A fiscal perfect storm is brewing

[KLATTU]

Whoever Wins in 2024 Faces a Fiscal Perfect Storm | National Review

And we’ll need a sober, competent, fiscally conservative administration to get the country through this potential disaster.

www.nationalreview.com

• The individual provisions of the Tax Cuts and Jobs Act expire.
• So does the suspension of the income limit on Obamacare subsidies.
• So does a bunch of contract authority from the bipartisan infrastructure law.
• So does supplemental state- and local-government funding from the pandemic years.
• So do the discretionary-spending caps from this year’s debt-ceiling deal.
• And Congress will need to raise the debt ceiling again.
• And fund the military, anti-poverty programs, education, transportation, and all the other stuff it normally funds.
• And entitlements continue on autopilot with both parties promising not to reform them.
• And interest rates are higher so borrowing is less affordable than it used to

It’ll be a fiscal perfect storm, and it’s due to strike in the first year of the next presidential administration. It would be really nice to have a sober, details-oriented, highly competent, fiscally conservative president who can hire sober, details-oriented, highly competent, fiscally conservative advisers and cabinet secretaries to help get the country through this potential disaster."

A sober fiscal conservative does not exist in the Democrat party. It's all spenig i good...more spending is better.....even more spending is even better.
Trump is neither competent, nor fiscally conservative. Among many other thing that disqualify him for any office.
This is an opening for Desantis.

 

[Loulit01]

This is an opening for Desantis.

Only fascism can save us!

 

[US&THEM]

Whoever Wins in 2024 Faces a Fiscal Perfect Storm | National Review

And we’ll need a sober, competent, fiscally conservative administration to get the country through this potential disaster.

www.nationalreview.com

• The individual provisions of the Tax Cuts and Jobs Act expire.
• So does the suspension of the income limit on Obamacare subsidies.
• So does a bunch of contract authority from the bipartisan infrastructure law.
• So does supplemental state- and local-government funding from the pandemic years.
• So do the discretionary-spending caps from this year’s debt-ceiling deal.
• And Congress will need to raise the debt ceiling again.
• And fund the military, anti-poverty programs, education, transportation, and all the other stuff it normally funds.
• And entitlements continue on autopilot with both parties promising not to reform them.
• And interest rates are higher so borrowing is less affordable than it used to

It’ll be a fiscal perfect storm, and it’s due to strike in the first year of the next presidential administration. It would be really nice to have a sober, details-oriented, highly competent, fiscally conservative president who can hire sober, details-oriented, highly competent, fiscally conservative advisers and cabinet secretaries to help get the country through this potential disaster."

A sober fiscal conservative does not exist in the Democrat party. It's all spenig i good...more spending is better.....even more spending is even better.
Trump is neither competent, nor fiscally conservative. Among many other thing that disqualify him for any office.
This is an opening for Desantis.

Gee let’s look at our nation’s history and how the Conservative Presidents have done. One word DEBT. Reality isn’t fun for you guys at all.

 

[The Stars Tremble]

Whoever Wins in 2024 Faces a Fiscal Perfect Storm | National Review

And we’ll need a sober, competent, fiscally conservative administration to get the country through this potential disaster.

www.nationalreview.com

• The individual provisions of the Tax Cuts and Jobs Act expire.

It’ll be a fiscal perfect storm

Except no. Taxes going back up would improve the fiscal position.

Economic growth, consumer spending, unemployment are all trending well. If inflation is back in the box by 2025, that would be a perfect time to improve the fiscals by raising taxes.

Of course, to Republicans it's NEVER the right time to raise taxes. Maybe they should have thought of that before passing tax cuts with an expiry date.

 

[Loulit01]

Except no. Taxes going back up would improve the fiscal position.

Economic growth, consumer spending, unemployment are all trending well. If inflation is back in the box by 2025, that would be a perfect time to improve the fiscals by raising taxes.

Of course, to Republicans it's NEVER the right time to raise taxes. Maybe they should have thought of that before passing tax cuts with an expiry date.

Or we could just repeal Trump's tax cuts for corporations and the rich.

 

[BirdinHand]

It would be really nice to have a sober, details-oriented, highly competent, fiscally conservative president who can hire sober, details-oriented, highly competent, fiscally conservative advisers and cabinet secretaries to help get the country through this potential disaster."

Or…you know…discuss who actually controls the budget.

And that isn’t the POTUS.

What would be nice to elect responsible legislators to Congress who actually focus on their jobs as legislators.

And have those legislators Raise taxes on the wealthiest and corporations.

 

[The Stars Tremble]

Or we could just repeal Trump's tax cute for corporations and the rich.

