It’s Not A Spending Problem. It’s A Revenue Problem

[JWBooth]

A long time Republican talking point on the budget is that we allegedly have a spending problem and don’t have a revenue problem. They have it exactly backwards. It’s time to fact check Republican gaslighting on spending and taxes.
The GOP is gaslighting us on spending when they claim that spending is allegedly out of control. Let’s look at the facts. Federal spending was 31.2 percent of GDP in 2020. Federal spending was 25.6 percent of GDP in 2022. Federal spending will be 24 percent of GDP under Biden’s budget. Spending is down significantly since Biden took office.

Bush was the only two term president in American history to preside over a decline in middle class incomes during his two terms as president. Moreover, at the time, Bush had the worst job creation record since Herbert Hoover.

The Trump jobs record was worse. In 2020, the U.S. economy lost a net 10 million jobs. Weekly unemployment claims between March and December 2020 exceeded the worst week of the 2008–09 recession. Trump left office after nearly 50 straight weeks of the worst job losses in American history. Trump was the first president since the Great Depression to leave office with fewer jobs in the country than when he was inaugurated.

Trump promised that the 2017 tax cuts would: 1. Deliver a $4,000 pay raise to the middle class; 2. Pay for themselves; 3. Kick off an investment boom; 4. Generate 6% GDP growth. 5. Generate more job growth.

None of this happened. Even before the pandemic, middle class incomes rose a paltry 1% adjusted for inflation; the deficit increased from $585 billion to $1 trillion; 85% of the tax cuts were spent on dividends and stock buybacks; there was no investment boom; GDP growth was no different than it was under Obama; and job growth declined by 20%. By Trump’s own criteria, the 2017 tax cuts were a failure.

It's Not A Spending Problem. It's A Revenue Problem.

A long time Republican talking point on the budget is that we allegedly have a spending problem and don’t have a revenue problem. They have it exactly backwards. It’s time to fact check Republican gaslighting on spending and taxes. The GOP is...

m.dailykos.com

Mod Edit - Deleted. Clean start

Daily kook, enough said.

 

[tahuyaman]

This is funny. In a time of the largest revenues in history, the idiots think it’s not a spending problem.

The fact is, government can never get enough. They would take it all if we let them.

 

[multivita-man]

That’s because of overspending. Not undertaxing.

Maybe it's both. If we know that we're going to spend X amount of nominal $, including debt service, then cutting taxes on wealthier tax payers is probably not the fiscally responsible thing to do.

 

[tahuyaman]

Maybe it's both. If we know that we're going to spend X amount of nominal $, including debt service, then cutting taxes on wealthier tax payers is probably not the fiscally responsible thing to do.

No one is undertaxed. The upper income people pay enough

 

[multivita-man]

No one is undertaxed. The upper income people pay enough

They have more than enough wealth to cover it. They also overconsume.

 

[Ordinary Guy]

Isn't that funny.

You're avoiding examining the actual facts.

You want me to accept the things you've been told to believe...

I say, lets do the math.

I accept things I have experienced, you are the programmed one as are all Biden supporters

 

[Dekster]

Wonder what the national revenue would look like if we just did away with deductions and credits and put everybody in the tax tables used for trusts. 10% on the first $2900.00 up to 37% for income over $14,450.00 roughly.

 

[Billiejeens]

Yes, let us look at the facts. Democrats overspend year after year, increasing the budget beyond our means. They then blame Republicans, who have to include Democrat overspending debt in the new budgets.

Now we have Democrats overspending at level never seen in history, spending a trillion dollars subsidizing private companies. Instead of just admitting the facts that they are wasting money choosing and spending money on businesses they like as if we live in a communist marxist economy, the democrats lie and try to blame anyone else, but themselves.

This

 

[Billiejeens]

Not really. The tax cut in 2017 was irresponsible and was already bad for the budget, and then the pandemic happened.

Factually false of course.

