Supply-Side Economics

[finnbow]

Originally Posted by whell

Now, in actuality, what you have is Trump trying to do what Reagan couldn't.

He's doing exactly what Reagan did - radically increasing the national debt. In Trump's case, the deficit will be ~$1 trillion a year over the next decade. At least Reagan did it during tough economic times (the right time for deficit spending, BTW). OTOH, Trump chose to do huge tax cuts and increased spending during strong economic times - the exact wrong time to do it.

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

[whell]

Originally Posted by finnbow

He's doing exactly what Reagan did - radically increasing the national debt. In Trump's case, the deficit will be ~$1 trillion a year over the next decade.

That's assuming low economic growth, no spending controls and a tax base that doesn't get wider. That's not what's happening, though.

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.

[finnbow]

Originally Posted by whell

That's assuming low economic growth, no spending controls and a tax base that doesn't get wider. That's not what's happening, though.

WASHINGTON (Reuters) - As the U.S. Congress limps toward the likely passage next week of another stopgap spending bill to avert a government shutdown, a Washington think tank has estimated the federal budget deficit is on track to blow through $1 trillion in 2019.

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.

[whell]

Originally Posted by finnbow

WASHINGTON (Reuters) - As the U.S. Congress limps toward the likely passage next week of another stopgap spending bill to avert a government shutdown, a Washington think tank has estimated the federal budget deficit is on track to blow through $1 trillion in 2019.

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.

Really? The Treasury increased its borrowing - according to the CBO anyway - because projections for tax revenue are down due to the tax cut. Does anyone really think that tax revenue will be lower in 2018 than it was in 2017? Really?

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.

[Chicks]

Originally Posted by whell

Really? Does anyone really think that tax revenue will be lower in 2018 than it was in 2017? Really?

Small wonder you won’t show your ignorant face around here anymore, dumbass. Yes, real tax revenues are lower in 2018. Significantly lower. With the huge tax cut for the rich, how could they not be?

http://www.crfb.org/blogs/has-revenue-risen-2018

[bobabode]

Originally Posted by whell

That's assuming low economic growth, no spending controls and a tax base that doesn't get wider. That's not what's happening, though.

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.

Weak sauce, Mike.

[whell]

Originally Posted by bobabode

Weak sauce, Mike.

Leave it to you to suggest that the truth is "weak".

[finnbow]

Originally Posted by whell

Leave it to you to suggest that the truth is "weak".

Your parroting of discredited GOP supply-side dogma and Trump budget sophistry is "truth?" Who knew?

[bobabode]

Originally Posted by whell

Leave it to you to suggest that the truth is "weak".

Right. It's funny that in all of your interactions here where you've lost the argument, you resort to lying and invective.
Carry on, dude. It's comical to watch you flail about.