Every american has a dept $82000

[Bullseye]

Under Donald Trump...

Federal debt at a historical high
Federal deficit at a historical high
Trade deficit at a historical high
Economic inequality at a historical high

Democrats passed the bills that spent that money. In both houses.

 

[post]

You listed several things you believe have been failures under President Trump, and then you added "economic inequality". I was just wondering how that is something you can blame on Donald Trump? You had also listed public debt, but to be fair, there was a lot of debt before Trump became President.

I just don't understand where you feel that "equality" enters into personal finances. Nobody is entitled to economic equality. Unless you can make the case that somebody is robbing money out of poor people's bank accounts, all you are doing is suggesting this country needs to go full communist so that everyone has "an equal share".

Why do some people have more? Because they earned it, or their family earned it.

"Earned it" ? No, they donated to Trump party, and to republicans before that, in quantity great enough to get them a seat at the table and a "call back" to entertain their "requests".

All of your questions, unless they were rhetorical, are covered with well supported responses, in the short version, here.:

The avoidable, with a sane, responsible congressional majority and POTUS of the same party it supported, additional nearly $2
trillion debt accrued between 10/1/17 and 2/26/20, or just before pandemic effect, was most easily tracked via the corporate tax cuts. The top 75,000 households benefited by hefty personal tax cuts and their portion of the top ten percent owned, 84 percent of all publicly traded stock shares.

A "system" requiring two massive drains on the federal treasury in just 12 years, especially one in which wealth and the political influence it buys are so absurdly concentrated, is a failed, oligarchy.

Trump touts stock market's record run, but who benefits ...
https://www.reuters.com/article/us-usa-trump-speech-stocks-analysis-idUSKBN1ZZ19A
That's because 84% of stocks owned by U.S. households are held by the wealthiest 10% of Americans, according to an analysis of 2016 Federal Reserve data by Edward Wolff, an economics professor ...

The Richest 10% of Americans Now Own 84% of All Stocks
https://finance.yahoo.com/news/richest-10-americans-now-own-164104176.html
The top 10% of American households, as defined by total wealth, now own 84% of all stocks in 2016, according to a recent paper by NYU economist Edward N. Wolff. 70 Record Closes for the Dow so far ...

The Trump tax cuts influenced an actual reduction in capital investment in the U.S. by corporations. $2 trillion in corporate tax savings resulting from those tax cuts were spent on stock buy backs, cementing the job security of major corp. executives because the buybacks raised the value of remaining shares. Now, Trump has been promising additional national debt increases funneled to major fossil fuel and airline corps. that expended their "rainy day" surpluses on the stock buy backs and are in deep covid-19 aggravated decline!

The bottom of the population, 250 million, accrued more additional federal debt per capita than any benefit Trump boasts he "enriched" them with!

The Fed - Distribution: Distribution of Household Wealth in the U.S. since 1989

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

.......

Saving Capitalism - or Democracy?
https://blog.raulza.me/saving-capitalism-or-democracy/
Saving Capitalism - or Democracy? ... This is the starting point of Robert Reich's latest book on how to save capitalism - and democracy too! But how did we get to this point? : ...

Privatizing Profits And Socializing Losses Definition
https://www.investopedia.com/terms/p/privatizing-profits-and-socializing-losses.asp
Privatizing profits and socializing losses ...

Lemon socialism - Wikipedia
https://en.wikipedia.org/wiki/Privatizing_profits_and_socializing_losses
"socialism for the rich and capitalism for the poor",

 

[post]

Democrats passed the bills that spent that money. In both houses.

An avoidable, nearly $2 trillion of additional debt accrued after Trump signed the tax cuts passed in both legislative houses controlled by Trump's party. Spending was increased by killing the ACA mandate as part of that same legislative scheme and by Trump's military buildup. Democrats literally had no influence on spending or on tax policy until early 2019, and still were up against two branches that had been spending money like drunken sailors who also voluntarily cut their own revenue stream by more than $50 billion per month, after the tax cutting.
I deliberately emphasized and more than adequately supported the fact that, from 10/1/2017 until pre-pandemic, 2/26/2020, deficit accumulation was an average $106 billion monthly, vs $56 billion monthly before those tax cuts. A responsible government does not "SALT" a bragged about economic "boom" by doubling it's rate of borrowing. It also does not cut taxes, it raises them to pay down debt, and to position itself for the next unavoidable economic downturn, certain to come, when taxes can then be lowered to serve as economic stimulant of last resort!

