Spreading debt bubble devours Trumpland: Fastest-growing debt category in U.S. is not student loans

[pknopp]

Consumer debt is still well below prior peaks.

The Fed isn't pumping billions again because of consumer debt.

 

[pknopp]

And Barry DOUBLED the national debt. Where were you then to bitch about that?

It's OK that Trump is also adding over a trillion a year? (And yes I condemned Obama)

 

[sparky]

Isn't this debt economy global?

as well as cumulative ......

???

~S~

 

[Maxdeath]

J

The personal debt bubble is growing and devouring Trump's fantasy land as the whole US economy is fueled by debt.

The borrowing public has decided that what is good for the goose is good for the Trumpist.

The growing resort to personal loans may also reflect the fact that living costs are rising faster than wages.

The budget is in deficit by $ 1trillion annually and growing, the Federal debt has grown by ~$ 2.3 trillion since Trump's inauguration.

The economy is fueled by debt which is buying imported foreign goods as the trade deficit is still rising despite being offset by growing oil and gas exports. US manufacturing and investment is down.

Donald Trump's fantasy land economy is a humungous debt bubble waiting for a prick. Is Donald Trump the prick?

The fastest-growing debt category in U.S. is not student loans or credit cards

The fastest-growing debt category in U.S. is not student loans or credit cards
PUBLISHED FRI, NOV 29 20199:16 AM ESTUPDATED FRI, NOV 29 201912:08 PM EST
Janet Alvarez

Personal loans are growing at an 11% annual clip, according to Experian, faster that student loan or credit card balances.

Borrowers with excellent credit can achieve savings by using personal loans for large projects, like home improvement.

Credit card debt can be consolidated into a personal loan, but origination fees, potentially high interest rates and lack of perks make this a less appealing option for borrowers with a lower credit score.

The fastest-growing debt category in U.S. is not student loans or credit cards
It’s the fastest-growing debt category in the country, but if you are thinking student loans or credit cards, you’re wrong.

Personal loan balances now exceed $300 billion, as of the second quarter of this year, according to Experian, a whopping 11% yearly increase. For good reason, too, as personal loans can help to consolidate credit card debt, or make funds available for major projects, such as a home remodeling effort. For many of us, the allure is hard to ignore, but personal loans do differ in some key ways from other types of credit you might use, such as credit cards. It’s important to understand the key differences before signing on the dotted line.

Interest rates vary dramatically
As compared to credit cards, personal loan interest rates can vary much more dramatically, according to research by ValuePenguin. In fact, some borrowers with excellent credit may qualify for loans with interest rates as low as 5% or 6% with some lenders. On the other hand, borrowers with poor credit may encounter rates higher than the average credit card, sometimes exceeding 30%. ...

The democrat House writes the Budget, so WTF is Nancy and the democrats doing about the budget deficit? <nothing but making it bigger>

Trump cut taxes for the wealthy which has had a big effect on tax revenue.

I agree 100% that the GOP should NOT have cut taxes on the top rate.
The other cuts, fine, but not the top rate.

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

You are the first person to actually give any indication as to how we should cut spending. I have asked this numerous times from everyone that complains about the deficit and always get crickets.

That being said I think that adding new taxes are going to punish a percentage of the people. Do away with frivolous spending first. We should not be giving away billions to help with abortions in South America, we should not be spending millions to study the sex habits of the frog. Pork projects (you have a carrier refitted in my state and I will have a road built in yours) needs to go.

 

[kyzr]

J

The personal debt bubble is growing and devouring Trump's fantasy land as the whole US economy is fueled by debt.

The borrowing public has decided that what is good for the goose is good for the Trumpist.

The growing resort to personal loans may also reflect the fact that living costs are rising faster than wages.

The budget is in deficit by $ 1trillion annually and growing, the Federal debt has grown by ~$ 2.3 trillion since Trump's inauguration.

The economy is fueled by debt which is buying imported foreign goods as the trade deficit is still rising despite being offset by growing oil and gas exports. US manufacturing and investment is down.

Donald Trump's fantasy land economy is a humungous debt bubble waiting for a prick. Is Donald Trump the prick?

The fastest-growing debt category in U.S. is not student loans or credit cards

The fastest-growing debt category in U.S. is not student loans or credit cards
PUBLISHED FRI, NOV 29 20199:16 AM ESTUPDATED FRI, NOV 29 201912:08 PM EST
Janet Alvarez

Personal loans are growing at an 11% annual clip, according to Experian, faster that student loan or credit card balances.

