CBO: Trump tax cuts carry big price tag: Huge debt+risk of another Financial Crisis

[abu afak]

The cut/stimulus we didn't even need.
The economy chugging along nicely with 80 straight months of growth, and unemployment at 4.6% (and dropping) when Obama left office, even lower by the time of the cuts. Near 4.2%.. "Full employment"
Never been done in such a circumstance.
So now we are having a "sugar high:" getting the last few tenths out of the long term growth, at a cost of risking it all.
And in case you don't realize it, the Individual tax cuts are Temporary, while the corporate ones permanent.

This is the Hollow "great economy" Trumpov Trumpets now: the "sugar high" from these Tax cuts.

Trump tax cuts carry a big price tag: Huge debt and risk of another financial crisis, budget office warns
By EVAN HALPER - JUN 26, 2018
Trump tax cuts carry a big price tag: Huge debt and risk of another financial crisis, budget office warns

The tax cuts championed by President Trump are pushing the nation toward an unprecedented level of debt, heightening the risk for another financial crisis, according to the nonpartisan Congressional Budget Office.

The budget office’s annual look at the government’s long-term financial outlook paints a grim picture, projecting soaring deficits in the coming years, with debt ultimately peaking at more than 152% of the nation’s gross domestic product.
......
The biggest problem in the coming decade stems from last year’s tax cut. It is estimated to increase the deficit by more than $2.3 trillion over that period. Under the tax law, individual income tax rates are slated to Increase sharply at the end of the decade, while corporate taxes remain low. If Congress allows that individual tax hike to take effect, the tax cut’s long-term impact on the debt will begin to fade after the next 10 years.
But if Congress balks at that big tax increase — many members of Congress already have said they want to make the individual cuts permanent — the red ink would be even worse than projected, the budget office said.

The impact of the tax cut comes on top of a preexisting problem — the spiraling price of providing subsidized healthcare and Social Security for the huge baby boom generation as it moves into retirement, the budget office said. Most of the rest of government spending is projected to decline, relative to the size of the economy, the report said. The one big exception is interest payments, which will rise as the debt increases.
......
Rising debt also threatens to weaken the global power of the United States as it increasingly depends on foreign investors to lend money to the Treasury, the report noted.
Federal debt already stands at the highest level relative to the size of the economy that it has been since the aftermath of World War II, 78% of the gross domestic product. The last time the debt was that high, the nation was deep in the red from the war effort and the public works projects implemented in response to the Depression.
[......]​

`

 

[abu afak]

So to summarize. This was the least needed, most Cynical Tax Cut ever.
And they will now (after the 2018 mid-terms) try to Cut Medicare and SS to pay for it.

 

[Dont Taz Me Bro]

So to summarize. This was the least needed, most Cynical Tax Cut ever.
And they will now (after the 2018 mid-terms) try to Cut Medicare and SS to pay for it.

I can you assure, I need my money. If you don't want yours give it back.

 

[abu afak]

So to summarize. This was the least needed, most Cynical Tax Cut ever.
And they will now (after the 2018 mid-terms) try to Cut Medicare and SS to pay for it.

I can you assure, I need my money. If you don't want yours give it back.

Vacuous Wise guy Troll from moderator noted.
`

 

[Dont Taz Me Bro]

So to summarize. This was the least needed, most Cynical Tax Cut ever.
And they will now (after the 2018 mid-terms) try to Cut Medicare and SS to pay for it.

I can you assure, I need my money. If you don't want yours give it back.

Vacuous Wise guy Troll from moderator noted.
`

Nope, just the truth.

 

[abu afak]

So to summarize. This was the least needed, most Cynical Tax Cut ever.
And they will now (after the 2018 mid-terms) try to Cut Medicare and SS to pay for it.

I can you assure, I need my money. If you don't want yours give it back.

Vacuous Wise guy Troll from moderator noted.
`

Nope, just the truth.

