(02-13-2020 05:03 PM)Owl 69/70/75 Wrote:  Most of the "Trump deficits" were already baked into the cake by Obama. Since most of you think CBO is an objective source, let's take a look at what they said before Trump took office.

https://www.cbo.gov/system/files?file=20...look_1.pdf

Just to be clear, let's look at the disclaimer right up front, "CBO’s projections were completed before the new Administration took office on January 20,2017. They do not incorporate any effects of executive orders or other actions taken by that Administration."

On page 2, they forecast budget deficits as follows for the years 2017-2027:

2017 $559 billion
2018 $487 billion
2019 $601 billion
2020 $684 billion
2021 $797 billion
2022 $959 billion
2023 $1,000 billion
2024 $1,027 billion
2025 $1,165 billion
2026 $1,297 billion
2027 $1,408 billion

To be clear, those were the forecast budget deficits before considering any of Trump's policies.

Trump's deficits are running slightly higher, but 75-80% of the deficit is still attributable to legacy programs inherited from Obama.

There is no question that 1) we need to reduce the deficit and debt long-term, or 2) Trump promised to do so, and 3) Trump has not. But the greater part of the problem was inherited rather than created, so be sure to allocate blame appropriately.

At this point, I see no way to balance the budget without a national consumption tax (VAT/GST/Fair Tax). That's how Europe solved a lot of its financial problems, while reducing capital flight, in the 1970s and 1980s and 1990s. Herman Cain's 9-9-9 plan was one approach to doing this, although he missed the boat on some details. I am working on slightly different approach, and have attracted some senate interest in it.