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.
From the article:
"The CBO just released its latest report on federal finances over the coming decade. As the agency politely put it, “projected deficits over the 2018-2027 period have increased markedly since June 2017.” The rise was almost entirely the result of the spending and tax bills approved last year: Uncle Sam will be spending a lot more while taking in a good bit less in the future. That is, the Republican-controlled executive and legislative branches went wild and abandoned even the pretense of fiscal responsibility. It wasn’t the first time, of course: In the early 2000s, President George W. Bush and the Republican Congress spent money faster than even Lyndon Johnson and his Democratic congressional majority."
"Unfortunately, big spending and massive deficits have negative economic impacts. More resources will be channeled into interest payments, reducing resources available for other uses, private and public. Moreover, explained CBO, “because federal borrowing reduces total saving in the economy over time, the nation’s capital stock would ultimately be smaller, and productivity and total wages would be lower.” That is, people would earn less while being forced to pay more."
Good article, deficit spending in bad times is necessary but taking on debt with the hope of balancing it out with GDP growth is not based on sound economics. I understand that some people are against tax and spend but spending while increasing debt is a recipe for disaster.
The recent tax cuts and those during the Bush2 admin should have never been passed and Obama and congress should have rolled the Bush tax cuts back later in his administration.
Good article, deficit spending in bad times is necessary but taking on debt with the hope of balancing it out with GDP growth is not based on sound economics. I understand that some people are against tax and spend but spending while increasing debt is a recipe for disaster.
"The time to repair the roof is when the sun is shining." -JFK
Yet, Bush passed his tax cuts (the 2003 version) while we had two wars going on. Yes, the congress went along for the ride but it was largely a party line vote. GOP for and the Democrats against.
That is the height of fiscal recklessness....
Bush passed two tax cuts (2001 and 2003) and government revenue increased by $785 billion between 2004 and 2007, the largest four-year increase in history up to that time.
Yet, Bush passed his tax cuts (the 2003 version) while we had two wars going on. Yes, the congress went along for the ride but it was largely a party line vote. GOP for and the Democrats against.
That is the height of fiscal recklessness....
Yes, but just because Bush and the Republicans to do it doesn't make it OK for Obama and the Democrats to do it either.
That's the mentality that gets us in this constant downward spiral. Both parties claim to be fiscally responsible but neither are.
I applaud the efforts that I've seen in the past where they at least try to do something. I was a bit disappointed in the sequestration a few years back. But, they stuck to their guns. The committee couldn't agree on what to cut, so the automatic cuts went into effect to the tune of 5-10% cuts to various programs.
It was a bit shoddy, but at least they did something. The bill that caused it was passed unanimously in the Senate. So, at least there was some agreement to get something done. It wasn't much, but it gave me a tiny bit of hope that these two parties could agree on something.
ok i will concede on clinton. but obama could have done far better on the fiscal front than he did.
He was too busy spending money we didnt have destroying Libya, then trying to do the same thing in Syria and Yemen to hold down costs. Then there was the surge in Afganistan that left over 2000 dead service men under his watch. Thats a lot of funerals to pay for Maybe he was trying to out do GWB?
Bush passed two tax cuts (2001 and 2003) and government revenue increased by $785 billion between 2004 and 2007, the largest four-year increase in history up to that time.
Yes tax cuts cause some growth, they better but they never ever balance out the increase in debt. Besides there are other dynamics that occurred during the tax cuts, remember the increase in home building in 2005-2007 spurring the economy. The Bush tax cuts in 2003 were ill advised but there was some legitimate reasoning for the cuts in 2001.
and yet clinton and obama both doubled the national debt in their time in office, just like republicans did. fail.
Lies.
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.
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.
Maybe he was trying to out do GWB?
