Tue Feb 11, 2020, 12:39 PM
ffr (21,421 posts)
U.S. Deficit Soaring. Why?
Democrats have a proven record on fiscal responsible economy policy, paying down debt, keeping our house in order. Republicans, like drunken sailors, spend the built up economy prosperity they inherit from Democratic administrations in the form of tax cuts for the wealthiest corporations and deficits soar.
BTW, it's conventional economic policy for our government to deficit spend during recessions, so why in the past 3 years have deficits skyrocketed if we're being told repeatedly that the fundamentals of the economy are strong? Is it because we're already in recession or is it corporate welfare, paying $1T per year to subsidize an otherwise failing economy? Clues are in the Debt to GDP ratio. Here we go again. ![]() Yr --|---Debt -|-Debt Increase -|- Deficit/GDP -|- Event : 1991 | $269 | $432 | 4.3% | Recession 1992 | $290 | $399 | 4.4% | Expansion 1993 | $255 | $347 | 3.7% | Clinton signed Budget Act 1994 | $203 | $281 | 2.8% | Clinton budget 1995 | $164 | $281 | 2.1% | Expansion 1996 | $107 | $251 | 1.3% | Welfare reform 1997 | $22 | $188 | 0.3% | Expansion 1998 | ($69) | $113 | (0.8%) | LTCM crisis, recession 1999 | ($126) | $130 | (1.3%) | Glass-Steagall repealed 2000 | ($236) | $18 | (2.3%) | Surplus 2001 | ($128) | $133 | (1.2%) | 9/11 attacks, EGTRRA 2002 | $158 | $421 | 1.4% | War on Terror 2003 | $378 | $555 | 3.3% | JGTRRA 2004 | $413 | $596 | 3.4% | Iraq War 2005 | $318 | $554 | 2.4% | Katrina, Bankruptcy Act 2006 | $248 | $578 | 1.8% | Bernanke chairs Fed 2007 | $161 | $501 | 1.1% | Bank crisis 2008 | $459 | $1,017 | 3.1% | Bank bailout, QE 2009 | $1,413 | $1,632 | 9.8% | Stimulus Act. Bank bailout cost $250B, ARRA added $253B 2010 | $1,294 | $1,905 | 8.6% | Obama tax cuts, ACA, Simpson-Bowles 2011 | $1,300 | $1,229 | 8.3% | Debt crisis, recession and tax cuts reduced revenue 2012 | $1,087 | $1,276 | 6.7% | Fiscal cliff 2013 | $679 | $672 | 4.0% | Sequester 2014 | $485 | $1,086 | 2.7% | Debt ceiling crisis 2015 | $438 | $327 | 2.4% | TPP, Iran deal 2016 | $585 | $1,423 | 3.1% | Presidential race 2017 | $665 | $672 | 3.4% | Trump Tax Act 2018 | $779 | $1,217 | 3.8% | Deficit spending 2019 | $1,092 | $1,314 | 5.1% | Government shutdown 2020 | $1,101 | $1,281 | NA | Military spending increased <link> Debt to the penny: 23,251,029,947,957.77
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10 replies, 903 views
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Author | Time | Post |
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ffr | Feb 2020 | OP |
Fresh_Start | Feb 2020 | #1 | |
Frustratedlady | Feb 2020 | #2 | |
ffr | Feb 2020 | #6 | |
Frustratedlady | Feb 2020 | #8 | |
cherryinpa | Feb 2020 | #3 | |
YOHABLO | Feb 2020 | #4 | |
no_hypocrisy | Feb 2020 | #5 | |
democratisphere | Feb 2020 | #7 | |
FoxNewsSucks | Feb 2020 | #9 | |
sandensea | Feb 2020 | #10 |
Response to ffr (Original post)
Tue Feb 11, 2020, 12:45 PM
Fresh_Start (11,286 posts)
1. to create illusion of strong economy nt
nt
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Response to ffr (Original post)
Tue Feb 11, 2020, 12:45 PM
Frustratedlady (15,863 posts)
2. Didn't Obama get stuck with the Iraq War debt?
I seem to remember it was on a charge card basis.
I can't imagine how Trump could even come up with a $4.8T with a T budget. He increases the military budget and then announces cuts to the vets' health care. |
Response to Frustratedlady (Reply #2)
Tue Feb 11, 2020, 12:49 PM
ffr (21,421 posts)
6. Obama and the democrats inherited a frozen economy, markets in freefall, and toxic assets
As part of the GOP's easing of regulations on the banking industry, years earlier.
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Response to ffr (Reply #6)
Tue Feb 11, 2020, 12:54 PM
Frustratedlady (15,863 posts)
8. What happens if China, Russia, et al., call in their investments?
Is that possible/probable?
Yes, I remember the scary circumstances when (or, right before) Obama took office. That was a royal screw job, for sure. |
Response to ffr (Original post)
Tue Feb 11, 2020, 12:45 PM
cherryinpa (301 posts)
3. TCJA
Trump tax giveaway to big corps and the rich.
Thats why Biden has said he will reverse this attrocity as a priory. |
Response to ffr (Original post)
Tue Feb 11, 2020, 12:46 PM
YOHABLO (7,358 posts)
4. So Trump can say look at this booming economy that I made for you.
Emphasis on "I"
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Response to ffr (Original post)
Tue Feb 11, 2020, 12:47 PM
no_hypocrisy (40,004 posts)
5. Tax cuts? Tariffs? Compound inerest?
All of the above?
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Response to ffr (Original post)
Tue Feb 11, 2020, 12:51 PM
democratisphere (17,235 posts)
7. NEVER EVER trust Republican drumpf data on anything.
Republican economies ALWAYS crash and burn. Put on your firesuit and fasten your seatbelt.
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Response to ffr (Original post)
Tue Feb 11, 2020, 03:59 PM
FoxNewsSucks (7,323 posts)
9. Tax cuts.
Rich people and corporations no longer pay anything close to their fair share. Many pay nothing. Many get billions in welfare, uh, I mean "subsidies".
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Response to ffr (Original post)
Tue Feb 11, 2020, 09:35 PM
sandensea (16,256 posts)
10. It's worth noting that those 2004-08 Bush budgets EXCLUDED war spending
This exceeded $170 billion at its peak in 2007/08.
Putting the war off the books was, of course, Rove's idea. Dubya wouldn't know a good idea from a horse apple. |