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Discussion in 'Political Action Forum' started by Matagorda Bound, Dec 27, 2017.
So you are a twitter fan???? You believe everything put out there? Is that where you get your news?
Man - you need to read some of those comments. What a hoot!
Both Parties Are Deft at Ignoring Deficit
Each party pretends to care about rising federal deficits and accumulating national debt only when that suits its interests
By Gerald F. Seib
Dec. 25, 2017 9:42 a.m. ET
At a time of deep partisan divides, the two parties appear to be in agreement on one thing: They can’t decide whether they care about red ink or not.
More precisely, each party pretends to care about rising federal deficits and accumulating national debt when that suits its interests, and then shrugs off those concerns when it doesn’t.
The latest example comes with the Republicans’ passage of a big new tax cut that, regardless of its other merits, will significantly add to the deficit in the next few years. Indeed, the Committee for a Responsible Budget estimates that the tax cut will help drive the annual budget deficit from today’s $600-billion level to $1 trillion by 2019.
What’s more, the center estimates that these deficit increases will drive the accumulated national debt to 98% of the nation’s annual gross domestic product in the next 10 years. Add on expected health and other tax changes, and the debt the government has piled up may well climb to 99% of GDP. Put another way, if that forecast is correct, the nation’s accumulated debt will be equal to its entire annual economic output in a decade.
Republicans, who professed shock at rising deficits during the tenure of President Barack Obama, now show little concern. Most simply say the tax cuts over time will produce enough economic growth to pay for themselves, though few economic models or historical precedents, including the effects of big tax cuts in 1981 and 2001, indicate that will be the case.
Meanwhile, Democrats profess shock at this rising tide of deficits and debt, after dismissing precisely those same concerns over the Obama term. During those years, the accumulated national debt rose to $19 trillion from $12 trillion.
Democrats argue, with significant justification, that a lot of that increase was the result of the financial crisis of 2008, which produced a slumping economy and a need for a sharp rise in spending on federal-assistance programs, which helped drive the annual federal deficit over the magic trillion-dollar mark for four straight years. The deficit then declined after the crisis eased, but was rising again by the last year of the Obama term.
Democrats worry that Republicans will simply use the rising deficits they are creating as an excuse to cut government spending on domestic programs important to Democrats—in the vernacular, that the tax bill will “starve the beast” of the federal government of the money it needs to keep spending at current levels. In particular, they fear Republicans will use rising deficits as a rationale for going after spending on Medicare and Social Security.
That is possible. Indeed, House Speaker Paul Ryan has said that change in those entitlement programs is high on the agenda for 2018, and President Donald Trump says he wants to move on to welfare reform.
But is an effort to go after the two most politically appealing government programs, Social Security and Medicare, likely in an election year? Senate Majority Leader Mitch McConnell already says that isn’t happening unless Democrats are interested.
Democrats won’t be interested, particularly not in cutting their most cherished programs to help pay for a Republican tax cut. And in truth, heading into a midterm election in which control of Congress hangs in the balance, most Republicans won’t really be interested either.
More likely, the net effect of the new tax bill will be to establish that both parties have settled upon what they consider solid reasons to ignore the deficit.
“People say this is the starving of the beast,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “I don’t think so. This is the breaking of the fiscal dam. People will say, ‘If we don’t pay for tax cuts, why should we pay for new spending?’”
So that, in a nutshell, is where things stand on deficit spending as 2017 draws to a close.
The two parties are essentially mirror images of one another when it comes to deficits. Democrats are better at acknowledging that there is a need to pay as you go for new federal programs; the Obamacare health program, after all, was paid for with new taxes. But they are loath to acknowledge that rising costs for entitlement programs are driving long-term deficits.
Republicans are far more willing to acknowledge the broader fiscal challenge and the need to rein in long-term entitlement programs. But they simply don’t apply the same standard to tax cuts.
Debts always come due, and in this case they will do so in the form of rising interest payments on federal debt that will crowd out other things the government should be investing in. “It is eating away at the foundation of our economy, and you don’t see it until it’s too late,” said Ms. MacGuineas.
Write to Gerald F. Seib at firstname.lastname@example.org
Clinton leaves surplus? ROTFLMAO!!!!
The day that Bill Clinton was sworn in to office; Wednesday, January 20, 1993, the Debt was at $4,188,092,107,183.60.
The day that Bill Clinton left office; Saturday, January 20, 2001, the Debt was at $5,727,776,738,304.64.
And the last time the Republicans showed any fiscal conservative cajones they got blamed for shutting down the government.
As far as the goobermunt goes... ask the air traffic control folks who coined the phrase “you’re fired”.
In 1955, Congress made such strikes punishable by fines or a one-year jail term — a law the Supreme Court upheld in 1971.
Honest question as y'all are way better at the numbers game then i ever will be...
How does 1.54-ish increase over 8 years compare with others... i realize as time moves on the numbers will be larger, i.e. gas don't cost a dollar anymore, movies aren't a nickle either.
Wow. Somebody who doesn't know the difference between the deficit and debt.
That's some Alabama-level stupidity right there.
Obama is still the record holder here with over Seven Trillion dollars of debt, GW came in second with a bit over 5 Trillion of debt.