 

[Missouri_Mike]

A long time Republican talking point on the budget is that we allegedly have a spending problem and don’t have a revenue problem. They have it exactly backwards. It’s time to fact check Republican gaslighting on spending and taxes.
The GOP is gaslighting us on spending when they claim that spending is allegedly out of control. Let’s look at the facts. Federal spending was 31.2 percent of GDP in 2020. Federal spending was 25.6 percent of GDP in 2022. Federal spending will be 24 percent of GDP under Biden’s budget. Spending is down significantly since Biden took office.

Bush was the only two term president in American history to preside over a decline in middle class incomes during his two terms as president. Moreover, at the time, Bush had the worst job creation record since Herbert Hoover.

The Trump jobs record was worse. In 2020, the U.S. economy lost a net 10 million jobs. Weekly unemployment claims between March and December 2020 exceeded the worst week of the 2008–09 recession. Trump left office after nearly 50 straight weeks of the worst job losses in American history. Trump was the first president since the Great Depression to leave office with fewer jobs in the country than when he was inaugurated.

Trump promised that the 2017 tax cuts would: 1. Deliver a $4,000 pay raise to the middle class; 2. Pay for themselves; 3. Kick off an investment boom; 4. Generate 6% GDP growth. 5. Generate more job growth.

None of this happened. Even before the pandemic, middle class incomes rose a paltry 1% adjusted for inflation; the deficit increased from $585 billion to $1 trillion; 85% of the tax cuts were spent on dividends and stock buybacks; there was no investment boom; GDP growth was no different than it was under Obama; and job growth declined by 20%. By Trump’s own criteria, the 2017 tax cuts were a failure.

It's Not A Spending Problem. It's A Revenue Problem.

A long time Republican talking point on the budget is that we allegedly have a spending problem and don’t have a revenue problem. They have it exactly backwards. It’s time to fact check Republican gaslighting on spending and taxes. The GOP is...

m.dailykos.com

Mod Edit - Deleted. Clean start

So let me try to figure this out. The government isn’t spending too much to give you free shit, you aren’t paying them enough for your free shit. If you need more government free shit all you have to do is step up and pay them more… for your free shit.

It’s not that the government is giving out more free shit than they can’t afford. The problem is you aren’t paying enough for your free shit. Paying more means you can get more… for free.

 

[Staidhup]

Have you voted consistent with these feelings?

Yes, however with that said I refuse to vote for the better, or tolerable one, of two candidates just to cast a vote.

 

[struth]

A long time Republican talking point on the budget is that we allegedly have a spending problem and don’t have a revenue problem. They have it exactly backwards. It’s time to fact check Republican gaslighting on spending and taxes.
The GOP is gaslighting us on spending when they claim that spending is allegedly out of control. Let’s look at the facts. Federal spending was 31.2 percent of GDP in 2020. Federal spending was 25.6 percent of GDP in 2022. Federal spending will be 24 percent of GDP under Biden’s budget. Spending is down significantly since Biden took office.

Bush was the only two term president in American history to preside over a decline in middle class incomes during his two terms as president. Moreover, at the time, Bush had the worst job creation record since Herbert Hoover.

The Trump jobs record was worse. In 2020, the U.S. economy lost a net 10 million jobs. Weekly unemployment claims between March and December 2020 exceeded the worst week of the 2008–09 recession. Trump left office after nearly 50 straight weeks of the worst job losses in American history. Trump was the first president since the Great Depression to leave office with fewer jobs in the country than when he was inaugurated.

Trump promised that the 2017 tax cuts would: 1. Deliver a $4,000 pay raise to the middle class; 2. Pay for themselves; 3. Kick off an investment boom; 4. Generate 6% GDP growth. 5. Generate more job growth.

None of this happened. Even before the pandemic, middle class incomes rose a paltry 1% adjusted for inflation; the deficit increased from $585 billion to $1 trillion; 85% of the tax cuts were spent on dividends and stock buybacks; there was no investment boom; GDP growth was no different than it was under Obama; and job growth declined by 20%. By Trump’s own criteria, the 2017 tax cuts were a failure.

