Soaring U.S. Debt Is a Spending Problem

[Fuzzy1975]

The choices are to either bring spending in line with revenue, or take a greater share of the national income by raising taxes.

Exactly what I have been saying on this subject for years. Glad you finally get cutting taxes is not the way to do it

 

[JohnEngelman]

Because those coming up are ignorant of economics and generally lazy.

Joint Economic Committee, United States Congress, June 2016

The Economy Under Democratic vs. Republican Presidents The Republican Party claims to be “the party of maximum economic freedom and the prosperity that freedom makes possible.”

However, an analysis of economic performance since World War II under Democratic versus Republican presidents strongly suggests that claims that Republicans are better at managing the economy are simply not true. While the reasons are neither fully understood nor completely attributable to policy choices,data show that the economy has performed much better during Democratic administrations. Economic growth, job creation and industrial production have all been stronger.

In fact, a recent paper by economists Alan Blinder and MarkWatson states: “The superiority of economic performance under Democrats rather than Republicans is nearly ubiquitous; it holds almost regardless of how you define success.” Fact-checkinggroups have investigated similar statements and have found time and time again that they are true. Moreover, past research shows that stock market returns are also higher under Democrats.

https://www.jec.senate.gov/public/_...ratic-vs.-republican-presidents-june-2016.pdf

----------

Lyndon Johnson is the only Democrat President who cut the top tax rate. Other than this, when the top tax rate has been altered, it has been raised by Democrat presidents, and lowered by Repubican presidents.

 

[Comshaw]

It is the spending. And out of the last two presidents, one has added MUCH MORE than the other.







Hmmmm...so you're bitching about the deficit, but want the candidate that has added more than the other to be elected? BAWAHAHA!

Comshaw

 

[HisArpy]

It is the spending. And out of the last two presidents, one has added MUCH MORE than the other.




View attachment 2359446


Hmmmm...so you're bitching about the deficit, but want the candidate that has added more than the other to be elected? BAWAHAHA!

Comshaw

I guess a lie by omission is better than facing the truth.

 

[BabyBoomer50s]

From the CRFB report:

• Roughly 77 percent of President Trump’s approved ten-year debt came from bipartisan legislation, and 29 percent of the net ten-year debt President Biden has approved thus far came from bipartisan legislation. The rest was from partisan actions.
• President Trump approved $2.2 trillion of debt in his first two years in office and $6.2 trillion ($2.6 trillion non-COVID) in his second two years. President Biden approved $4.9 trillion($2.9 trillion non-COVID) in his first two years in office and has so far approved over $600 billionof net ten-year deficit reduction since.
• President Trump approved $5.9 trillion of net spending increases including interest ($2.8 trillion non-COVID) and $2.5 trillion of net tax cuts ($2.0 trillion non-COVID). President Biden has approved $4.3 trillion of net spending increases including interest ($2.3 trillion non-COVID) and roughly $0 of net tax changes ($60 billion revenue increase non-COVID).
• Debt held by the public rose by $7.2 trillion during President Trump’s term including $5.9 trillionin the first three years and five months. Debt held by the public has grown by $6.0 trillion during President Biden’s term so far.
• President Trump’s executive actions added less than $20 billion to ten-year debt on net. President Biden’s executive actions have added $1.2 trillion to ten-year debt so far.
• The President’s budget was on average 39 dayslate under President Trump and 58 days late under President Biden.

The full report can be found here:

Trump and Biden: The National Debt-Mon, 06/24/2024 - 12:00 | Committee for a Responsible Federal Budget

 

[dkovic77]

I guess a lie by omission is better than facing the truth.

Ohhhh what lie is that?? Using legitimate sourcing of information please… not the same sources that couldn’t prove 60+ cases of election fraud in 2020 (laughed out of courts with Cheeto appointed judges too).