Alas, it's was a Stupid wise guy remark
Not being favor a a tax cut for sake of Natl policy, doesn't mean I should give mine back, or that it would make a difference.
The object in Politics is discussion OF politics, not 12 IQ wise guy quips

The board problem IS one-line Trolls like you
Ironically, I just elaborated here:
Is USMB hate speech?

Now please remove yourself from the string Or I will ask a mature mgt member to do so
thx
`

 

[LordBrownTrout]

So to summarize. This was the least needed, most Cynical Tax Cut ever.
And they will now (after the 2018 mid-terms) try to Cut Medicare and SS to pay for it.

Trump didn't even cut half of what he should have.

 

[LordBrownTrout]

So to summarize. This was the least needed, most Cynical Tax Cut ever.
And they will now (after the 2018 mid-terms) try to Cut Medicare and SS to pay for it.

I propose that you start sending most of your paycheck back to the govt if you have such guilt. You'll be making a statement.

 

[jc456]

So to summarize. This was the least needed, most Cynical Tax Cut ever.
And they will now (after the 2018 mid-terms) try to Cut Medicare and SS to pay for it.

I can you assure, I need my money. If you don't want yours give it back.

Vacuous Wise guy Troll from moderator noted.
`

Nope, just the truth.

Alas, it's was a Stupid wise guy remark
Not being favor a a tax cut for sake of Natl policy, doesn't mean I should give mine back, or that it would make a difference.
The object in Politics is discussion OF politics, not 12 IQ wise guy quips

The board problem IS one-line Trolls like you
Ironically, I just elaborated here:
Is USMB hate speech?

Now please remove yourself from the string Or I will ask a mature mgt member to do so
thx
`

but, but, but. what are you waiting for puppet? send your money back. no backing down after you created this. nope.

 

[CrusaderFrank]

The cut/stimulus we didn't even need.
The economy chugging along nicely with 80 straight months of growth, and unemployment at 4.6% (and dropping) when Obama left office, even lower by the time of the cuts. Near 4.2%.. "Full employment"
Never been done in such a circumstance.
So now we are having a "sugar high:" getting the last few tenths out of the long term growth, at a cost of risking it all.
And in case you don't realize it, the Individual tax cuts are Temporary, while the corporate ones permanent.

This is the Hollow "great economy" Trumpov Trumpets now: the "sugar high" from these Tax cuts.

Trump tax cuts carry a big price tag: Huge debt and risk of another financial crisis, budget office warns
By EVAN HALPER - JUN 26, 2018
Trump tax cuts carry a big price tag: Huge debt and risk of another financial crisis, budget office warns

The tax cuts championed by President Trump are pushing the nation toward an unprecedented level of debt, heightening the risk for another financial crisis, according to the nonpartisan Congressional Budget Office.

The budget office’s annual look at the government’s long-term financial outlook paints a grim picture, projecting soaring deficits in the coming years, with debt ultimately peaking at more than 152% of the nation’s gross domestic product.
......
The biggest problem in the coming decade stems from last year’s tax cut. It is estimated to increase the deficit by more than $2.3 trillion over that period. Under the tax law, individual income tax rates are slated to Increase sharply at the end of the decade, while corporate taxes remain low. If Congress allows that individual tax hike to take effect, the tax cut’s long-term impact on the debt will begin to fade after the next 10 years.
But if Congress balks at that big tax increase — many members of Congress already have said they want to make the individual cuts permanent — the red ink would be even worse than projected, the budget office said.

