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

[Rambunctious]

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

We tried that for 8 wasted years.....it didn't work....go buzz a pond someplace....Dragonfly

 

[Rambunctious]

Like I said, Trump was elected on third base and you hypocrites think he hit a triple

I pity people like you.....I really do....

 

[Dragonlady]

Again:

and if I hear one more prog bring up the deficit after what Obama did to it I'm going to explode....Obama added 10 Trillion to the deficit and not one lib said a word....

Blamed every penny on Obama. No mention of the Republican Congress.

And the dumb shit doesn't know the difference between deficits and debt.

What do you expect from a Russian troll? They don’t know shit about North American economics.

 

[Dana7360]

Wait a minute...................didn't Trump and his cronies say that the growth wasn't just a one time thing, but rather something that was sustainable and would last a long time?

Did he lie again?

Of course he lied again.

That high GDP was the result of ordering large amounts of products before tariffs started. So nations like China were buying larger amounts of things before the tariffs started.

That high GDP for the second quarter wasn't an honest representation of our economy.

 

[sartre play]

Be nice no matter who you think is to blame if at least some one would admit that things are not getting better for your average working person.

 

[g5000]

It's called misdirection. The propagandists tell the parroting rubes that "tax cuts raise revnues" without telling them that tax hikes have also increased revenues. They know the rubes will never look for themselves, that they are incapable of critical thinking after being deliberately dumbed down to the intellectual bandwidth of a bumper sticker.

Their propagandists perform this misdirection to keep the rubes from looking at Trump's deficits, after those very same propagandists got them all hot and bothered for eight years over deficits when Obama was in office.

The reason the rubes' heads don't explode from cognitive dissonance is because they have surrendered their logic and reason to their masters.

They are pathetic submissives, parroting what they are told to parrot, bleeving what they are told to bleev.

 

[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.

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.

/——-/ Letting people keep more of their own money isn’t a tax giveaway. Pay your own way you leech.

 

[g5000]

Your tax cuts can't hide the fact Trump is making the hole deeper than ever. That is not good for the economy. In fact, it is a direct threat to the security of our country.

At least that's what the Heritage Foundation was saying when Obama was doing it!

Heritage Foundation: The Many Real Dangers of Soaring National Debt

Recent and projected growth in U.S. government debt poses a serious hazard to the nation. At a minimum, high levels of government debt mean substantial government resources must go toward servicing debt—to pay interest. Further, theory indicates and a growing body of research suggests a consistent relationship between high levels of government debt relative to the size of the economy and abnormally high interest rates consistent with lower levels of domestic investment.



Heritage Foundation: High Debt Is a Real Drag

Three teams of economists have separately shown that high government debt has a negative effect on long-term economic growth. When government debt grows, private investment shrinks, lowering future growth and future wages.

Estimates across advanced economies show that debt drag reaches large and statistically significant levels as debt grows, with the worst effects occurring after debt reaches 90 percent of gross domestic product (GDP). With U.S. federal, state, and local government debt at 84 percent of GDP and rising, policymakers should begin taking debt drag into account when considering new deficit spending.

 

[Rambunctious]

It's called misdirection. The propagandists tell the parroting rubes that "tax cuts raise revnues" without telling them that tax hikes have also increased revenues. They know the rubes will never look for themselves, that they are incapable of critical thinking after being deliberately dumbed down to the intellectual bandwidth of a bumper sticker.

Their propagandists perform this misdirection to keep the rubes from looking at Trump's deficits, after those very same propagandists got them all hot and bothered for eight years over deficits when Obama was in office.

The reason the rubes' heads don't explode from cognitive dissonance is because they have surrendered their logic and reason to their masters.

They are pathetic submissives, parroting what they are told to parrot, bleeving what they are told to bleev.

Excellent description of the left wing nut news media....they sure have your number....

 

[g5000]

Now about that fake Trump tax cut:

https://www.c-span.org/video/?44387...ies-budget-economic-outlook-report&start=3099

Go to 50:00. The CBO Director admits 80 percent of the income generated by the GOP tax "reform" goes to foreigners.

 

[g5000]

We see the pseudocons acknowledging they are Keynesians. They claim Trump's tax cut, which adds $1.5 trillion of debt onto the backs of our children, is economic stimulus!

Isn't that amazing?

And people scoffed when I said Trump would lead the pseudocons into the far left camp.

GOP tax law will add $1.9 trillion to debt: CBO

 

[Kosh]

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.

Once again the far left proves why they should not be in charge of anything.

So how many of those rich people are far left or even left leaning?

 

[Kosh]

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

Like I said, Trump was elected on third base and you hypocrites think he hit a triple.

Silly far left drones do not understand what happened..

 

[g5000]

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

Like I said, Trump was elected on third base and you hypocrites think he hit a triple.

Silly far left drones do not understand what happened..

It's a shame you have a ten word vocabulary.

Sad.

 

[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.

 

[Kosh]

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

Like I said, Trump was elected on third base and you hypocrites think he hit a triple.

Silly far left drones do not understand what happened..

It's a shame you have a ten word vocabulary.

Sad.

And you have shown you can post all the words you like and still say nothing!

Just like all far left drones, they only have debunked narratives.

 

[McRocket]

since 1975 RW's have dissed the CBO - of course their crystal ball is more accurate than any non partisan think tank ........

Their predictions are always wrong number 7....they are used for news making and mind changing only....think about it....congressional...who besides progs hates Trump more than the swamp?....

That is twice you have said that - in a matter-of-fact manner, both times.

Where is your link to unbiased, factual proof of this statement.
I guarantee that you cannot provide one (assuming you don't mean some childish and nonsensical notion that they have to get it right to the penny to be considered 'right'). In which case - your statement is near-meaningless wishful-thinking.

And here is more evidence that they do get it 'right' sometimes.

America’s Bitter Pill: CBO was Right. The White House and Steven Brill Were Wrong. | THCB

The Accuracy of CBO’s Budget Projections | Congressional Budget Office

Obama Administration Finally Admits CBO Was Right (Update) | Questions and Observations

 

[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.

 

[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.

 

[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!