 

[Bullseye]

An avoidable, nearly $2 trillion of additional debt accrued after Trump signed the tax cuts passed in both legislative houses controlled by Trump's party. Spending was increased by killing the ACA mandate as part of that same legislative scheme and by Trump's military buildup. Democrats literally had no influence on spending or on tax policy until early 2019, and still were up against two branches that had been spending money like drunken sailors who also voluntarily cut their own revenue stream by more than $50 billion per month, after the tax cutting.
I deliberately emphasized and more than adequately supported the fact that, from 10/1/2017 until pre-pandemic, 2/26/2020, deficit accumulation was an average $106 billion monthly, vs $56 billion monthly before those tax cuts. A responsible government does not "SALT" a bragged about economic "boom" by doubling it's rate of borrowing. It also does not cut taxes, it raises them to pay down debt, and to position itself for the next unavoidable economic downturn, certain to come, when taxes can then be lowered to serve as economic stimulant of last resort!

actually, he didn't "cut taxes" he lowered tax rates. Until the pandemic hit tax revenues were growing nicely.

 

[SkyFox76]

actually, he didn't "cut taxes" he lowered tax rates. Until the pandemic hit tax revenues were growing nicely.

Uh yeah.....about that.

 

[Integrityrespec]

The fault is our government spending more than they take in.
The solution could be as simple as ending base line budgeting, and limiting the government spending to the income.
If they balanced the budget every year (really balanced the budget), the debt will naturally mature and be paid off
in about 20 years.
If we keep going as we have been, at some point servicing the debt would consume all of the budget,
Like only making enough, to make the minimum payments on your credit cards.
The US federal government has averaged an 8% raise, every year, for over 200 years,
and they spend like that raise will always be coming in, and then some!
What we need are politicians who hang onto each dollar, as if they earned it themselves.
It is far too easy for the government to spend Other Peoples Money.

A balanced budget is needed,if foolish spending stopped it wouldn't be that difficult to achieve. Our politicians don't act like they care, it's not their money and they don't have to pay the bill.

 

[Integrityrespec]

The government spends money like this. Year one they spend 3.5 trillion, the next year they grow every part of the budget to fit new projects plus inflation so lets say they go to a proposed 3.9 trillion, if they cut that back to 3.7 they claim they cut spending.

 

[Juks]

The US currently has the worlds reserve currency so it is in demand in the world which helps keep US interest rates, low. It can also issue debt in USD, which it can print lots of if required

As for assets, they are not really sellable for the most part. Trying to sell Yellowstone national park would cause an outrage, and selling a state or city is generally frowned on today

US federal debt at 105% of GDP is rather large but no where close to the worst in the world (Japan is above 200%), so it can borrow lots of money for the next few years without a debt crunch occurring

I don't know about that. Trump wanted to buy Greenland from Denmark and when Denmark told him it was not for sale, he cancelled his state visit

https://www.bbc.com/news/world-us-canada-49416740

If he can think of buying he can think of selling....

 

[upsideguy]

The GOP hasn't cared about debt and deficit since 2016.

Why the concern now? (rhetorical question)

Worry not. It will be on top of their minds come January 2021. Every Republican in America (the few that are left) will be about to quote it to the penny on a daily basis.

 

[ludin]

The fault is our government spending more than they take in.
The solution could be as simple as ending base line budgeting, and limiting the government spending to the income.
If they balanced the budget every year (really balanced the budget), the debt will naturally mature and be paid off
in about 20 years.
If we keep going as we have been, at some point servicing the debt would consume all of the budget,
Like only making enough, to make the minimum payments on your credit cards.
The US federal government has averaged an 8% raise, every year, for over 200 years,
and they spend like that raise will always be coming in, and then some!
What we need are politicians who hang onto each dollar, as if they earned it themselves.
It is far too easy for the government to spend Other Peoples Money.

a balanced budget amendment is the only way. it almost passed and democrats shot it down. like typical leftists do.

it is the only way they can rant that they aren't paying their fair share.