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Explain why Obamas final year $666 billion deficit is good by Trumps $779 billion deficit is bad.
Revenue is up. Spending as a percentage of GDP is down. Both due to tax cuts and strong economy.But it isn't spending, since revenues have dropped in a supposedly booming economy. That drop is the effect due to the tax-cuts. Let's not even talk about the inequality of lowering taxes on the wealthy and corporations. When revenue drops, it must be either made up or spending needs to be cut. However, the vast amount of federal spending is only in five areas: Social Security, Medicare, Medicaid, defense and interest on the debt. Everything else is peanuts. So, if you want tax-cuts, you want smaller government, and you are talking about cutting these five or you have no idea what you are talking about.
Look at all the funny liberals acting like they understand finance.
Explain why Obamas final year $666 billion deficit is good by Trumps $779 billion deficit is bad.
So does the crooked real estate investor know about anything other than being a crooked real estate investor? How’s that?
Im not an educated man..... But I can see the basic economic game.
1) Budget is built around taxes collected? Reduced taxes, mean reduced Revenue? SO YET automatic budge deficit THAT IS EXPECTED its not rocket since.
2) Trade Deals and Adjustments, 1 just went into effect 10/01/2018 the rest are slowly rolling out in 2019 these things take time... its not Vegas where you put $100 on black jack and its win or lose.
3) Lets face it.... Our Budget was BLOATED WELL before Trump got there...... lets not act like its ALL his fault. YET the reduced Taxes are an AUTOMATIC deficit..... I get it... but there seems to be some methods to the madness.
4) We have so MUCH red tape expenses that SURELY could be fixed..... major budget cuts.... but people will cry too.... We CANT have our cake and eat it too...sorry just wont happen.... either we fix it OR let it collapse.... Usually fixing requires some "demo" .....and spending money to make money.....
But I guess we live in dream worlds were money grows on trees.....
don't worry. the tax cuts will pay for themselves, and then some.
derp
Good thing Trump had that "magic wand".In simple numbers.
During one of the worst economic times our country ever faced in modern times.
Obama 2009 -1.4 trillion
Obama 2010- 1.3 trillion
During one of the best economic times our country ever faced
Trump- 2017- 665 billion
Trump 2018- 779 billion
Obama the worst president ever. Trump the best ever (sarcasm on)
These people simply do not get it.
So lets say i have an item and i make 40% profit on that item. i sell 1000 of that item i make 400 profit on that item.
now lets say i have a sale and now i only make 30% profit. but instead of selling 1000 i sell 5000 due to the lower price. now i make 1500 profit.
that is how tax work as well.
They do not understand that taxes come from economic activity. The more people working the more economic activity that goes on the more
taxes are collected. all the tax rate does is decide how much of that activity the government will take.
https://www.cbo.gov/topics/taxes
the CBO projects taxes of 3.4 trillion dollars or so for 2018.
we will have to wait and see but in 2017 the IRS collected about 3.4 trillion as well.
In 2016 the revenue was 3.2 trillion while expenses were 3.8 billion
in 2017 Revenue was 3.3 trillion (tax cuts took effect) spending was 3.9.
again 1 year should see a tax cut and a small dip in revenue which happened.
that is expected.
tax cuts take time to work their way through the system.
however the fed has reported seeing more revenue this year than last year.
also you have to realize that the 2017 budget was obama's last budget.
the 2018 budget will be trumps first budget.
Good thing Trump had that "magic wand".
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Cannot help but notice the same people who had no problem with the Obama trillion dollar deficits are now on another anti Trump thread ignoring context. Noticed you have yet to post the Treasury data supporting a claim that FIT cuts reduced revenue and continue to spout the liberal lie that tax cuts have to be paid for. What is it about people like you who refuse to understand the basic accounting principle that people keeping more of what they earn isn't an expense?
What a waste of time it is dealing with radicals who let the leftwing elites make them look and sound foolish.
The only time there was anything close to Obama was during a financial crisis, and it was a lot of it was due to bills passed in 2008 , signed by Bush. The deficit reduced after that, until the Republicans insisted on tax cuts, or they would shut down the government.
