What About The Other 10 Trillion In Deficits, Democrats?

Demmies have moaned and groaned about $1 to $1.5 trillion added to the national debt, supposedly from the Republican proposed tax laws.

What about the other $10 trillion in the next 10 years?

"After seven years of fitful declines, the federal budget deficit is projected to swell again, adding nearly $10 trillion to the federal debt over the next 10 years, according to projections from the nonpartisan Congressional Budget Office. The numbers reveal the strain that government debt could have on the economy as President Trump presses to slash taxes and ramp up spending."

https://www.nytimes.com/2017/0...t-deficit-trump.html

Growing the economy and adding to tax revenue is the only feasible way out. The Austrian and Chicago schools of economics argue that the limits for income tax is between 25 and 30 percent, respectively, before revenue declines.  Per Obama's OMB, in constant 2005, dollars, the Bush tax cut resulted in $4.6 trillion more in revenue, than the previous 8 years under Clinton.  The Reagan tax cuts yielded $2.94 trillion more in revenue, than the previous 8 years.  The tax cuts requested by JFK, but passed by LBJ in 1964 yielded $522.2 billion more than the preceding 4 years.  JFK said a rising tide raises all boats.  JFK, the last decent Democrat president, couldn't be elected in today's extreme left wing party. 

 

TRUTH -- THE NEW HATE SPEECH!

Original Post

I believe on the tax cut cost, the $1.5 Trillion amount is if we continue at craptastic Obama era GDP base levels and that the $1 Trillion amount reflects an average increase above those base levels to an average of 1.9% GDP over ten years. I believe that more than a few economists say that if GDP averages about 2.5% over ten years that there is no tax cut deficit, but I'd add a tenth or two for an economic entropy factor.

No matter, if the US doesn't get the economy roaring, we all are gescrewden, to use katzenjammer German. Most of the western nations and Japan have a large debt and promises we may not be able to keep. China is in no better state -- counting private, municipal, provincial, communist party and national debt, its the most indebted nation on the planet. 

direstraits posted:

No matter, if the US doesn't get the economy roaring, we all are gescrewden, to use katzenjammer German. Most of the western nations and Japan have a large debt and promises we may not be able to keep. China is in no better state -- counting private, municipal, provincial, communist party and national debt, its the most indebted nation on the planet. 

Well yeah, we need more well paid taxpayers paying in for those who were productive and now have retired and the deserving needy. To pay the country's bills, industry must return to the US and the only way to do that is to compete for those jobs our leaders chased overseas. Of course, there still needs to be entitlement reform, but before that can happen jobs have to be created for those people who will have to unlatch from the goobermint teat.

You mean the deficit the Republicans use to rail about? That deficit? The deficit the Republicans said, just 18 months ago, couldn't stand one more red cent added to it? That deficit? You know, the deficit the Republicans obstructed the government and shut the Federal Government down over, yea, that deficit.

SirWasabi posted:

You mean the deficit the Republicans use to rail about? That deficit? The deficit the Republicans said, just 18 months ago, couldn't stand one more red cent added to it? That deficit? You know, the deficit the Republicans obstructed the government and shut the Federal Government down over, yea, that deficit.

Yup, the apx ten trillion mobum shellacking of the economy.

Once more, the Austrian and Chicago schools of economics argue that the limits for income tax is between 25 and 30 percent, respectively, before revenue declines.  Per Obama's OMB, in constant 2005, dollars, the Bush tax cut resulted in $4.6 trillion more in revenue, than the previous 8 years under Clinton.  The Reagan tax cuts yielded $2.94 trillion more in revenue, than the previous 8 years.  The tax cuts requested by JFK, but passed by LBJ in 1964 yielded $522.2 billion more than the preceding 4 years.

 Despite the impressive revenue increases, the politicians spent it all and more. Cash to a politicians is like opioids and crack to an addict -- they can never get enough.  

Democrats prefer to tax people into poverty to ensure they are dependent upon the government .  

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