CBO: White House Budget would result in 6.9T in debt [W:21]

[jonny5]

https://www.cbo.gov/publication/51383

So this final budget means the Obama has not once proposed a balanced budget in 8 years. Only more taxes, more spending. In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt. The numbers are becoming staggering. In 10 years, the govt would take 44 trillion in taxes, and spend 52 trillion, 80% of which would be on healthcare, social security, welfare, food stamps, and other social projects. Social spending alone rises to almost 16% of every dollar earned.

He proposes taxes on:

oil - about 20%
the wealthy
foreign income - 19%
investment-an additional 4% on cap gains, and increase in the death tax, gift tax, self employment

He would increase mandatory spending by a trillion, and decrease discretionary spending by 300bn (that pays for defense, justice, roads, science etc).

Luckily its dead on arrival as was every budget he submitted.

 

[OrphanSlug]

Re: CBO: White House Budget would result in 6.9T in debt

Obama might as well put in anything he wants, the 112th - 114th Congresses have all but ignored every budget proposal he has sent over.

None of this matters, Republicans have their own spending wants anyway.

 

[DA60]

Re: CBO: White House Budget would result in 6.9T in debt

https://www.cbo.gov/publication/51383

So this final budget means the Obama has not once proposed a balanced budget in 8 years. Only more taxes, more spending. In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt. The numbers are becoming staggering. In 10 years, the govt would take 44 trillion in taxes, and spend 52 trillion, 80% of which would be on healthcare, social security, welfare, food stamps, and other social projects. Social spending alone rises to almost 16% of every dollar earned.

He proposes taxes on:

oil - about 20%
the wealthy
foreign income - 19%
investment-an additional 4% on cap gains, and increase in the death tax, gift tax, self employment

He would increase mandatory spending by a trillion, and decrease discretionary spending by 300bn (that pays for defense, justice, roads, science etc).

Luckily its dead on arrival as was every budget he submitted.

Haven't you heard?

Balanced budgets are evil in the New World Order. If you are not running huge deficits, that means you don't care about your country.

And not only that, the newest monetary 'religion' is 'federal debt is a myth'. Deficits can be any size because they can always be paid back simply by printing more money.


:roll:

One day, imo, history will look back on this and do a big face palm.

 

[Chomsky]

Re: CBO: White House Budget would result in 6.9T in debt

https://www.cbo.gov/publication/51383

So this final budget means the Obama has not once proposed a balanced budget in 8 years. Only more taxes, more spending. In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt. The numbers are becoming staggering. In 10 years, the govt would take 44 trillion in taxes, and spend 52 trillion, 80% of which would be on healthcare, social security, welfare, food stamps, and other social projects. Social spending alone rises to almost 16% of every dollar earned.

He proposes taxes on:

oil - about 20%
the wealthy
foreign income - 19%
investment-an additional 4% on cap gains, and increase in the death tax, gift tax, self employment

He would increase mandatory spending by a trillion, and decrease discretionary spending by 300bn (that pays for defense, justice, roads, science etc).

Luckily its dead on arrival as was every budget he submitted.

True, it is not balanced, but he appears to be constantly progressing in lowering the deficit, as he's done throughout his Presidency:

"Deficits Would Be Smaller Under the President’s Proposals Than Under Current Law

CBO estimates that the President’s proposals would result in smaller deficits than those in the agency’s baseline budget projections, which largely reflect the assumption that current tax and spending laws will remain unchanged.3

This year, the proposals wouldreduce the deficit by $5 billion, mostly by changing policies affecting revenues. The deficit would remain lower than projected in the baseline during every year of the 2017–2026 period, resulting in a cumulative deficit that was $2.4 trillion less than the $9.3 trillion projected in the baseline. Deficits over the period would average 3.0 percent of GDP, or 1.0 percentage point lower than their average in the baseline (see Figure 1). As a consequence, debt held by the public would also be lower than projected in the baseline—by 2026, about 8 percentage points of GDP lower (see Figure 2)."

Like so many economic indicators during the President's tenure, they may have not gone full-on boogie, but they've been improving and moving in the right direction.

I'm actually quite content with this constantly improving & chugging along economy, compared to the bust we were left with from the previous administration.

