Bad Math: Trump Budget Off By $2 Trillion

[Reasonable]

Donald Trump’s Budget Makes A Really Basic Numbers Error

Whoops!

The White House made a basic mathematical error when trying to prove that massive tax cuts would pay for themselves and then some, according to a leading economist who advised former President Barack Obama.

In a column in The Washington Post on Tuesday, Lawrence Summers, who directed Obama’s national economic council from 2009 to 2010, took the current White House to task for double-counting $2 trillion in revenue it predicts its tax cuts will generate.

President Donald Trump’s budget proposal assumes that the tax cuts it would enact for wealthy individuals and corporations, as well as its reductions in regulations, will create consistent 3 percent economic growth ― enough to generate $2 trillion a year in additional revenue.

That projection in itself is dubious; tax cuts rarely, if ever, spur enough growth to replenish the revenue they cost the Treasury. But it is nonetheless a prediction consistent with the supply-side economics that Republicans have been peddling for decades.

Where Trump’s budget team really got it wrong is in claiming that the tax cuts would both pay for themselves and close the existing budget deficit.

“This is an elementary double count,” Summers writes. “You can’t use the growth benefits of tax cuts once to justify an optimistic baseline and then again to claim that the tax cuts do not cost revenue. At least you cannot do so in a world of logic.”

New York magazine’s Jonathan Chait shoots down one plausible explanation for the error.

“Trump could be assuming that his tax cuts will not only pay for themselves but generate $2 trillion in higher revenue. But Trump has not claimed his tax cuts will recoup more than 100 percent of their lost revenue, so it’s simply an embarrassing mistake,” he writes.

More: Donald Trump's Budget Makes A Really Basic Numbers Error

A normal person would be embarrassed. I doubt Trump is embarrassed.

The orange clown doesnt understand Healthcare, tax cuts, government, how to win friends and influence people... list too long to continue.
He does know how to con people out of their money and votes.

 

[BluesLegend]

Todd, I really am starting to wonder if you an eye disorder. What about the rest of my post. It is right here, quoted again, and it addresses the other 40%. What is the nature of your malfunction?

What about the rest of my post.

What about it?
If 6 out of 10 overstay, the other 4 must still cross illegally.
You said a wall would have no effect, then you show 40% would be stopped.
So stop that 40% and then work on a system to catch the other 60%.

amazingly enough, Mexicans know how to use ladders and shovels.

So do "Palestinians", amazingly enough, Israel still cut terrorism by building a wall.

Ok, Todd, you win. Spend billions on a wall, that will somehow stop the 40% of Mexicans who cross the border illegally, mostly by airplane, tunnel, ladders, and smuggling through the border gates. Granted, it makes no sense to me, but then, nothing else Trump says does either. I am sure that it will work as well as the great Wall of China (The mongols bribed their way through it, and conquered China), and Hadrian's Wall in England (the Scots stayed and merged with Britain. The Romans left.

Spend billions on a wall, that will somehow stop the 40% of Mexicans who cross the border illegally

Yes. Stop the ones you can with a wall.

Stop the rest with land mines and machine gun nests. I'd add motors and artillery but that seems excessive.

Another over the top RWer's post which should not be dignified with a serious answer.

Another liberal can't take a joke, I mean about the mortars and artillery.

 

[BluesLegend]

Donald Trump’s Budget Makes A Really Basic Numbers Error

Whoops!

The White House made a basic mathematical error when trying to prove that massive tax cuts would pay for themselves and then some, according to a leading economist who advised former President Barack Obama.

In a column in The Washington Post on Tuesday, Lawrence Summers, who directed Obama’s national economic council from 2009 to 2010, took the current White House to task for double-counting $2 trillion in revenue it predicts its tax cuts will generate.

President Donald Trump’s budget proposal assumes that the tax cuts it would enact for wealthy individuals and corporations, as well as its reductions in regulations, will create consistent 3 percent economic growth ― enough to generate $2 trillion a year in additional revenue.

That projection in itself is dubious; tax cuts rarely, if ever, spur enough growth to replenish the revenue they cost the Treasury. But it is nonetheless a prediction consistent with the supply-side economics that Republicans have been peddling for decades.

Where Trump’s budget team really got it wrong is in claiming that the tax cuts would both pay for themselves and close the existing budget deficit.

