GOP already blowing a hole in our budget. Advances massive $340 billion new spending bill.
- Thread starter Huey Grey
- Start date
If I were a D, I would be cheering for this. Even an attempt will guarantee them the house in 2026.
What nonsense do I spew very well? Please be VERY specific.
Seems like Biden did, with policies that were expected to lower deficits over the next decade.
….and the 78 other posts along the same lines.
^^^All facts my friend. You just wasted your time there. But nice try!
How many more decades are you going to get duped by this? Here are some things that added trillions to the deficit. Bush tax cuts, Trump tax cuts, Iraq and Afghanistan wars, Wall Street bailout, bank bailout, insurance bailout, and auto industry bailouts.
The beneficiaries of all of those are the wealth class. Rich people are enriching themselves off of us by stealing from us. Now they want to push austerity onto us again by cutting Medicare, Medicare, SS privatization, VA cuts, USPS privatization, and they want to kill the CFPB which protects consumers from fraud from financial institutions. All so they can give more tax cuts that are forecasted to add 4.5 trillion more to the deficit to enrich themselves more from tax cuts and privatization.
I disagree for the fundamental reason that increases in taxes are almost completely increases in consumption, when we require investment to increase productive capacity and make tomorrow richer than today.
Ramping up government directed consumption of resources will retard the growth of the economy which is required to support the government.
We don't want European tax rates because they mean European economic growth rates.
We're estimated to have revenue for 2024 ~18% of GDP and outlays of 24.6% of GDP.
In 1999 outlays were 18% of GDP.
In 2000 outlays were 17.7% of GDP.
Let's go back to that, it's sustainable.
If you’re serious about paying down the national debt, which no one is, it will require both.
Clinton-level spending left a surplus but the debt still grew by $1.5 trillion.
The debt is paid down every year as it matures.
Balance the budget and in 30 years the debt is gone, you don't have to pay it off in advance of maturation.
In 1992 federal outlays were 21.5% of GDP. Remember, Clinton's first win was in a three way race where Perot got a lot of support for reducing federal spending, and Clinton went along with that to a degree, and then had Gingrich forcing him to go even farther.
That's why federal spending was reduced to 17.7% of GDP by the end of Clinton's tenure.
In 2007, even after Bush's tax cuts, federal receipts were 18% of GDP, the problem was the Republicans increased spending (wars). Tax collections were still sufficient to balance the budget with spending levels that Clinton enjoyed at the end of his presidency.
The Obama administration took federal spending to 24.3% of GDP in 2009, and it hasn't gone below 20% since.
That's the problem.
I agree with you on federal spending.
The question and disagreement has always been with respect to revenue.
How much of the private, productive economy do you want the federal government to consume?
Do you recognize as that share increases, the amount remaining to invest in increasing production necessarily diminishes?