 

[Socrates1]

Re: CBO: White House Budget would result in 6.9T in debt

https://www.cbo.gov/publication/51383

So this final budget means the Obama has not once proposed a balanced budget in 8 years. Only more taxes, more spending. In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt. The numbers are becoming staggering. In 10 years, the govt would take 44 trillion in taxes, and spend 52 trillion, 80% of which would be on healthcare, social security, welfare, food stamps, and other social projects. Social spending alone rises to almost 16% of every dollar earned.

He proposes taxes on:

oil - about 20%
the wealthy
foreign income - 19%
investment-an additional 4% on cap gains, and increase in the death tax, gift tax, self employment

He would increase mandatory spending by a trillion, and decrease discretionary spending by 300bn (that pays for defense, justice, roads, science etc).

Luckily its dead on arrival as was every budget he submitted.

Spend baby spend !

 

[SocialD]

Re: CBO: White House Budget would result in 6.9T in debt

True, it is not balanced, but he appears to be constantly progressing in lowering the deficit, as he's done throughout his Presidency:

"Deficits Would Be Smaller Under the President’s Proposals Than Under Current Law

CBO estimates that the President’s proposals would result in smaller deficits than those in the agency’s baseline budget projections, which largely reflect the assumption that current tax and spending laws will remain unchanged.3

This year, the proposals wouldreduce the deficit by $5 billion, mostly by changing policies affecting revenues. The deficit would remain lower than projected in the baseline during every year of the 2017–2026 period, resulting in a cumulative deficit that was $2.4 trillion less than the $9.3 trillion projected in the baseline. Deficits over the period would average 3.0 percent of GDP, or 1.0 percentage point lower than their average in the baseline (see Figure 1). As a consequence, debt held by the public would also be lower than projected in the baseline—by 2026, about 8 percentage points of GDP lower (see Figure 2)."

Like so many economic indicators during the President's tenure, they may have not gone full-on boogie, but they've been improving and moving in the right direction.

I'm actually quite content with this constantly improving & chugging along economy, compared to the bust we were left with from the previous administration.

The deficit only lowered when the sequester was triggered for 2013. It didn't lower because of his efforts really. its on the rise again though.

 

[Moderate Right]

Re: CBO: White House Budget would result in 6.9T in debt

What's even worse is the stupid ass far right who are holding up the Republican budget, allowing Obama to have his way. The RINO budget would be better than Obama's but, once again, the far right are too stupid to see that.

 

[JohnfrmClevelan]

Re: CBO: White House Budget would result in 6.9T in debt

Haven't you heard?

Balanced budgets are evil in the New World Order. If you are not running huge deficits, that means you don't care about your country.

And not only that, the newest monetary 'religion' is 'federal debt is a myth'. Deficits can be any size because they can always be paid back simply by printing more money.


:roll:

One day, imo, history will look back on this and do a big face palm.

Maybe you should present some cogent arguments as to why deficits are so bad, and then we will all see the light.

Oh, wait - we tried that already, and there were no cogent arguments to be had.

 

[Moderate Right]

Re: CBO: White House Budget would result in 6.9T in debt

Maybe you should present some cogent arguments as to why deficits are so bad, and then we will all see the light.

Oh, wait - we tried that already, and there were no cogent arguments to be had.

It doesn't take a genius to figure out that if deficits add up to 20 trillion dollars, then that is bad, unless of course you believe money grows on trees. Oh yeah, that is exactly what you believe. Money grows on the treasury's trees.

 

[JohnfrmClevelan]

Re: CBO: White House Budget would result in 6.9T in debt

It doesn't take a genius to figure out that if deficits add up to 20 trillion dollars, then that is bad, unless of course you believe money grows on trees. Oh yeah, that is exactly what you believe. Money grows on the treasury's trees.

If it doesn't take a genius, then you are well qualified to make the cogent argument that I have been waiting for, for so many months.

So, let's have that argument. I'll be waiting.

