02-08-2021, 05:06 PM
02-08-2021, 05:13 PM
Killing those short sellers out there!
02-08-2021, 05:36 PM
I thought this was going to be about the 7.8 Trillion Trump added to the national debt after he said he planned to pay it down in 8 years.
After he took office, Trump predicted that economic growth created by the 2017 tax cut, combined with the proceeds from the tariffs he imposed on a wide range of goods from numerous countries, would help eliminate the budget deficit and let the U.S. begin to pay down its debt. On July 27, 2018, he told Sean Hannity of Fox News: “We have $21 trillion in debt. When this [the 2017 tax cut] really kicks in, we’ll start paying off that debt like it’s water.”
Nine days later, he tweeted, “Because of Tariffs we will be able to start paying down large amounts of the $21 trillion in debt that has been accumulated, much by the Obama Administration.”
That’s not how it played out.
After he took office, Trump predicted that economic growth created by the 2017 tax cut, combined with the proceeds from the tariffs he imposed on a wide range of goods from numerous countries, would help eliminate the budget deficit and let the U.S. begin to pay down its debt. On July 27, 2018, he told Sean Hannity of Fox News: “We have $21 trillion in debt. When this [the 2017 tax cut] really kicks in, we’ll start paying off that debt like it’s water.”
Nine days later, he tweeted, “Because of Tariffs we will be able to start paying down large amounts of the $21 trillion in debt that has been accumulated, much by the Obama Administration.”
That’s not how it played out.
02-08-2021, 05:40 PM
(02-08-2021 05:36 PM)U_of_Elvis Wrote: [ -> ]I thought this was going to be about the 7.8 Trillion Trump added to the national debt after he said he planned to pay it down in 8 years.
After he took office, Trump predicted that economic growth created by the 2017 tax cut, combined with the proceeds from the tariffs he imposed on a wide range of goods from numerous countries, would help eliminate the budget deficit and let the U.S. begin to pay down its debt. On July 27, 2018, he told Sean Hannity of Fox News: “We have $21 trillion in debt. When this [the 2017 tax cut] really kicks in, we’ll start paying off that debt like it’s water.”
Nine days later, he tweeted, “Because of Tariffs we will be able to start paying down large amounts of the $21 trillion in debt that has been accumulated, much by the Obama Administration.”
That’s not how it played out.
Turns out the swamp doesn't want to pay down the debt. But they love spending our $$$.
02-08-2021, 05:45 PM
What would the deficit have been for the year without COVID - both the increase in spending and the loss of revenue?
02-08-2021, 05:49 PM
(02-08-2021 05:40 PM)umbluegray Wrote: [ -> ](02-08-2021 05:36 PM)U_of_Elvis Wrote: [ -> ]I thought this was going to be about the 7.8 Trillion Trump added to the national debt after he said he planned to pay it down in 8 years.
After he took office, Trump predicted that economic growth created by the 2017 tax cut, combined with the proceeds from the tariffs he imposed on a wide range of goods from numerous countries, would help eliminate the budget deficit and let the U.S. begin to pay down its debt. On July 27, 2018, he told Sean Hannity of Fox News: “We have $21 trillion in debt. When this [the 2017 tax cut] really kicks in, we’ll start paying off that debt like it’s water.”
Nine days later, he tweeted, “Because of Tariffs we will be able to start paying down large amounts of the $21 trillion in debt that has been accumulated, much by the Obama Administration.”
That’s not how it played out.
Turns out the swamp doesn't want to pay down the debt. But they love spending our $$$.
But muh tariffs! Trump was convinced his tariffs were going to fund the pay down.
The trump tariffs did bring in extra revenue, just enough to pay the interest on the national debt for three week. Big win for the Cheeto.
It must have been the swamp is like the dog ate my homework in trump speak.
02-08-2021, 05:52 PM
(02-08-2021 05:45 PM)banker Wrote: [ -> ]What would the deficit have been for the year without COVID - both the increase in spending and the loss of revenue?
It was going up a little over a trillion a year before covid.
02-08-2021, 05:55 PM
(02-08-2021 05:49 PM)U_of_Elvis Wrote: [ -> ](02-08-2021 05:40 PM)umbluegray Wrote: [ -> ](02-08-2021 05:36 PM)U_of_Elvis Wrote: [ -> ]I thought this was going to be about the 7.8 Trillion Trump added to the national debt after he said he planned to pay it down in 8 years.
After he took office, Trump predicted that economic growth created by the 2017 tax cut, combined with the proceeds from the tariffs he imposed on a wide range of goods from numerous countries, would help eliminate the budget deficit and let the U.S. begin to pay down its debt. On July 27, 2018, he told Sean Hannity of Fox News: “We have $21 trillion in debt. When this [the 2017 tax cut] really kicks in, we’ll start paying off that debt like it’s water.”