Borrowers with excellent credit can achieve savings by using personal loans for large projects, like home improvement.

Credit card debt can be consolidated into a personal loan, but origination fees, potentially high interest rates and lack of perks make this a less appealing option for borrowers with a lower credit score.

The fastest-growing debt category in U.S. is not student loans or credit cards
It’s the fastest-growing debt category in the country, but if you are thinking student loans or credit cards, you’re wrong.

Personal loan balances now exceed $300 billion, as of the second quarter of this year, according to Experian, a whopping 11% yearly increase. For good reason, too, as personal loans can help to consolidate credit card debt, or make funds available for major projects, such as a home remodeling effort. For many of us, the allure is hard to ignore, but personal loans do differ in some key ways from other types of credit you might use, such as credit cards. It’s important to understand the key differences before signing on the dotted line.

Interest rates vary dramatically
As compared to credit cards, personal loan interest rates can vary much more dramatically, according to research by ValuePenguin. In fact, some borrowers with excellent credit may qualify for loans with interest rates as low as 5% or 6% with some lenders. On the other hand, borrowers with poor credit may encounter rates higher than the average credit card, sometimes exceeding 30%. ...

The democrat House writes the Budget, so WTF is Nancy and the democrats doing about the budget deficit? <nothing but making it bigger>

Trump cut taxes for the wealthy which has had a big effect on tax revenue.

I agree 100% that the GOP should NOT have cut taxes on the top rate.
The other cuts, fine, but not the top rate.

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

You are the first person to actually give any indication as to how we should cut spending. I have asked this numerous times from everyone that complains about the deficit and always get crickets.

That being said I think that adding new taxes are going to punish a percentage of the people. Do away with frivolous spending first. We should not be giving away billions to help with abortions in South America, we should not be spending millions to study the sex habits of the frog. Pork projects (you have a carrier refitted in my state and I will have a road built in yours) needs to go.

We need to cover a $1.0T budget deficit. Foreign aid is only $55b. Defense and entitlements are the big "structural" or "mandatory spending" items, SS, Medicare, Medicaid, Welfare, and interest on the Debt. Which is why I say that we need another "Grace Commission" to take the "politics" out of it. Entitlements need major reforms, as does the "safety net", or the interest on the Debt will devour the entire budget when interest rates rise.
Taxes don't necessarily punish people, too much spending does. The economy is NOT going to "grow" enough to cover the tax cuts. That is just stupidity.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

 

[pknopp]

J

The personal debt bubble is growing and devouring Trump's fantasy land as the whole US economy is fueled by debt.

The borrowing public has decided that what is good for the goose is good for the Trumpist.

The growing resort to personal loans may also reflect the fact that living costs are rising faster than wages.

The budget is in deficit by $ 1trillion annually and growing, the Federal debt has grown by ~$ 2.3 trillion since Trump's inauguration.

The economy is fueled by debt which is buying imported foreign goods as the trade deficit is still rising despite being offset by growing oil and gas exports. US manufacturing and investment is down.

Donald Trump's fantasy land economy is a humungous debt bubble waiting for a prick. Is Donald Trump the prick?

The fastest-growing debt category in U.S. is not student loans or credit cards

The fastest-growing debt category in U.S. is not student loans or credit cards
PUBLISHED FRI, NOV 29 20199:16 AM ESTUPDATED FRI, NOV 29 201912:08 PM EST
Janet Alvarez

Personal loans are growing at an 11% annual clip, according to Experian, faster that student loan or credit card balances.

Borrowers with excellent credit can achieve savings by using personal loans for large projects, like home improvement.

Credit card debt can be consolidated into a personal loan, but origination fees, potentially high interest rates and lack of perks make this a less appealing option for borrowers with a lower credit score.

The fastest-growing debt category in U.S. is not student loans or credit cards
It’s the fastest-growing debt category in the country, but if you are thinking student loans or credit cards, you’re wrong.

Personal loan balances now exceed $300 billion, as of the second quarter of this year, according to Experian, a whopping 11% yearly increase. For good reason, too, as personal loans can help to consolidate credit card debt, or make funds available for major projects, such as a home remodeling effort. For many of us, the allure is hard to ignore, but personal loans do differ in some key ways from other types of credit you might use, such as credit cards. It’s important to understand the key differences before signing on the dotted line.

