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It takes investment to get returns. Cutting taxes was a gamble, but it was needed to get corporate investment BACK from foreign countries and IN THE USA offering jobs and paying taxes instead of us getting 0% of nothing. My fear is that we are too far gone. Too much of our manufacturing has left our country, and as our economy has strengthened we have bought more goods.....which unfortunately are mostly, many only, made in China now. Our trade deficit with China is more than $310 Billion a year!
The thing is, we can't tax our way out of this. We can protect our domestic production or we can keep taxing a reducing tax base until our country goes into a tailspin and crashes. Then when China comes to collect it will be time to learn how to say "yes boss I'll work another 90 hour week for peanuts" in Chinese.
Problem is that after those tax breaks big companies never turned around to add jobs, bring back companies or spur the economy. They used it to buy back stock or are sitting on the cash in case they need to ride out a down turn... it didn’t go as promised.
Problem is that after those tax breaks big companies never turned around to add jobs, bring back companies or spur the economy. They used it to buy back stock or are sitting on the cash in case they need to ride out a down turn... it didn’t go as promised.
very well stated ---so no tax revenue to help balance expenditures......Trump doesn't seem to care. He won't be around (he'll be six feet under) when bills come due.
The U.S. budget deficit widened to $310 billion in the first four months of the fiscal year, underscoring the revenue hit from Republican tax cuts and an increase in government spending.
The budget gap widened 77 percent compared with the same October-January period a year earlier, according to the Treasury monthly budget report released on Tuesday, which was delayed by the government shutdown. Receipts fell by 2 percent to $1.1 trillion, while spending rose 9 percent to $1.4 trillion.
But Trump told us it would "be so easy"... Trump promised to drain the swamp, he promised he could grow our economy 6% a year and that he would be making great deals ...
instead we have a massive spending bubble, and a pointless trade war that we are so obviously losing...
(1) Trump is fiscally irresponsible. He may as well be a Dick Cheney/AOC deficits don't matter type.
(2) The hidden landmine is that interest rates were suppressed the past decade with QE, which masked the debt being raked by reducing interest payments. If interest rates continue to rise and to historical normal levels, the national debt will start to grow leaps and bounds.
(4) Just like Bush-Obama, there are lots of off-budget expenses masking the true debt even more. For example, Obama and his supporters claimed to be lowering the budget deficit, while off budget expenses soared - Obama's last full Fiscal Year saw the national debt rise by $1.42 Trillion. Look at Trump's last Fiscal Year with the same link. $1.2 Trillion of debt racked up...same gimmicks.
Except Obama realized that lowering taxes does nothing meaningful just puts us in a deeper hole that those who come after have to dig out of.
I'm not so sure we're spending wisely on defense either. How many carriers, fighter jets, nuke weapons do we need? Do we really need to be spending where we're send military families to Europe where we have to provide health care (hospitals), education to the dependent family members. Too much of our budget is spent on defense, imo.
Not even just how many do we need, but do they justify the costs on a per unit basis. The government gets rapped by over paying for junk that will be useless sooner rather than later.
Fabulous economy! Consumers are confident! Jobs galore!
But after he was done, we got the bill--he tripled the deficit and then we had a recession. Now we've got a spendthrift who doesn't mind sticking the taxpayers with the bills. Not going to be pretty.
Problem is that after those tax breaks big companies never turned around to add jobs, bring back companies or spur the economy. They used it to buy back stock or are sitting on the cash in case they need to ride out a down turn... it didn’t go as promised.
That is not true. I work in the industry and it's booming right now. Our workforce has tripled and the tax break allowed us to purchase equipment to keep us more competitive moving forward. Do some quick math, we've roughly tripled our workforce and output. Even with the tax break, we're paying in about 2.2x the taxes we were before to Uncle Sam. All of our crew is working and advancing up the pay scale plus new hires, instead of being on unemployment in what was a hand to mouth economy. How is this not an "everyone wins"?
is everyone who isn't pro-Trump a Liberal in your book?
Most liberals are anti-Trump and most anti-Trumpers are liberals...
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