It's Not A Spending Problem. It's A Revenue Problem.

A long time Republican talking point on the budget is that we allegedly have a spending problem and don’t have a revenue problem. They have it exactly backwards. It’s time to fact check Republican gaslighting on spending and taxes. The GOP is...

m.dailykos.com

Mod Edit - Deleted. Clean start

we have had record revenues since the trump tax cuts on working america

try again.

 

[wamose]

Show evidence. What, no evidence, only empty attacks?

Right !!!!

Everyone knows (even you) that when you continually spend more money than you make, you're an irresponsible nincompoop.

 

[Sixties Fan]

Everyone knows (even you) that when you continually spend more money than you make, you're an irresponsible nincompoop.

In this country NOT paying the deficit on time, is what makes one a nincompoop. So much that one's rating goes down, and the interest goes up.

Just check what happened in 2011 when the Republicans would not raise the Debt, and the deficit was not paid in time.

Repeating what one hears is not the same as finding out what the facts are.

 

[wamose]

In this country NOT paying the deficit on time, is what makes one a nincompoop. So much that one's rating goes down, and the interest goes up.

Just check what happened in 2011 when the Republicans would not raise the Debt, and the deficit was not paid in time.

Repeating what one hears is not the same as finding out what the facts are.

And how did they put themselves in a position to default on our debt? By running up too much debt, that's how. You need to start thinking in terms of root causes, like your hero and genius VP, Kamala, does.

 

[Sixties Fan]

And how did they put themselves in a position to default on our debt? By running up too much debt, that's how. You need to start thinking in terms of root causes, like your hero and genius VP, Kamala, does.

There are no countries who do not borrow money from other countries.

The difference between a country like the USA and others like Italy and Greece which have gone bankrupt, is that the USA has money coming in in order to pay the deficit, which is the same as paying a mortgage.

You have no business, finance or economy background in order to understand how countries function. It is not the same as a personal or business loan.

When you study and learn about it, get back to me.

 

[2aguy]

A long time Republican talking point on the budget is that we allegedly have a spending problem and don’t have a revenue problem. They have it exactly backwards. It’s time to fact check Republican gaslighting on spending and taxes.
The GOP is gaslighting us on spending when they claim that spending is allegedly out of control. Let’s look at the facts. Federal spending was 31.2 percent of GDP in 2020. Federal spending was 25.6 percent of GDP in 2022. Federal spending will be 24 percent of GDP under Biden’s budget. Spending is down significantly since Biden took office.

Bush was the only two term president in American history to preside over a decline in middle class incomes during his two terms as president. Moreover, at the time, Bush had the worst job creation record since Herbert Hoover.

The Trump jobs record was worse. In 2020, the U.S. economy lost a net 10 million jobs. Weekly unemployment claims between March and December 2020 exceeded the worst week of the 2008–09 recession. Trump left office after nearly 50 straight weeks of the worst job losses in American history. Trump was the first president since the Great Depression to leave office with fewer jobs in the country than when he was inaugurated.

Trump promised that the 2017 tax cuts would: 1. Deliver a $4,000 pay raise to the middle class; 2. Pay for themselves; 3. Kick off an investment boom; 4. Generate 6% GDP growth. 5. Generate more job growth.

None of this happened. Even before the pandemic, middle class incomes rose a paltry 1% adjusted for inflation; the deficit increased from $585 billion to $1 trillion; 85% of the tax cuts were spent on dividends and stock buybacks; there was no investment boom; GDP growth was no different than it was under Obama; and job growth declined by 20%. By Trump’s own criteria, the 2017 tax cuts were a failure.

It's Not A Spending Problem. It's A Revenue Problem.

