Now that the table has turned, how will GOPer's react?

[BluesLegend]

Now that the table has turned, how will GOPer's react?

React to what, Nancy Pelosi's demand for a $500 billion dollar slush fund for states today?

 

[Toddsterpatriot]

I always found one of the more maddening, unfounded criticisms of Obama by GOPer's (now POTer's) to be about the debt accumulated during his presidency. It was typically done in such a way as to use the raw numbers to imply Obama was a profligate and reckless spender of tax payer money. What those accusations lacked was context. The context being Obama inherited an economy in free fall. Losing 600K jobs a month, credit markets nearly frozen, a housing market that had crashed, and the impact of the Great Bush Recession being felt around the world. Essentially, he was blamed for a calamity not of his making. Then he was blamed for a stubbornly sluggish recovery to due systemically slow growth (that still persists), the depth of the recession, the enduring effect on the rest of the world, and the Repub's sabotage.

Fast forward to Capt. Clorox's presidency. Before doing so let's stipulate we won't focus on the Grifter-in-Chief's budget busting tax cut that had the country headed for a $1T+ deficit before COVID landed on our shores.

Let's also stipulate we won't discuss President Sunshine's culpability for the severity of COVID's spread in the US and the damage done to the economy as a result.

Instead, let's just focus on this. "The federal budget deficit is projected to be $3.7 trillion."

CBO’s Current Projections of Output, Employment, and Interest Rates and a Preliminary Look at Federal Deficits for 2020 and 2021

CBO discusses its preliminary projections of key economic variables and its preliminary assessments of federal budget deficits and debt through 2021. The amounts include the effects of legislation enacted in response to the pandemic.

www.cbo.gov

So......I'm just wondering out loud how Trumpleheads would react if Dems used the $3.7T number, without context as GOPer's did, to make accusations like, "the King of Debt is responsible for smashing the record for the largest budget deficit in a single year by over $2T?"

Doesn't seem fair to you does it? Remember that the next time you make accusations about Obama's deficits.

let's stipulate we won't focus on the Grifter-in-Chief's budget busting tax cut

Budget busting tax cut? Sounds serious!!!

2016 federal receipts were $3.268 trillion.
How much lower were they in 2019?

What were you saying?

Budget deficit smashes $1 trillion mark, the highest in seven years

Budget deficit smashes $1 trillion mark, the highest in seven years

The total shortfall rose to nearly $1.07 trillion, thanks to a difference between revenue and expenses of more than $214.1 billion in August.

www.cnbc.com

The U.S. government’s red ink for fiscal 2019 swelled past the $1 trillion mark in August, the first time that level has been eclipsed in seven years, the Treasury Department reported Thursday.

2016 federal receipts were $3.268 trillion.
How much lower were they in 2019?

IOW, "hey........look at that shiny object over there."

So about that huge tax cut again...…....

During his presidential campaign, President Donald Trump promised economic growth that would easily take care of the tax cuts and new spending he planned. His 2017 tax break for corporations and individuals has helped contribute to a deficit that has grown from $584.6 billion in 2016.

Revenue has accelerated slightly in 2019 to about $280 billion a month, but so have expenditures, which are averaging $377 billion a month, or about $25 billion a month more than in 2018. Last year closed with a $779 billion deficit.

During his presidential campaign, President Donald Trump promised economic growth that would easily take care of the tax cuts and new spending he planned.

Yes, simply awful!

Revenue has accelerated slightly in 2019 to about $280 billion a month,

He cut taxes but revenue accelerated? How do accelerating revenues bust the budget?

LOL I like how you entirely skip over FY2018, the first year the tax cuts were implemented. Oh, this is why...

2009​	2,105​	-16.6%​
2010​	2,163​	2.7%​
2011​	2,303​	6.5%​
2012​	2,450​	6.4%​
2013​	2,775​	13.3%​
2014​	3,021​	8.9%​
2015​	3,250​	7.6%​
2016​	3,268​	0.6%​
2017​	3,316​	1.5%​
2018​	3,330​	0.4%​
2019​	3,464​	4.0%​

OMG!!!!

Trump had massive tax cuts.....and revenues were up in 2018.

Thanks! That really refuted my claim that tax cuts didn't bust the budget.

LOLOL

Despite millions of jobs added, revenues were up LESS than every fiscal year under Obama prior to his tax cuts.

Yup.

Even better... the biggest percentage increase we had since the Great Bush Recession was 13.3% in FY2013 -- the year Obama raised taxes. The worst increase we had over that same period was FY2018 -- the year Impeached Trump cut taxes.

Wow!

 

[bendog]

But the fed giving out loans to banks did not affect the deficit, which was the point of the OP. So you and gipper are out of bounds

The issue is whether the gop will now decry deficits that thanks to the Trump tax cuts for the 1% are more structural than under Obama … whom I didn't vote for btw, but he was the lesser devil to what we have now in terms of deficits

The Fed bailing out the big banks was exactly the wrong thing to do. It should have bailed out the citizens and depositors and let the banks fail.

Now there's fewer banks with more consolidated assets and power, and poorer and "homeless" citizens that were victims of that, thanks to taxpayer money bailing the banks out.

The Fed bailing out the big banks was exactly the wrong thing to do. It should have bailed out the citizens and depositors and let the banks fail.

That would have been awesome!!!!

Instead of profitable "bailouts" we'd have spent/lost hundreds of billions. Trillions?

Now there's fewer banks with more consolidated assets and power, and poorer and "homeless" citizens that were victims of that, thanks to taxpayer money bailing the banks out.

The taxpayer made money on the bank "bailouts".
Were you poorer and "homeless" because of TARP?
Please explain further.

Instead of insulting people, Todd, it might be in your interest to educate yourself to the differences between what the Fed does and fiscal stimulus.

 

[Toddsterpatriot]

But the fed giving out loans to banks did not affect the deficit, which was the point of the OP. So you and gipper are out of bounds

The issue is whether the gop will now decry deficits that thanks to the Trump tax cuts for the 1% are more structural than under Obama … whom I didn't vote for btw, but he was the lesser devil to what we have now in terms of deficits

The Fed bailing out the big banks was exactly the wrong thing to do. It should have bailed out the citizens and depositors and let the banks fail.

Now there's fewer banks with more consolidated assets and power, and poorer and "homeless" citizens that were victims of that, thanks to taxpayer money bailing the banks out.

The Fed bailing out the big banks was exactly the wrong thing to do. It should have bailed out the citizens and depositors and let the banks fail.

That would have been awesome!!!!

Instead of profitable "bailouts" we'd have spent/lost hundreds of billions. Trillions?

Now there's fewer banks with more consolidated assets and power, and poorer and "homeless" citizens that were victims of that, thanks to taxpayer money bailing the banks out.

The taxpayer made money on the bank "bailouts".
Were you poorer and "homeless" because of TARP?
Please explain further.

Instead of insulting people, Todd, it might be in your interest to educate yourself to the differences between what the Fed does and fiscal stimulus.

I'm not confused at all between fiscal and monetary policy.
Feel free to copy and paste what you're confused about concerning any of my posts.
I'm always happy to clear up your confusion.