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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.
The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
We could increase taxes 10% and government would spend every last penny and still borrow more to spend.
The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
We could increase taxes 10% and government would spend every last penny and still borrow more to spend.
They have a surplus.The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
We could increase taxes 10% and government would spend every last penny and still borrow more to spend.
Just wait until you see how much more money the filthy ass states and local governments do because now they can tax the internet purchase.
For instance, I doubt a state like California will use one cent to pay off some of that half trillion deficit they have. They will just give more welfare to the Illegals.
They have a surplus.The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
We could increase taxes 10% and government would spend every last penny and still borrow more to spend.
Just wait until you see how much more money the filthy ass states and local governments do because now they can tax the internet purchase.
For instance, I doubt a state like California will use one cent to pay off some of that half trillion deficit they have. They will just give more welfare to the Illegals.
Gov. Jerry Brown proposes $131.7 billion budget amid huge surplus
They have a surplus.The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
We could increase taxes 10% and government would spend every last penny and still borrow more to spend.
Just wait until you see how much more money the filthy ass states and local governments do because now they can tax the internet purchase.
For instance, I doubt a state like California will use one cent to pay off some of that half trillion deficit they have. They will just give more welfare to the Illegals.
Gov. Jerry Brown proposes $131.7 billion budget amid huge surplus
Link?They have a surplus.The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
We could increase taxes 10% and government would spend every last penny and still borrow more to spend.
Just wait until you see how much more money the filthy ass states and local governments do because now they can tax the internet purchase.
For instance, I doubt a state like California will use one cent to pay off some of that half trillion deficit they have. They will just give more welfare to the Illegals.
Gov. Jerry Brown proposes $131.7 billion budget amid huge surplus
Wonder if he included in his surplus the unfunded public employee pensions and healthcare benefits. My guess, probably not.
The non-partisan “Truth in Accounting” project, which analyzes government financial reports, has awarded California an “F” grade for claiming surpluses instead of a $269.9 billion deficit.
The Chicago-based organization has been providing in-depth accounting reviews of the audited financial statements for America’s fifty states, as well as most major counties and major cities, in the United States since 2002.
The group’s mission is to educate and empower citizens with understandable, reliable, and transparent government financial information.
California received the lowest score of “F” on Truth in Accounting’s grading scale because despite Gov. Jerry Brown touting several years of surpluses, California actually faces a $269.9 billion shortfall in terms of its overall obligations, which equates to $22,000 burden for each of the 12.3 million taxpayers in the state.
California’s financial burden is primarily associated with the rapidly deteriorating condition of the state’s current $461.3 billion in promised public employee retirement benefits –which are $102.5 billion under-funded by the pension plan — and $107 billion for unfunded retiree health care benefits.
Whenever the President is a Democrat. Then they're tighter than a frog's ass.When were they ever?Sounds like republicans are not fiscally responsible...
And the opposite of smart budget and tax policy. And then....tariffs? Wow.The cut/stimulus we didn't even need.
An accountant, you are not. There are two sides to the books.The best way to stop deficits is to stop spending so much
Some red States with a higher percentage of debt to GDP than California:They have a surplus.The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
We could increase taxes 10% and government would spend every last penny and still borrow more to spend.
Just wait until you see how much more money the filthy ass states and local governments do because now they can tax the internet purchase.
For instance, I doubt a state like California will use one cent to pay off some of that half trillion deficit they have. They will just give more welfare to the Illegals.
Gov. Jerry Brown proposes $131.7 billion budget amid huge surplus
Then lets see if he pays off any of that almost half trillion debt.
State of California Debt Clock
Some red States with a higher percentage of dent to GDP than California:They have a surplus.The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
We could increase taxes 10% and government would spend every last penny and still borrow more to spend.
Just wait until you see how much more money the filthy ass states and local governments do because now they can tax the internet purchase.
For instance, I doubt a state like California will use one cent to pay off some of that half trillion deficit they have. They will just give more welfare to the Illegals.
Gov. Jerry Brown proposes $131.7 billion budget amid huge surplus
Then lets see if he pays off any of that almost half trillion debt.
State of California Debt Clock
Alaska
South Carolina
kansas
Kentucky
Louisiana
North Dakota
Nebraska
Arizona
California actually comes in under the national average.
You do realize that Ca. has a 427 billion dollar debt, right?They have a surplus.The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
We could increase taxes 10% and government would spend every last penny and still borrow more to spend.
Just wait until you see how much more money the filthy ass states and local governments do because now they can tax the internet purchase.
For instance, I doubt a state like California will use one cent to pay off some of that half trillion deficit they have. They will just give more welfare to the Illegals.
Gov. Jerry Brown proposes $131.7 billion budget amid huge surplus
You do realize that Ca. has a 427 billion dollar debt, right?
State of California Debt Clock
It's possible they did it on purpose to tee up an entitlement crisis that demands action. Trumps media manipulation will create an evil enemy to burn at the stake and generate support for whatever ridiculous plan they come up with. That's how he operates. He clearly defines and exaggerates the enemy as a tool to get support for something from his baseThe 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.
[......]
Rightie task0778 Got is Lying.They have a surplus.The best way to stop deficits is to stop spending so much money.
If you can't do that then grow the economy, which is what Trump is doing.
Funny how these stupid Moon Bats get on their high horse about deficits now when they never said a damn word about Obama's $10 trillion in debt.
We could increase taxes 10% and government would spend every last penny and still borrow more to spend.
Just wait until you see how much more money the filthy ass states and local governments do because now they can tax the internet purchase.
For instance, I doubt a state like California will use one cent to pay off some of that half trillion deficit they have. They will just give more welfare to the Illegals.
Gov. Jerry Brown proposes $131.7 billion budget amid huge surplus
Wonder if he included in his surplus the unfunded public employee pensions and healthcare benefits. My guess, probably not.
The non-partisan “Truth in Accounting” project, which analyzes government financial reports, has awarded California an “F” grade for claiming surpluses instead of a $269.9 billion deficit.
The Chicago-based organization has been providing in-depth accounting reviews of the audited financial statements for America’s fifty states, as well as most major counties and major cities, in the United States since 2002.
The group’s mission is to educate and empower citizens with understandable, reliable, and transparent government financial information.
California received the lowest score of “F” on Truth in Accounting’s grading scale because despite Gov. Jerry Brown touting several years of surpluses, California actually faces a $269.9 billion shortfall in terms of its overall obligations, which equates to $22,000 burden for each of the 12.3 million taxpayers in the state.
California’s financial burden is primarily associated with the rapidly deteriorating condition of the state’s current $461.3 billion in promised public employee retirement benefits –which are $102.5 billion under-funded by the pension plan — and $107 billion for unfunded retiree health care benefits.
