Federal Spending Is Beyond Insane

[Lesh]

You aren't paying attention then. It is a problem that is going to be a huge problem.

You think we can't afford to pay the interest on the debt?

Do you even know how much that is?

 

[pknopp]

You think we can't afford to pay the interest on the debt?

Do you even know how much that is?

Pay attention to what is going on in the world. The rest of the world is already undermining the dollar as the world currency. We would then be Venezuela,

 

[Brain357]

As have the Democrats. Don't forget, Obama extended the Bush tax cuts and the deficit continued to rise. Your article even notes that the Democrats have no real stomach to actually raise taxes. The deficit continues to get bigger.

Obama had a mess to clean up. Deficits declined almost every year he was in office.

 

[Brain357]

You think we can't afford to pay the interest on the debt?

Do you even know how much that is?

Wait till the interest rate increases…

 

[PinktheFloyd88]

People would care about spending if taxes went up. Repubs cut taxes making more spending guaranteed.

Well said.

 

[Lesh]

As have the Democrats. Don't forget, Obama extended the Bush tax cuts and the deficit continued to rise. Your article even notes that the Democrats have no real stomach to actually raise taxes. The deficit continues to get bigger.

You don't have a clue as to what you are talking about

US Budget Deficit by Year Compared to GDP, Debt, and Events

The federal budget deficit rises when government spending is high, such as during wars or recessions. Budget deficits cause the national debt to grow.

www.thebalance.com

The deficit DROPPED in 2021 and dropped in 5 of Obama's 8 years

 

[pknopp]

Obama had a mess to clean up. Deficits declined almost every year he was in office.

A mess that should have been addressed by taxing those who created it.

 

[BluesLegend]

Federal Spending Is Beyond Insane​

Fully agree

 

[pknopp]

You don't have a clue a to what you are talking about

US Budget Deficit by Year Compared to GDP, Debt, and Events

The federal budget deficit rises when government spending is high, such as during wars or recessions. Budget deficits cause the national debt to grow.

www.thebalance.com

The deficit DROPPED in 2021 and dropped in 5 of Obama's 8 years

A deficit is still a deficit. The deficit in certain years was completely unsustainable politically and otherwise. You can only serve the corporations so much before the people turn on you.

 

[Lesh]

You don't have a clue as to what you are talking about

US Budget Deficit by Year Compared to GDP, Debt, and Events

The federal budget deficit rises when government spending is high, such as during wars or recessions. Budget deficits cause the national debt to grow.

www.thebalance.com

The deficit DROPPED in 2021 and dropped in 5 of Obama's 8 years

It also dropped in EACH of Clinton's 8 years

And increased in EACH of Trump's 4 years

Hell even Bush the Lesser had deficit decreases in 3 of his 8 years

 

[pknopp]

It also dropped in EACH of Clinton's 8 years

Clinton was in it for the nookie. He wasn't all that interested in serving the corporate masters.

 

[Lesh]

Clinton was in it for the nookie. He wasn't all that interested in serving the corporate masters.

You've reduced yourself to babbling

 

[CrusaderFrank]

Funny, our spending as a percentage of our GDP is right about where first world countries fall. Kind of middle of the pack.

But our tax revenue, as a percentage of our GDP? Embarrassing and pathetic.

You are looking at the wrong side of the books.

From each according to the means....

 

[imawhosure]

During his State of the Union address on Tuesday, Biden made the following statement:

By the end of this year, the deficit will be down to less than half what it was before I took office.

The only president ever to cut the deficit by more than one trillion dollars in a single year.

That sounds great..until you realize the fricking deficit is still in the stratosphere.

The federal deficit skyrocketed to $3.132 trillion in Trump's last year in office. So even if Biden got the deficit down to half that amount, it would still be $1.5 trillion!

Not even in Obama's worst year was it that high.

]

I really don't see anything for Biden to brag about.

I realize it will take time to reduce the deficit down to what Trump inherited when he took office. Trump inherited a half trillion dollar deficit and set about doubling that in his first two years when he and the GOP had full control.

If Biden is able to achieve getting the deficit down to half a trillion in four years, then I will be impressed. Though it took Obama eight years to go from one trillion to half a trillion. Biden has a much bigger mountain to climb.

Sources for this topic:

Remarks of President Joe Biden – State of the Union Address As Prepared for Delivery | The White House

United States Capitol Madam Speaker, Madam Vice President, our First Lady and Second Gentleman. Members of Congress and the Cabinet. Justices of the Supreme Court. My fellow Americans. Last year COVID-19 kept us apart. This year we are finally together again. Tonight, we meet as Democrats...

www.whitehouse.gov

Fiscal Data Explains the National Deficit

Check out @FiscalService Fiscal Data’s new national deficit page! #NationalDeficit

datalab.usaspending.gov

US Budget Deficit by Year Compared to GDP, Debt, and Events

The federal budget deficit rises when government spending is high, such as during wars or recessions. Budget deficits cause the national debt to grow.

www.thebalance.com

I usually do not agree with you, but on this topic, you have me as a fan.

What our politicians are doing, is demonetizing the debt. It is a dirty little secret that they use, and it hurts middle class Americans and the working poor the most. Many pieces have been written on this almost all available on the internet. At 1st, it was thought of as maybe a decent idea, IF the politicians could quit spending money. But as we both know, they can't/won't! All they had to do was quit making new programs, and readjust SS and Medicare to make it work long term. They wouldn't do that either, and so here we are.

 

[Brain357]

A deficit is still a deficit. The deficit in certain years was completely unsustainable politically and otherwise. You can only serve the corporations so much before the people turn on you.

The people will only turn when taxes increase.

 

[BrokeLoser]

We have a worker shortage.

hahaha…how short on illiterate, non-english speaking thirdworlders are we…how many weed pullers do we need?
Do you have the data?

 

[pknopp]

You've reduced yourself to babbling

Which is about the same as condemning what you support otherwise.

 

[pknopp]

The people will only turn when taxes increase.

Which is why it won't be done even though the deficit continues to grow.

 

[Toddsterpatriot]

we pay ONLY the interest on the debt and as long as we can do that there really IS no problem

Every time a bill, note or bond matures, we pay the principal.

 

[bendog]

I agree, but to me it's more a pox on both parties, literally. Although if Trump were dead and buried and not a candidate or in the news, I might actually be defending the gop. I've had a sort of "mini-epiphany here" in expectation of Easter, maybe.

But Cheney said "deficits don't matter, Reagan taught us that." I've been pissed at that comment for years, but Trump and the Progressives have taught me what maybe Cheney got right. For over 30 years we wondered where inflation had gone. And surprisingly to me, we had supply side tax cuts where the very rich got windfalls, and we workers got a little

Historical Average Federal Tax Rates for All Households

Average federal tax rates for all households, by comprehensive household income quintile.

www.taxpolicycenter.org

deficits went up, but no so much in terms of debt/gnp% ...... until Both of the Bush'es recessions.

Debt to GDP Ratio Historical Chart

Each time a D got elected - Slick then Obama - deficits either actually went down or at least stabilized. And we had growth too, btw.

But we didn't have inflation even while the GOP was "hitting it out of the park."

But then came the progressives for the first time since 1980. We had to "give money to the people" (Bernie accent)

So much for paying for social security medicare and obamacare. WE gotta give people money!