The impact of the tax cut comes on top of a preexisting problem — the spiraling price of providing subsidized healthcare and Social Security for the huge baby boom generation as it moves into retirement, the budget office said. Most of the rest of government spending is projected to decline, relative to the size of the economy, the report said. The one big exception is interest payments, which will rise as the debt increases.
......
Rising debt also threatens to weaken the global power of the United States as it increasingly depends on foreign investors to lend money to the Treasury, the report noted.
Federal debt already stands at the highest level relative to the size of the economy that it has been since the aftermath of World War II, 78% of the gross domestic product. The last time the debt was that high, the nation was deep in the red from the war effort and the public works projects implemented in response to the Depression.
[......]​

`

dems 2018: FUCK YOU!!! We're taking our crumbs back! It's all ours! We <3 MS-13 and all Illegals!

 

[abu afak]

I propose that you start sending most of your paycheck back to the govt if you have such guilt. You'll be making a statement.

Yet another/Identical Assinine wise guy quip.

This board/section is to discuss Politics, not make the idiotic and non policy burp you did.

Suggesting that everyone who is in favor of the death penalty has to go execute someone, or everyone who wants to eat Organic Must grow his own to not be a hypocrite is obviously fallacious.

Now ANYTHING at all on the tax cuts and the CBO's assessment?

This really is a great example of what a Piece of *** this board is.
ZERO on topic discussion, just ""No, yo momma" posts even from a mod. (the ironic but very reason FOR the problem here)

TO Management:
EVERY REPLY above, (EDIT and now below too), including 2 by a mod, is 100% TROLLING, and the very problem with this msg board. NOT one has been able to discuss politics.. in Politics.
This IS a TROLL message board (app 70% RW)
GARBAGE.

 

[LordBrownTrout]

I propose that you start sending most of your paycheck back to the govt if you have such guilt. You'll be making a statement.

Yet another/Identical Assinine wise guy quip.

This board/section is to discuss Politics, not make the idiotic and non policy burp you did.

Suggesting that everyone who is in favor of the death penalty go execute someone, or everyone who wants to buy Organic food Must grow his own to not be a hypocrite is obviously fallacious.

Now ANYTHING at all on the tax cuts and the CBO's assessment?

This really is a great example of what a Piece of *** this board is.
ZERO on topic discussion, just ""No, yo momma posts" even from a mod. (the ironic but very reason FOR the problem here)

As I said earlier, you're mad and seething with hate over this. Just buck up and pay if you harbor such guilt. When was the CBO ever right? They were wrong on the iraq war, obamacare etc. Lol. Wow. Your post was a prime example of the ignorance that permeates the left now.

 

[Brain357]

Sounds like republicans are not fiscally responsible...

 

[Dont Taz Me Bro]

Alas, it's was a Stupid wise guy remark
Not being favor a a tax cut for sake of Natl policy, doesn't mean I should give mine back, or that it would make a difference.

`

Sure, it does. Show us how principled you are.

 

[Dont Taz Me Bro]

Sounds like republicans are not fiscally responsible...

When were they ever?

 

[Meister]

The cut/stimulus we didn't even need.
The economy chugging along nicely with 80 straight months of growth, and unemployment at 4.6% (and dropping) when Obama left office, even lower by the time of the cuts. Near 4.2%.. "Full employment"
Never been done in such a circumstance.
So now we are having a "sugar high:" getting the last few tenths out of the long term growth, at a cost of risking it all.
And in case you don't realize it, the Individual tax cuts are Temporary, while the corporate ones permanent.

This is the Hollow "great economy" Trumpov Trumpets now: the "sugar high" from these Tax cuts.

Trump tax cuts carry a big price tag: Huge debt and risk of another financial crisis, budget office warns
By EVAN HALPER - JUN 26, 2018
Trump tax cuts carry a big price tag: Huge debt and risk of another financial crisis, budget office warns

The tax cuts championed by President Trump are pushing the nation toward an unprecedented level of debt, heightening the risk for another financial crisis, according to the nonpartisan Congressional Budget Office.

