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Thread: Alarm... US debt up, up, up...

  1. #1

    Default Alarm... US debt up, up, up...

    Breaking on Drudge:


    US debt up, up, up...

    Alarm...




    Alarm bells are ringing on the federal debt


    Thomas Binion 02/09/18

    The Bipartisan Budget Act is 652 pages long. The bill increases spending by $386 billion over two years and nearly $1.5 trillion over 10 years. It also suspends the debt ceiling until after the next election.

    This is a massive and sweeping increase in federal spending. The increase in domestic spending is three times larger than even the increase requested by President Obama in his last budget.

    It was first proposed in the form of actual legislative text after 10 o’clock on Wednesday night. It was done and dusted, signed into law by 9 o’clock Friday morning. It took only 35 hours for both chambers of Congress to read, process, debate, and pass the 652-page bill.





    Related

    U.S. Raises Longer-Term Debt Sales as Budget Deficit Worsens




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    Some commentors were saying that unlike Trump businesses borrow and spending debt that got wiped out few times, this spending debt for tax payers cannot be wiped out. Have not validated such assertions.


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    TRUMPONOMICS: Tax Revenues Up Big After GOP Tax Cut

    Chip Somodevilla/Getty Images
    By JAMES BARRETT
    February 8, 2018


    If first quarter tax revenues are any indication, Trumponomics is operating much like Reaganomics and producing the same kind of results: lower taxes and deregulation resulting in more economic growth and, thus, more tax revenues.


    In the first quarter after the Republican-passed, Donald Trump-signed reform bill — which will save taxpayers and corporations $1.5 trillion in taxes over ten years — tax revenues actually increased by $18 billion (5.2%) over the previous year, resulting in the government running a $51-billion surplus.


    The CBO notes that not all employee tax withholdings have been updated under the new policies; companies have until mid-February to do so. However, as Investors Bureau Daily underscores, the CBO's numbers suggest that gains in wages and salaries are likely to continue and even "accelerate" due to the tax cuts:
    The [CBO report] says that revenues for the first four months of the current fiscal year — which started last October — were $46 billion higher than the same period the year before.


    Individual income and payroll taxes, it says, rose by $68 billion. "That change largely reflects increases in wages and salaries," the CBO says.


    Those gains in wages and salaries are likely to continue, if not accelerate, under the tax cuts.


    The increase in tax revenues corresponds with the positive economic news of the last few months. Trump's aggressive approach to slashing regulations — more aggressive, in fact, in than Reagan so far — appears to be paying dividends. The Atlanta Fed's recent forecast for the first quarter of 2018 indicates a dramatic increase in GDP of an estimated 5.4%.


    Other great economic developments that have impacted tax revenues is a near 45-year lowunemployment rate and a 2.9% increase in earnings.


    Though Trump's liberal leanings on some social issues and untested stance on conservative economic principles were major questions leading up to his election, he has governed as a strongly conservative president. In fact, the Heritage Foundation's recent assessment of his first year in office found that he governed more conservatively than Reagan. The New York Times provides some key takeaways from the Heritage Foundations analysis:


    Heritage said that 64 percent of those items were enacted by the administration either through executive order or another means of enforcement, or included in Mr. Trump’s budget, which has not been voted on by Congress.


    In Reagan’s first year, only 49 percent of Heritage’s wish list items were embraced by the president or enacted. At the time, Heritage identified a familiar problem for why the administration’s policies were wanting. In almost every federal agency, Heritage said in November 1981, “delayed appointments, unqualified or misqualified appointments, or the appointment of individuals who are not committed to the President’s goals and policies” had delayed or thwarted policy changes.
    Do something donnay


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    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  5. #4

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    As usual, spending is increased MUCH MORE under a Republican administration that is perceived by conservatives and the so-called "liberty movement" as "safer" or better than it was under the last Democratic administration. This has been the pattern for at least the last 50-60 years. People never learn. The time you need to hold their feet to the fire most is when there's a "safer" choice in power. But instead we're constantly told to give the benefit of the doubt and cut some slack. Right. MAGA!
    Last edited by CCTelander; 02-10-2018 at 09:43 AM.
    Chris

    "Justice will not be served until those who are unaffected are as outraged as those who are." — Benjamin Franklin

    "Government ... does not exist of necessity, but rather by virtue of a tragic, almost comical combination of klutzy, opportunistic terrorism against sitting ducks whom it pretends to shelter, plus our childish phobia of responsibility, praying to be exempted from the hard reality of life on life's terms." Wolf DeVoon

    I was a minarchist, but I ran out of excuses.

