Those tax cuts were unforgivable. That was to least fiscally conservative move you could do. If they had done nothing, we would have been better off with less government debt. I’m sure, though, some idiot will tell me that we could grow the economy to pay it back or they caused the economy to grow faster than it did. Which they can’t prove…
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Wrong argument. My question was: What good do tax hikes do?
The economy was virtually the same trajectory as when he was sworn in 
geez you people will believe anything
5th Avenue Syndrom
Not correct. Don’t call me “you people” Do not assign me to a group of your choosing. It’s rude. Fair enough?
TARP was signed by President Bush in October 2008.
When you are wrong you are w…r…o…n…g.
And Bush didn’t reduce the deficit. It increased…and it increased in large part because the many of the tax cuts he signed into law didn’t sunset when they were supposed to.
Name me one President before Bush who tried to run essentially two wars while cutting taxes at the same time?
The stimulus bill was $800bil over 10 years with 1/3 of it going to tax cuts (remember that increases revenue!).
Deficits after the 2008 financial crisis were due to lost revenue.
Turn off the radio. Open a book.
No war? Did you miss us actually taking ISIS seriously and finally defeating them? These things cost money. Now to the point. The deficit for Trump in 2019 was 985B, Obama’s last budget was 666B. An increase of around 290B and for that we got good results. What did we get when Obama increased Bush’s last deficit from 400B to over 1.4T (a 1T increase in less than one year) with his emergency stimulus? anemic growth, a lowering labor participation rate, disappearing manufacturing sector jobs all as the “new normal”. The best that could be expected in a “mature economy”. What did we get in 2012 when the GOP took over the congress? a 50% reduction in the deficit. What did we get when Nancy took over the house in 2018? a 30% increase in the deficit. Further, as your chart shows, the deficit was not coming down under Obama, it was going up, from a low of around 400B in 2015, to 666B in 2017 (his last budget year) an increase of more than 50%. and for nothing. At least we got something for Trump’s increase.
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if the only thing your going to do is hurl insults, maybe you should try another board?
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The book says that the national debt clock is spinning out of control with or without tax increases. So why bother?
Notice something odd about your chart? Who took over the House in 2007? Who took over the house in 2018? Republicans need their tails beat for the increase in 2017 but to be fair, the budget remained pretty level from 2011 to 2014, then they bumped it.
2006: $2.6T
2007: $2.7T
2008: $2.9T
2009: $3.5T
2010: $3.5T
2011: $3.6T
2012: $3.5T
2013: $3.5T
2014: $3.6T
2015: $3.9T
2016: $4.0T
2017: $4.2T
2018: $4.4T
2019: $4.7T
2020: Can’t wait to see what this is, looks like about $8 Trillion at this point thanks to an overreaction to Covid.
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Once again, your just wrong. The deficit under Bush for fiscal year 2009 was expected to be 400B, it was the 1T emergency stimulus signed by Obama that exploded it to 1.4T.
The deficit intitially went up under Bush as we were attacked on 9/11, it went down every year after that until 2007 when Harry and Nancy exploded it. The last budget deficit under Bush with a republican congress was 67B. His last deficit was 400B which Obama exploded to 1,4T
Why do I hear you whispering at the end in my internal narration?
Under Obama a special committee was setup whixh I commended him for to study the national debt in full and it was a bipartisan study. They came like six months later and this was when the national debt was at around 10 trillion and said we have to both raise taxes dramatically and decrease spending dramatically or else one day it will be out of control with no stopping.
These nice guys Simpson and Bowles after giving their findings were quietly sweeped under the rug and since then the debt has doubled from that day. So I tend not to even take any politician serious anymore when it comes to talking of cuts and taxes, we are living at a time of the FED’s only tool is money printing and negative interest rates, and with the rise of China maybe soon other countries will quit buying our worthless debt wouldn’t that be something.
I have been out of the market awhile sidelined at the same time buying physical gold bullion as the dollar loses value and will continue to.
Neither side wants to quit the spending jusy one side wants to spend a bit less and side wants to tax a bit more it takes both according to the bipartisan research and neither side is willing to do so.
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they didn’t from 2016 to 2018 and they had the WH. And the blew the deficit sky high.
It takes a D in the WH and GOP in congress.
It makes sense that that is the winning combination given our current political climate and teh importance of RW media to GOP re-election.
you couldn’t get rid of a 1T deficit in a single year, so you will have to start by incrementally reducing the deficit.
2016 and 2017 are both Obama budgets. The deficit went from a bit over 400B to 666B in that time. Yes, I do blame the GOP congress those 2 years also.
it was a GOP President and Congress that reduced the deficit after 9/11 back down to 67B in 2006 (While fighting 2 wars).
Did we have budgets in 16 and 17 or did we have spending bills? What are the called? Omnibus?
Hey dudez wats the purpose of cutting spending or cutting taxes cuz like the debt always goes up QED
2016 was a budget resolution, passed in may 2015. First budget passed in 5 years (the GOP having taken back the house in 2014). 2017 was omnibus acts.