Nine days later, he tweeted, “Because of Tariffs we will be able to start paying down large amounts of the $21 trillion in debt that has been accumulated, much by the Obama Administration.”
That’s not how it played out.
Turns out the swamp doesn't want to pay down the debt. But they love spending our $$$.
But muh tariffs! Trump was convinced his tariffs were going to fund the pay down.
The trump tariffs did bring in extra revenue, just enough to pay the interest on the national debt for three week. Big win for the Cheeto.
It must have been the swamp is like the dog ate my homework in trump speak.
So the tariffs did bring in revenue. And the dems spent it as fast as they could -- along with the RINOs, of course.
Now that Ol' sleepy Joe's in office and the Dems have a full house, I'm sure we're going to see spending slow down along with the national debt going down.
Obama's administration didn't count.
02-08-2021, 06:01 PM
(02-08-2021 05:55 PM)umbluegray Wrote: [ -> ](02-08-2021 05:49 PM)U_of_Elvis Wrote: [ -> ](02-08-2021 05:40 PM)umbluegray Wrote: [ -> ](02-08-2021 05:36 PM)U_of_Elvis Wrote: [ -> ]I thought this was going to be about the 7.8 Trillion Trump added to the national debt after he said he planned to pay it down in 8 years.
After he took office, Trump predicted that economic growth created by the 2017 tax cut, combined with the proceeds from the tariffs he imposed on a wide range of goods from numerous countries, would help eliminate the budget deficit and let the U.S. begin to pay down its debt. On July 27, 2018, he told Sean Hannity of Fox News: “We have $21 trillion in debt. When this [the 2017 tax cut] really kicks in, we’ll start paying off that debt like it’s water.”
Nine days later, he tweeted, “Because of Tariffs we will be able to start paying down large amounts of the $21 trillion in debt that has been accumulated, much by the Obama Administration.”
That’s not how it played out.
Turns out the swamp doesn't want to pay down the debt. But they love spending our $$$.
But muh tariffs! Trump was convinced his tariffs were going to fund the pay down.
The trump tariffs did bring in extra revenue, just enough to pay the interest on the national debt for three week. Big win for the Cheeto.
It must have been the swamp is like the dog ate my homework in trump speak.
So the tariffs did bring in revenue. And the dems spent it as fast as they could -- along with the RINOs, of course.
Now that Ol' sleepy Joe's in office and the Dems have a full house, I'm sure we're going to see spending slow down along with the national debt going down.
Obama's administration didn't count.
Actually trump pretty much offset the increase in revenue from tariffs by lowering the corporate tax rate. And as I said, they only increased revenue enough to pay the interest for three weeks. No where near the “we will pay down the debt in 8 years” rate trump promised.
I like how when the republicans controlled the presidency and the senate you say “the dems” spent the money.
How exactly did they control spending when they only had a majority in the house? Trump has 9 figures in debt of his own and multiple bankruptcies, why would anyone think he was going to be able to reduce debt?
02-08-2021, 06:07 PM
(02-08-2021 05:36 PM)U_of_Elvis Wrote: [ -> ]I thought this was going to be about the 7.8 Trillion Trump added to the national debt after he said he planned to pay it down in 8 years.
After he took office, Trump predicted that economic growth created by the 2017 tax cut, combined with the proceeds from the tariffs he imposed on a wide range of goods from numerous countries, would help eliminate the budget deficit and let the U.S. begin to pay down its debt. On July 27, 2018, he told Sean Hannity of Fox News: “We have $21 trillion in debt. When this [the 2017 tax cut] really kicks in, we’ll start paying off that debt like it’s water.”
Nine days later, he tweeted, “Because of Tariffs we will be able to start paying down large amounts of the $21 trillion in debt that has been accumulated, much by the Obama Administration.”
That’s not how it played out.
https://twitter.com/newsradiowkcy/status...0582256640
mind you ...
congress controls the purse strings ...
WORKED LIKE A CHARM
02-08-2021, 06:10 PM
Anybody bothered to check CBO's forecasts for deficit and debt in January 2017, before Trump took office (as they clearly state in there report).
I'll make it easy for you, here https://www.cbo.gov/publication/52370
What you will see is that the vast majority of the increases during the Trump years were already baked into the cake because of legacy Obama policies. I've said it before, Obama was a master of deception. He very efficiently lined it up so that the deficit would bottom out the year he left office and would climb under his successor, whoever that was.
Any hope of balancing the budget requires two things:
1) Increased tax revenues. Sorry, republicans, you can't get there from here without increased revenues. But also sorry, democrats, jacking up taxes on the "wealthy" and corporations won't do it either. That will just drive away investment and growth and jobs, just like the lesson Europe learned in the 1950s and 1960s. So learn the lesson Europe learned without having to go through the pain that they did. A consumption tax plus lower, flatter, and broader (fewer/no non-business deductions and exclusions) is the only way to go without crippling your economy.