A long time Republican talking point on the budget is that we allegedly have a spending problem and don’t have a revenue problem. They have it exactly backwards. It’s time to fact check Republican gaslighting on spending and taxes. The GOP is...

m.dailykos.com

Mod Edit - Deleted. Clean start

No...it is a spending problem.......the politicians spend too much money, they steal too much money, they waste too much money......

We give them more tax dollars and they waste it and steal it.....

 

[2aguy]

Under trump the national debt rose and estimated 7.8 trillion and is rated as the third largest by any sitting president.

Tax cuts and the pandemic are a combination that does Make America Great Again. Both are on his watch.

Tax cut reduces what the government takes in. Pandemic increase government spending.;

The Donald says "We totally have it under control. Its just one person coming in from China. Its going to be fine."

Public debt U.S. 2023 | Statista

In September 2023, the national debt of the United States had risen up to 33.17 trillion U.S.

www.statista.com

No...tax cuts increase what the government gets because they stimulate economic growth......

 

[Sixties Fan]

And how did they put themselves in a position to default on our debt? By running up too much debt, that's how. You need to start thinking in terms of root causes, like your hero and genius VP, Kamala, does.

KEY TAKEAWAYS​

• Donald Trump is one of three presidents with the biggest budget deficits in history.
• The deficit topped $1 trillion in 2020.
• By 2022, under Joe Biden's administration, the deficit has declined to some $900 billion.
• The U.S. government has run a budget deficit for nearly all of the past 60 years.
• A president's influence over a budget deficit doesn't start until after the fiscal year ends (September 20) during their first year in office.

U.S. Presidents With the Largest Budget Deficits and How They Handled It

Here is a look at which presidents ran the largest federal budget deficits in U.S. history and why, from World War I through President Biden's administration.

www.investopedia.com

 

[AzogtheDefiler]

KEY TAKEAWAYS​

• Donald Trump is one of three presidents with the biggest budget deficits in history.
• The deficit topped $1 trillion in 2020.
• By 2022, under Joe Biden's administration, the deficit has declined to some $900 billion.
• The U.S. government has run a budget deficit for nearly all of the past 60 years.
• A president's influence over a budget deficit doesn't start until after the fiscal year ends (September 20) during their first year in office.

U.S. Presidents With the Largest Budget Deficits and How They Handled It

Here is a look at which presidents ran the largest federal budget deficits in U.S. history and why, from World War I through President Biden's administration.

www.investopedia.com

This cannot stand. The huge deficit spending started under GWB. His unnecessary war with Iraq, which filled the deep pockets of the likes of Cheney and publicly traded companies that supply the Military Industrial Complex with weapons and tech.

TARP was repaid but that mortgage crisis and the Great Recession put us further into debt. BHO stepped in with his quantitative easing and spent like a drunken sailor.

Trump came in and spent in order to upgrade the military. He said he would curb spending then COVID hit and we panicked with unnecessary lockdowns and paying Big Pharma billions for so called vaccines and paid people to sit home and collect.

In comes Quid Pro Joe, who sits by as a war happens in Ukraine, he at the same time declares war on Fossil Fuels and only a GOP led Congress keeps his spending somewhat in check and he is actually trying to implement the Green New Deal.

Both parties are responsible Golfing Gator is correct. Even TDS ridden sycophant Dont Taz Me Bro isnt blaming the Trump tax cuts, which did increase revenue and they doubled the standard deduction, that does help the lower and middle class. The OP was dead wrong but he isn’t as idiotic as some of the other posts from Trump haters here.

If you want to reduce the debt then we need to spend less than we take in. Taxing the rich isn’t the solution. They already pay way more than their “fair share”.

You need to cut entitlements. Increase the retirement age for those under 30 now to 72 in order to get full SS benefits. Curb Medicare and Medicaid fraud. Stop funding endless wars. Lower Govt pensions for Congress and their ilk. Most are millionaires and get their $$$ via insider trading tips.

It’s a voter problem not a party problem. Officials don’t elect themselves. Biden has what a 38% approval rating. He is a senile embarrassment.