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Biden is not serious about getting the debt under control

KLATTU said:
so predictanle.
"Please don't bother responding that the GOP isn't serious about it either . I've already said that umpteen times."
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Well, its true

Lip service by Trump or the GOP doesn't count anymore than a Fart in the wind
 
Sand Castle said:
And the other half of the equation is collection entitlements such as:

Slashing the corporate tax rate

Oil industry handouts

Large corporations paying practically no taxes

Men like Trump having huge advantage of tax loopholes vs the average hard working Americans

Red States taking, instead of giving

Corporate wellfare
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even though your post has nothing to with the OP, Just to correct some falsities
Oil industry get no handouts.

The tax code is indifferent to individual. If you qualify for a deduction,you get it. Trump does not get a deduction 'avergae hard working American s' don't get.

~ 45 % pay no FIT. There is no better ' tax loophole ' than that
 
nvflash said:
I mean this in a non-partisan way, both parties are front laying track for the bullet train that is our economy.

We came to the edge of the fiscal cliff, and we just started building a bridge and track just in front of the train, now we are stuck with it. If we stop laying the track, the train goes off the edge. The trouble is, when we started lay the track, we couldn't see the other side of the ravine, we just assumed it was there and we would soon be to the other side, back on solid fiscal ground.

However, we still can't see the other side, at this point politicians in both parties just want us to take it on faith that there is land ahead, if we just keep spending we can reach it.
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df525688cc4a4c06a420b7f6d40f1c90_w700_h354_cp.jpg
Our bullet train.
 
KLATTU said:
One of the lw fairy tales is that the"yes the Dems want more spending,but they are going to pay for it by taxing the rich"
wronggggggggggggggggggg

www.nationalreview.com

More Biden Budget Analysis | National Review

The Tax Foundation predicts 165,000 fewer jobs and 1 percent lower GDP from Biden’s proposed taxing and spending.
www.nationalreview.com www.nationalreview.com
"
Yesterday I noted some analysis of the president’s budget from the center-left Tax Policy Center. Now we have some from the right-leaning Tax Foundation.

By these estimates, if enacted, the budget — which includes the Biden family and infrastructure plans — would hike spending by $4 trillion over ten years while raising $1.3 trillion in revenue. These numbers shift to $5 trillion and $3 trillion if you count tax credits as spending and toss in a promised $700 billion from better tax enforcement. (The tax credits include Biden’s big payments to parents regardless of whether they work, and the report treats such “spending through the tax code” as a revenue-reducer rather than spending per se.)

America has a population of roughly 330 million, so every trillion dollars represents about $3,000 per person.

The Tax Foundation also estimates the broader economic effects of the tax and spending changes: about 165,000 fewer jobs and 1 percent lower GDP in the long run, for example."

Please don't bother responding that the GOP isn't serious about it either . I've already said that umpteen times.
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Was there ever a single political elite that ever was serious about getting the debt under control?
 
Allan said:
Too bad the military is such a sacred cow. Managing spending better in that category would be a needle-mover as far as getting the deficit under control.
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This is pretty amazing honestly. Spending as a % of GDP on defense is at the lowest levels in history, right now, in the US. The portion of total federal spending on defense is a joke relative to entitlement spending. Defense spending is increasing by 2-4% a year on average. Entitlement spending is 8-12% a year growth.

Sand Castle said:
And the other half of the equation is collection entitlements such as:

Slashing the corporate tax rate

Oil industry handouts

Large corporations paying practically no taxes

Men like Trump having huge advantage of tax loopholes vs the average hard working Americans

Red States taking, instead of giving

Corporate wellfare
Click to expand...

1) What % do you think the corporate tax rate should be? 35% prior to TJACA was the highest in the developed world.
2) What are oil industry handouts exactly? Are you talking about depreciation and depletion?
3) Are they profitable? If so, are they using carry forward losses?
4) The top 1% have 16% of the income and 40% of the taxes. The top 10% have 40% of the income and 80% of the taxes. Where's the advantage?
5) Are you adjusting for entitlement and defense location spending?
6) What do you mean by corporate welfare, precisely?
 
tres borrachos said:
Does anyone else remember when President Trump promised to lower the debt? I do.

He added to it.

And his fans are pretending to care about the debt now that Biden is President.
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No argument there. We should have a balanced budget amendment except in times of war. Start with the entitlement programs that are devouring spending.
 
KLATTU said:
Isn't that what I said?
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So let me get this straight?

