CBO Cuts U.S. Growth Forecast Amid Warnings on Trade Spats

[AntonToo]

Didn't they say the tax cuts would increase the deficits? That was quite accurate

No they are wrong and without historical perspective....Tax cuts will create jobs...its been proven right in front of our eyes...jobs will create tax payers....and tax payers pay taxes to the treasury and that will and is helping to correct Obama's massive deficits.....

Here is what you fundamentally don't get: VOLUMES matter.

It's not enough that tax-cut create some jobs for it to become self financing. If 2 jobs are created OBVIOUSLY that does not cover 1.5 Trillion dollar expense.

Here is a what CONSERVATIVE economists have to say about that:

In a paper on dynamic scoring, written while I was working at the White House, Matthew Weinzierl and I estimated that a broad-based income tax cut (applying to both capital and labor income) would recoup only about a quarter of the lost revenue through supply-side growth effects. For a cut in capital income taxes, the feedback is larger--about 50 percent--but still well under 100 percent. A chapter on dynamic scoring in the 2004 Economic Report of the President says about the the same thing.

Greg Mankiw's Blog: On Charlatans and Cranks

This is coming from a former chair of economic advisors to Bush Jr, and a big fan of tax-cuts.

 

[rightwinger]

What happened to Trumps promised 4-5 percent growth?

 

[AntonToo]

What happened to Trumps promised 4-5 percent growth?

Trump would get that done...but he is too busy getting everyone covered at a fraction of Obamacare's costs.

 

[danielpalos]

we really just need a fifteen dollar an hour minimum wage, unemployment compensation for being unemployed on an at-will basis in our at-will employment States, and Industrial Automation to help with social costs;

as a fiscal stimulus.

/----/ Well hell's bells - make the minimum wage $50 an hour and be done with it.

we don't need to cover our current, irresponsible spending; fifteen an hour will suffice.

 

[Cellblock2429]

The hate Trump establishment congressional budget office???? When was the last time the CBO was correct?....answer never....

Didn't they say the tax cuts would increase the deficits? That was quite accurate.

/——-/ Tax cuts increase deficits in a static economic model but in the real world they generate increase revenue via new hires and spending. Ronald Reagan proved it.

Why did he triple the deficit then? Why did he raise taxes several times then? Why did H.W. have to raise taxes then? Why did Slick Willie have to raise taxes then? Because it did not work for Raygun either!

/——-/ You know why the deficit went up. You know the dem Congress led by Drunken sot Tip O’Neil double crossed Reagan and refused to cut spending, he increased it. In spite of that revenues continued to increase and the Dems just spent spent spent. Stop playing stupid.

 

[Aldo Raine]

The hate Trump establishment congressional budget office???? When was the last time the CBO was correct?....answer never....

Didn't they say the tax cuts would increase the deficits? That was quite accurate.

/——-/ Tax cuts increase deficits in a static economic model but in the real world they generate increase revenue via new hires and spending. Ronald Reagan proved it.

Why did he triple the deficit then? Why did he raise taxes several times then? Why did H.W. have to raise taxes then? Why did Slick Willie have to raise taxes then? Because it did not work for Raygun either!

/——-/ You know why the deficit went up. You know the dem Congress led by Drunken sot Tip O’Neil double crossed Reagan and refused to cut spending, he increased it. In spite of that revenues continued to increase and the Dems just spent spent spent. Stop playing stupid.

So why did Raygun raise taxes 6 times? Now who is being stupid?

 

[Cellblock2429]

Wages are stagnant. Labor force participation is as low as obama. Remember when Trump claimed the real unemployment rate was over 20%?

Good lets do it your and Obama's way again......lmao
Jobs are back and wages are going up and people have spending money again and storefronts are filling up again....unreal that you libs think running down the economy will convince anyone to remove Trump....LMAO....we all have eyes and ears and bank accounts.....growing bank accounts...dumbshits....lol

Wages are going up? Where have you seen that? Stock market is still well below it's high.

/——/ It has been posted before. Get your Google fixed so we don’t have to repost the same thing over and over and over.

 

[Correll]

What happened to Trumps promised 4-5 percent growth?

YOu know that this is a just an education guess from a government office that is unlikely to be full of Trump supporters? Right?

 

[ColonelAngus]

What was the growth in Obama’s last 6 quarters?

Didn’t the “experts”from the left predict a complete economic collapse if Trump won?

Now those same assholes are saying the economic growth is because of Obama.

Quite a 180 turn, huh?

 

[Cellblock2429]

The hate Trump establishment congressional budget office???? When was the last time the CBO was correct?....answer never....

Didn't they say the tax cuts would increase the deficits? That was quite accurate.

/——-/ Tax cuts increase deficits in a static economic model but in the real world they generate increase revenue via new hires and spending. Ronald Reagan proved it.

Why did he triple the deficit then? Why did he raise taxes several times then? Why did H.W. have to raise taxes then? Why did Slick Willie have to raise taxes then? Because it did not work for Raygun either!

