CBO says Biden's plan will barely add to the deficit.

[Bullseye]

View attachment 67362325
What it shows is that revenue/GDP dropped 2%. That is 100's of billions less.

Uh, no. Once again read numbers as reported by CBO tell there true story. All this shows in GDP grew which lowered the prercentage in relation to GDP.

 

[HangLow]

Well, no, not really. Mostly shows more of GDP remains with those that generated it. The actual numbers I posted tell the story.

Fact check: Clinton, Obama left federal government with a lower deficit than when they arrived

Posts from 2018 about presidential administrations and the federal deficit have resurfaced on Facebook recently. We rate them missing context.

www.usatoday.com

The baseline for President Bill Clinton, who entered the White House in 1993.
By the time he exited, there was a $128.2 billion surplus.

That was the starting point for President George W. Bush, who took over the White House in 2001.
By the time he left in 2009, there was a $1.41 trillion deficit.

That was the baseline for President Barack Obama, who entered the White House in 2009.
By the time he exited in 2017, there was a $665.4 billion deficit
— about half of what it was when he entered.

That was the starting point for President Donald Trump, who came to the White House in 2017.
By the time Trump leaves in 2021, there will be a $966 billion deficit,
according to estimates from the Office of Management and Budget.

According to those figures,
it's true that just Clinton and Obama
— the only Democrats besides Carter in the last 50 years
— left the Oval Office in a year with a lower deficit than the year when they arrived.

Some other presidents lowered the deficit midway through their terms,
but they all exited the White House in a year with a higher deficit than the year they entered.

 

[Bullseye]

The baseline for President Bill Clinton, who entered the White House in 1993.
By the time he exited, there was a $128.2 billion surplus.

That was the starting point for President George W. Bush, who took over the White House in 2001. By the time he left in 2009, there was a $1.41 trillion deficit.

That was the baseline for President Barack Obama, who entered the White House in 2009.
By the time he exited in 2017, there was a $665.4 billion deficit
— about half of what it was when he entered.

That was the starting point for President Donald Trump, who came to the White House in 2017. By the time Trump leaves in 2021, there will be a $966 billion deficit,
according to estimates from the Office of Management and Budget.

According to those figures,
it's true that just Clinton and Obama
— the only Democrats besides Carter in the last 50 years
— left the Oval Office in a year with a lower deficit than the year when they arrived.

Some other presidents lowered the deficit midway through their terms,
but they all exited the White House in a year with a higher deficit than the year they entered.

LOL, you guys can spin all you want. You forget Clinton had a GOP controlled congress with he recorded those transitory surpluses - aided by large medicare surpluses, by the way. And Bush rolled the deficit down to $160 billion in 2007. Unfortunately Dems took Congress and by the end fo teh year we were in recession.

Once again, here's the unvarnished numbers - how much we took in and low much we spent.



from 2018 to 2021 revenues show a 5% compounded growth.. As usual spending shows a little over 18% compounded.

 

[iguanaman]

Uh, no. Once again read numbers as reported by CBO tell there true story. All this shows in GDP grew which lowered the prercentage in relation to GDP.

The GDP did not grow much since the tax cuts were a bust. What grew a lot were our deficits. To over a trillion a year even before covid.

 

[Bullseye]

The GDP did not grow much since the tax cuts were a bust. What grew a lot were our deficits. To over a trillion a year even before covid.

You expect instantaneous results? That extra cash going back to the economy rather than to the government takes time to work. Maybe you should take an Econ 101 refresher course. Payroll employment went up almost 5 million jobs from January 2018 to jan 2020, and unemployment dropped to 3.5%

 

[Kushinator]

Seriously? All you got is "but mommy, Trump did it to"? And no, CBO, because it can't figure additional business activity as part of score tax cuts they missed by a mile - tax revenues rose by over 5% from FY 2018 to FY2021. I'm sure your know that the deficit also includes spending.

View attachment 67361773

Let's compare this to 2016's projections:

 

[Bullseye]

Let's compare this to 2016's projections:

Projections are guesses. Why would one from two years before the tax rate re

Let's compare this to 2016's projections:

Projections are what your THINK is going to happen, what I showed is actually WHAT DID HAPPEN.