Interest rates vary dramatically
As compared to credit cards, personal loan interest rates can vary much more dramatically, according to research by ValuePenguin. In fact, some borrowers with excellent credit may qualify for loans with interest rates as low as 5% or 6% with some lenders. On the other hand, borrowers with poor credit may encounter rates higher than the average credit card, sometimes exceeding 30%. ...

The democrat House writes the Budget, so WTF is Nancy and the democrats doing about the budget deficit? <nothing but making it bigger>

Trump cut taxes for the wealthy which has had a big effect on tax revenue.

I agree 100% that the GOP should NOT have cut taxes on the top rate.
The other cuts, fine, but not the top rate.

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

You are the first person to actually give any indication as to how we should cut spending. I have asked this numerous times from everyone that complains about the deficit and always get crickets.

That being said I think that adding new taxes are going to punish a percentage of the people. Do away with frivolous spending first. We should not be giving away billions to help with abortions in South America, we should not be spending millions to study the sex habits of the frog. Pork projects (you have a carrier refitted in my state and I will have a road built in yours) needs to go.

I'm pro-life but I have to note......we do not give away billions to help with abortions in South America. Part of the reason we accomplish very little now is people doing what you just did.

 

[Mac1958]

Consumer debt is not at dangerous levels yet, but it usually does play a primary role in the regular debt/economic cycle.

I'm more concerned with corporate debt, specifically sub-prime corporate debt.

Ring a bell?
.

 

[Maxdeath]

J

The personal debt bubble is growing and devouring Trump's fantasy land as the whole US economy is fueled by debt.

The borrowing public has decided that what is good for the goose is good for the Trumpist.

The growing resort to personal loans may also reflect the fact that living costs are rising faster than wages.

The budget is in deficit by $ 1trillion annually and growing, the Federal debt has grown by ~$ 2.3 trillion since Trump's inauguration.

The economy is fueled by debt which is buying imported foreign goods as the trade deficit is still rising despite being offset by growing oil and gas exports. US manufacturing and investment is down.

Donald Trump's fantasy land economy is a humungous debt bubble waiting for a prick. Is Donald Trump the prick?

The fastest-growing debt category in U.S. is not student loans or credit cards

The democrat House writes the Budget, so WTF is Nancy and the democrats doing about the budget deficit? <nothing but making it bigger>

Trump cut taxes for the wealthy which has had a big effect on tax revenue.

I agree 100% that the GOP should NOT have cut taxes on the top rate.
The other cuts, fine, but not the top rate.

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

You are the first person to actually give any indication as to how we should cut spending. I have asked this numerous times from everyone that complains about the deficit and always get crickets.

That being said I think that adding new taxes are going to punish a percentage of the people. Do away with frivolous spending first. We should not be giving away billions to help with abortions in South America, we should not be spending millions to study the sex habits of the frog. Pork projects (you have a carrier refitted in my state and I will have a road built in yours) needs to go.

I'm pro-life but I have to note......we do not give away billions to help with abortions in South America. Part of the reason we accomplish very little now is people doing what you just did.

While my post did not try for accuracy we do spend money on an international level on that exact cause. You might read this U.S. Gives Millions of Taxpayer Dollars to International Abortion Groups - C-Fam

 

[pknopp]

J

The democrat House writes the Budget, so WTF is Nancy and the democrats doing about the budget deficit? <nothing but making it bigger>

Trump cut taxes for the wealthy which has had a big effect on tax revenue.

I agree 100% that the GOP should NOT have cut taxes on the top rate.
The other cuts, fine, but not the top rate.

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

You are the first person to actually give any indication as to how we should cut spending. I have asked this numerous times from everyone that complains about the deficit and always get crickets.

That being said I think that adding new taxes are going to punish a percentage of the people. Do away with frivolous spending first. We should not be giving away billions to help with abortions in South America, we should not be spending millions to study the sex habits of the frog. Pork projects (you have a carrier refitted in my state and I will have a road built in yours) needs to go.

I'm pro-life but I have to note......we do not give away billions to help with abortions in South America. Part of the reason we accomplish very little now is people doing what you just did.

While my post did not try for accuracy we do spend money on an international level on that exact cause. You might read this U.S. Gives Millions of Taxpayer Dollars to International Abortion Groups - C-Fam

I never argued we didn't. Hyperbole never helps.