Point is, it expires without any need to repeal it. Republicans did not have a supermajority in the Senate, so they passed their tax cuts using the Byrd Rule. That requires that any spending/taxing legislation (notionally the Budget) not increase deficits over a term of ten years. So they wrote it to expire after 8 years.

By the way, the Bush II tax cuts were the same. When they expired, Obama's Democrats renewed some but not all of them.

I'm pretty sure the filibuster will be written out of the rules, whoever wins next year. It's a relic of lost bipartisanship, and only makes the unrepresentative chamber less responsive to voter intentions. Good riddance to it.

 

[Loulit01]

Or…you know…discuss who actually controls the budget.

And that isn’t the POTUS.

What would be nice to elect responsible legislators to Congress who actually focus on their jobs as legislators.

Raise taxes on the wealthiest and corporations.

But what about Hunter's laptop? And we need to impeach Joe for... something.

 

[BirdinHand]

But what about Hunter's laptop? And we need to impeach Joe for... something.

Yeah, this current House is a damn circus. They need to go.

 

[Loulit01]

Point is, it expires without any need to repeal it.

Yeah, no.

• When 2025 draws to a close, so will many of the sweeping Trump-era GOP tax breaks established by the Tax Cuts and Jobs Act (TCJA) of 2017. While the legislation made some tax cuts to corporate profit permanent, lowered individual tax rates will expire on Dec. 31, 2025, and will revert to pre-TCJA levels.

The capital gains tax cut doesn't expire.

Republicans did not have a supermajority in the Senate, so they passed their tax cuts using the Byrd Rule. That requires that any spending/taxing legislation (notionally the Budget) not increase deficits over a term of ten years. So they wrote it to expire after 8 years.

I'm pretty sure the filibuster will be written out of the rules, whoever wins next year. It's a relic of lost bipartisanship, and only makes the unrepresentative chamber less responsive to voter intentions. Good riddance to it.

 

[BlueTex]

Whoever Wins in 2024 Faces a Fiscal Perfect Storm | National Review

And we’ll need a sober, competent, fiscally conservative administration to get the country through this potential disaster.

www.nationalreview.com

• The individual provisions of the Tax Cuts and Jobs Act expire.
• So does the suspension of the income limit on Obamacare subsidies.
• So does a bunch of contract authority from the bipartisan infrastructure law.
• So does supplemental state- and local-government funding from the pandemic years.
• So do the discretionary-spending caps from this year’s debt-ceiling deal.
• And Congress will need to raise the debt ceiling again.
• And fund the military, anti-poverty programs, education, transportation, and all the other stuff it normally funds.
• And entitlements continue on autopilot with both parties promising not to reform them.
• And interest rates are higher so borrowing is less affordable than it used to

It’ll be a fiscal perfect storm, and it’s due to strike in the first year of the next presidential administration. It would be really nice to have a sober, details-oriented, highly competent, fiscally conservative president who can hire sober, details-oriented, highly competent, fiscally conservative advisers and cabinet secretaries to help get the country through this potential disaster."

A sober fiscal conservative does not exist in the Democrat party. It's all spenig i good...more spending is better.....even more spending is even better.
Trump is neither competent, nor fiscally conservative. Among many other thing that disqualify him for any office.
This is an opening for Desantis.

Who? Is Desantis even still around?

 

[The Stars Tremble]

Or…you know…discuss who actually controls the budget.

And that isn’t the POTUS.

What would be nice to elect responsible legislators to Congress who actually focus on their jobs as legislators.

And have those legislators Raise taxes on the wealthiest and corporations.

The design of the Federal government (and almost all State governments) is inherently conservative. Deadlock is a feature, not a bug.

With only the Parliament of Revolutionary France, and the limited Parliament of Great Britain, as learning examples, it probably seemed wise to have a balance of powers. State representatives appointed every six years, people's regional representatives elected every two years, and a President elected every four years. That's a guard against populism, and of course a guarantee of state powers (since revoked). But they didn't consider the role of the President in public opinion! The President gets all the attention. Voters react against the President, at mid-terms, and the Senate is on average 3 or 4 years behind. The overall pattern is deadlock, relieved every 8 years by the election of a new President.

Is it really good government, which represents the people only two years out of eight? And for the other six years, lumbers like a zombie, railing against legislation it can't repeal?

Limiting government, by design, is practically the same thing as limiting the power of the people to express their wishes through government. Actual populism is preferable, because on a time scale of two to four years (most Parliamentary systems) the People actually learn from their mistakes. Their mistakes are not obfuscated by an arcane system intended to limit their power.

 

[The Stars Tremble]

Yeah, no.

• When 2025 draws to a close, so will many of the sweeping Trump-era GOP tax breaks established by the Tax Cuts and Jobs Act (TCJA) of 2017. While the legislation made some tax cuts to corporate profit permanent, lowered individual tax rates will expire on Dec. 31, 2025, and will revert to pre-TCJA levels.

