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Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - Printable Version +- Cincinnati Bengals Message Board / Forums - Home of Jungle Noise (http://thebengalsboard.com) +-- Forum: Off Topic Forums (http://thebengalsboard.com/Forum-Off-Topic-Forums) +--- Forum: Politics & Religion 2.0 (http://thebengalsboard.com/Forum-Politics-Religion-2-0) +---- Forum: P & R Archive (http://thebengalsboard.com/Forum-P-R-Archive) +---- Thread: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin (/Thread-Trump-trillion-dollar-plus-deficits-are-putting-America-on-a-path-to-fiscal-ruin) |
Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - GMDino - 08-20-2018 Note: Opinion piece. The numbers are in the article. https://www.usatoday.com/story/opinion/2018/08/20/donald-trump-trillion-dollar-plus-deficits-fiscal-ruin-column/986236002/ Quote:It became very clear this month that neither the Trump White House nor its allies on Capitol Hill want you to know that the federal budget is already in very bad shape ... and getting worse.[url=https://twitter.com/thebudgetguy][/url] Are we tired of winning yet? RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - fredtoast - 08-20-2018 But, but, but, Democrats are the ones who "buy votes" by handing out goodies like tax cuts. But we only account for 40% of the military spending of the entire world. So we have to increase that dramatically. RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - Belsnickel - 08-20-2018 I don't disagree, but let's not just blame Trump for this. There are a lot of things unique to Trump that make him reprehensible, but his debt ballooning tax cuts and spending aren't one of them. We should be discussing this in terms of an ongoing problem with the politicians in Washington. I know that USA Today chose the title, and that's part of the problem with the framing of these discussions. This is a bi-partisan, establishment issue and trying to tie it to a politician just makes it more divisive than it should be. RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - GMDino - 08-20-2018 (08-20-2018, 01:28 PM)Belsnickel Wrote: I don't disagree, but let's not just blame Trump for this. There are a lot of things unique to Trump that make him reprehensible, but his debt ballooning tax cuts and spending aren't one of them. We should be discussing this in terms of an ongoing problem with the politicians in Washington. I know that USA Today chose the title, and that's part of the problem with the framing of these discussions. This is a bi-partisan, establishment issue and trying to tie it to a politician just makes it more divisive than it should be. I agree with it being an ongoing problem. But I would like to also point out that the Trump supporters/defenders still think he's going to shrink the deficit and run America like one of his businesses. Those two things are mutually exclusive. As the current POTUS, one that claims to be the best with money, it's worth noting that the "best" businessman is continuing the trend despite "not being a politician". And, again, I noted it is an opinion piece. The numbers don't lie though. RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - Nebuchadnezzar - 08-20-2018 I remember my Sociology teacher at West Hi complaing about how the US debt could reach $1 Trillion and how we would never be able to pay that much money back. Now we are staring at $22 Trillion in debt? And no doubt, we can't pay it back. We do need some debt, maybe a quarter or half of what it is now. I read a long time ago that our debt actually helps those that buy it and it's paid back or something like that. But $22 Trillion is just outrageous and it's not ever going to get better the way our government spends. RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - Millhouse - 08-20-2018 Below are the yearly deficits going back to 1969. The link has the list going back to 1929. Now though the author tried to deflect the immediate deficit that occurred under Obama was due to the recession which I wont argue. But the deficit in 2015 and 2016 was higher than any point under Bush during those post 9-11 years, and it rose from 2015 to 2016. That said Republicans controlled Congress so they share the blame too. On to Trump. He is going to make Reagan look like Clinton, because as you can see the deficits rose sharply during the Reagan years. But his deficits are on pace to be a 1/4th of what Trump's will be, and we arent even in a cold war, inflation or not. https://www.thebalance.com/us-deficit-by-year-3306306 Year Deficit Debt Increase Deficit/GDP Events Affecting Deficit 1969 ($3) $6 (0.3%) Nixon took office. 1970 $3 $17 0.3% Recession. 1971 $23 $27 2.0% Wage price controls. 1972 $23 $29 1.8% Stagflation. 1973 $15 $31 1.0% End of gold standard. 1974 $6 $17 0.4% Budget process created. 1975 $53 $58 3.1% First Ford budget. 1976 $74 $87 3.9% Stagflation. 1977 $54 $78 2.5% Stagflation. 1978 $59 $73 2.5% First Carter budget. 1979 $41 $55 1.5% Volcker raised rates to 20%. 1980 $74 $81 2.6% Recession. Iran oil embargo. 1981 $79 $90 2.4% Reagan tax cut. 1982 $128 $144 3.8% Reagan's 1st budget. 