For the first time, a reported clown, no nothing President presides over the world’s best historical economic markets. Nice job.
The budget estimates mandatory spending will be $2.841 trillion in FY 2020. Social Security was by far the biggest expense at $1.102 trillion. Medicare was next at $679 billion, followed by Medicaid at $418 billion, and interest on the national debt, $479 billion.
Link: https://www.thebalance.com/u-s-federal-budget-breakdown-3305789
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To say your analysis is an inch deep would be an overestimate.
Recessions have huge deficits for at least two reasons: 1. Revenues are way down (and this happened in 2009, 2010 etc.); and 2. Fiscal policy tools to combat the recession are funded by deficit spending (tax cuts and/or spending increases), with the thought that they will lead to a growth period in which the deficit may be reduced (and maybe even the debt). Obama's deficits decrease every year until they reached a very manageable level.
You knew all that, right?
Obama ran deficits because Bush gave him a shit sandwich. Trump has grown the economy with 9 rate increases. The dollar is king. Then you must rebalance particularly when you have the EU and China pumping money into their economies depressing their currencies to make their exports competitive. But you know that right?
You made the comparison.
You've changed the subject to rate increases. And I believe there have only been 7 rate increases. The dollar only now is reaching the strengths it had in 2015-2016. There are many arguments as to whether we should devalue the dollar, I suppose. I still don't see how that, or the monetary policy of the last 2 years, all adds up to Trump's seemingly irresponsible fiscal policy.
In a world of dirty laundry you pick out the cleanest shirt. You still live in a world that no longer exists. The economic world is changing. Former rules don’t apply. You lose money today investing in Germany and most of Europe. No one trusts the Chinese. Where are you going to put your money.
Deficit spending is here to stay. Both parties in America don’t care. They run deficits for their own causes. So yes Obama had to infuse capital and the benefit was 0% interest during his entire term. Why strangle the US economy under Trump when the world keeps investing in the US as the world’s safe haven. Do you see any other country taking our place anytime soon?
So relax. Have a drink. There may be no icebergs in our path. Unless you see a country or group of countries, (EU) haha bound to fail from the beginning, taking our place.
The next time there is a downturn, and we need to run 2 trillion dollar deficits (to fund the stimulus), will the world still be buying our dollars and treasuries?
I think it is naive to believe that the debt will not create long term issues.
Nobody was starving before the tax cuts. We weren't "strangling" anything. And that said, I will admit that a modest corporate tax cut was probably in order (Obama also supported it). What they did cost a lot more than a modest corporate tax rate cut. They unnecessarily borrowed a ton of money to throw from the helicopters.
But then again you were keen on W and Vice in the beginning as well.
Keep looking backward about me supporting W if that makes you feel better. Try living today. I could be wrong we will see and I’m sure you will tell me when you were wrong.
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Like the deficit magically disappeared along with Barrack the Magic Negro.
As to presidents, every president, from Clinton to Bush to Obama to Trump has run up the debt. Perhaps you can say that Clinton and Trump are most at fault, since they had more flexibility to pay down the debt, and are choosing not to do so, but doesn't Congress have the Constitutional power to set spending levels?
The prez sets the agenda. His is tax cuts and increased spending, both unfunded.
As to the growth, I usually don't credit the president with that. You probably have me confused with someone else. I don't usually post about economic growth being proof that Trump is great. If I did, I probably was joking or just trying to get your goat.
However, on that point, I will say this: I've been to a number of CLE's which discuss the reduction/rollback of regulations in the employment and environmental areas, and how pro-business the changes are (including EEOC reversals of Obama policy). I suspect that things like that are helping a lot. Also, the tariffs have had immediate effect regarding more jobs in the US. Those things can be credited to Trump. There are other factors, obviously, including an irrational Trump bump, and the fact that debt is not deemed to be a drain on our economy by stock traders. It was not my intent to defend Trump's effect on the economy in this thread, but you asked about it. I'd like to hear why you blame Trump for the debt.
you don’t do, gave him credit for the economy.
So, why don’t you give Congress the credit for the unpaid for tax cut which is the main driver of the short term growth?
If the debt is driven up in the name of economic growth, do we give Trump credit for the growth?...or blame him for the deficit spending?...or both? Same questions for Congress.
The answer in real life (as to who we give credit or blame) seems to be we give credit to the people we like, and blame to the people we don't, and then things move on without any changes.
In actuality, both Congress and president bear both credit and blame for both debt and economic growth. But, I do think Congress bears more blame for debt, since that is their constitutional mandate. And, I think Trump bears some credit for rolling back regulations and other administrative/executive branch bars to economic growth...which he did without increasing debt. And, I'm happy to give Congress some credit for "the unpaid for tax cut which is the main driver of the short term growth." I don't know that that is the main driver of the short term growth, but I'm happy to give Congress "credit" for that...or should it be blame?
I’m talking about you trumpies who are preeningly giving credit to our Orange jeffe for all that SEEMS good, while blaming Congress for what is bad like deficits.
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