2) Reduced expenditures. Sorry, democrats, since something like 75% of the budget expenditures are entitlement programs, there have to be cuts there. My approach is a combination of Bismarck universal private health care/insurance (the French government spends less per capita to provide universal health care than the US government spends to provide something less) and a subsistence-level universal basic income (UBI) based on either Milton Friedman's negative income tax (NIT) or the Boortz-Linder prebate/prefund. That puts a floor under every single American, and that plus a full-time minimum-wage job at today's minimum wage is enough to get every American above the poverty level. It's cheaper because you don't have the army of gate-keeping bureaucrats that each of our current programs requires. The IRS could basically run it with their current staffing. Real-estate values in northern Virginia and southern Maryland would drop, but that's a cheap price to pay. We could also save about $100B on defense by increasing combat and combat support expenditures by 25% (which are needed) and reducing administrative and overhead expenditures by 25%.
If you look at the actual numbers, that is the only kind of approach that can work.
I'll make it easy for you, here https://www.cbo.gov/publication/52370
What you will see is that the vast majority of the increases during the Trump years were already baked into the cake because of legacy Obama policies. I've said it before, Obama was a master of deception. He very efficiently lined it up so that the deficit would bottom out the year he left office and would climb under his successor, whoever that was.
Any hope of balancing the budget requires two things:
1) Increased tax revenues. Sorry, republicans, you can't get there from here without increased revenues. But also sorry, democrats, jacking up taxes on the "wealthy" and corporations won't do it either. That will just drive away investment and growth and jobs, just like the lesson Europe learned in the 1950s and 1960s. So learn the lesson Europe learned without having to go through the pain that they did. A consumption tax plus lower, flatter, and broader (fewer/no non-business deductions and exclusions) is the only way to go without crippling your economy.
2) Reduced expenditures. Sorry, democrats, since something like 75% of the budget expenditures are entitlement programs, there have to be cuts there. My approach is a combination of Bismarck universal private health care/insurance (the French government spends less per capita to provide universal health care than the US government spends to provide something less) and a subsistence-level universal basic income (UBI) based on either Milton Friedman's negative income tax (NIT) or the Boortz-Linder prebate/prefund. That puts a floor under every single American, and that plus a full-time minimum-wage job at today's minimum wage is enough to get every American above the poverty level. It's cheaper because you don't have the army of gate-keeping bureaucrats that each of our current programs requires. The IRS could basically run it with their current staffing. Real-estate values in northern Virginia and southern Maryland would drop, but that's a cheap price to pay. We could also save about $100B on defense by increasing combat and combat support expenditures by 25% (which are needed) and reducing administrative and overhead expenditures by 25%.
If you look at the actual numbers, that is the only kind of approach that can work.
02-08-2021, 06:17 PM
Are these idiots EVER going to stop blaming everything on Trump, or is TDS permanent?
02-08-2021, 06:22 PM
(02-08-2021 05:36 PM)U_of_Elvis Wrote: [ -> ]I thought this was going to be about the 7.8 Trillion Trump added to the national debt after he said he planned to pay it down in 8 years.
After he took office, Trump predicted that economic growth created by the 2017 tax cut, combined with the proceeds from the tariffs he imposed on a wide range of goods from numerous countries, would help eliminate the budget deficit and let the U.S. begin to pay down its debt. On July 27, 2018, he told Sean Hannity of Fox News: “We have $21 trillion in debt. When this [the 2017 tax cut] really kicks in, we’ll start paying off that debt like it’s water.”
Nine days later, he tweeted, “Because of Tariffs we will be able to start paying down large amounts of the $21 trillion in debt that has been accumulated, much by the Obama Administration.”
That’s not how it played out.
I’ll just have to hope that you actually know why that is.
Not so sure you do. Which is rather scary.
02-08-2021, 07:31 PM
Proof once again that tax cuts INCREASE the revenue into the treasury.
02-08-2021, 07:47 PM
With the system in place, no one has the chance to actually spend less or provide more. The money just gets shifted and the people just get shafted.
Its no longer possible to pass anything meaningful or beneficial because too many fingers are in the pie, too many favors have to be repaid, too many mouths are feeding at the trough.
Its no longer possible to pass anything meaningful or beneficial because too many fingers are in the pie, too many favors have to be repaid, too many mouths are feeding at the trough.
02-09-2021, 08:55 AM
Not going to do much with stocks at the moment other than normal 401k stuff. At some point, P/E ratios are going to matter and when that happens it won't be pretty, IMO.