I Don't Think You Guys Understand the Real Cause of the Deficit

[Toddsterpatriot]

First off, I don't assume that "government support is best". I recognize that there are some things that government does better and cheaper than private enterprise, which something that no Republican would ever admit. Health care and education being chief among them.

Republicans most definitely can and do crash the economy. Unfunded tax cuts, followed by extreme deficit spending to cover the negative fiscal impact of the tax cuts, have crashed the US economy in 1987, 2008, and 2020.

When the economy crashes, they're quick to bail out big corporate donors, but little to nothing for working Americans, the ones hit hardest by these crashes. Private profits, public losses.









Try looking at it another way.

Unfunded tax cuts,

That's not a thing. Unless you think 100% of the economy belongs to the government.

followed by extreme deficit spending to cover the negative fiscal impact of the tax cuts, have crashed the US economy in 1987, 2008, and 2020.

The US economy didn't crash in 1987.

Real Gross Domestic Product | FRED | St. Louis Fed

View the annual rate of economic output, or the inflation-adjusted value of all new goods and services produced by labor and property located in the U.S.

fred.stlouisfed.org

Unless you consider +3.0% Q1, +4.4% Q2, +3.5% Q3 and +7.0% Q4 real GDP growth
a "crash". Do you?

Historical Tables | OMB | The White House

To download the Historical Tables Introductory Text and Section notes as a PDF, click here (23 pages, 205 KB) Spreadsheets To download all Historical Tables in XLS format as a single ZIP file, click here (1 MB) Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789–2029...

www.whitehouse.gov

Awesome GDP growth, tax receipts increased 11% and the deficit dropped 32%.

 

[Woodznutz]

.


You only have to look at Toronto, which has been a white minority city for decades, to see what a vibrant, energetics and positive future you could have with mutual cooperative, multicultural population.

And they all speak English. Whyzat I wonder?

 

[Woodznutz]

On September 3, 2019, Brentin Mock, wrote an article on the Bloomberg.com CityLab website titled, “White Americans’ Hold on Wealth Is Old, Deep, and Nearly Unshakeable” based on a study done by McKinsey and Company called “The economic impact of closing the racial wealth gap.” In this study McKinsey and Company predicted a bleak future if current race based wealth inequality continues.

“It will end up costing the U.S. economy as much as $1 trillion between now and 2028 for the nation to maintain its longstanding black-white racial wealth gap, according to a report released this month from the global consultancy firm McKinsey & Company. That will be roughly 4 percent of the United States GDP in 2028—just the conservative view, assuming that the wealth growth rates of African Americans will outpace white wealth growth at its current clip of 3 percent to .8 percent annually, said McKinsey.

If the gap widens, however, with white wealth growing at a faster rate than black wealth instead, it could end up costing the U.S. $1.5 trillion or 6 percent of GDP according to the firm.”

White people have been building wealth for thousands of years, blacks here for only a few hundred. Of course there is disparity.

 

[Dragonlady]

And they all speak English. Whyzat I wonder?

Given that they don't all speak English, what's your point? Or do you even have one?

 

[Woodznutz]

Given that they don't all speak English, what's your point? Or do you even have one?

95 percent do, even while retaining their native languages. English long ago has replaced French as the language of business in the west. English (the white man's language) is the language of commerce and trade. Native languages are practiced mainly in the ghettos where those minorities gather themselves at the end of the day.

 

[Robert W]

First off, I don't assume that "government support is best". I recognize that there are some things that government does better and cheaper than private enterprise, which something that no Republican would ever admit. Health care and education being chief among them.

Republicans most definitely can and do crash the economy. Unfunded tax cuts, followed by extreme deficit spending to cover the negative fiscal impact of the tax cuts, have crashed the US economy in 1987, 2008, and 2020.

When the economy crashes, they're quick to bail out big corporate donors, but little to nothing for working Americans, the ones hit hardest by these crashes. Private profits, public losses.
Try looking at it another way.

Government by it's operations consumes money. And when it prints more currency, this is called inflation. Government potentially can do some things better such as raise a fleet and stock it with airplanes and invade countries. But in business it does way too much harm. Democrats in the Congress crashed the economy as to housing in 2008. Each crash has different players and reasons. You lumped them together. Carter who I blamed for the crash when he was president actually was not the cause then. But the public blamed him.