 

[jonny5]

Re: CBO: White House Budget would result in 6.9T in debt

True, it is not balanced, but he appears to be constantly progressing in lowering the deficit, as he's done throughout his Presidency:

"Deficits Would Be Smaller Under the President’s Proposals Than Under Current Law

CBO estimates that the President’s proposals would result in smaller deficits than those in the agency’s baseline budget projections, which largely reflect the assumption that current tax and spending laws will remain unchanged.3

This year, the proposals wouldreduce the deficit by $5 billion, mostly by changing policies affecting revenues. The deficit would remain lower than projected in the baseline during every year of the 2017–2026 period, resulting in a cumulative deficit that was $2.4 trillion less than the $9.3 trillion projected in the baseline. Deficits over the period would average 3.0 percent of GDP, or 1.0 percentage point lower than their average in the baseline (see Figure 1). As a consequence, debt held by the public would also be lower than projected in the baseline—by 2026, about 8 percentage points of GDP lower (see Figure 2)."

Like so many economic indicators during the President's tenure, they may have not gone full-on boogie, but they've been improving and moving in the right direction.

I'm actually quite content with this constantly improving & chugging along economy, compared to the bust we were left with from the previous administration.

Check again

Under the President’s Proposals, Deficits Would Shrink Over the Next Two Years and
Then Rise Steadily

 

[Casper]

Re: CBO: White House Budget would result in 6.9T in debt

Haven't you heard?

Balanced budgets are evil in the New World Order. If you are not running huge deficits, that means you don't care about your country.

And not only that, the newest monetary 'religion' is 'federal debt is a myth'. Deficits can be any size because they can always be paid back simply by printing more money.


:roll:

One day, imo, history will look back on this and do a big face palm.

Unfortunately not only Dems believe in that monetary idea, but then we put them there so.................

 

[OrphanSlug]

Re: CBO: White House Budget would result in 6.9T in debt

FFS, don't hijack another thread over MMT or "liberal vs. conservative economics."

Obama's budget proposal is political objective in nature, not economic. And speak of, the Republican response will also have nothing at all to do with economics.

 

[mmi]

Re: CBO: White House Budget would result in 6.9T in debt

Obama has not once proposed a balanced budget in 8 years.

That would not have been prudent given the conditions he inherited.

>>In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt.

Try reading more carefully — a lot more carefully. Revenues are projected to expand by $280 billion annually, while outlays would increase by $40 billion annually. That's $2.4 trillion less in deficits. The figures yer using are for the entire ten year period, and yer still way off on them as well.

The deficit as a percentage of GDP, the relevant measure and one you fail to mention, would average three percent less annually than under the current baseline. To avoid yer $6.9 trillion figure, we would need to have a balanced budget this year and every year for ten years. Where were the balanced budgets under Republican/conservative presidents? GOP executives create the debt, and Democrats pay it off. That was true with Clinton and now with Obummer.

>>The numbers are becoming staggering.

It sure looks like they have you confused.

>>Luckily its dead on arrival as was every budget he submitted.

Perhaps next year we'll have a Democrat in the WH and Democrats in charge of both Houses of Congress. If that happens, I'd say Republicans will have earned the right to watch the budget process from the sidelines.

 

[Chomsky]

Re: CBO: White House Budget would result in 6.9T in debt

Check again

Yes, but a new budget with another opportunity to cut will come-up again next year.

There's method to his madness.

Don't forget he has to deal with a GOP congress - he can't get everything he wants.

 

[CanadaJohn]

Re: CBO: White House Budget would result in 6.9T in debt

https://www.cbo.gov/publication/51383

So this final budget means the Obama has not once proposed a balanced budget in 8 years. Only more taxes, more spending. In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt. The numbers are becoming staggering. In 10 years, the govt would take 44 trillion in taxes, and spend 52 trillion, 80% of which would be on healthcare, social security, welfare, food stamps, and other social projects. Social spending alone rises to almost 16% of every dollar earned.

He proposes taxes on:

oil - about 20%
the wealthy
foreign income - 19%
investment-an additional 4% on cap gains, and increase in the death tax, gift tax, self employment

He would increase mandatory spending by a trillion, and decrease discretionary spending by 300bn (that pays for defense, justice, roads, science etc).

Luckily its dead on arrival as was every budget he submitted.

Considering all the threads about Obama improving the economy and creating hundreds of thousands if not millions of jobs, one has to wonder why such a budget is needed. Could it be that the US economy has, indeed, stagnated since he took office and his policies have only exacerbated that stagnation?