WRONG, deficits are yearly not cumulative but debt is. How did Obama have trillion dollar deficits in 2009-2010-2011-2012 and what exactly did he do to bring us out of recession? Think the 842 billion dollar stimulus program did that? If that is the case then why isn't that spending put against Obama?
Obama inherited a Democratic Congress that gave him his stimulus almost day one for shovel ready jobs and new taxpayers. That stimulus saw employment go from 142 million down to 138 million in 2009. Did that 4 million drop in employment affect the Federal Income Tax revenue? So how it that Obama is given credit for bringing us out recession but not for the reduction in employment creating loss of revenue and the 842 billion dollar spending stimulus program?
I know that the left, you, MTA and others are going to run from this question but that question remains.
In addition what the left wants to ignore is the FACT that debt service in 2018 was over 520 BILLION dollars, interest on the debt that Trump inherited. in addition mandatory entitlement spending also added to the debt which Trump did not implement but it is easy for the left to ignore that reality and continue to blame Trump and Republicans for debt while ignoring the 2009-2010-2011-2012 Obama trillion dollar deficits. Historically low interest rates are now gone and the current debt is being financed at higher rates which increase debt service.
Since the left now is worried about the deficit I am waiting for the left to tell us what they support cutting?
Help me out here. Tax cuts went into effect at the beginning of the year 1 quarter into fiscal 18. Three quarters in, corporations have made quarterly payments based on ESTIMATES based on previous earnings. Undoubtedly there is a lot to shake out. Premature to blame corporate tax cuts. Imo corporate rate should be 0
Finally got my 2017 taxes done today. Yeah!
Spending bills start in the House. DOA in the Senate without 60 votes.
It is spending stupid.
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Time for the Dick Cheney lovers to drop in and use his line that only applies when Republicans are in charge... "DEFICITS DON'T MATTER!!!!!!" But that's all they talk about when Dems are running the show.
Budget Deficit Jumps Nearly 17% in 2018
The federal budget deficit swelled to $779 billion in fiscal year 2018, the Treasury Department said on Monday, driven in large part by a sharp decline in corporate tax revenues after the Trump tax cuts took effect.
The big revenue drop came on the business side. Corporate tax revenues have fallen by a third from a comparable period a year ago, a direct consequence of the tax law signed last year, which reduced the top corporate rate to 21 percent from 35 percent. For the full 2018 fiscal year, corporate tax receipts were nearly $205 billion. That figure is a drop from $297 billion in fiscal year 2017.
Explain why Obamas final year $666 billion deficit is good by Trumps $779 billion deficit is bad.
I find it amusing that when the GOP has the White House their chant is "Tax cuts! Tax cuts!" (which lead to higher deficits). When a Democrat is in the White House the GOP is all about "OMG! The deficit! The deficit!"
So the GOP got their tax cuts this year, and if you dare bring up the corresponding deficit, they hold a knife to to the throat of Medicare and Social Security and say "Do you want me to cut? Do you? Then STFU about deficits, bitch!"
Your comment has nothing to do with what I said. Please, read it again.
they never cut anything.
it is always tax more tax more.
that is their motto.
punish working families with higher taxes.
Thanks for posting. Republicans need to see this. Fox News no longer reports on the deficit. Skyrocketing deficits are typical of Republican policy nowadays. I will repeat that. Skyrocketing deficits are typical of Republican policy nowadays. One need only analyze a deficit time chart to realize that, since 1980, deficits have been driven up, under Republican presidents, and reduced under Democratic presidents. This is fact. Anybody who disagrees is in denial.
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Yes, no way directed at you. Referenced Mary Matalin's husband's sense of the big issue in 1992. Glad you took it as intended. Civil debate is important to me.....I need to be more careful.I let your ad hom slide being that I think you were going with the James Carville sense of it and not personally directed. Its part spending in that the defense budget ballooned on top of tax cuts for corporations on top of tax cuts for rich that pull the money out of the economy. We are merely seeing the results of the same GOP economy that they have implemented since reagan. And trickle down is blowing up again.
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