Who do you think funds the politicians? The system imposes limits on their fundraising. Corporations should work hand in hand with the Feds as the Corporations have the majority of experts. What you suggest is a bad economy is wanted by corporations yet nothing you present shows how.

Democrats have never at any time cured crashes in the economy. I believe if you had evidence you would have tried to provide it.

 

[LeroyDumonde]

There's one, and only one, thing that causes the deficit: The government spending more money than it takes in in revenues.

 

[Toddsterpatriot]

First off, I don't assume that "government support is best". I recognize that there are some things that government does better and cheaper than private enterprise, which something that no Republican would ever admit. Health care and education being chief among them.

Republicans most definitely can and do crash the economy. Unfunded tax cuts, followed by extreme deficit spending to cover the negative fiscal impact of the tax cuts, have crashed the US economy in 1987, 2008, and 2020.

When the economy crashes, they're quick to bail out big corporate donors, but little to nothing for working Americans, the ones hit hardest by these crashes. Private profits, public losses.









Try looking at it another way.

Unfunded tax cuts,

That's not a thing. Unless you think 100% of the economy belongs to the government.

followed by extreme deficit spending to cover the negative fiscal impact of the tax cuts, have crashed the US economy in 1987, 2008, and 2020.

The US economy didn't crash in 1987.

Real Gross Domestic Product | FRED | St. Louis Fed​

View the annual rate of economic output, or the inflation-adjusted value of all new goods and services produced by labor and property located in the U.S.
fred.stlouisfed.org

Unless you consider +3.0% Q1, +4.4% Q2, +3.5% Q3 and +7.0% Q4 real GDP growth
a "crash". Do you?

Historical Tables | OMB | The White House​

To download the Historical Tables Introductory Text and Section notes as a PDF, click here (23 pages, 205 KB) Spreadsheets To download all Historical Tables in XLS format as a single ZIP file, click here (1 MB) Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789–2029...

www.whitehouse.gov


Awesome GDP growth, tax receipts increased 11% and the deficit dropped 32%.

No response?

DURR

 

[Dragonlady]

Unfunded tax cuts,

That's not a thing. Unless you think 100% of the economy belongs to the government.

followed by extreme deficit spending to cover the negative fiscal impact of the tax cuts, have crashed the US economy in 1987, 2008, and 2020.

The US economy didn't crash in 1987.

Real Gross Domestic Product | FRED | St. Louis Fed​

View the annual rate of economic output, or the inflation-adjusted value of all new goods and services produced by labor and property located in the U.S.
fred.stlouisfed.org

Unless you consider +3.0% Q1, +4.4% Q2, +3.5% Q3 and +7.0% Q4 real GDP growth
a "crash". Do you?

Historical Tables | OMB | The White House​

To download the Historical Tables Introductory Text and Section notes as a PDF, click here (23 pages, 205 KB) Spreadsheets To download all Historical Tables in XLS format as a single ZIP file, click here (1 MB) Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789–2029...

www.whitehouse.gov


Awesome GDP growth, tax receipts increased 11% and the deficit dropped 32%.

No response?

DURR

Yes "unfunded tax cuts". If your budget isn't running a surplus equal to the tax cut, you need to cut spending an amount equivalent to the shortfall so that the tax cut doesn't create or increase the deficit.

Reagan cut taxes and he cut social spending as well and both the deficit and poverty levels rose as a result. The jobs and Reagan's big money spending was all defence related. Consumer spending was given a huge shot in the arm by credit card spending which became a thing in the late 1970's and early 80's.

Also, the tradition of "private profits, public losses" started with the Savings & Loan Scandal, where the federal government bailed out the depositors of the massive fraud schemes in publically trading bank stocks, while the perpetrators were mostly given wrist slaps.

At least when W cut taxes, the budget was balanced, and there was a small recession, but the out of control spending was for his war efforts post 9/11, and he used 9/11 as a further excuse to cut taxes while he kept the wars off the books so the American people had no idea of what it was all costing.