 

[Maxdeath]

J

The personal debt bubble is growing and devouring Trump's fantasy land as the whole US economy is fueled by debt.

The borrowing public has decided that what is good for the goose is good for the Trumpist.

The growing resort to personal loans may also reflect the fact that living costs are rising faster than wages.

The budget is in deficit by $ 1trillion annually and growing, the Federal debt has grown by ~$ 2.3 trillion since Trump's inauguration.

The economy is fueled by debt which is buying imported foreign goods as the trade deficit is still rising despite being offset by growing oil and gas exports. US manufacturing and investment is down.

Donald Trump's fantasy land economy is a humungous debt bubble waiting for a prick. Is Donald Trump the prick?

The fastest-growing debt category in U.S. is not student loans or credit cards

The democrat House writes the Budget, so WTF is Nancy and the democrats doing about the budget deficit? <nothing but making it bigger>

Trump cut taxes for the wealthy which has had a big effect on tax revenue.

I agree 100% that the GOP should NOT have cut taxes on the top rate.
The other cuts, fine, but not the top rate.

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

You are the first person to actually give any indication as to how we should cut spending. I have asked this numerous times from everyone that complains about the deficit and always get crickets.

That being said I think that adding new taxes are going to punish a percentage of the people. Do away with frivolous spending first. We should not be giving away billions to help with abortions in South America, we should not be spending millions to study the sex habits of the frog. Pork projects (you have a carrier refitted in my state and I will have a road built in yours) needs to go.

We need to cover a $1.0T budget deficit. Foreign aid is only $55b. Defense and entitlements are the big "structural" or "mandatory spending" items, SS, Medicare, Medicaid, Welfare, and interest on the Debt. Which is why I say that we need another "Grace Commission" to take the "politics" out of it. Entitlements need major reforms, as does the "safety net", or the interest on the Debt will devour the entire budget when interest rates rise.
Taxes don't necessarily punish people, too much spending does. The economy is NOT going to "grow" enough to cover the tax cuts. That is just stupidity.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

I would agree that we need to limit spending and even raise some taxes but requiring seniors or those barely scraping by to pay higher taxes is not a winning idea.
As far as military spending goes look at the big blowup that was had when troops were pulled back recently. How are you going to reduce spending when you can't get those on capital hill to agree who, what, where and when?

 

[Maxdeath]

J

Trump cut taxes for the wealthy which has had a big effect on tax revenue.

I agree 100% that the GOP should NOT have cut taxes on the top rate.
The other cuts, fine, but not the top rate.

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

You are the first person to actually give any indication as to how we should cut spending. I have asked this numerous times from everyone that complains about the deficit and always get crickets.

That being said I think that adding new taxes are going to punish a percentage of the people. Do away with frivolous spending first. We should not be giving away billions to help with abortions in South America, we should not be spending millions to study the sex habits of the frog. Pork projects (you have a carrier refitted in my state and I will have a road built in yours) needs to go.

I'm pro-life but I have to note......we do not give away billions to help with abortions in South America. Part of the reason we accomplish very little now is people doing what you just did.

While my post did not try for accuracy we do spend money on an international level on that exact cause. You might read this U.S. Gives Millions of Taxpayer Dollars to International Abortion Groups - C-Fam

I never argued we didn't. Hyperbole never helps.

Funny that you always pretend that you never claimed anything. I guess you never really have a thought. It is all just mouth running no convictions

 

[pknopp]

J

I agree 100% that the GOP should NOT have cut taxes on the top rate.
The other cuts, fine, but not the top rate.

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

You are the first person to actually give any indication as to how we should cut spending. I have asked this numerous times from everyone that complains about the deficit and always get crickets.

That being said I think that adding new taxes are going to punish a percentage of the people. Do away with frivolous spending first. We should not be giving away billions to help with abortions in South America, we should not be spending millions to study the sex habits of the frog. Pork projects (you have a carrier refitted in my state and I will have a road built in yours) needs to go.

I'm pro-life but I have to note......we do not give away billions to help with abortions in South America. Part of the reason we accomplish very little now is people doing what you just did.

While my post did not try for accuracy we do spend money on an international level on that exact cause. You might read this U.S. Gives Millions of Taxpayer Dollars to International Abortion Groups - C-Fam

I never argued we didn't. Hyperbole never helps.

