We now tolerate a $2T/yr deficit. In 5 years will we raise taxes and make cuts to defense, medicare, and social security? “The market has been willing to tolerate spikes in borrowing during crises such as a war or Covid …..What stands out now is that America is bingeing on debt when there’s no such emergency. Economists, investors and politicians have often warned that the U.S.’s growing debt burden would punish future generations……Republicans forged ahead anyway, defying warnings from Wall Street to Washington that they were pushing the country further down a dangerous fiscal path.“ https://www.wsj.com/finance/investi...f5940?st=6JJmLw&reflink=article_copyURL_share
It doesn't take a CPA or an advanced degree in economics, finance or public administration to realize that deficits are the result of expenditures exceeding revenue and if politicians are really concerned about the debt and deficits they would seriously consider policies to increase revenue. Keep in the mind the last time the budget was balanced the top individual rate was 39.6% and the top corporate rate was 35%. The Republican majority in the Senate voted down amendments to increase the top rate to 39.6% even for very high income taxpayers. Higher interest rates are also a direct consequence of higher deficits and debt. When the government has to borrow more all interest rates increase.
I just came across a 2018 article saying that Republicans don't care about the deficit and it was talking about how every time they gain power they blow up the deficit with a tax cut The proof is in: Republicans never cared about the deficit
Since neither party cares about the deficit I continue to say at least drive it into the ground with things the benefit the majority of citizens and not just the wealthy.
I am on the same page as you. If we're going to blow up but the debt at least let it be something that benefits most Americans
George H.W. Bush was the last Republican president who cared about deficits. He accurately referred to Reagan's proposal for massive tax cuts as "Voodoo economics" and his relatively modest tax increase was undoubtedly a factor in his election loss to Bill Clinton. Clinton raised taxes leading to both the wave election loss by the Democrats in 1994 and the only budget surpluses in the last 55 years.
Funny how you are cherry picking dates. At the end of the day Trump's presidency added more deficit spending than Biden. Trump was right there when he said he's the King of Debt
The deficits are absolutely too large and this bill is absolutely a disaster. But to put things in perspective - the bill adds 2.4 trillion to debt over 10 years - compared to if there were no bill at all and taxes reverted to 2016 rates. That compares to the approximately $20 trillion that was already being added. Trumps tariffs (which I also think range from being bad to disastrous ) do raise some additional revenue. That revenue likely at least offsets some of the $240 billion per year. It doesn’t appear that Trump is making deficits catastrophically worse. But he has done nothing to fix a long term growing problem.
The 2.4 trillion doesn't account for interest but the main point is the party that always complains about the debt when a Democrat is in power are quick to do everything in their power to make it worse when a Republican is in the WH
Weird how the only Trumppublican posting in this thread is just trying to gaslight. Where'd you all go?
Raising Top Ordinary Rates: Options under TCJA Extension (Updated) — Penn Wharton Budget Model The fact of the matter is even if Biden or Harris were president, they likely would have allowed the top rate to go back to 39.6%, which would have roughly offset the cbo estimated 10 year deficit impact. But they would have not cut Medicaid, not cut green energy incentives and would have less tariffs, so most likely we would be at about the same place. To be clear I much prefer the set of policy choices that a Biden/Harris would have gotten passed, but they likely would not have had lower budget deficits than what Trump admin will have.
I don't know what the net increase/decrease will be for most Americans, but Trump's tax increases need to be factored in. The Impact of Trump’s Tariffs If these tariffs are in effect next year, we find: For the poorest fifth of Americans, who will have incomes of less than $29,000 in 2026, the tariffs will impose a tax increase equal to 6.2 percent of their income that year. For the middle fifth of Americans, who will have incomes between $55,000 and $94,000 in 2026, the tariffs will impose a tax increase equal to 5.0 percent of their income. The richest 1 percent, who will have incomes of more than about $915,000, will face a smaller tax increase relative to their income, just 1.7 percent.