/——-/ You know why the deficit went up. You know the dem Congress led by Drunken sot Tip O’Neil double crossed Reagan and refused to cut spending, he increased it. In spite of that revenues continued to increase and the Dems just spent spent spent. Stop playing stupid.

So why did Raygun raise taxes 6 times? Now who is being stupid?

.
/——/ I love these questions that are really arguments to confuse peoples understanding of what occurred. In 1981, Reagan proposed the largest tax cut in US History. Some of the ideas were good, such as IRAs. The problem was that the tax cut at the higher income end was so significant that tax receipts dropped precipitously. In 1982, the tax cut was revised to allow for some increased revenue. I guess you would argue that represented a tax increase. But in spite of your claim, overall taxes went down.

 

[Aldo Raine]

Didn't they say the tax cuts would increase the deficits? That was quite accurate.

/——-/ Tax cuts increase deficits in a static economic model but in the real world they generate increase revenue via new hires and spending. Ronald Reagan proved it.

Why did he triple the deficit then? Why did he raise taxes several times then? Why did H.W. have to raise taxes then? Why did Slick Willie have to raise taxes then? Because it did not work for Raygun either!

/——-/ You know why the deficit went up. You know the dem Congress led by Drunken sot Tip O’Neil double crossed Reagan and refused to cut spending, he increased it. In spite of that revenues continued to increase and the Dems just spent spent spent. Stop playing stupid.

So why did Raygun raise taxes 6 times? Now who is being stupid?

.
/——/ I love these questions that are really arguments to confuse peoples understanding of what occurred. In 1981, Reagan proposed the largest tax cut in US History. Some of the ideas were good, such as IRAs. The problem was that the tax cut at the higher income end was so significant that tax receipts dropped precipitously. In 1982, the tax cut was revised to allow for some increased revenue. I guess you would argue that represented a tax increase. But in spite of your claim, overall taxes went down.

Did he not raise taxes numerous times or not?

 

[Cellblock2429]

we really just need a fifteen dollar an hour minimum wage, unemployment compensation for being unemployed on an at-will basis in our at-will employment States, and Industrial Automation to help with social costs;

as a fiscal stimulus.

/----/ Well hell's bells - make the minimum wage $50 an hour and be done with it.

we don't need to cover our current, irresponsible spending; fifteen an hour will suffice.

/——/ California paying inmates $1 an hour to fight fires: Plum gig or slave labor? California inmates fight wildfires for $1 an hour

 

[Papageorgio]

The hate Trump establishment congressional budget office???? When was the last time the CBO was correct?....answer never....

Didn't they say the tax cuts would increase the deficits? That was quite accurate.

/——-/ Tax cuts increase deficits in a static economic model but in the real world they generate increase revenue via new hires and spending. Ronald Reagan proved it.

Here's a secret your propagandists didn't tell you: Revenues increase when taxes are raised, too.

Your propagandists give you that "tax cuts increase revenues" shit to parrot so you don't notice Trump is ACCELERATING OUR DEBT.

Go ahead. See for yourself. Here is a history of tax rates: https://files.taxfoundation.org/legacy/docs/fed_individual_rate_history_nominal.pdf

Notice how tax rates increased under Bill Clinton in 1993. The top marginal rate increased from 31 percent to 39.6 percent, and stayed that way until 2001.

Now here is a history of federal revenues: Who Really Pays Uncle Sam's Bills?

Notice how tax revenues INCREASED after the tax rates went UP:

• FY 2000 - $2.03 trillion
• FY 1999 - $1.82 trillion.
• FY 1998 - $1.72 trillion.
• FY 1997 - $1.58 trillion.
• FY 1996 - $1.45 trillion.
• FY 1995 - $1.35 trillion.
• FY 1994 - $1.26 trillion.
• FY 1993 - $1.15 trillion.
• FY 1992 - $1.09 trillion.
• FY 1991 - $1.05 trillion.

Just a few years after Clinton's tax increase, federal revenues had DOUBLED!!!

And after the Bush tax cut expired on the top marginal rate, federal revenues continued to increase.

Care to keep playing?

/——/ Raising taxes stifles growth and jobs. People have less disposable income. Geeeeze you can’t understand that?

Giving tax cuts to millionaires stifles growth. Raising minimum wages puts more money into the hands of workers and increases demand for consumer goods. Increases in minimum wages increase job growth, and consumer spending.

Poor people spend every dollar they get which helps the economy. The rich invest, but corporations are awash in cash and investment isn’t creating growth because of lack of demand. There is a lot of pent up demand for consumer goods for low income workers but no disposable income. Releasing that pent up demand through higher wages would be an enormous boost to the economy and it would increase government revenues as well.

Poor people spending every dollar is what makes poor people. Most Americans spend their every dollar, every government agency spends their every dollar that is why the country’s financial situation it is in.

The rich not only save money and are wise with their investments they contribute a lot more back to their communities.

This country lives beyond it's means. That is why spending is out of control, that is why our deficit is out of control. We Americans take on all sorts of bad debt and little to no good debt. The government handles our money like poor people.

 

[Cellblock2429]

/——-/ Tax cuts increase deficits in a static economic model but in the real world they generate increase revenue via new hires and spending. Ronald Reagan proved it.