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    the US dollar is just number of computer screens.

    you better buy some bitcoins while prices are down.

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    Most people have not had their tax withholdings adjusted yet. They aren't seeing any impacts from the tax bill yet.

    https://www.aol.com/article/finance/...uary/23322024/

    NEW YORK, Jan 2 (Reuters) - The first paychecks of 2018 will be dispatched soon, but it may be weeks or months before taxpayers and payroll processors know how the new U.S. tax laws will affect your take-home pay.

    The Internal Revenue Service said it expected to issue guidance in January on how much in taxes employers should withhold based on the new tax rates. Employers and payroll services would then implement those changes starting in February.
    And even when they do, it may not change things much.

    You might not even notice when it happens because the effect on your paycheck could be relatively small, depending on your income and your tax situation.

    "When the taxes are reduced by 1 to 3 percent, that’s not going to be a huge noticeable difference. It’s not going to be hundreds of dollars," said Pete Isberg, vice president of government relations at ADP, the largest payroll processor in the United States, servicing the paychecks of one out of every six workers.

    A difference of $1,000, for instance, would be less than $40 a pop for a worker paid biweekly.
    Or $20 a week.

    Reagan may have signed what was at the time the biggest tax cut in history but he followed that by signing the biggest tax increase in history because the debt was growing too much. Trump likes borrowing (using other people's money) so don't expect him to worry about $1 trillion deficits.

    And with interest rates rising, the costs of financing that debt will be rising too.
    Last edited by Zippyjuan; 02-10-2018 at 01:23 PM.
    Quote Originally Posted by NorthCarolinaLiberty View Post

    Half the crap I write here is just to entertain myself.
    I am Zippy and I approve of this post. But you don't have to.

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    I had already decided to give myself a tax holiday . I guess trump had to take care of the rest of you slackers .

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    Be interesting to see how neocons owners/political slave masters would respond to this:

    Rand Paul gets numbers right in speech on federal debt

    By Louis Jacobson on Friday, February 9th, 2018

    As the House and Senate were rushing to head off a government shutdown during a late-night session on Feb. 8, Sen. Rand Paul,. R-Ky., was doing everything he could to slow the rush to passing a new spending bill.

    In a lengthy floor speech, Paul took aim at lawmakers who wring their hands about the rising debt but then vote for legislation that adds red ink.
    At one point in his speech, Paul said, "George W. Bush doubled the debt from $5 trillion to $10 trillion. President Obama doubled the debt from $10 trillion to $20 trillion. Now we're on course to exceed $30 trillion in the next seven years or so."
    We found that this assertion was largely accurate, but needs a few bits of context.

    http://www.politifact.com/truth-o-me...-federal-debt/

  10. #9

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    Quote Originally Posted by Zippyjuan View Post
    And with interest rates rising, the costs of financing that debt will be rising too.
    And due to that, at some point the Fed will no longer be able to raise rates.
    Last edited by Voluntarist; 02-11-2018 at 01:46 PM.
    The only easy day was yesterday.

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    If each POTUS was doubling the debt, then Trump's goal should be $40T by 2024.
    What is the punishment for the attempted murder of freedom on earth? 👁👁

  12. #11

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    Quote Originally Posted by timosman View Post
    If each POTUS was doubling the debt, then Trump's goal should be $40T by 2024.
    Don't think JFK doubled the debt, not that JFK should be model for the leader of anti debt-for-grand-childrens Tea party fueled movement like the present GOP.

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    Quote Originally Posted by enhanced_deficit View Post
    Don't think JFK doubled the debt, not that JFK should be model for the leader of anti debt-for-grand-childrens Tea party fueled movement like the present GOP.
    This clever narrative about grandchildren predisposes everyone to simply ignore the issue and believe the bad effects of overspending will not affect anybody for at least 50 years. The reality is the deficit is an extra tax imposed on us by the morons in the government.
    What is the punishment for the attempted murder of freedom on earth? 👁👁

  14. #13

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    Quote Originally Posted by timosman View Post
    This clever narrative about grandchildren predisposes everyone to simply ignore the issue and believe the bad effects of overspending will not affect anybody for at least 50 years. The reality is the deficit is an extra tax imposed on us by the morons in the government.
    Like most average Joes I find messages more grippingg when they are more emotional than analytical.

    And to be fair, government/politicians are often times a reflection of the masses.


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