Funny that you always pretend that you never claimed anything. I guess you never really have a thought. It is all just mouth running no convictions

I claim lots of things. You can make my point about me or the point. But when one has no point they make it about the person who brought the point up.

Hyperbole when used allows the other side to completely dismiss the argument as it is not factual.

 

[Andylusion]

Make up your mind on whether deficits are bad. Before Obama, the biggest deficit was $400 Billion. For the first 3 years of Obama's presidency, he was blowing $1.3 Trillion dollar deficits.

Now you have Trump, and magically deficits are bad? You have no credibility. If deficits are bad, where were you people when Obama was blowing the nation debt up? You didn't care then, did you? Because you liked Obama.

Now Trump is acting like Obama on deficits, and you want to pretend it is bad now? Why wasn't it bad then? You guys are just hypocrites.

Deficits were bad under Obama also, one of the reasons I rank him as the 2nd worst POTUS ever. I have been preaching agasint deficit spending since the days of Reagan.

So, yes I did care then (and no I did not like Obama) and I care now. It is people like you that are the hypocrites, people that cared when it was Obama but changed their values as soon as an (R) got back into the White House.

That works for me. What do you want to cut? Social Security? Medicare? Medicaid? Farm subsidies? Green energy funding? Education? What specifically do you want to cut?

 

[Harpy Eagle]

That works for me. What do you want to cut? Social Security? Medicare? Medicaid? Farm subsidies? Green energy funding? Education? What specifically do you want to cut?

I would start with a 2.5 percent across the board cut every year for the next 5 years. That is from every department in the US Government to include the DOD.

Let the departments decide where to cut, they know where the waste and abuse is.

I would also immediately end the "use it or lose it next time" mentality that forces department to spend every dime given because they are afraid of losing it on the next budget. When I was in the Corps we would go "shopping" every September to make sure we spent every time, and starting in August I would have to schedule cross country flights for the pilots even if they did not need the flight time to spend every dime of our TAD and fuel money.

After those 5 years I would then start on more strategic cuts.

 

[Andylusion]

That works for me. What do you want to cut? Social Security? Medicare? Medicaid? Farm subsidies? Green energy funding? Education? What specifically do you want to cut?

I would start with a 2.5 percent across the board cut every year for the next 5 years. That is from every department in the US Government to include the DOD.

Let the departments decide where to cut, they know where the waste and abuse is.

I would also immediately end the "use it or lose it next time" mentality that forces department to spend every dime given because they are afraid of losing it on the next budget. When I was in the Corps we would go "shopping" every September to make sure we spent every time, and starting in August I would have to schedule cross country flights for the pilots even if they did not need the flight time to spend every dime of our TAD and fuel money.

After those 5 years I would then start on more strategic cuts.

What you experiences is true of every single government run anything. That is universally true. Every single department, is zero incentive to be frugal, because if you don't spend every dime the government gives you, then is both makes it impossible to make the case you need more money, and it gives critics the case that you don't need as much as you were given, because you the fact you didn't spend it, means you didn't need it.

The only reason you hear about waste in the corps, but not as much in any other government agency, is simply because of the people who know about it.

People that are in the FBI for example, are in the FBI for a career that will last a life time. They are not going to report waste, because they don't want to blow their promotion, or even risk losing their careers.

People in the military, are there, and then they leave. I've heard dozens of stories like your.

But the truth is, all government agencies operate this way. At the end of the fiscal year, they spend every dollar they have. You can't risk having money left over, and then something happens and you need more funding, and ignorant politicians go.... but you didn't even spend all the money from last year, so why do you need more?

Cutting defense is really risky. The problem with doing that, is if a conflict breaks out, and we need to intervene, the cost to setup a new weapons plant, is many times more expensive, than keeping an existing plant open.

The cost to setup a new Air Force base, is many times more expensive than maintaining an existing base.

I happen to go to an old air force base, that had been decommissioned under Clinton, and within 10 years, the entire field and runways were all completely unusable. If they ended up needing that base, it would cost millions of dollars in renovations, whereas if they had maintained it, it could have lasted decades longer. Just weeds alone, will destroy the runway, if no one seals it, and clears it.

Now I'm open to the idea we can cut the military.... but we need to be a little more thoughtful than just a blanket cut.

