U.S. budget deficit shattered one-month record in June as spending outpaced revenue by $864 billion

For a while at least. At some point we will lose the dollar as the international reserve currency and that will bring the whole thing down. This sort of thing is inexcusable.

 

Sorry, it is not the product of the pandemic. It was the choice of federal government. Shutting the economy was a stupid and inexcusable thing to do. Then taking a few trillion in debt doubled down on it.

 

Trump was bantering and is still calling for the US to open up. Did you happen to forget this as the libs were bashing him from wanting to reopen.



California just elected to shut that state down once again which will send millions more into the unemployment system. It's the libs who want to increase the debt by continuing to shut our economic system down!


First Thing: Covid-19 is closing down California all over again

 

"We're not a rich country. We're a debtor nation...We've got to get rid of the $19 trillion in debt," Trump told The Washington Post in April 2016, several months before the election he would win. "I think I could do it fairly quickly...I would say over a period of eight years,"



Way to go Mr President.....

https://www.newsweek.com/trump-deficit-debt-cbo-data-obama-1463802

 

Covid isn't closing anything. Government is. How do you like authoritarianism so far?

 

nope, Trump spent more than any other president before the pandemic, with the pandemic added on will be much more

Obama had to clean up after Bush and had his own pandemics to handle, we do not subtract for that either

Trump is the debt king, Trump is good at bk'g corporations, looks like he is doing the same to our country

 

So you agree with Mr. President that we should just reopen the economy. Glad to have you on board. Now, let's convince Pelosi that we need to reopen and stop this bureaucratic tripe to use the economy for political gain and stop the financial bleeding!

 

That is factually incorrect as a percentage debt to economic output. The winner by far would be Franklin D. Roosevelt who increase the debt over his predecessor (Hoover) by 1,048%.

Granted, Trump did little to stop the bleeding and spending. I'll surely capitulate to that!

For every reduced revenue dollar through tax cuts, the federal government should had cut expense by 2 dollars. Technically, he was in the process of reducing the federal government when the pandemic hit by 4.6 trillion in federal spending cuts.

 

We will need to do what was done to get rid of the WW2 debt, a top tax rate in the 90% range for the highest oncome earners and scaled gradually downward from that level.

 

What rate do you want your income to be taxed at?

 

And would you prefer we DEFAULT on our Debt???? The day the DOLLAR is no longer the worlds trade currency, the USA becomes a third rate country.

 

It is too late to save 66000 small businesses, their employees and their owners but stopping the bleeding would be step forward. What kind of stupidity causes someone to fight a crisis with a second worse one. It is beyond belief.

 

You have a short memory. Both the Democrats and the GOP accused the Tea Party organization of being racist who wanted to cut spending programs for the poor. The Democrats and the GOP just can not stop the spending so they ran the TPO out of town.

 

They also blamed the GOP. Both parties when in power spend too damn much.

 

maybe the tea party was racist, and they left after Obama left.... who knows

 

This must be a new record for blaming the liberals, democrats, Obama, Biden, Hillary........anyone besides Donald for record deficits as the OP has shown. The very first response! LMAO

 

That, and the lame "it would be so much worse if the Dems were in power" excuse. In reality, Trump had the WH, the Senate, the House (for two years), the SC, and no covid for three years, and still exploded the deficit beyond belief, while not being able to achieve anywhere close to the 4% GDP growth he touted.

 

Oh yeah I'm sure thats why they aren't around much these days.

 

Cumulative Deficit; $2.744 trillion + Jul + Aug + Sep PLUS another trillion dollar relief package.

2020 projected deficit; over $ 4 trillion

I’m not blaming Trump for said deficit, however, the Republicans owe the Dems an apology;

Quote; “Obama doubled the debt”

Huuuuuummmm, not really.

When Obama was POTUS, the debt increased by approx. $9.2 trillion, and near $2.2 trillion of said increase were Treasuries purchased by the Federal Reserve.

Response from several Republicans; When Obama was POTUS, he controlled the Fed, therefore, HIS DEBT!

Really?

Well, since Feb 2020, the Fed increased its Treasury
Assets from near $2.4 trillion to near $4.4 trillion, thus, increased the debt by approx $2 trillion, and Trump definitely does not control the Fed.

Therefore, attention all Republicans who claimed Obama doubled the debt; Please apologize.

If no apologies, then said $2 trtillion is Trump’s debt + Mnuchin’s deficit/debt

 

Demcrats have said the country should be completely shut down and we should be paying everyone to stay home. We tried that for a month and how much did it cost us? Now multiply it by 6-12 months or longer? What am I saying that’s untrue? Assuming Hillary won and our economy rose at the exact same rate since as Democrats have said, we’re riding the Obama wave, and we shut down completely and paid everyone, how wouols Democrat have spent less? Please explain? It’s not like Democrats reacted quickly to Covid. Whole Trump was trying to **** down travel, Pelosi was telling people to party in Chinatown. While other states were relatively uneffected, in NY elderly sick people were being put BACK into nursing homes making sure most wouod die. NY still is seen the most deaths by far and it will take a lot more than what’s happening now for any state to match their death toll. Nothing wouod have been different besides we’d be spending double what we’re spending now.

 

So, spending. Biden wants 2 trillion for the Green New Deal. Now there is a democrat plan to pay reparations that would cost an estimated 6.2 quadrillion dollars. Medicare for all would cost an estimated 30-40 trillion. I don't see any leftists here criticizing democrat candidate's proposed spending.
Trump has spent way too much and that is one of the reasons why I did not vote for him. I didn't feel he took the debt seriously. But what the democrats want to do would bankrupt us within a matter of a few years.

 

He’s never gotten over 3.0 real GDP annually. With the way our economy is structured we’re literally strangling growth.

There’s a mess to fix but it’s has been building for decades. There’s no reason to worry about the deficit—-yet.

 

So the first 2 years of Trump's term where he had the GOP control the House, the Senate and a whole 3 years before Covid shut the world down is somehow the Dems fault to you.

LOL, you go with that.

 

Not sure why you would bother to nit pick the number I gave a range 3-3.5 .. followed by (not 5-6% as was touted) in a conversation stating that this was a pathetic bump - for a very short period of time given the huge nitrous oxide injection due to massive deficit spending.

Point being - the jolt didn't have much effect - and I would go further to say that this points to the emperor not having much clothes - that being the Trump Economy - prior to Covid - 5 of the last 6 months or so prior - the manufacturing index was negative.

"No reason to worry about the Deficit --- yet"

Good grief PP - the deficit was worrisome prior to corona - now we are in runaway spending territory - with no end in clear sight.

Do attempt to quantify your use of the word "Yet" ? giving at least a rough number for how much debt is too much -

I can tell you the IMF definition - when interest on the debt hits 30% of income. where is your bar ?

 

Raising taxes doesn't reduce debt. It gives the congress more money to spend. And after they have spent that they will borrow.