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  #11  
Old 02-12-2018, 01:30 PM
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Originally Posted by whell View Post
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
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Last edited by finnbow; 02-12-2018 at 01:58 PM.
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  #12  
Old 02-12-2018, 02:14 PM
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Quote:
Originally Posted by finnbow View Post
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.
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  #13  
Old 02-12-2018, 02:59 PM
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Originally Posted by whell View Post
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.
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  #14  
Old 02-12-2018, 03:22 PM
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Quote:
Originally Posted by whell View Post
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.
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  #15  
Old 02-12-2018, 03:53 PM
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whell whell is offline
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Originally Posted by bobabode View Post
Weak sauce, Mike.
Leave it to you to suggest that the truth is "weak".
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  #16  
Old 02-12-2018, 04:16 PM
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whell whell is offline
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Originally Posted by finnbow View Post
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.
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  #17  
Old 02-12-2018, 04:16 PM
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finnbow finnbow is offline
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Quote:
Originally Posted by whell View Post
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?
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Last edited by finnbow; 02-12-2018 at 04:47 PM.
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  #18  
Old 02-12-2018, 04:24 PM
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Originally Posted by whell View Post
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.
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  #19  
Old 02-12-2018, 04:38 PM
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Originally Posted by whell View Post
They type of factually challenged article that you'd expect from WaPo. Bravo.


The article conveniently forgets that the primary reason the deficit "exploded" was spending. As your favorite paper was at least capable of noticing at the time:

For each of the past several years, President Reagan has sent a new budget to Capitol Hill, and Congress has promptly pronounced it DOA -- dead on arrival.

This year, with the drama over the Gramm-Rudman-Hollings balanced-budget act beginning, the early reaction is different: Most Republicans as well as Democrats have declared the administration's budget DBA -- dead before arrival.


As the article goes on to detail, year after year CONGRESS refused to give up their favorite pet spending programs, even after being elected to Congress with promises to reduce spending. Yet, revenues dramatically increased each year:

FY 1989 - $991 billion
FY 1988 - $909 billion
FY 1987 - $854 billion
FY 1986 - $769 billion
FY 1985 - $734 billion
FY 1984 - $666 billion
FY 1983 - $601 billion
FY 1982 - $618 billion
FY 1981 - $599 billion
FY 1980 - $517 billion

https://www.thebalance.com/current-u...evenue-3305762
Speaking of things that are "factually challenged," the increase from 81 to 82 was not very dramatic, and OH LOOK, there's actually a DECREASE from 82 to 83!

Truth is kind of low on the list of things you care about, isn't it whell?
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  #20  
Old 02-12-2018, 04:53 PM
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finnbow finnbow is offline
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Quote:
Originally Posted by donquixote99 View Post
Speaking of things that are "factually challenged," the increase from 81 to 82 was not very dramatic, and OH LOOK, there's actually a DECREASE from 82 to 83!

Truth is kind of low on the list of things you care about, isn't it whell?
Not only that, Whell conveniently fails to mention that Reagan also significantly raised taxes after deficits ballooned following his tax cut:

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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