The pattern we've seen in history, is that we cut the military in the 70s, and then Reagan had to rebuild it which was very expensive. Then Clinton cut the military in the 90s, and Bush had to rebuild it, which was very expensive. Then Obama cut the military, and now Trump is rebuilding it.

It would have been cheaper and more cost effective, if we had just maintained a steady budget on the military, without cutting everything and having to rebuild it over and over.

 

[Fort Fun Indiana]

The growing resort to personal loans may also reflect the fact that living costs are rising faster than wages.

There is no "may" about it. When personal debt balloons as it is right now, that means that more and more people are putting groceries on the credit card.

 

[Oddball]

The personal debt bubble is growing and devouring Trump's fantasy land as the whole US economy is fueled by debt.

The borrowing public has decided that what is good for the goose is good for the Trumpist.

The growing resort to personal loans may also reflect the fact that living costs are rising faster than wages.

The budget is in deficit by $ 1trillion annually and growing, the Federal debt has grown by ~$ 2.3 trillion since Trump's inauguration.

The economy is fueled by debt which is buying imported foreign goods as the trade deficit is still rising despite being offset by growing oil and gas exports. US manufacturing and investment is down.

Donald Trump's fantasy land economy is a humungous debt bubble waiting for a prick. Is Donald Trump the prick?

The fastest-growing debt category in U.S. is not student loans or credit cards

The fastest-growing debt category in U.S. is not student loans or credit cards
PUBLISHED FRI, NOV 29 20199:16 AM ESTUPDATED FRI, NOV 29 201912:08 PM EST
Janet Alvarez

Personal loans are growing at an 11% annual clip, according to Experian, faster that student loan or credit card balances.

Borrowers with excellent credit can achieve savings by using personal loans for large projects, like home improvement.

Credit card debt can be consolidated into a personal loan, but origination fees, potentially high interest rates and lack of perks make this a less appealing option for borrowers with a lower credit score.

The fastest-growing debt category in U.S. is not student loans or credit cards
It’s the fastest-growing debt category in the country, but if you are thinking student loans or credit cards, you’re wrong.

Personal loan balances now exceed $300 billion, as of the second quarter of this year, according to Experian, a whopping 11% yearly increase. For good reason, too, as personal loans can help to consolidate credit card debt, or make funds available for major projects, such as a home remodeling effort. For many of us, the allure is hard to ignore, but personal loans do differ in some key ways from other types of credit you might use, such as credit cards. It’s important to understand the key differences before signing on the dotted line.

Interest rates vary dramatically
As compared to credit cards, personal loan interest rates can vary much more dramatically, according to research by ValuePenguin. In fact, some borrowers with excellent credit may qualify for loans with interest rates as low as 5% or 6% with some lenders. On the other hand, borrowers with poor credit may encounter rates higher than the average credit card, sometimes exceeding 30%. ...

Student debt is through the roof mainly because your beloved Mulatto Messiah nationalized the entirety of student lending, without any limits to it.....There will always be plenty of takers for free shit.

The first thing you liberoidal rubes need is a course in basic economics.

 

[Harpy Eagle]

That works for me. What do you want to cut? Social Security? Medicare? Medicaid? Farm subsidies? Green energy funding? Education? What specifically do you want to cut?

I would start with a 2.5 percent across the board cut every year for the next 5 years. That is from every department in the US Government to include the DOD.

Let the departments decide where to cut, they know where the waste and abuse is.

I would also immediately end the "use it or lose it next time" mentality that forces department to spend every dime given because they are afraid of losing it on the next budget. When I was in the Corps we would go "shopping" every September to make sure we spent every time, and starting in August I would have to schedule cross country flights for the pilots even if they did not need the flight time to spend every dime of our TAD and fuel money.

After those 5 years I would then start on more strategic cuts.

What you experiences is true of every single government run anything. That is universally true. Every single department, is zero incentive to be frugal, because if you don't spend every dime the government gives you, then is both makes it impossible to make the case you need more money, and it gives critics the case that you don't need as much as you were given, because you the fact you didn't spend it, means you didn't need it.

The only reason you hear about waste in the corps, but not as much in any other government agency, is simply because of the people who know about it.

People that are in the FBI for example, are in the FBI for a career that will last a life time. They are not going to report waste, because they don't want to blow their promotion, or even risk losing their careers.

People in the military, are there, and then they leave. I've heard dozens of stories like your.