Why did he triple the deficit then? Why did he raise taxes several times then? Why did H.W. have to raise taxes then? Why did Slick Willie have to raise taxes then? Because it did not work for Raygun either!

/——-/ You know why the deficit went up. You know the dem Congress led by Drunken sot Tip O’Neil double crossed Reagan and refused to cut spending, he increased it. In spite of that revenues continued to increase and the Dems just spent spent spent. Stop playing stupid.

So why did Raygun raise taxes 6 times? Now who is being stupid?

.
/——/ I love these questions that are really arguments to confuse peoples understanding of what occurred. In 1981, Reagan proposed the largest tax cut in US History. Some of the ideas were good, such as IRAs. The problem was that the tax cut at the higher income end was so significant that tax receipts dropped precipitously. In 1982, the tax cut was revised to allow for some increased revenue. I guess you would argue that represented a tax increase. But in spite of your claim, overall taxes went down.

Did he not raise taxes numerous times or not?

/——/ He readjusted the tax cuts because some were too aggressive and you libtards call that tax hikes.

 

[Harpy Eagle]

/——/ He readjusted the tax cuts.....

Holy fuck, you just made me spit coffee out of my nose!

 

[danielpalos]

we really just need a fifteen dollar an hour minimum wage, unemployment compensation for being unemployed on an at-will basis in our at-will employment States, and Industrial Automation to help with social costs;

as a fiscal stimulus.

/----/ Well hell's bells - make the minimum wage $50 an hour and be done with it.

we don't need to cover our current, irresponsible spending; fifteen an hour will suffice.

/——/ California paying inmates $1 an hour to fight fires: Plum gig or slave labor? California inmates fight wildfires for $1 an hour

While not in a cell, learning valuable life skills, and discipline to accomplish the task at hand.

if they were gun lovers, we should simply "draft them into the militia" and regulate them well.

 

[Brain357]

Wages are stagnant. Labor force participation is as low as obama. Remember when Trump claimed the real unemployment rate was over 20%?

Good lets do it your and Obama's way again......lmao
Jobs are back and wages are going up and people have spending money again and storefronts are filling up again....unreal that you libs think running down the economy will convince anyone to remove Trump....LMAO....we all have eyes and ears and bank accounts.....growing bank accounts...dumbshits....lol

Wages are going up? Where have you seen that? Stock market is still well below it's high.

/——/ It has been posted before. Get your Google fixed so we don’t have to repost the same thing over and over and over.

Your imagination isn’t on google....

 

[Toddsterpatriot]

/——-/ Tax cuts increase deficits in a static economic model but in the real world they generate increase revenue via new hires and spending. Ronald Reagan proved it.

Why did he triple the deficit then? Why did he raise taxes several times then? Why did H.W. have to raise taxes then? Why did Slick Willie have to raise taxes then? Because it did not work for Raygun either!

/——-/ You know why the deficit went up. You know the dem Congress led by Drunken sot Tip O’Neil double crossed Reagan and refused to cut spending, he increased it. In spite of that revenues continued to increase and the Dems just spent spent spent. Stop playing stupid.

So why did Raygun raise taxes 6 times? Now who is being stupid?

.
/——/ I love these questions that are really arguments to confuse peoples understanding of what occurred. In 1981, Reagan proposed the largest tax cut in US History. Some of the ideas were good, such as IRAs. The problem was that the tax cut at the higher income end was so significant that tax receipts dropped precipitously. In 1982, the tax cut was revised to allow for some increased revenue. I guess you would argue that represented a tax increase. But in spite of your claim, overall taxes went down.

Did he not raise taxes numerous times or not?

Did he not raise taxes numerous times or not?

Did he?
Share a few examples.
Tax rate before he raised them, date he raised them, rate after he raised them.

Thanks!!

 

[Cellblock2429]

Wages are stagnant. Labor force participation is as low as obama. Remember when Trump claimed the real unemployment rate was over 20%?

Good lets do it your and Obama's way again......lmao
Jobs are back and wages are going up and people have spending money again and storefronts are filling up again....unreal that you libs think running down the economy will convince anyone to remove Trump....LMAO....we all have eyes and ears and bank accounts.....growing bank accounts...dumbshits....lol

Wages are going up? Where have you seen that? Stock market is still well below it's high.

/——/ It has been posted before. Get your Google fixed so we don’t have to repost the same thing over and over and over.

Your imagination isn’t on google....

/-----/ here you go you little troll. It couldn't e any easier
Gov't reports gain of 213,000 new jobs generated in June; wages make modest gains, again - Daily Kos
https://www.dailykos.com › story ›

6 Jul 2018 · The Bureau of Labor Statistics reported Friday that the U.S. economy generated 213,000 seasonally adjusted new jobs in June. Of the total, 11,000 jobs were in the public sector, 202,000 in the private ...

 

[danielpalos]

A command economy can merely command economize its way to prosperity.

we really just need a fifteen dollar an hour minimum wage, unemployment compensation for being unemployed on an at-will basis in our at-will employment States, and Industrial Automation to help with social costs.