The budget office’s annual look at the government’s long-term financial outlook paints a grim picture, projecting soaring deficits in the coming years, with debt ultimately peaking at more than 152% of the nation’s gross domestic product.
......
The biggest problem in the coming decade stems from last year’s tax cut. It is estimated to increase the deficit by more than $2.3 trillion over that period. Under the tax law, individual income tax rates are slated to Increase sharply at the end of the decade, while corporate taxes remain low. If Congress allows that individual tax hike to take effect, the tax cut’s long-term impact on the debt will begin to fade after the next 10 years.
But if Congress balks at that big tax increase — many members of Congress already have said they want to make the individual cuts permanent — the red ink would be even worse than projected, the budget office said.

The impact of the tax cut comes on top of a preexisting problem — the spiraling price of providing subsidized healthcare and Social Security for the huge baby boom generation as it moves into retirement, the budget office said. Most of the rest of government spending is projected to decline, relative to the size of the economy, the report said. The one big exception is interest payments, which will rise as the debt increases.
......
Rising debt also threatens to weaken the global power of the United States as it increasingly depends on foreign investors to lend money to the Treasury, the report noted.
Federal debt already stands at the highest level relative to the size of the economy that it has been since the aftermath of World War II, 78% of the gross domestic product. The last time the debt was that high, the nation was deep in the red from the war effort and the public works projects implemented in response to the Depression.
[......]​

`

Not sure you complained about debt when Obama was running up the debt 10 trillion. But, I will give you the benefit of the doubt and say that you were complaining about it just as much.

 

[Meister]

The cut/stimulus we didn't even need.
The economy chugging along nicely with 80 straight months of growth, and unemployment at 4.6% (and dropping) when Obama left office, even lower by the time of the cuts. Near 4.2%.. "Full employment"
Never been done in such a circumstance.
So now we are having a "sugar high:" getting the last few tenths out of the long term growth, at a cost of risking it all.
And in case you don't realize it, the Individual tax cuts are Temporary, while the corporate ones permanent.

This is the Hollow "great economy" Trumpov Trumpets now: the "sugar high" from these Tax cuts.

Trump tax cuts carry a big price tag: Huge debt and risk of another financial crisis, budget office warns
By EVAN HALPER - JUN 26, 2018
Trump tax cuts carry a big price tag: Huge debt and risk of another financial crisis, budget office warns

The tax cuts championed by President Trump are pushing the nation toward an unprecedented level of debt, heightening the risk for another financial crisis, according to the nonpartisan Congressional Budget Office.

The budget office’s annual look at the government’s long-term financial outlook paints a grim picture, projecting soaring deficits in the coming years, with debt ultimately peaking at more than 152% of the nation’s gross domestic product.
......
The biggest problem in the coming decade stems from last year’s tax cut. It is estimated to increase the deficit by more than $2.3 trillion over that period. Under the tax law, individual income tax rates are slated to Increase sharply at the end of the decade, while corporate taxes remain low. If Congress allows that individual tax hike to take effect, the tax cut’s long-term impact on the debt will begin to fade after the next 10 years.
But if Congress balks at that big tax increase — many members of Congress already have said they want to make the individual cuts permanent — the red ink would be even worse than projected, the budget office said.

The impact of the tax cut comes on top of a preexisting problem — the spiraling price of providing subsidized healthcare and Social Security for the huge baby boom generation as it moves into retirement, the budget office said. Most of the rest of government spending is projected to decline, relative to the size of the economy, the report said. The one big exception is interest payments, which will rise as the debt increases.
......
Rising debt also threatens to weaken the global power of the United States as it increasingly depends on foreign investors to lend money to the Treasury, the report noted.
Federal debt already stands at the highest level relative to the size of the economy that it has been since the aftermath of World War II, 78% of the gross domestic product. The last time the debt was that high, the nation was deep in the red from the war effort and the public works projects implemented in response to the Depression.
[......]​

`

Permanent corporate tax cuts is a good thing.....right?

 

[Brain357]

I propose that you start sending most of your paycheck back to the govt if you have such guilt. You'll be making a statement.

