Final BUDGET DEFICIT for 2020 $3.13 Trillion as National Debt over $27 Trillion.

Did you ever wonder if I am not?

 

Given your comment, I know you weren't interested in actual debate. But why are you insistent on looking foolish? What's behind that?

 

I am not the one looking foolish.

 

Speaking of deficits...
I think this is another record.

 

Normally, I would be opposed to running up a deficit like this. But in this case, it appears to be the least bad decision.

 

You have no clue what you’re talking about.

Today’s Public Debt equates to $21.1
Source; TreasuryDirect....Debt to the penny

This fiscal year Net Interest; $345 billion
Source; Treasury Monthly Statement, September Issue

When Obama was POTUS, the Federal Reserve’ mass purchases of Treasuries/Public Debt amounted $2.1 Trillion
Source; Federal Reserve Treasury Holdings

In addition, no such thing as Obama’s Quantitative Easing.......The Federal Reserve’s QE

If $21.1 Trillion equates to a net interest of $345 billion, then said Fed’s $2.1 trillion public debt holdings certainly does not equate to a net interest of $400 billion.

There will be no more attempts to open your eyes.

 

How very Keynesian of you. That's more left wing than Roosevelt

 

Its your insistence on content that inspires

 

You, and the Tea party crowd, will all of a sudden be opposed again to stimulus, with the deficit becoming the number one priority, if Biden gets elected. Let's watch and see.

 

If you want to learn economics, go back to school.

 

Ooooo, economics. What do you think about the post-Keynesian perspective and how it differs from neo-Keynesianism? Your insight is always valued.

 

I actually supported TP’s 15 Non-negotiable Core Beliefs, and my greatest disappointment;

2017 - 2019 Republican majority.

 

What was the alternative?

My objections will be if they start adding non Covid-19 to the stimulus.

 

And the most stupidious fiscal claims I’ve ever heard;

“We have record revenues”
“We don’t have a revenue problem, we have a spending problem”

FY2016 Receipts; $3.267 Trillion, Inflation Calculator, 2016 - 2019; $3.480 Trillion

FY2019 Receipts; $3.462 Trillion

Near AT PAR!

HOWEVER;

Number of employed, 30 Sep 2016; 151,968,000

Number of employed, 30 Sep 2019; 158,269,000

Additional people on payroll/employed from Sep 30th 2016 to Sep 30th 2019; 6.3 million, AND FY2016/2019 Receipts are AT PAR????????

Question; Were Trump’s tax cut(S) too steep?

Answer; Obviously, YES!

 

I agree, there was no alternative.

There was also no alternative to the stimulus in 2009. Yet, back then, the GOP wanted austerity. Why? To hurt the economy under Obama, so they could make him a one-term president.

 

Let’s continue......

Claim; Bush reduced the deficit to $162 billion, and the Dem Congress raised it to $1.4 Trillion.

Thus; “WE Republicans know how to reduce deficits, balance the budget, and create surpluses”

Well, here’s ONE know how?

Bush FY2007 Corporate income tax receipts; $370 billion, Inflation Calculator, 2007 - 2019; $456 billion

Trump FY2019 Corporate income tax receipts; $237 billion

Question; Did Bush’s $370 billion corporate tax receipts, $456 billion in today’s dollars, helped him reduce his 2007 deficit?

Fact; More revenues also reduce deficits.

 

Two things about that. 1. The debt had already begun to explode before COVID due to Trump's tax cut, just as Dems predicted it would. 2. Trump's epic failure in dealing with COVID cost more lives and more money than necessary as evidenced by other country's relative success in dealing with the virus.

 

People were not losing jobs to this extent. The bailouts were primarily for corporations, not individuals.

 

The revenue to the government went up after the tax cuts. The house has the power of the purse. The problem was not Trump's tax cut. It was the house's spending.

It was also due to increased spending for defense. A large part of the military was non combat ready because equipment had been neglected during the Obama administration.

 

I guess losing 600-800,000 jobs a month was no big deal to you? Back then, of course, the GOP voted against extension of unemployment benefits, because of the deficit. You can't make this up what these sociopathic hypocrites were thinking.

 

One side of the coin.

Quote; The revenue to the government went up after the tax cuts.

Clinton’s revenue also went up after his 1997 tax cuts, however;

Clinton’s revenue growth rates;

FY1997 Revenue; $1.58 Trillion
+ 9%
FY1998; 1.72 trillion
+ 6%
FY1999; 1.82 trillion
+ 11%
FY2000; 2.03 trillion

And for your info, Bush’s good economical times Revenue growth rates;

FY2004; $1.88 trillion
+ 15%
FY2005; $2.15 trillion
+ 12%
FY2006; $2.41 trillion
+ 7%
FY2007; $2.57 trillion

Question; What were Trump’s “Greatest economy we’ve had in our history” Revenue growth rates?

 

The total unemployment went up to about 10%. It went up to nearly 15% in this pandemic.

 

I do not pay a lot of attention to what he says. However, the economy did take a quantum jump from Obama to Trump.

 

I understand.....

Trump had to increase Government Consumptions, however;

$1 GC = $1 GDP

Claim; Trump increased Obama’s pitiful 1.7% GDP to 2.9% GDP

Fact; 2019 GDP; 2.2%

MINUS Government Consumptions Trump had to increase;

2019 GDP; 1.7%

Refute!

 

So you're saying that Obama had nothing to do with improving the economy, check.