According to NBER, the economy peaked in February, 2020. Source; NBER Business Cycle Dating Comittee Announcement June 08, 2020. The Peak marks the end of the expansion that began in June 2009, and the beginning of a recession. Net cost of Trump’s “Let’s party economy” over 36 months/prior to peak; Feb/Sep 2017 cumulative deficit; $458 billion Fy2018 deficit; $779 billion Fy2019 deficit; $984 billion Fy2020 Oct - Jan cumulative deficit; $369 billion Total cumulative deficit; $2.6 trillion Source; Monthly Treasury Statement ____________ a. Previous peaks b. Cumulative deficits over 36 months prior to peak c. In today’s dollars Net cost of Bush’s “Let’s party economy” a. Peak December 2007 b. $672 billion c. In today’s dollars; $843 billion Net cost of Clinton’s “Let’s party economy” a. Peak March 2001 ZERO Net cost of Bush Sr. “Let’s party economy” a. Peak July 1990 b. $529 billion c. In today’s dollars; $1,053 trillion Net Cost of Carter’s “Let’s party economy” a. Peak July 1981 b. $200 billion c. In today’s dollars $572 billion _______ Trump’s “Let’s party economy” Best party we ever had! Well, of course!
In addition the above, and in reference to the payroll remittance Trump postponed into next year; Trump’s “Let’s keep partying economy” 2.0 Trump; “If I’m victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax. I’m going to make them all permanent”. ________
Biden’s “Let’s party” money; 1. Raise the top tax rate from 37 to 39.6% for those making above $400,000. 2. Hike the rate on capital gains to 39.6% for investment income above $1 million 3. Impose a 12.4% payroll tax on income above $400,000 Biden’s RAISED “Let’s party” money over 10 years; $4.1 trillion. Trump’s BORROWED “Let’s party” money above FY2016 deficit over 10 years; $2.2 trillion
Which can only be done if Mitch agrees to make them permanent. And he won't. This means that the taxes that the middle class is not paying now will have to be payed in 2021. Another way to abuse power for political gain.
Said $2.2 trillion......Based on Trump’s 2021 proposed budget/spending cuts, thus, meaningless today due to Covid19’s recession.
Presidents don't spend money, congress does. Sounds like you should be whining about Pelosi. Unless you made Trump King when I wasn't looking.