The capital gains tax cut doesn't expire.

Some of TCJA does expire, you must admit.

 

[Loulit01]

The design of the Federal government (and almost all State governments) is inherently conservative. Deadlock is a feature, not a bug.

With only the Parliament of Revolutionary France, and the limited Parliament of Great Britain, as learning examples, it probably seemed wise to have a balance of powers. State representatives appointed every six years, people's regional representatives elected every two years, and a President elected every four years. That's a guard against populism, and of course a guarantee of state powers (since revoked). But they didn't consider the role of the President in public opinion! The President gets all the attention. Voters react against the President, at mid-terms, and the Senate is on average 4 years behind. The overall pattern is deadlock, relieved every 8 years by the election of a new President.

Is it really good government, which represents the people only two years out of eight? And for the other six years, lumbers like a zombie, railing against legislation it can't repeal?

Limiting government, by design, is practically the same thing as limiting the power of the people to express their wishes through government. Actual populism is preferable, because on a time scale of two to four years (most Parliamentary systems) the People actually learn from their mistakes. Their mistakes are not obfuscated by an arcane system intended to limit their power.

Term limits now!

 

[KLATTU]

Or…you know…discuss who actually controls the budget.

And that isn’t the POTUS.

What would be nice to elect responsible legislators to Congress who actually focus on their jobs as legislators.

And have those legislators Raise taxes on the wealthiest and corporations.

it would be. But I don't see that happening.

Taxes need to be raised-it's unavoidable. I just wish the Dems would be honest about why they are doing it(Duhhh the Govt' needs the money-they have it) and drop the ' fair share ' class warrfare nonsense.

 

[Loulit01]

Some of TCJA does expire, you must admit.

Yeah, the middle class tax cuts.

My post only mentioned tax cuts for corporations and the rich.

 

[Loulit01]

it would be. But I don't see that happening.

Taxes need to be raised-it's unavoidable. I just wish the Dems would be honest about why they are doing it(Duhhh the Govt' needs the money-they have it) and drop the ' fair share ' class warrfare nonsense.

In the second quarter of 2023, 69 percent of the total wealth in the United States was owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned 2.5 percent of the total wealth.

<a href="https://www.statista.com/statistics/203961/wealth-distribution-for-the-us/

 

[Lisa]

it would be. But I don't see that happening.

Taxes need to be raised-it's unavoidable. I just wish the Dems would be honest about why they are doing it(Duhhh the Govt' needs the money-they have it) and drop the ' fair share ' class warrfare nonsense.

How do you plan to tax the poor and middle class that are struggling, at the same rate as the rich? You're just brilliant.

Diod you ever wonder why the rich love the idea of a flat tax?

 

[rickc]

If by some miracle the democrats could get a super majority in congress and keep Biden in the white house we have a chance to start fixing some of this stuff.

Should Republicans retain a majority in either house of congress or God forbid the presidency then nothing will happen. Just like the gov shutdown Republicans are great at obstruction but they truly suck at governing.

 

[rickc]

In the second quarter of 2023, 69 percent of the total wealth in the United States was owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned 2.5 percent of the total wealth.

<a href="https://www.statista.com/statistics/203961/wealth-distribution-for-the-us/

It started with Reagan. Reset to before Reagan.

 

[The Stars Tremble]

Term limits now!

Term limits are exactly the kind of top-down solution I just spoke against. Government should be transparent to voters: they should get nothing more and nothing less than the government they voted for at the last election.

If they learn from that not to keep re-electing the same people, then great. But who are you to tell them what's best for them? If they keep electing the same person because they're happy with how they're represented, then the voters are right and you are wrong.

It is offensive to me that Senators serve for six years. Even the five years of the British Parliament is too long. But it's specified in the US Constitution, so all I can suggest is maybe recall elections after 3 years.

 

[rickc]

 

[Loulit01]

Term limits are exactly the kind of top-down solution I just spoke against. Government should be transparent to voters: they should get nothing more and nothing less than the government they voted for at the last election.

If they learn from that not to keep re-electing the same people, then great. But who are you to tell them what's best for them? If they keep electing the same person because they're happy with how they're represented, then the voters are right and you are wrong.

How's all that working out for ya?

Term limits now!

It is offensive to me that Senators serve for six years. Even the five years of the British Parliament is too long. But it's specified in the US Constitution, so all I can suggest is maybe recall elections after 3 years.

 

[highroller]

A sober fiscal conservative does not exist in the Democrat party

I stopped reading there

 

[jnug]

A fiscal perfect storm is brewing​

Yup....a perfect storm that is going to swamp the Trump Party boat and its crew, the House Chaos Caucus. Welcome to the seabed boys and girls.