“This is an elementary double count,” Summers writes. “You can’t use the growth benefits of tax cuts once to justify an optimistic baseline and then again to claim that the tax cuts do not cost revenue. At least you cannot do so in a world of logic.”

New York magazine’s Jonathan Chait shoots down one plausible explanation for the error.

“Trump could be assuming that his tax cuts will not only pay for themselves but generate $2 trillion in higher revenue. But Trump has not claimed his tax cuts will recoup more than 100 percent of their lost revenue, so it’s simply an embarrassing mistake,” he writes.

More: Donald Trump's Budget Makes A Really Basic Numbers Error

A normal person would be embarrassed. I doubt Trump is embarrassed.

The orange clown doesnt understand Healthcare, tax cuts, government, how to win friends and influence people... list too long to continue.
He does know how to con people out of their money and votes.

Passing Obamacare destroyed your entire party, Americans in 30 states elected President Trump on the promise of getting rid of that turd and replacing it. Sorry to inject some reality and facts into your fantasy lib world.

 

[Reasonable]

So just to sum it up - Trump's admin fails at budgeting and Republican big idea is same-ol free lunch bullshit about rich people paying less taxes without any downsides at all.

Obama failed big time at budgeting spending ten trillion more than he collected in revenue. That is gross incompetence. That sonofabitch Obama didn't give a shit about the debt that our children have to pay back just so he could provide welfare to the illegals, give money to Muslim countries and subsidies to environmental wackos.

STFU already about Obama.

I'd set your ignorant ass straight on that but it doesn't even matter, that's not what the thread is about.

Now put your big boy pants on and respond to the topic - Trumps administration committing gross, embarassing, 2 trillion dollar mistake when putting together a budget.

He can't.

 

[Reasonable]

Donald Trump’s Budget Makes A Really Basic Numbers Error

Whoops!

The White House made a basic mathematical error when trying to prove that massive tax cuts would pay for themselves and then some, according to a leading economist who advised former President Barack Obama.

In a column in The Washington Post on Tuesday, Lawrence Summers, who directed Obama’s national economic council from 2009 to 2010, took the current White House to task for double-counting $2 trillion in revenue it predicts its tax cuts will generate.

President Donald Trump’s budget proposal assumes that the tax cuts it would enact for wealthy individuals and corporations, as well as its reductions in regulations, will create consistent 3 percent economic growth ― enough to generate $2 trillion a year in additional revenue.

That projection in itself is dubious; tax cuts rarely, if ever, spur enough growth to replenish the revenue they cost the Treasury. But it is nonetheless a prediction consistent with the supply-side economics that Republicans have been peddling for decades.

Where Trump’s budget team really got it wrong is in claiming that the tax cuts would both pay for themselves and close the existing budget deficit.

“This is an elementary double count,” Summers writes. “You can’t use the growth benefits of tax cuts once to justify an optimistic baseline and then again to claim that the tax cuts do not cost revenue. At least you cannot do so in a world of logic.”

New York magazine’s Jonathan Chait shoots down one plausible explanation for the error.

“Trump could be assuming that his tax cuts will not only pay for themselves but generate $2 trillion in higher revenue. But Trump has not claimed his tax cuts will recoup more than 100 percent of their lost revenue, so it’s simply an embarrassing mistake,” he writes.

More: Donald Trump's Budget Makes A Really Basic Numbers Error

A normal person would be embarrassed. I doubt Trump is embarrassed.

The orange clown doesnt understand Healthcare, tax cuts, government, how to win friends and influence people... list too long to continue.
He does know how to con people out of their money and votes.

Passing Obamacare destroyed your entire party, Americans in 30 states elected President Trump on the promise of getting rid of that turd and replacing it. Sorry to inject some reality and facts into your fantasy lib world.

On day one. He was emphatic on that.
It's now day 125.
You were conned you dumb mfer.

 

[Vandalshandle]

Donald Trump’s Budget Makes A Really Basic Numbers Error

Whoops!

The White House made a basic mathematical error when trying to prove that massive tax cuts would pay for themselves and then some, according to a leading economist who advised former President Barack Obama.

In a column in The Washington Post on Tuesday, Lawrence Summers, who directed Obama’s national economic council from 2009 to 2010, took the current White House to task for double-counting $2 trillion in revenue it predicts its tax cuts will generate.

