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BTW, in case you're wondering, Trump's budget proposal is going nowhere and is largely a meaningless document based upon ridiculous assumptions. You sure are easily misled by a con-man and discredited (and an internally contradictory/impossible) GOP economic policy. Unfortunately, like last year, the budget relies on some extremely rosy economic assumptions and budget gimmicks that inflate its savings and distract from its actual policy reforms. The budget assumes real GDP growth will average around 2.9 percent over the next decade, including a short-term acceleration to as high as 3.2 percent in the next few years. This is much higher than other mainstream economic forecasts project and strains credulity, especially if interest rates and inflation also remain under control, as the budget predicts they will. The budget also retains a number of policies from last year that are unlikely to generate the substantial savings it claims they would, such as $151 billion from reducing improper payments and $48 billion from testing return-to-work strategies for Disability Insurance beneficiaries. Furthermore, the budget calls for an unrealistic 40 percent reduction in non-defense discretionary spending by 2028 – despite a lack of specificity as to where much of the funds will come from and despite the fact that the recent Bipartisan Budget Act of 2018 called for an increase in non-defense discretionary spending of over 10 percent. http://www.crfb.org/blogs/overview-p...fy-2019-budget |
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Just like your dire assessment last week that Trump's tax cut caused a "1000 point drop in the Dow" (the Dow has erased 1/2 of those losses in the last two days and will continue its upward trend because the long term outlook for continued growth is positive), you're demonstrating your understanding of the economy is limited to Dem talking points. |
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If it does, it would be the first time since 2012 the U.S. economy will have to support a deficit so large, highlighting a basic shift for the Republican Party, which has traditionally prided itself on fiscal conservatism. The Committee for a Responsible Federal Budget, a Washington fiscal watchdog, said the red ink may rise in fiscal 2019 to $1.12 trillion. If current policies continue, it said, the deficit could top a record-setting $2 trillion by 2027. https://www.reuters.com/article/us-u...-idUSKBN1FI2P2 These aren't Dem talking points, dimwit. Trump's own Treasury Dept just announced that it will need to borrow $3 trillion in the next 3 years. https://www.cnbc.com/2018/02/05/trea...re-beyond.html I guess you simply like being lied to by supply-siders who have never once been proven right. |
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Your CRFB post about the budget suggested that Trump's budget projected a 2.9% GDP growth and that projection was "rosy" and "strained credulity" because other "mainstream" organizations projections were much lower. LOL!! As I recently posted, the Conference Board was projecting 2.9%, and they're pretty damn mainstream. Even the New York Fed recently bumped up their projection to 2.75% recently. Is that "much lower" than 2.9%? I also suspect they'll bump it up some more later this year. You can believe whatever you want, Finn. You have a gift for ignoring strong evidence to the contrary. :rolleyes: |
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Carry on, dude. It's comical to watch you flail about. |
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Truth is kind of low on the list of things you care about, isn't it whell? |
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After Reagan's first year in office, the annual deficit was 2.6% of gross domestic product. But it hit a high of 6% in 1983, stayed in the 5% range for the next three years, and fell to 3.1% by 1988... So, despite his public opposition to higher taxes, Reagan ended up signing off on several measures intended to raise more revenue. "Reagan was certainly a tax cutter legislatively, emotionally and ideologically. But for a variety of political reasons, it was hard for him to ignore the cost of his tax cuts," said tax historian Joseph Thorndike. Two bills passed in 1982 and 1984 together "constituted the biggest tax increase ever enacted during peacetime." http://money.cnn.com/2010/09/08/news...axes/index.htm |
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