Yet another/Identical Assinine wise guy quip.

This board/section is to discuss Politics, not make the idiotic and non policy burp you did.

Suggesting that everyone who is in favor of the death penalty go execute someone, or everyone who wants to buy Organic food Must grow his own to not be a hypocrite is obviously fallacious.

Now ANYTHING at all on the tax cuts and the CBO's assessment?

This really is a great example of what a Piece of *** this board is.
ZERO on topic discussion, just ""No, yo momma posts" even from a mod. (the ironic but very reason FOR the problem here)

As I said earlier, you're mad and seething with hate over this. Just buck up and pay if you harbor such guilt. When was the CBO ever right? They were wrong on the iraq war, obamacare etc. Lol. Wow. Your post was a prime example of the ignorance that permeates the left now.

Seems they were right about tax cuts increasing deficits.

 

[task0778]

The cut/stimulus we didn't even need.
The economy chugging along nicely with 80 straight months of growth, and unemployment at 4.6% (and dropping) when Obama left office, even lower by the time of the cuts. Near 4.2%.. "Full employment"
Never been done in such a circumstance.
So now we are having a "sugar high:" getting the last few tenths out of the long term growth, at a cost of risking it all.
And in case you don't realize it, the Individual tax cuts are Temporary, while the corporate ones permanent.

This is the Hollow "great economy" Trumpov Trumpets now: the "sugar high" from these Tax cuts.

Trump tax cuts carry a big price tag: Huge debt and risk of another financial crisis, budget office warns
By EVAN HALPER - JUN 26, 2018
Trump tax cuts carry a big price tag: Huge debt and risk of another financial crisis, budget office warns

The tax cuts championed by President Trump are pushing the nation toward an unprecedented level of debt, heightening the risk for another financial crisis, according to the nonpartisan Congressional Budget Office.

The budget office’s annual look at the government’s long-term financial outlook paints a grim picture, projecting soaring deficits in the coming years, with debt ultimately peaking at more than 152% of the nation’s gross domestic product.
......
The biggest problem in the coming decade stems from last year’s tax cut. It is estimated to increase the deficit by more than $2.3 trillion over that period. Under the tax law, individual income tax rates are slated to Increase sharply at the end of the decade, while corporate taxes remain low. If Congress allows that individual tax hike to take effect, the tax cut’s long-term impact on the debt will begin to fade after the next 10 years.
But if Congress balks at that big tax increase — many members of Congress already have said they want to make the individual cuts permanent — the red ink would be even worse than projected, the budget office said.

The impact of the tax cut comes on top of a preexisting problem — the spiraling price of providing subsidized healthcare and Social Security for the huge baby boom generation as it moves into retirement, the budget office said. Most of the rest of government spending is projected to decline, relative to the size of the economy, the report said. The one big exception is interest payments, which will rise as the debt increases.
......
Rising debt also threatens to weaken the global power of the United States as it increasingly depends on foreign investors to lend money to the Treasury, the report noted.
Federal debt already stands at the highest level relative to the size of the economy that it has been since the aftermath of World War II, 78% of the gross domestic product. The last time the debt was that high, the nation was deep in the red from the war effort and the public works projects implemented in response to the Depression.
[......]​

`

News flash#1: we've already got huge debt and the risk of another financial crisis.

News flash#2: we don't have a revenue problem, we have a spending problem. We cannot possibly raise taxes enough to balance the budget, let alone pay down any debt.

News flash#3: since when does an effing democrat give a rat's ass about the debt? It's a sad day for the rest of us that the GOP doesn't seem to either; I dunno when the shit is going to hit the fan, but it's coming. I feel really bad for future generations. We screwed them over royally.

 

[BluesLegend]

Fine cut spending, force deadbeat moochers to get a job, deport ALL the illegals, and eliminate the $400 billion a year in government waste and fraud. See how easy that was, call us when Dem's will vote for any of that.