Feb Budget Deficit Largest on Record

Discussion in 'Budget & Taxes' started by FlamingLib, Mar 22, 2019.

  1. Pollycy

    Pollycy Well-Known Member

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    This is probably one of those questions that could be answered by Zorro better than me, but I'll suggest that "tax cut economics" are thought to "prime the pump" and "get things going again". But a large part of the problem I see is that the Federal Reserve banking cartel already DID that, starting as far back as August 2007! They 'rescued' the ones they wanted to save, and rolled out handout welfare programs for everybody else. People who actually SAVE money in savings accounts got SCREWED ROYALLY, and still are....

    We had all those "QE's" (I, II, and III) rolled out, plus "Operation Twist" in 2011 (which nobody seems to remember). We also had interest rates ground into the dirt, where they have largely remained, except for microscopic rate increases starting late in 2015, but now even those have stopped -- and it's likely that Wall Street will be coddled and protected with bales more of essentially 'free money' for the rest of the year.

    Bottom line: Trump's big hooptie "tax reform" put about an extra thousand bucks back in my pocket -- no big deal, but I'd rather have it than NOT have it. Meanwhile the price of everything continues to go up, but even so, the Fed may actually CUT interest rates again, thus "kicking the can down the road" yet again.

    Back in 1981, President Ronald Reagan and Fed. Chairman, Paul Volcker knew HOW "prime the pump" (with what was called "Reaganomics"), and IT WORKED! Yes, it involved a lot of government spending (largely on defense, which had been in the ditch for over eight years), but the economy we had in the 1980's was amazing. I wish we had it back... a LOT of people probably do.
     
    Last edited: Apr 9, 2019
  2. Bluesguy

    Bluesguy Well-Known Member Donor

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    I already posted the historical record in post #655. CONGRESS is in charge if the budget with input from the President ESPECIALLY when they are of opposing parties. 2008 was a negotiated DEMOCRAT budget with the Democrats not getting the increase they sought. They cut Bush out completely passed a continuing resolution to keep government running until after the election so that Obama could add his desired spending inti the 2009 budget and he as President signed the 2009 Omnibus Spending Bill into law March of 2009. Their 20% increase drove the deficit to $1,400B and they kept it over $1,000B for the next three years.
     
  3. Bluesguy

    Bluesguy Well-Known Member Donor

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    They did in the late 1990's and had us heading there in 2007.
     
  4. danielpalos

    danielpalos Banned

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    a Recession was "turned around".
     
  5. danielpalos

    danielpalos Banned

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    Tax cut economics are worthless now.
    http://www.usdebtclock.org/
     
  6. rahl

    rahl Banned

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    So you still don't know how bills become law? lol
     
  7. rahl

    rahl Banned

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    democrats had HUGE spending increases because republicans are incompetent fiscally. They directly caused the worst recession in 80 years, which not only tanked revenues, causing higher deficits, but required HUGE spending increases to deal with it.
     
  8. Pollycy

    Pollycy Well-Known Member

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    Hey everybody! By the time that "Messiah" Obama stumbled through the Oath of Office in January 2009, the Federal Reserve central banking cartel had already completely taken over total control of the economy for a year-and-a-half!

    Remember? Henry Paulson told "W" Bush everything to do concerning the economy... just like Timothy Geithner told "Messiah" Obama everything to do concerning the economy. And behind both Paulson and Geithner, confidently pulling everybody's 'strings' was Fed. Chairman, Ben Shalom Bernanke!

    [​IMG]."'Rescuing' the "too big to fail" while sh!tting on everybody else!":roflol:
     
    Last edited: Apr 9, 2019
  9. danielpalos

    danielpalos Banned

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    was our previous recession so unremarkable by the right wing due to all of the social spending involved?
     
  10. dagosa

    dagosa Banned

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    9 of last ten recessions under republican admins says it all.
     
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  11. dagosa

    dagosa Banned

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    Funny, nowhere in history are they listed as democratic budgets, they are Republican admin budgets. But keep trying. I see you have no references, just made up bloviation.
     