Republicans refused to bail out the American People. Can't give Obama anything to run onn. McConnell wanted them cut off unemployment insurance to force people back to work. Meanwhile Republicans bailed out Wall Street, the insurance industry, GM and Chrysler, and Fannie and Freddie, but they refused to give much needed economic help to working Americans, leaving them broke and unemployed.

Trump cut taxes during an economic boom, and while the deficit the highest in history, so that when covid hit he could neither cut taxes, nor increase spending further. Again, corporations were bailed out until Pelosi refused any more money for corporations thath did NOT include help for working American as well.

The stock market crashed in 1987. From the Federal Reserve. That's when Reagan admitted that cutting taxes was harmful and started raising taxes.

Stock Market Crash of 1987

Explore the Federal Reserve's history

www.federalreservehistory.org

 

[Toddsterpatriot]

Yes "unfunded tax cuts". If your budget isn't running a surplus equal to the tax cut, you need to cut spending an amount equivalent to the shortfall so that the tax cut doesn't create or increase the deficit.

Reagan cut taxes and he cut social spending as well and both the deficit and poverty levels rose as a result. The jobs and Reagan's big money spending was all defence related. Consumer spending was given a huge shot in the arm by credit card spending which became a thing in the late 1970's and early 80's.

Also, the tradition of "private profits, public losses" started with the Savings & Loan Scandal, where the federal government bailed out the depositors of the massive fraud schemes in publically trading bank stocks, while the perpetrators were mostly given wrist slaps.

At least when W cut taxes, the budget was balanced, and there was a small recession, but the out of control spending was for his war efforts post 9/11, and he used 9/11 as a further excuse to cut taxes while he kept the wars off the books so the American people had no idea of what it was all costing.

Republicans refused to bail out the American People. Can't give Obama anything to run onn. McConnell wanted them cut off unemployment insurance to force people back to work. Meanwhile Republicans bailed out Wall Street, the insurance industry, GM and Chrysler, and Fannie and Freddie, but they refused to give much needed economic help to working Americans, leaving them broke and unemployed.

Trump cut taxes during an economic boom, and while the deficit the highest in history, so that when covid hit he could neither cut taxes, nor increase spending further. Again, corporations were bailed out until Pelosi refused any more money for corporations thath did NOT include help for working American as well.




The stock market crashed in 1987. From the Federal Reserve. That's when Reagan admitted that cutting taxes was harmful and started raising taxes.

Stock Market Crash of 1987

Explore the Federal Reserve's history

www.federalreservehistory.org

Yes "unfunded tax cuts". If your budget isn't running a surplus equal to the tax cut, you need to cut spending an amount equivalent to the shortfall so that the tax cut doesn't create or increase the deficit.

So that's a law? Link?

Reagan cut taxes and he cut social spending as well and both the deficit and poverty levels rose as a result.

Don't forget the incredible economic growth and the end of stagflation.

Republicans refused to bail out the American People.

For what? When?

Meanwhile Republicans bailed out Wall Street,

Short term loans, repaid at a profit? That was awful!

GM and Chrysler,

Yeah, Obama's UAW handouts were big.

but they refused to give much needed economic help to working Americans, leaving them broke and unemployed.

What should they have done?

The stock market crashed in 1987. From the Federal Reserve.

You said the economy crashed. Were you lying or just stupid?

That's when Reagan admitted that cutting taxes was harmful and started raising taxes.

In 1988, the top rate dropped to 28%, liar.

 

[luiza]

IM 666 never comments from the perspective of blacks starting with an IQ disadvantage which makes everything they attempt that much harder on a group basis .

Nor having such a weak and undeveloped culture comparatively .

Huge natural disadvantages which they are so loth to see and admit .
But when highlighted are used to claim as being hate and unfounded prejudice .

 

[Dragonlady]

Yes "unfunded tax cuts". If your budget isn't running a surplus equal to the tax cut, you need to cut spending an amount equivalent to the shortfall so that the tax cut doesn't create or increase the deficit.

So that's a law? Link?

Reagan cut taxes and he cut social spending as well and both the deficit and poverty levels rose as a result.

Don't forget the incredible economic growth and the end of stagflation.

Republicans refused to bail out the American People.

