useful role in economic theory and policy in the late 1970s and early 1980s, it has long outlived its usefulness and is now nothing but dogma completely divorced from reality.
It will be hard for many to believe, but once upon a time, Republicans genuinely cared about the budget deficit. From Dwight Eisenhower to George H.W. Bush, many of them were actually willing to raise taxes and oppose tax cuts to reduce it. And that includes Ronald Reagan, who cut taxes in 1981 but then supported 11 tax increases to offset a ballooning deficit.
All money has a corresponding liability (debt). Cash is a liability of the Treasury, reserves are a liability of the Fed and Bonds are a liability of the Treasury.
The vast majority of these liabilities (dollars) are reserves. The central bank creates reserves and lends these to bank entities, i.e. primary dealers who distribute the capital via secondary / overnight markets. This is how most U.S. Dollars are created -- via loans -- and these reserves are created at the central bank, within the banking system, before the gov't ever spends any money.
So, hypothetically, if our government had more revenue than receipts since inception, we’d still be in “debt” because of our type of currency and banking system?
So, hypothetically, if our government had more revenue than receipts since inception, we’d still be in “debt” because of our type of currency and banking system?
Correct.
Although "since inception" should probably be "since 1913" and the issue has grown much more severe since 1973 and 1982 and 2004.
But most people still think of "the national debt" as being all U.S. dollar-denominated debt, when that $20 trillion "National Debt" is actually overshadowed by about $75 trillion of private debt outstanding. This is why mortgage lending so often leads to inflation, and why we can have long periods of "government deficit spending" while experiencing very little inflation.
Trump has the lowest approval rating of any President in history and he is adding to the national debt on top of it. Why do people still support this clown?
Do Cons realize they are handing over power to the Democrats with all this stupidity?
Oh, did somebody say National Deficit?
Here, let me trot this set of facts out for ya...
Quote:
Originally Posted by McGowdog
If you're gonna throw that card out there, let's trot out some facts.
The first 10 Trillion were due to George Washington, John Adams, Thomas Jefferson, James Madison, James Monroe, John Quincy Adams, Andrew Jackson, Martin Van Buren, William Henry Harrison, John Tyler, James K. Polk, Zachary Taylor, Millard Fillmore, Franklin Pierce, James Buchanan, Abraham Lincoln, Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, James A. Garfield, Cbester A. Aurthor, Grover Cleveland, Benjamin Harrison, Grover... Again, William McKinley, Theodore Roosevelt, William Howard Taft, Woodrow Wilson,
Warren G. Harding, Calvin Coolidge, Herbert Hoover, Franklin D Roosevelt, Harry S Truman, Dwight D. Eisenhower, John F. Kennedy, Lyndon B.Johnson, Richard Nixon, Gerald Ford, Jimmy Carter, Ronald Reagan, George H W Bush, Bill Clinton, George W Bush, then the next 10 trill went to Barack Hussein Obama, now President Donald J Trump has a fresh slate.
Oh, did somebody mention Trump and Polls in the same sentence?
Riddle me this, Batman... The polls said President Donald J Trump Elect had a 5% chance of winning the Election on November 8th, 2016, while the Electoral College said he won the thing 304-223.
That's a 79 point victory. How good's that polling working for ya? How's that fake news msm working for ya? You're gonna still cite that garbage it looks like. Those of us in the know have left the Drive-by-revisionist media in the dust years ago. But keep using it. That's just fine by us.
Can you say, Landslide? Where was Stevie Nicks when we needed her?
We can go back and forth on President Donald J Trump popularity all you want.
Btw, whatever happened to all your wonderous Impeach Foddifav threads on here?
Last edited by Ibginnie; 12-27-2017 at 02:03 PM..
Reason: deleted quoted post
So, you’re saying a cut in revenue, taxes, does not increase debt and that these tax cuts are meaningless in terms of debt?
The planned cuts in federal revenue will increase the national debt by roughly 5% over a 10-year period (all other factors equal) and the total dollar-denominated debt by 0%.
The important take-away here is that the national debt is a largely-artificial accounting structure that we hold ourselves to, as a remnant of how banking once worked in the 19th century.
The NATIONAL DEBT rose 190% under President Reagan.
Figures don't lie by liars do figure.
Percentage wise much worse under Reagan then percentage under Obama.
Oh well, another Trump factistic squashed.
Stop watching Fox News.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.