It's Official: Trump Tax Cuts Are Boosting Growth And Mostly Paying For Themselves

If the budget does not produce the necessary tax revenue, the budget deficit will grow.

 

You should read the link posted by @An Old Guy.
http://www.crfb.org/papers/analysis-cbos-april-2018-budget-and-economic-outlook
It's clear Trumps policies are driving the deficit now.

 

Yep those Democrats, including Obama, who took the Congress two years previous screwed the pooch didn't they. They failed to take measures to help mitigate the damage and lessen the depth and their HUGE increase in the deficits and spending totally failed to get us into a full recovery and keep unemployment down to their promised 8% costing us TRILLIONS of dollars taking the last Republican deficit in 2007 to their whopping $1,400B in just two years. You aren't still trying to blame that on Bush are you?

 

The budget doesn't produce tax revenues, it spends them. Republicans have lower tax rates twice in recent history and both times we hit record tax revenue increases and helped produce surpluses the first time and had us heading that way again at just $161B and falling when the Democrats took back control. Where was it two years later?

 

The tariffs we have heard about so far are on steel, which is made in China. No multinational corps involved. I heard nothing on a tariff on iphones or other consumer electronics that are all made in China with cheap labor ins sweatshops.

As to the bankers, I have no love for them. Of course, the problem is that corporate debt is at an all time high of 45% GDP. Government debt is paltry in comparison.

That's why bankers have so much influence, because they control the credit. The problem, of course, is that we all pay a hidden "tax" for this corporate debt in form of increased consumer prices, caused by the corps needs to finance their debt service payments.

 

If there is something in it worth discussing then copy and paste it. We are running record tax revenues through the first six months of the fiscal year.

 

Normally what happens is economists group A ends understating gross revenues. Group B has different figures.

For solid examples, look at the actual revenues during Bush 43 and check the actual revenues of Obama. One thing Obama did do is drive up gross revenues to the Feds. But not vis a vis the economy forces, but taxing forces. It is one major reason his economy underperformed to the point I don't recall it going over 1.5 percent annualized. No matter my numbers, true or off a bit, the fact remains Obama inherited a national debt approaching 10 trillion dollars but departed with it almost 20 trillion dollars. Government might not control the economy, but it does control what it spends.

 

I will amend if the tax cuts does not produce the tax revenues needed, the deficit will grow.

 

Bullshit. Prove your claim that I "highly cherry picked and misrepresented" data.

 

Bankers are the most needed humans yet the most hated humans by Democrats. Without your banks, they won't have capital to lend out. And not merely to industry, but consumers as well. We use those credit cards a lot of the time. Watch at the shopping registers.

Shut down bankers and you kill the economy.

 

If so, NO taxes should be an awesome.

 

You have been asked repeatedly by several posters what "measures" the Dems could have taken to prevent or lessen the great recession, which began in mid 2007, 6 months after the Dems took congress? You have failed to come up with any sensible response except for "cut regulations". Yeah, that would have made a difference when consumers had no jobs and no money to spend and, thus, demand dropped through the floor. Yet, your party wanted to cut unemployment benefits, which would have cut demand even more, deepening the recession. You can't make this stuff up...

 

Baseless scapegoating.

The housing bubble that caused the GR had already blown up and started imploding before the Democrats took office.



By the time the Democrats got control of the Administration, the economy was in full blown rout.

 

Lets hope for a screw up like Obama did.
Turned around the largest decline the country has seen since the great depression.
Tripled the stock market.
75 months of private sector job growth.
Unemployment near full employment.

We should be so lucky to have it screwed like that.

 

Bluesguys claim.

Here's what even the conservative press admits:


The truth is that the nearly 18 percent spike in spending in fiscal 2009 — for which the president is sometimes blamed entirely — was mostly due to appropriations and policies that were already in place when Obama took office. ... Since pictures can convey information more efficiently than words, we’ll sum up the official spending figures in this chart. It also reflects our finding that Obama increased fiscal 2009 spending by at most $203 billion, accounting for well under half the huge increase that year. ... So by our calculations, Obama can fairly be assigned responsibility for — at most — 5.8 percent of the $3.5 trillion that the federal government actually spent in fiscal 2009, which was 17.9 percent higher than fiscal 2008.

http://www.factcheck.org/2012/06/obamas-spending-inferno-or-not/

When Obama took the oath of office, the $789 billion bank bailout had already been approved. Federal spending on unemployment benefits, food stamps and Medicare was already surging to meet the dire unemployment crisis that was well underway. See the CBO’s January 2009 budget outlook.

