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This was something that Bush II was criticized for, not putting the brakes on tax cuts while engaged in an overseas conflict. It was characterized as "having a war and not paying for it".
Will Trump do the same considering a robust economy, in part fueled by reducing taxes, is something he and his supporters state as being a hallmark of his achievements. So will it be business as usual, tax cuts hold and debt run up or will he rescind the cuts or even raise taxes for the war effort?
Nope--Trump is oblivious to consequences, payment and war in general. He has no idea what he is doing, he is easily influenced by whoever is at his resort, and, of course, Fox News.
This is not going to end well. He was determined to blow up the world and he will. The chaos president cannot deal with organized thinking or strategy--someone has to spoonfeed it to him. This is just another bankruptcy to that guy--he thinks someone else will pick up the check for his actions, like they always have.
This was something that Bush II was criticized for, not putting the brakes on tax cuts while engaged in an overseas conflict. It was characterized as "having a war and not paying for it".
Will Trump do the same considering a robust economy, in part fueled by reducing taxes, is something he and his supporters state as being a hallmark of his achievements. So will it be business as usual, tax cuts hold and debt run up or will he rescind the cuts or even raise taxes for the war effort?
Why do that when we can pass the cost onto our grandchildren. For the period of war in Iraq from 2003 until the last day of 2019 the cost is over 2 trillion dollars. A total of over 7 trillion will be paid for that periods debt by the year 2053. My great grandchildren will enter the work force around then and they will be paying for this war and its continuation beyond 2020.
This was something that Bush II was criticized for, not putting the brakes on tax cuts while engaged in an overseas conflict. It was characterized as "having a war and not paying for it".
So you are OK with dropping the tax rate more when Trumps ends the 5 wars of choice that Obama & Bush started?
Because it sure doesn't sound like it.
Nope those taxes need to start cutting down the debt. We are in a global war against terrorism. Trump has increased military spending to more then any time in our history.
Those that are benefiting the most need to start putting some of that profit back. 90% WWII level for 20 years or so on Corp.
And revenue is at a high. Isn't that telling? Trump and government spending is out of control even though we are in an economic boom and have highest revenues. This kind of spending is unprecedented.
Just to be clear, it is congress, specifically the house, that is in charge of what is spent and where. The President can only suggest (submit a proposed budget) and sign or veto spending bills, there is no such thing as line item veto at the federal level that would allow the President to control budget items.
The main issue on spending is that about 2/3 is "mandatory spending" - items that are not in spending bills, essentially automatic payments. This is things like SS, Medicare, Welfare, SNAP, unemployment, interest, etc. They can be modified but rarely are.
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Originally Posted by Good Red Road
Record revenues??? We’re not even paying interest on the debt.
We do pay the interest on federal debt, it is about 6% of the budget.
Just to be clear, it is congress, specifically the house, that is in charge of what is spent and where. The President can only suggest (submit a proposed budget) and sign or veto spending bills, there is no such thing as line item veto at the federal level that would allow the President to control budget items.
The main issue on spending is that about 2/3 is "mandatory spending" - items that are not in spending bills, essentially automatic payments. This is things like SS, Medicare, Welfare, SNAP, unemployment, interest, etc. They can be modified but rarely are.
We do pay the interest on federal debt, it is about 6% of the budget.
Hmmm.........there are lies, statistics, 1/2 truths and truths...and more........
Let's start with one - AND, this is a false interest rate - brought about by fear of recession. Normal interest rates would be higher - and they could be much higher (easily double)....
" Net interest payments on the debt are estimated to total $393.5 billion this fiscal year"
So, 400 Billion paid for interest.
In order to see what that means for you and I, let's look at the total amount paid in US Income Tax: 1.7T
Meaning - about 25% of the income tax that we pay is spent on interest. It easily could me more in the future and, historically (interest rates) WILL be. That's quite a bit - 1/4 of the collected Income Tax just for debt service! Of course, the debt is going up so this will increase both way - in total owed and in interest paid.
"Automatic" and "mandatory" is yet another justification. Most of these taxes are and should be removed from the entire equation - that is, we pay into SS and Medicare (yes, I know there are deficits sometimes), but we take out. Including them in the calculations makes all the numbers larger and tends to fool people. It's better to take that actual collected US Income Tax (since this is what we all talk about) and use that figure or use the total with excise and corporate taxes, etc.
Much of the "automatic" spending is for debt related to the Security State....we still pay for former wars and the vast costs......
For those who don't do spreadsheets and work with numbers each and every day, this basic factoid should make things clear. The yearly expense of the Security State is about equal to the TOTAL amount of US Income Tax collected from households.
And so, approx. 1.7 Trillion in income tax collected - and 1.7 in costs for the Security State.
The Government and others, of course, want to fool you so they don't even mention the development of nuclear weapons (Energy Dept) or the Debt on former wars or the CIA/FBI/Homeland Security and the other vast expenses all regulated to "Defense".
You can hear it repeated in the Media day in and day out "The Pentagon only costs 600 Billion a year".
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In summary and to be clear, unless we cut the Security state by about 50% AND raise taxes we are doomed....it might be a slow death, but it is well underway. We certainly aren't improving our infrastructure and educational systems (for the masses) nor making sure we cover all with universal health care.
Republicans will tell you "we can't afford it". Problem is, we are already paying double what it should cost. What type of fool would suggest that we can't afford to pay the actual price instead of double? AND, the higher cost is for worse (than world class) health care.
Same goes with "Defense". The job of our Military Industrial Security State is to cause MORE trouble, not less. More trouble is more Fear and then more money.
It's ridiculous for anyone to think such complex problems solve themselves. They do not.
This was something that Bush II was criticized for, not putting the brakes on tax cuts while engaged in an overseas conflict. It was characterized as "having a war and not paying for it".
Will Trump do the same considering a robust economy, in part fueled by reducing taxes, is something he and his supporters state as being a hallmark of his achievements. So will it be business as usual, tax cuts hold and debt run up or will he rescind the cuts or even raise taxes for the war effort?
I'd like it if the fed govt stopped r̶o̶b̶b̶i̶n̶g̶ taxing us through payroll deductions and sent everyone an itemized bill at the end of the year.
Rest assured the foreign intrigues would be stopped very quickly or the pitchforks and torches would be out.
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We’re not even paying interest on the debt.