1983 $208 $235 5.6% Jobless rate 10.8%. 1984 $185 $195 4.5% Increased defense spending. 1985 $212 $256 4.8% 1986 $221 $297 4.8% Tax cut. 1987 $150 $225 3.1% Market crash 1988 $155 $252 2.9% Fed raised rates. 1989 $153 $255 2.7% S&L Crisis. 1990 $221 $376 3.7% Desert Storm. 1991 $269 $432 4.3% Recession. 1992 $290 $399 4.4% 1993 $255 $347 3.7% Clinton signed Balanced Budget Act. 1994 $203 $281 2.8% First Clinton budget. 1995 $164 $281 2.1% 1996 $107 $251 1.3% Welfare reform. 1997 $22 $188 0.3% 1998 ($69) $113 (0.8%) LTCM crisis. 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% 2005 $318 $554 2.4% Katrina. Bankruptcy Act. 2006 $248 $574 1.8% Bernanke chairs Fed. 2007 $161 $501 1.1% Iraq War cost. 2008 $459 $1,017 3.1% Bank bailout. QE. 2009 $1,413$1,632 9.8% Stimulus Act. 2010 $1,294$1,905 8.6% Obama tax cuts. ACA. Simpson-Bowles. 2011 $1,300$1,229 8.3% Debt crisis. 2012 $1,087$1,276 6.7% Fiscal cliff. 2013 $679 $672 4.0% Sequester. Government shutdown. 2014 $485 $1,086 2.7% Debt ceiling. 2015 $438 $327 2.4% Defense = $736.4 b. 2016 $585 $1,423 3.1% Defense = $767.3 b. 2017 $665 $672 3.4% Defense = $812.3 b. 2018 (est) $833 NA NA Defense = $824.7 b. 2019 (est) $984 NA NA 2020 (est) $987 NA NA 2021 (est) $916 NA NA RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - Dill - 08-20-2018 (08-20-2018, 03:46 PM)Nebuchadnezzar Wrote: I remember my Sociology teacher at West Hi complaing about how the US debt could reach $1 Trillion and how we would never be able to pay that much money back. Just as critical is how our government cuts taxes. That, plus increased military spending, is what started us down the road of huge peacetime deficits back in 1980-88. RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - Dill - 08-20-2018 (08-20-2018, 02:04 PM)GMDino Wrote: I agree with it being an ongoing problem. But I would like to also point out that the Trump supporters/defenders still think he's going to shrink the deficit and run America like one of his businesses. Those two things are mutually exclusive. If he is running America like one of his businesses, then I don't think we should worry. Russia will bail us out if we bankrupt. RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - Belsnickel - 08-20-2018 (08-20-2018, 03:46 PM)Nebuchadnezzar Wrote: I remember my Sociology teacher at West Hi complaing about how the US debt could reach $1 Trillion and how we would never be able to pay that much money back. Most of the debt is held by US citizens in the form of bonds. A good chunk is held by the SSA on behalf of the citizens. Also, deficits mean that the government is putting money into the economy rather than taking it out. All of that being said, we our politicians tend to think fo deficit spending like a hammer and they see everything as a nail, even if it isn't. That's the biggest problem we are facing. RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - NATI BENGALS - 08-20-2018 You know what they say. Go to your private resort on the tax payers dime and golf about it. Ive thought all along a 70 year old man with a life long history of bankruptcies and failed businesses was due for a turn around. I also thought for sure unpaid for tax cuts would work this time. Then the tariffs on China so we could bail out our own farmers seemed like a genius move. Im ready to dump a bunch of money into this wall and military parade. We all know truth isnt the truth. So lets just go with it is really a surplus. Once the space force gets rolling who knows what kind of space pirate treasure we find. You thought you had to be a total shithead moron to bankrupt a casino? How about morally and fiscally bankrupting the greatest country on Earth? RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - Yojimbo - 08-30-2018 Citing budget deficits, Trump is canceling a 2.1 percent raise for civilian federal employees. The tax cuts just keep on making working Americans’ lives better. https://www.truthdig.com/articles/trump-cancels-pay-raise-for-civilian-federal-employees/ RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - Benton - 08-30-2018 (08-30-2018, 08:26 PM)Yojimbo Wrote: Citing budget deficits, Trump is canceling a 2.1 percent raise for civilian federal employees. The tax cuts just keep on making working Americans’ lives better. They should put in to transfer to Space Force. RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - fredtoast - 08-31-2018 (08-30-2018, 08:26 PM)Yojimbo Wrote: Citing budget deficits, Trump is canceling a 2.1 percent raise for civilian federal employees. The tax cuts just keep on making working Americans’ lives better. "Greatest US economy ever thanks to me. HUGE economy. The economy is AMAZING under me. Tax cuts mean higher wages for EVERYONE . . . .But becuase of the financial condition of the UNited States the working people employed by the federal government can not have a raise." ![]() And no Trump supporters will see any problem with that logic. RE: Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin - ballsofsteel - 08-31-2018 I'd be willing to give back that extra $10 in my paycheck if it would help the deficit. Let me know. |