For what? When?

Meanwhile Republicans bailed out Wall Street,

Short term loans, repaid at a profit? That was awful!

GM and Chrysler,

Yeah, Obama's UAW handouts were big.

but they refused to give much needed economic help to working Americans, leaving them broke and unemployed.

What should they have done?

The stock market crashed in 1987. From the Federal Reserve.

You said the economy crashed. Were you lying or just stupid?

That's when Reagan admitted that cutting taxes was harmful and started raising taxes.

In 1988, the top rate dropped to 28%, liar.

It's not a law. It's what I learned in Economics 101. These are the most basic fundamentals of economic management there are. Cut taxes in a recession to stimulate growth, increase taxes during an economic boom to cover the shortfalls, and fill in gaps in the social safety net.

 

[Robert W]

There's one, and only one, thing that causes the deficit: The government spending more money than it takes in in revenues.

FDR is the root of our problems. He introduced the idea that Government has a duty to manage the economy. Now Democrats want even climate managed. The spending will keep increasing a lot by electing Democrats.

 

[Stryder50]

“The persistent racial wealth gap in the United States is a burden on black Americans as well as the overall economy.” - The economic impact of closing the racial wealth gap, McKinsey and Company

"The racial wealth gap being closed will entail a 4 to 6 percent increase in the US GDP by 2028, McKinsey reports. This is an increase of $2,900 to $4,300 in GDP per capita. We see that closing this gap will not only promote equity, it will also prevent this gap from inhibiting the economic growth of the US."- The economic impact of closing the racial wealth gap, McKinsey and Company

In 2011, DEMOS did a study named “The Racial Wealth Gap, Why Policy Matters,” which discussed the racial wealth gap, its problems, and solutions and outcomes if the gap did not exist. DEMOS determined that policy decisions primarily drove the racial wealth gap in this study.

“The U.S. racial wealth gap is substantial and is driven by public policy decisions. According to our analysis of the SIPP data, in 2011 the median white household had $111,146 in wealth holdings, compared to just $7,113 for the median Black household and $8,348 for the median Latino household. From the continuing impact of redlining on American homeownership to the retreat from desegregation in public education, public policy has shaped these disparities, leaving them impossible to overcome without racially-aware policy change.” -DEMOS

On October 24, 2013, the Kellogg Foundation and Altarum Institute sent out a press release about a report they had done titled, “The Business Case for Racial Equity.” This was a study done by both organizations, using information studied and assessed from the Center for American Progress, National Urban League Policy Institute, Joint Center for Political and Economic Studies and the U.S. Department of Justice.

“Striving for racial equity – a world where race is no longer a factor in the distribution of opportunity – is a matter of social justice. But moving toward racial equity can generate significant economic returns as well. When people face barriers to achieving their full potential, the loss of talent, creativity, energy, and productivity is a burden not only for those disadvantaged, but for communities, businesses, governments, and the economy as a whole. Initial research on the magnitude of this burden in the United States (U.S.), as highlighted in this brief, reveals impacts in the trillions of dollars in lost earnings, avoidable public expenditures, and lost economic output.”
-The Kellogg Foundation and Altarum Institute

On September 3, 2019, Brentin Mock, wrote an article on the Bloomberg.com CityLab website titled, “White Americans’ Hold on Wealth Is Old, Deep, and Nearly Unshakeable” based on a study done by McKinsey and Company called “The economic impact of closing the racial wealth gap.” In this study McKinsey and Company predicted a bleak future if current race based wealth inequality continues.

“It will end up costing the U.S. economy as much as $1 trillion between now and 2028 for the nation to maintain its longstanding black-white racial wealth gap, according to a report released this month from the global consultancy firm McKinsey & Company. That will be roughly 4 percent of the United States GDP in 2028—just the conservative view, assuming that the wealth growth rates of African Americans will outpace white wealth growth at its current clip of 3 percent to .8 percent annually, said McKinsey.

If the gap widens, however, with white wealth growing at a faster rate than black wealth instead, it could end up costing the U.S. $1.5 trillion or 6 percent of GDP according to the firm.”