 

[Kushinator]

You expect instantaneous results?

Here's what was sold:

Nobody thought it would be anywhere close. I think it could go to 4, 5, and maybe even 6%, ultimately. Each percentage point is $2.5 trillion. We are back. We are really going to start to rock. We need this as our final push and you're going to see some numbers that are really great. You're going to see great jobs numbers. Jobs are going to come pouring back into this country, which we need very much.

And it failed to live up to anything promised.

That extra cash going back to the economy rather than to the government takes time to work.

It would be instantaneous. Extra cash going into the economy while deficits grow by $400+ billion didn't actually turn out the way you predicted... and now you're just trying to make excuses.

Maybe you should take an Econ 101 refresher course.

Maybe you should first finish high-school econ necessary to graduate.

Payroll employment went up almost 5 million jobs from January 2018 to jan 2020, and unemployment dropped to 3.5%

Payroll employment went up by 5 million from January 2015 to January 2017, and unemployment dropped from 5.7% to 4.7% in that same time frame.

 

[Kushinator]

Projections are guesses. Why would one from two years before the tax rate re

These projections were spot on with respect to outlays going into FY 2020. What didn't materialize were the economic promises of the tax cuts. Instead, revenue fell below the baseline and the GQP refused to cut spending.

 

[NoMoreDems-Reps]

Republicans claimed Trump's tax cuts would pay for themselves. The CBO said they would add $1.9 trillion to the deficits over 10 years.
The CBO was correct. Conservatives were not.

You understand that "The Deficit" is due to Politicians Spending more money than Taxes bring in ! You also know that they WILLINGLY
Spend money on illegal actions, like letting and encouraging Illegals to flood in to the US and get welfare !
Give Billions to Iran for no reason!
Allowing Fauci to give a Chinees Bio Warfare lab money to Create a Bat Virus that can jump to Humans!
Buying >100,000's of Houses for the Banks in the 08 housing crisis (TRAP) ! ...

https://usdebtclock.org/

Giving Politicans More US Tax dollars is a Lossing Proposition! Letting Americans keep more of their hard earned money is
the best think we can do !

You are just being tricked by the politicans/CBO !
If I tell you that you will have finacial troubles if you don't give me a new Credit Card because I maxed out your last 5 Credit Card!
I would not be wrong! But I'm Screwwing the hell out of you too ! ....

 

[P_T]

Wait, Clinton had huge tax increases. Then there were the Bush Tax Cuts then the Trillions ran up in debt to save the Union and the ruin the Union Obama years and Trumps 5 Trillion debt and a forecasted soon $30 Trillion Debt. that will be paid off with 10,000 % Cost of living increases or just plain inflationary excuses for $$ Billion dollar pieces of Junk built and blown up in stupid wars that have no real winning outcome for this Country!

 

[The Work Outing]

Repeat after me. The Government lies. It lies all the time. And it lies about everything. If you believe anything the Government says, you are believing lies. It is the Governments job to steal your money, and to give your money to the people who finance their campaigns so they can live like feudal masters and tell you what to do. Now that you have had your dose of reality carry on...

This should be - by law - posted in front of EVERY, polling booth in America.

 

[The Work Outing]

My mistake, I read the wrong number, but it is still in the trillions so my point still stands.

When people admit they are wrong on a chat forum?
They should be given a gold star...as it is so rare.

So...I gave you a baby rocket ship instead (can't find a gold star quickly).

 

[The Work Outing]

The government is a criminal cartel, and if you really believe you have any say, you were not paying attention in the 2020 election.....

Well...I think that is going too far.

The government is ONLY as criminal as the people allow it to be criminal.

I agree that no one should EVER trust a THING the government (or ANY politician or major bureaucrat) says.
Though I do believe the Fed IS STRICTLY a self-serving corporation.

However...the fault lies with the people who vote for them.


Like I said before - if the passengers of a plane put a monkey in charge of landing it?
And the plane crashes?
Who is to blame?
The monkey?
Or the people who put him in the pilot's seat?

 

[The Work Outing]

Once again, here's the unvarnished numbers - how much we took in and low much we spent.

View attachment 67362330

from 2018 to 2021 revenues show a 5% compounded growth.. As usual spending shows a little over 18% compounded.