President Donald Trump’s budget proposal assumes that the tax cuts it would enact for wealthy individuals and corporations, as well as its reductions in regulations, will create consistent 3 percent economic growth ― enough to generate $2 trillion a year in additional revenue.

That projection in itself is dubious; tax cuts rarely, if ever, spur enough growth to replenish the revenue they cost the Treasury. But it is nonetheless a prediction consistent with the supply-side economics that Republicans have been peddling for decades.

Where Trump’s budget team really got it wrong is in claiming that the tax cuts would both pay for themselves and close the existing budget deficit.

“This is an elementary double count,” Summers writes. “You can’t use the growth benefits of tax cuts once to justify an optimistic baseline and then again to claim that the tax cuts do not cost revenue. At least you cannot do so in a world of logic.”

New York magazine’s Jonathan Chait shoots down one plausible explanation for the error.

“Trump could be assuming that his tax cuts will not only pay for themselves but generate $2 trillion in higher revenue. But Trump has not claimed his tax cuts will recoup more than 100 percent of their lost revenue, so it’s simply an embarrassing mistake,” he writes.

More: Donald Trump's Budget Makes A Really Basic Numbers Error

A normal person would be embarrassed. I doubt Trump is embarrassed.

The orange clown doesnt understand Healthcare, tax cuts, government, how to win friends and influence people... list too long to continue.
He does know how to con people out of their money and votes.

Passing Obamacare destroyed your entire party, Americans in 30 states elected President Trump on the promise of getting rid of that turd and replacing it. Sorry to inject some reality and facts into your fantasy lib world.

It somehow has escaped you that Trump has failed to repeal ACA, and that the majority of Americans now favor ACA. In fact, if the GOP plans to run their next campaign on the merits of their proposed replacement for ACA, I am expecting great things for the democrats in 2018.

 

[edthecynic]

Tax cuts were extremely effective in growing the economy and increasing revenue during the great administration of President Ronald Reagan.

Except, of course, revenue DECLINED after Reagan's tax cuts and only increased after his many many tax increases!!!

How big were his cuts?
How big were his increases?

According to 1980 Congressional Budget Office estimates, middle-income families with children paid 8.2 percent of their income in income taxes, and 9.5% in payroll taxes. By 1988 the income tax share was down to 6.6% — but the payroll tax share was up to 11.8%. The increase in the payroll tax share outweighed, or canceled out, any benefit from lowering of the income tax share paid.

 

[edthecynic]

My best guess is that you think that Reagan's tax cuts were immediately reversed the day that he left office.
Nah, it took that idiot Bush until 1990 to raise rates.

Only if you don't count the 11 times St Ronnie raised taxes.

 

[Toddsterpatriot]

My best guess is that you think that Reagan's tax cuts were immediately reversed the day that he left office.
Nah, it took that idiot Bush until 1990 to raise rates.

Only if you don't count the 11 times St Ronnie raised taxes.

I know, raised the top rate from 70% all the way up to 28%.

 

[Flash]

So just to sum it up - Trump's admin fails at budgeting and Republican big idea is same-ol free lunch bullshit about rich people paying less taxes without any downsides at all.

Obama failed big time at budgeting spending ten trillion more than he collected in revenue. That is gross incompetence. That sonofabitch Obama didn't give a shit about the debt that our children have to pay back just so he could provide welfare to the illegals, give money to Muslim countries and subsidies to environmental wackos.

STFU already about Obama.

I'd set your ignorant ass straight on that but it doesn't even matter, that's not what the thread is about.

Now put your big boy pants on and respond to the topic - Trumps administration committing gross, embarassing, 2 trillion dollar mistake when putting together a budget.

Nobody will shut up about that asshole Obama. He was a disaster for this country and his damage will continue for a long time.

Trump was hired to fix the things that the asshole Obama broke.

We will be living with his tremendous debt for a generation or more.

You stupid Moon Bats need to get down on your knees and beg forgiveness from the American people for electing that affirmative action dumbass hateful racist piece of ghetto shit as President.

Trump inherited a fucking mess from Obama. He is doing a great job getting started on fixing that mess.

So if anybody needs to shit the fuck up it needs to be you snowflake pink pussy hat wearing Libtard Moon Bats.