Groups like DEMOS, the Kellogg Foundation, Altarum Institute, Pew Research and others have done extensive research on the public policies that created these disparities. As we look at the numbers, we see what has caused our economic problem, and it’s not the loss of jobs by the white working class. The numbers show us that many of our national difficulties do not have to exist. Study after study shows that racism is costing America trillions of dollars. We hear all the rhetoric about debts and deficits by our elected officials. The federal government has basically spent more than what it’s taken in for most of the past 50 years. While we have been continually told over time that our deficit comes from entitlements or programs subsidizing people who don’t want to work, multiple studies show that the damage is self-inflicted. If the deficit is a matter of spending vs. revenue, the fact that racism exists in this country robs the government of the income necessary to stay away from deficits and debt. America has a debt of over 30 trillion dollars. Our debt is due to lost taxable income denied because of racism.

Ani Turner, The Business Case for Racial Equity,
https://altarum.org/sites/default/files/uploaded-publication-files/WKKellogg_Business-Case-Racial-Equity_National-Report_2018.pdf

Brentin Mock, “White Americans’ Hold on Wealth Is Old, Deep, and Nearly Unshakeable,” CITILAB, September 3, 2019,

Bloomberg - Are you a robot?

Dana M Peterson, Catherine L Mann, Closing the Racial Inequality Gaps, The Economic Cost of Black Inequality in the U.S., pg. 4,
Closing the Racial Inequality Gaps

The Economic Impact Of Closing The Racial Wealth Gap - CITI I/O

The United States is one of the world’s largest economic power and this is shown in the growth…

citi.io

https://www.mckinsey.com/~/media/McKinsey/Industries/Public%20and%20Social%20Sector/Our%20Insights/The%20economic%20impact%20of%20closing%20the%20racial%20wealth%20gap/The-economic-impact-of-closing-the-racial-wealth-gap-final.pdf#:~:text=By%20closing%20the%20racial%20wealth%20gap%2C%20the%20US,%242%2C900%E2%80%93%244%2C300%20in%20GDP%20per%20capita4%201%202018%20dollars.

It's clear you don't understand economics nor have a clue how such works.
Maybe you also don't understand the English language.

"Deficit" means spending more than you make, receive as revenue(taxes in case of guv'mint) and results in Debt.

To date, those falling for your "close racial inequality gap" do so using guv'mint funding, often resulting in deficit, increasing Debt.

 

[Robert W]

IM 666 never comments from the perspective of blacks starting with an IQ disadvantage which makes everything they attempt that much harder on a group basis .

Nor having such a weak and undeveloped culture comparatively .

Huge natural disadvantages which they are so loth to see and admit .
But when highlighted are used to claim as being hate and unfounded prejudice .

I watched a program on TV last night where a major problem created by blacks in Africa was worked on by a White from America who happened to be able to pour 100 million dollars into curing their problems. Mozambique was plagued by war by blacks killing blacks and wiping out animals to eat them. He started in 2008 to create a huge park and did so.

Man on a Mission: USU Graduate Greg Carr Has Spent the Past 20 Years Leading Restoration Efforts in Mozambique's Gorongosa National Park - Utah State Magazine

By Andrea DeHaan While most national and international feature stories about Greg Carr focus on his connections with Harvard and […]

utahstatemagazine.usu.edu

Carr’s office, which is housed in a renovated two-story house just east of downtown, sits a block away from the church where he attended preschool and is even closer to the former Carnegie Library he visited as a child that he helped transform into the Museum of Idaho in the early 2000s. Sitting on a couch dressed casually in a navy T-shirt and black joggers on this blustery autumn day, it’s clear the extremely wealthy 64-year-old is not concerned with putting on airs and feels entirely at home in the Gem State.

And yet, Carr (’82) admits that his “center of gravity is over there” in Mozambique, a place he spends upwards of eight months a year and has invested more than $100 million of his own money in an ambitious restoration project.

 

[Toddsterpatriot]

It's not a law. It's what I learned in Economics 101. These are the most basic fundamentals of economic management there are. Cut taxes in a recession to stimulate growth, increase taxes during an economic boom to cover the shortfalls, and fill in gaps in the social safety net.

It's not a law. It's what I learned in Economics 101.

Marxist economics?

