Quote:
Originally Posted by whell
Good Lord. You've twisted yourself up in so many knots on this one, you're absolutely lost on this. YOU are the one who connected the use of the debt limit as a pathway to "stiffing our creditors". Let me see if I can help you get back on track...
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The axiom that "the longer a post by Whell, the more bullshit it contains" once again holds true. Your argument is akin to saying that it is perfectly OK to run down to Walmart and buy a $1000 high-end TV on your credit card with the full approval of your family, but then tell your credit card company at the end of the month that you're unwilling to pay for such an expensive TV, notwithstanding the fact that you specifically approved the purchase, signed the credit card receipt saying you would pay in full and in good faith, while knowing that your actions would trash your credit rating.
If you're actually interested in the history of debt ceiling debates (and why Biden is taking his current approach) as opposed to continuously spouting supply-side inspired nonsense, here's a very informative article:
https://www.theatlantic.com/politics...-obama/672858/
Quote:
We're talking about budget deficits and debt, and you bring up tax policy? OK, whatever. You're still apparently still clinging to the idea that a reduction in tax rates = a reduction in tax revenue. And you call me an economic illiterate? LOL!
Federal Revenue, Fiscal 2017 (which would be the last Obama-era budget year): $3.32 trillion
Federal Revenue, Fiscal 2021 (the last Trump Era budget): $4.05 trillion
Could you please help me find the $2 trillion tax cut in those numbers?
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You are seemingly unaware that deficits/debts occur when tax receipts don't match public expenditures. Meanwhile, Republicans say they don't want to cut Social Security, Medicare or Defense while making massive tax cuts for the wealthy while falsely maintaining that these tax cuts wouldn't increase the deficit (which you seemingly believe).
Needless to say, the
Tax Policy Center disagrees (as does
Forbes, the
Joint Committee on Taxation and the Tax Foundation):
The Tax Cuts and Jobs Act cut taxes substantially from 2018 through 2025. The resulting deficits will add $1 to $2 trillion to the federal debt, according to official estimates. The debt increase will be larger if some of TCJA’s temporary tax cuts are extended.