 

[mmi]

Re: CBO: White House Budget would result in 6.9T in debt

Obama improving the economy and creating hundreds of thousands if not millions of jobs

14.4 million.

>>one has to wonder why such a budget is needed.

Required by law. Impossible to govern without one.

>>Could it be that the US economy has, indeed, stagnated since he took office and his policies have only exacerbated that stagnation?

No, it couldn't be.

 

[cpwill]

Re: CBO: White House Budget would result in 6.9T in debt

https://www.cbo.gov/publication/51383

So this final budget means the Obama has not once proposed a balanced budget in 8 years. Only more taxes, more spending. In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt. The numbers are becoming staggering. In 10 years, the govt would take 44 trillion in taxes, and spend 52 trillion, 80% of which would be on healthcare, social security, welfare, food stamps, and other social projects. Social spending alone rises to almost 16% of every dollar earned.

He proposes taxes on:

oil - about 20%
the wealthy
foreign income - 19%
investment-an additional 4% on cap gains, and increase in the death tax, gift tax, self employment

He would increase mandatory spending by a trillion, and decrease discretionary spending by 300bn (that pays for defense, justice, roads, science etc).

Luckily its dead on arrival as was every budget he submitted.

Yeah. This administration has entered peak "F It" phase.

 

[David_N]

Re: CBO: White House Budget would result in 6.9T in debt

Yeah. This administration has entered peak "F It" phase.

What makes you think that? Any moron who actually wants to "balance the budget" needs to be laughed out of office.

 

[Moderate Right]

Re: CBO: White House Budget would result in 6.9T in debt

If it doesn't take a genius, then you are well qualified to make the cogent argument that I have been waiting for, for so many months.

So, let's have that argument. I'll be waiting.

I already know your argument. 20 trillion dollars is nothing (especially in relation to the size of the economy) and it's not real debt anyway because we can pick money off the money trees anytime we want and that we have a whole lot more debt we can add on top of the 20 trillion before seeing inflation. I can't argue common sense with you because you are too stuck in your liberal justification to spend, spend, spend until we owe hundreds of trillions of dollars which, again, wouldn't be real debt either. That's not common sense. Somebody, somewhere has to eventually pay the piper.

 

[Zyphlin]

Re: CBO: White House Budget would result in 6.9T in debt

Moderator's Warning:

Folks, lets stop the personal attacks, regardless of how backhanded or covert they may attempt to be

 

[jonny5]

Re: CBO: White House Budget would result in 6.9T in debt

Yes, but a new budget with another opportunity to cut will come-up again next year.

There's method to his madness.

Don't forget he has to deal with a GOP congress - he can't get everything he wants.

He hasnt cut yet. Why would he start next year? And anyway, He'll be gone by then. The next President will submit that budget. Maybe they will actually submit something realistic.

 

[jonny5]

Re: CBO: White House Budget would result in 6.9T in debt

Considering all the threads about Obama improving the economy and creating hundreds of thousands if not millions of jobs, one has to wonder why such a budget is needed. Could it be that the US economy has, indeed, stagnated since he took office and his policies have only exacerbated that stagnation?

And congresses policies, since they are the ones who actually control taxes and spending. Instead of doing things which would shrink govt, lower taxes, and increase market freedom, they basically have done nothing for 4 years. Which actually reduced the deficit, though not enough.

 

[jonny5]

Re: CBO: White House Budget would result in 6.9T in debt

What makes you think that? Any moron who actually wants to "balance the budget" needs to be laughed out of office.

What would you do instead? Tax more, spend even more?

 

[Gimmesometruth]

Re: CBO: White House Budget would result in 6.9T in debt

And congresses policies, since they are the ones who actually control taxes and spending. Instead of doing things which would shrink govt, lower taxes, and increase market freedom, they basically have done nothing for 4 years. Which actually reduced the deficit, though not enough.

So just to be clear, you understand that we were/are/still in a recovery, that we have not had a WH budget since 2011, we have had minimal increases in spending, you understand that govt spending is a more than significant part of the economy.....and in a recovery from a recession that was caused by a lack of spending by the private sector, both consumers and producers, one either increases govt spending or watches as wages stagnate and investment declines since the private sector has no desire to spend.

Your answer is to further shrink the govt input in the economy. What is supposed to step up, who will fill the void in consumption?