But the truth is, all government agencies operate this way. At the end of the fiscal year, they spend every dollar they have. You can't risk having money left over, and then something happens and you need more funding, and ignorant politicians go.... but you didn't even spend all the money from last year, so why do you need more?

Cutting defense is really risky. The problem with doing that, is if a conflict breaks out, and we need to intervene, the cost to setup a new weapons plant, is many times more expensive, than keeping an existing plant open.

The cost to setup a new Air Force base, is many times more expensive than maintaining an existing base.

I happen to go to an old air force base, that had been decommissioned under Clinton, and within 10 years, the entire field and runways were all completely unusable. If they ended up needing that base, it would cost millions of dollars in renovations, whereas if they had maintained it, it could have lasted decades longer. Just weeds alone, will destroy the runway, if no one seals it, and clears it.

Now I'm open to the idea we can cut the military.... but we need to be a little more thoughtful than just a blanket cut.

The pattern we've seen in history, is that we cut the military in the 70s, and then Reagan had to rebuild it which was very expensive. Then Clinton cut the military in the 90s, and Bush had to rebuild it, which was very expensive. Then Obama cut the military, and now Trump is rebuilding it.

It would have been cheaper and more cost effective, if we had just maintained a steady budget on the military, without cutting everything and having to rebuild it over and over.

It would be even cheaper not to start decade long wars that are not needed and to not invade sovereign nations that were no threat to us.

Just a thought...

 

[Andylusion]

J

The personal debt bubble is growing and devouring Trump's fantasy land as the whole US economy is fueled by debt.

The borrowing public has decided that what is good for the goose is good for the Trumpist.

The growing resort to personal loans may also reflect the fact that living costs are rising faster than wages.

The budget is in deficit by $ 1trillion annually and growing, the Federal debt has grown by ~$ 2.3 trillion since Trump's inauguration.

The economy is fueled by debt which is buying imported foreign goods as the trade deficit is still rising despite being offset by growing oil and gas exports. US manufacturing and investment is down.

Donald Trump's fantasy land economy is a humungous debt bubble waiting for a prick. Is Donald Trump the prick?

The fastest-growing debt category in U.S. is not student loans or credit cards

The democrat House writes the Budget, so WTF is Nancy and the democrats doing about the budget deficit? <nothing but making it bigger>

Trump cut taxes for the wealthy which has had a big effect on tax revenue.

I agree 100% that the GOP should NOT have cut taxes on the top rate.
The other cuts, fine, but not the top rate.

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

You are the first person to actually give any indication as to how we should cut spending. I have asked this numerous times from everyone that complains about the deficit and always get crickets.

That being said I think that adding new taxes are going to punish a percentage of the people. Do away with frivolous spending first. We should not be giving away billions to help with abortions in South America, we should not be spending millions to study the sex habits of the frog. Pork projects (you have a carrier refitted in my state and I will have a road built in yours) needs to go.

We need to cover a $1.0T budget deficit. Foreign aid is only $55b. Defense and entitlements are the big "structural" or "mandatory spending" items, SS, Medicare, Medicaid, Welfare, and interest on the Debt. Which is why I say that we need another "Grace Commission" to take the "politics" out of it. Entitlements need major reforms, as does the "safety net", or the interest on the Debt will devour the entire budget when interest rates rise.
Taxes don't necessarily punish people, too much spending does. The economy is NOT going to "grow" enough to cover the tax cuts. That is just stupidity.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

Not to be nit picky... but I'm always irritated when people say things like "discretionary" and "mandatory" spending.

There is no difference between spending that is labeled "mandatory" and spending that is labeled "discretionary".

You know what they do to change how much is spent on NASA? They pass a bill to change it. You know how they change how much is spent on Welfare? They pass a bill.

There is zero difference between the two. We can pass a bill to change any of those things. There is nothing more, or less, mandatory, or more or less discretionary, about any of those things.

 

[Fort Fun Indiana]

verage

Student debt is through the roof mainly because your beloved Mulatto Messiah nationalized the entirety of student lending

Stupid, shameless lie. Student loan debt of the average graduate increased steadily until 2012, and has since leveled off. In other words, since the first student went into college under Obama's new rules, the EXACT OPPOSITE of that you say has happened.

Average Student Loan Debt By Year (Graduating Class)

Stupid, zero-hedge educated freaks...