 

[Dragonlady]

IM 666 never comments from the perspective of blacks starting with an IQ disadvantage which makes everything they attempt that much harder on a group basis .

Nor having such a weak and undeveloped culture comparatively .

Huge natural disadvantages which they are so loth to see and admit .
But when highlighted are used to claim as being hate and unfounded prejudice .

Well that's because black people have no IQ disadvantage when debating members of the Trump Cult. In fact, they aren't nearly gullible or stupid enough to vote for Trump.

It's not a law. It's what I learned in Economics 101.

Marxist economics?

It takes a special kind of stupid to believe there is such a thing as "marxist economics", but then you've never displayed any understanding of economics whatsoever.

Communism died in 1989. Try to keep up.

 

[Toddsterpatriot]

It takes a special kind of stupid to believe there is such a thing as "marxist economics",

There is this clown.

Richard David Wolff (born April 1, 1942) is an American Marxian economist known for his work on economic methodology and class analysis. He is a professor emeritus of economics at the University of Massachusetts Amherst and a visiting professor in the graduate program in international affairs of the New School. Wolff has also taught economics at Yale University, City University of New York, University of Utah, University of Paris I (Sorbonne), and The Brecht Forum in New York City.

In 1988 Wolff co-founded the journal Rethinking Marxism. In 2010 he published Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It, also released on DVD. In 2012 he released three new books: Occupy the Economy: Challenging Capitalism, with David Barsamian (San Francisco: City Lights Books), Contending Economic Theories: Neoclassical, Keynesian, and Marxian, with Stephen Resnick, and Democracy at Work (Chicago: Haymarket Books). In 2019 he released his book Understanding Marxism.[8]

Richard D. Wolff - Wikipedia

en.wikipedia.org

Several of our resident commies think he's brilliant.

but then you've never displayed any understanding of economics whatsoever.

More than you. Very low bar, I know.

Tell me again about the recession of 1987 and Reagan raising taxes after it. DURR

 

[Woodznutz]

"If you want to become a millionaire and all you can save today is one dollar, you are one dollar closer to your goal." -Dolly Parton

 

[Dragonlady]

IM 666 never comments from the perspective of blacks starting with an IQ disadvantage which makes everything they attempt that much harder on a group basis .

Nor having such a weak and undeveloped culture comparatively .

Huge natural disadvantages which they are so loth to see and admit .
But when highlighted are used to claim as being hate and unfounded prejudice .

Well that's because black people have no IQ disadvantage when debating members of the Trump Cult.

FDR is the root of our problems. He introduced the idea that Government has a duty to manage the economy. Now Democrats want even climate managed. The spending will keep increasing a lot by electing Democrats.

The government has ALWAYS managed the economy. It's the basic function of the government - to manage the national resources to the benefit of the people.

There is this clown.

Richard David Wolff (born April 1, 1942) is an American Marxian economist known for his work on economic methodology and class analysis. He is a professor emeritus of economics at the University of Massachusetts Amherst and a visiting professor in the graduate program in international affairs of the New School. Wolff has also taught economics at Yale University, City University of New York, University of Utah, University of Paris I (Sorbonne), and The Brecht Forum in New York City.

In 1988 Wolff co-founded the journal Rethinking Marxism. In 2010 he published Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It, also released on DVD. In 2012 he released three new books: Occupy the Economy: Challenging Capitalism, with David Barsamian (San Francisco: City Lights Books), Contending Economic Theories: Neoclassical, Keynesian, and Marxian, with Stephen Resnick, and Democracy at Work (Chicago: Haymarket Books). In 2019 he released his book Understanding Marxism.[8]

Richard D. Wolff - Wikipedia

en.wikipedia.org

Several of our resident commies think he's brilliant.



More than you. Very low bar, I know.

Tell me again about the recession of 1987 and Reagan raising taxes after it. DURR

I guess you didn't read the links I posted. You post your drivel completely unsupported, refuse to read links provided, and then wallow in your false information. One more time:

Black Monday: The Improbable Crash, Its Causes, And Timeless Lessons For Investors

On October 19, 1987, the stock market crashed 23%. What caused the crash and what does it teach us about investing?

www.forbes.com