You recognize TRUMP/GOP as just very good Bull shitter's when it comes to our national debt?
 
Sand Castle said:
And the other half of the equation is collection entitlements such as:

Slashing the corporate tax rate

Oil industry handouts

Large corporations paying practically no taxes

Men like Trump having huge advantage of tax loopholes vs the average hard working Americans

Red States taking, instead of giving

Corporate wellfare
Click to expand...

Lol, "collection entitlements", thats a new one. If thats even a real thing, the problem is the total exemption from taxes of half the population. Not the 10% who pay most of the taxes.
 
Luther said:
So let me get this straight?

You recognize TRUMP/GOP as just very good Bull shitter's when it comes to our national debt?
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YEs.
 
nvflash said:
In 1836 President Andrew Jackson, and a Jacksonian Democrat lead Congress paid off the national debt, completely, every penny.

www.npr.org

When U.S. Paid Off National Debt (Why It Didn't Last)

Andrew Jackson really hated debt. So in 1835, under Jackson's leadership, the U.S. paid off the debt. Here's the story of how it happened — and why we started borrowing again a year later.
www.npr.org www.npr.org
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Thank you. Too bad that wasn't taken as a model by the many other presidents that followed, in my view.
 
tres borrachos said:
Does anyone else remember when President Trump promised to lower the debt? I do.

He added to it.

And his fans are pretending to care about the debt now that Biden is President.
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KLATTU:
"Please don't bother responding that the GOP isn't serious about it either . I've already said that umpteen times.

Some people are just one trick ponies. Trump Trump Trump Trump Trump Trump Trump Trump Trump Trump Trump Trump
 
Allan said:
Too bad the military is such a sacred cow. Managing spending better in that category would be a needle-mover as far as getting the deficit under control.
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100% agreed! However, a covert space force is expensive!
 
eohrnberger said:
Was there ever a single political elite that ever was serious about getting the debt under control?
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if you read ' The Great Society' by Amity Shlaes, you'll find that Democrats were actually very concerned about how much they were spending back then.
 
eohrnberger said:
Thank you. Too bad that wasn't taken as a model by the many other presidents that followed, in my view.
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Jackson didn't understand the economics of running a nation, as he was not any good at economics in his personal life. The result of paying off some $86 millions in national debt was a contraction of the money supply, further he killed the 2nd BUS, and that greatly contracted the money supply.

Jackson didn't understand what money is, it is a financial asset, backed by a financial liability, held by another party. Simply put, it is proof of debt.

Finances are not the same now as they were in the 1800's because we are no longer on a gold standard, but even then, banks would produce more paper notes that promised to pay in gold than they had gold on deposit. This they would expand the money supply with each note they printed.

Jackson, with the Specie Circular bankrupted most banks, because everyone went to redeem their paper for species, as they had printed more notes than they had deposits in species, it was a classic bank run. This also greatly contracted the money supply.

The result, deflation, most everyone was bankrupt, the Federal government was basically bankrupt, but fore, it could issue debt, and issue debt it did. By the time Jackson's predecessor Martin Van Buren left office we had 5x the debt Jackson paid off.
 
KLATTU said:
KLATTU:
"Please don't bother responding that the GOP isn't serious about it either . I've already said that umpteen times.

Some people are just one trick ponies. Trump Trump Trump Trump Trump Trump Trump Trump Trump Trump Trump Trump
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So you agree that Trump lied about reducing the debt and you supported him anyway. Meaning you have no gripe about Biden.
 
bave said:
No argument there. We should have a balanced budget amendment except in times of war. Start with the entitlement programs that are devouring spending.
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More than entitlement programs. We have far far far too much spending and have for years. There are no more fiscal conservatives in DC.
 
No...he isnt...but neither was Trump and most Americans REALLY only care about the budget when its 'the other guys'.

So as long as 'the people' continue to support all aspects of deficit spending, I say Biden should spend like Hunter Biden on a crack fueled bender. Pay off mortgages...pay off student loans...stop nibbling and just take a big ol bite.
 
VanceMack said:
No...he isnt...but neither was Trump and most Americans REALLY only care about the budget when its 'the other guys'.

So as long as 'the people' continue to support all aspects of deficit spending, I say Biden should spend like Hunter Biden on a crack fueled bender. Pay off mortgages...pay off student loans...stop nibbling and just take a big ol bite.
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Sounds like fun. If only my heart was still young enough to survive one of those.
 
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