  12. Bluesguy

    Bluesguy Well-Known Member Donor

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    Not my fault the lack of knowledge about the government and budget history of some reporters. I gave you the facts lack of rebuttal noted.
     
  13. dagosa

    dagosa Banned

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    Why the deficit ? Oh, millions were unemployed, less revenue and they needed unemployment. Presidents are stuck with the economy given to them. What happened later ?
    upload_2019-4-9_11-44-12.jpeg
     
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  14. Bluesguy

    Bluesguy Well-Known Member Donor

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    But not under Republican majority control of the government and government policy says it all. The issue is how each RESPONDS to the economy and an economic slowdown and a recession if it occurs, not trying to say that either CAUSES recessions, that's nonsense. Slowdowns and recessions are part of the normal business cycle. The fact is the Republicans did mostly the right things during the 2000/2001 slowdown/dot.com bubble/9-11 recession to help mitigate the depth and length and damage and get us into a full recovery which paid off in spades. The Democrats did mostly the wrong things to help mitigate the depth and length and damage from the 2008 slowdown, mortgage bubble and get us into a full recovery and it cost us trillions of dollars in deficits and debt.
     
  15. dagosa

    dagosa Banned

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    You gave no reference. These are your bogus facts. You have a degree from Trump U in economics ?
    You guys are funny. You think everything you make up is a fact.

    From the CBO.
    The U.S. Federal deficit was $587 billion in Obama’s last year and it grew to $666 billion in Trump’s first year of his presidency.
     
  16. Bluesguy

    Bluesguy Well-Known Member Donor

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    The Republicans handed them a paltry $161B deficit and falling and you have nothing to back up your claim the Republicans CAUSED the 2008 recession or that the HUGE spending increases did what they claimed they would do, it was a total bust leading to the worst recovery in modern history and the worse unemployment in modern history.
     
  17. dagosa

    dagosa Banned

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    Bush had Republican controlled majority when he made the tax cuts.
    Trump had Republican controlled majority when he just increased the deficit...dah.
     
  18. Bluesguy

    Bluesguy Well-Known Member Donor

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    I've said nothing about Trump, why the diversion? The last two years of the Obama term were Republican budgets he had to sign. Do we need more fiscal conservatives in the Congress? YES. Will we find them in the ranks of the Democrats? NO. Vote out the fiscally irresponsible Democrats and RINO's and elect more conservative Republicans and support Trump's call for each of the departments plan for a 5% cut in their spending. You DO support that don't you?
     
  19. dagosa

    dagosa Banned

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    You have a reference ? Oh no. Just little thoughts from the pointy little cranium of Faux news blonds....what, not even that ?
     
    Last edited: Apr 9, 2019
  20. dagosa

    dagosa Banned

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    And support trumps cuts of SS and Medicare, the big cuts.
     
  21. Bluesguy

    Bluesguy Well-Known Member Donor

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    I just AGAIN posted the historical record of how those budgets were passed. Rebut it.

    Still waiting for you to explain your claim that Bush could have and should have vetoed the Democrats 2009 budget. Show us you know how a bill becomes law.
     
    Last edited: Apr 9, 2019
  22. Bluesguy

    Bluesguy Well-Known Member Donor

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    What are you denying and be specific.

    "The Republicans handed them a paltry $161B deficit and falling and you have nothing to back up your claim the Republicans CAUSED the 2008 recession or that the HUGE spending increases did what they claimed they would do, it was a total bust leading to the worst recovery in modern history and the worse unemployment in modern history."
     
  23. Bluesguy

    Bluesguy Well-Known Member Donor

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    Yep and the tax rate cuts produced a record increase in tax revenues including DOUBLE the capgains tax revenues at half the rate to which Clinton had raised it and with that revenue and spending increase restraint brought the deficit down to a measly $161B, why do you keep ignoring that? Their worst peak deficit was a one year $400B, the Democrats never even came close to their WORST.
     
  24. Bluesguy

    Bluesguy Well-Known Member Donor

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    The recession ended before any of the stimulus spending was enacted.
     
  25. dagosa

    dagosa Banned

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    Rebuke a lie you have no proof for ? That’s laughable.

    upload_2019-4-9_12-0-14.jpeg
     
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