Obama is not responsible for that increase, though he is responsible (along with the Congress) for about $140 billion in extra spending in the 2009 fiscal year from the stimulus bill, from the expansion of the children’s health-care program and from other appropriations bills passed in the spring of 2009.

http://www.marketwatch.com/story/obama-spending-binge-never-happened-2012-05-22?pagenumber=2

Listening to a talk radio program yesterday, the host asserted that Obama tripled the budget deficit in his first year. This assertion is understandable, since the deficit jumped from about $450 billion in 2008 to $1.4 trillion in 2009. As this chart illustrates, with the Bush years in green, it appears as if Obama’s policies have led to an explosion of debt. But there is one rather important detail that makes a big difference. The chart is based on the assumption that the current administration should be blamed for the 2009 fiscal year. While this makes sense to a casual observer, it is largely untrue. The 2009 fiscal year began October 1, 2008, nearly four months before Obama took office. The budget for the entire fiscal year was largely set in place while Bush was in the White House.

http://www.cato.org/blog/dont-blame-obama-bushs-2009-deficit

Having said that, it is impossible to look at the chart and not to see a large ramp up in outlays under George W. Bush — the president who reversed the direction of federal outlays, which had been falling. Indeed, it is perfectly reasonable to argue that much of the responsibility for 2009’s 25.2 percent rests with President Bush, and not with President Obama; in January 2009, before President Obama took office, the CBO released its forecast that fiscal year 2009 would see outlays of 24.9 percent of GDP based on pre-Obama policies.

http://www.forbes.com/sites/realspin/2012/09/03/yep-obamas-a-big-spender-just-like-his-predecessors/

On Jan. 7, 2009, two weeks before Obama took office, the Congressional Budget Office reported that the deficit for fiscal year 2009 was projected to be $1.2 trillion.

http://www.politifact.com/truth-o-m...obama-inherited-deficits-bush-administration/

 

You're hanging you hat on what the R's did 20 yrs ago?
What about the world collapse of economies they did, 10 yrs ago?
They created expansion by increasing debt. And then BUST, it all evaporated. This is what you brag about.

I bet you sat on the sidelines with your 401K for 8 yrs while smart people saw the markets increase 3 fold.

 

I would remind you that the years started in Oct..
It really doesn't matter if spending increase are twice the revenue increases. Trump hit both.
Read the link. It will be good for you. It's to long to post for you. But I will see if I can find a good summary.

 

SSDD.

We can see that by the time the Democrats got control of Congress, the housing bubble had already peaked at its absurd levels and was already starting to tank. And of course, Bush with his veto was still in the WH.

By the time the Democrats got control of the Administration, we were heading straight for a depression.

 

Summary:

• The budget deficit will near one trillion dollars next year, after which permanent trillion-dollar deficits will emerge and continue indefinitely. Under current law, deficits will rise from $665 billion (3.5 percent of Gross Domestic Product) last year to $1.5 trillion (5.1 percent of GDP) by 2028.
• As a result of these deficits, debt held by the public will increase by more than $13 trillion over the next decade – from $15.5 trillion today to $28.7 trillion by 2028. Debt as a share of the economy will also rise rapidly, from today’s post-war record of 77 percent of GDP to above 96 percent of GDP by 2028.
• Cumulative deficits through 2027 are projected to be $1.6 trillion higher than CBO’s last baseline in June 2017. The entirety of this difference is the result of recent legislation, most significantly the 2017 tax law.
• Spending will increase significantly over the next decade, from 20.8 percent of GDP in 2017 to 23.6 percent by 2028. Revenue will dip from 17.3 percent of GDP in 2017 to 16.5 percent by 2019 before rising to 18.5 percent of GDP by 2028 as numerous temporary tax provisions expire.
• Deficits and debt would be far higher if Congress extends various temporary policies. Under CBO’s Alternative Fiscal Scenario, where Congress extends expiring tax cuts and continues discretionary spending at its current level, the deficit would eclipse $2.1 trillion in 2028, and debt would reach 105 percent of GDP that year – nearing the record previously set after World War II.

CBO’s latest projections show that recent legislation has made an already challenging fiscal situation much more dire. Under current law, trillion-dollar deficits will return soon and debt will be on course to exceed the size of the economy. Under the Alternative Fiscal Scenario, the country would see the emergence of $2 trillion deficits, and debt would reach an all-time record by 2029.

Lawmakers must take prompt corrective action to reverse these deficits. That should include paying for all extensions or new policies, setting reasonable but responsible spending levels, raising new revenue, and reforming major entitlement programs in order to stem the growth of debt.

 

Paul Ryan is leaving and we are faced with a Trillion dollar plus deficit because of these tax cuts. Lol! So much for Republican fiscal responsibility. And this coming after Ryan said that if you put us back in charge we would lower the deficit. This is the ultimate fail once again coming from a Republican party; http://www.msnbc.com/morning-joe/wa...p-paul-ryan-1209047619619?playlist=associated

 

Are historically inaccurate

 

I didn't say anything about Obama.......I said DEMOCRATS...........when did the Democrats take control of the Congress? 2007, a year before the recession began. But you are correct by 2009 that is where they had the budget, thanks for blaming them.

 

Yep. Ryan is quickly vacating the scene of the crime now.

 

https://historyinpieces.com/research/us-unemployment-rates-president
Define "full employment", please. According to the figures I've located Obama had an average unemployment rate of 7.44% (second highest among all presidents rated to Gerald Ford's 7.84%). LBJ was actually the closet to full employment at 4.18%.

So what you claim about Obama's wonderful employment record is exactly backwards and I wonder how you got things so screwed up and blatantly wrong? And what does this say about all the other claims you make that are completely unsupported and made, it seems, just by pulling your wishes and what you'd like to see completely out of thin air?

Perhaps you should look at the facts before substituting your desires for reality.

 

No need. We have hit record tax revenues since it began.