I have NO IDEA what your point is here.

All it shows me is that the deficits under Trump went up (not including 2020 with the 'Covid Depression').

What is your point?

 

[The Work Outing]

Wait, Clinton had huge tax increases. Then there were the Bush Tax Cuts then the Trillions ran up in debt to save the Union and the ruin the Union Obama years and Trumps 5 Trillion debt and a forecasted soon $30 Trillion Debt. that will be paid off with 10,000 % Cost of living increases or just plain inflationary excuses for $$ Billion dollar pieces of Junk built and blown up in stupid wars that have no real winning outcome for this Country!

Punctuation is your friend, you know?

 

[The Work Outing]

These projections were spot on with respect to outlays going into FY 2020. What didn't materialize were the economic promises of the tax cuts. Instead, revenue fell below the baseline and the GQP refused to cut spending.

You do realize that the OP link is NOT referring to CBO projections?

'This estimate is based on language in two documents, which are available from the House Committee on Rules:'
www.cbo.gov/publication/57627

All the CBO did here was take the numbers FROM THE BILL?
And total them up.

That is different from CBO doing it's own projections - which I agree are usually pretty good.

 

[CaughtInThe]

i wonder if there are always a bunch of new posters at places like this because SOME people are too ashamed to show their face after posting one way during a president that they supported and the opposite during a president they hate.

i mean how many people are now complaining about Biden doing a Thanksgiving trip while they stayed silent (or were aggressive in defending) Trump's constant trips. stuff like that. hundreds and hundreds of things like that.

 

[Kushinator]

You do realize that the OP link is NOT referring to CBO projections?

'This estimate is based on language in two documents, which are available from the House Committee on Rules:'
www.cbo.gov/publication/57627

All the CBO did here was take the numbers FROM THE BILL?
And total them up.

That is different from CBO doing it's own projections - which I agree are usually pretty good.

I'm not responding to the OP.

 

[Bullseye]

I have NO IDEA what your point is here.

All it shows me is that the deficits under Trump went up (not including 2020 with the 'Covid Depression').

What is your point?

The blather about Trump's tax rate reductions "exploding" the deficits is nonsense. I've made that point several times so far. When your revenues grow at a 5% compounded rate - they're not the problem; is your spending growing at OVER TWICE THAT rate that explodes the deficit. Clear enough?

 

[The Work Outing]

I'm not responding to the OP.

Fair enough.

 

[The Work Outing]

The blather about Trump's tax rate reductions "exploding" the deficits is nonsense. I've made that point several times so far. When your revenues grow at a 5% compounded rate - they're not the problem; is your spending growing at OVER TWICE THAT rate that explodes the deficit. Clear enough?

Nope.

Here are the hard facts (btw - I am no fan of Obama's OR Trump's):

During Obama's 8 years in office (FY 2008-2016)?
His revenues rose an average of 6.9% per FY.

During Trump's first 3 years - I will skip 2020 since Covid was not his fault (FY 2017-2019)?
His revenues rose an average of only 1.5% per FY.

Historical Tables | OMB | The White House

To download the Historical Tables Introductory Text and Section notes as a PDF, click here (24 pages, 185 KB) Spreadsheets To download all Historical Tables in XLS format as a single ZIP file, click here (1 MB) Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789–2028...

www.whitehouse.gov

Under Trump?
Revenues per FY went WAY down.

So where the heck are these 'HUGE' revenues from Trump's tax cuts?

 

[SMTA]

Seriously? All you got is "but mommy, Trump did it to"? And no, CBO, because it can't figure additional business activity as part of score tax cuts they missed by a mile - tax revenues rose by over 5% from FY 2018 to FY2021. I'm sure your know that the deficit also includes spending.

View attachment 67361773

Moronic posts that claim to know more than the CBO are hilarious.

 

[HikerGuy83]

Republicans claimed Trump's tax cuts would pay for themselves. The CBO said they would add $1.9 trillion to the deficits over 10 years.
The CBO was correct. Conservatives were not.

And Biden has added 2.8 trillion in 9 months.

 

[Bullseye]

Moronic posts that claim to know more than the CBO are hilarious.

Except that graphic COMES from CBO monthly budget report.