 

[dkovic77]

From the CRFB report:

• Roughly 77 percent of President Trump’s approved ten-year debt came from bipartisan legislation, and 29 percent of the net ten-year debt President Biden has approved thus far came from bipartisan legislation. The rest was from partisan actions.
• President Trump approved $2.2 trillion of debt in his first two years in office and $6.2 trillion ($2.6 trillion non-COVID) in his second two years. President Biden approved $4.9 trillion($2.9 trillion non-COVID) in his first two years in office and has so far approved over $600 billionof net ten-year deficit reduction since.
• President Trump approved $5.9 trillion of net spending increases including interest ($2.8 trillion non-COVID) and $2.5 trillion of net tax cuts ($2.0 trillion non-COVID). President Biden has approved $4.3 trillion of net spending increases including interest ($2.3 trillion non-COVID) and roughly $0 of net tax changes ($60 billion revenue increase non-COVID).
• Debt held by the public rose by $7.2 trillion during President Trump’s term including $5.9 trillionin the first three years and five months. Debt held by the public has grown by $6.0 trillion during President Biden’s term so far.
• President Trump’s executive actions added less than $20 billion to ten-year debt on net. President Biden’s executive actions have added $1.2 trillion to ten-year debt so far.
• The President’s budget was on average 39 dayslate under President Trump and 58 days late under President Biden.

The full report can be found here:

Trump and Biden: The National Debt-Mon, 06/24/2024 - 12:00 | Committee for a Responsible Federal Budget

Ohhhh and tell me what legislation has gotten through the Republican’t controlled house? Hardly any.

Governing is tough.. when you and your friends are interested in actually doing it… let the rest of us know. So far it’s been wasting millions on an impeachment inquiry that …how did that end up? Seems to have fizzled….

 

[HisArpy]

Ohhhh and tell me what legislation has gotten through the Republican’t controlled house? Hardly any.

Governing is tough.. when you and your friends are interested in actually doing it… let the rest of us know. So far it’s been wasting millions on an impeachment inquiry that …how did that end up? Seems to have fizzled….

Universally popular legislation seems to have no problem getting passed.

Which makes you wonder why the D's have such a difficult time getting anything done. A clue might be that it's not universally popular.

 

[dkovic77]

Universally popular legislation seems to have no problem getting passed.

Which makes you wonder why the D's have such a difficult time getting anything done. A clue might be that it's not universally popular.

Universally? I have heard so much about the border…seen polling on it.. and then when the bill came up for a vote, your orange idiot didn’t want it off the board and had his lemmings vote it down.

Seemed pretty universal, but I guess it’s only if your Orange Messiah says it is.. since he clearly has Read his favorite book cover to cover sooooo many times. Two Corinthians!

 

[HisArpy]

Universally? I have heard so much about the border…seen polling on it.. and then when the bill came up for a vote, your orange idiot didn’t want it off the board and had his lemmings vote it down.

Seemed pretty universal, but I guess it’s only if your Orange Messiah says it is.. since he clearly has Read his favorite book cover to cover sooooo many times. Two Corinthians!

If the democrat plan is so universally popular, then why can't they get it passed?

Perhaps it's because it's not so popular. You whining about how the R's aren't going along with the unpopular idea doesn't change that.

 

[dkovic77]

If the democrat plan is so universally popular, then why can't they get it passed?

Perhaps it's because it's not so popular. You whining about how the R's aren't going along with the unpopular idea doesn't change that.

So unpopular, fixing the border. I seem to remember R’s attaching it to every spending bill. And then when it had a chance of passing as a stand alone bill…Orange Idiot strikes again.

Hell you have R governors spending millions of dollars to send handfuls of folks to other places. Sure seems like an issue that needs resolution, unless you aren’t looking for it to be solved…just looking to keep yelling about it because your base is too stupid to know the difference.

.125 vs .75… look you are stupid too. You fit right in!

 

[HisArpy]

So unpopular, fixing the border. I seem to remember R’s attaching it to every spending bill. And then when it had a chance of passing as a stand alone bill…Orange Idiot strikes again.

Hell you have R governors spending millions of dollars to send handfuls of folks to other places. Sure seems like an issue that needs resolution, unless you aren’t looking for it to be solved…just looking to keep yelling about it because your base is too stupid to know the difference.

.125 vs .75… look you are stupid too. You fit right in!

Again, if the DEMOCRAT PLAN was so popular, then why can't the D's get it passed?

 

[dkovic77]

Again, if the DEMOCRAT PLAN was so popular, then why can't the D's get it passed?

Give it until November, then as the rats jump off the sinking ship progress will happen.

If they took care of folks like Venmo and Handy… but the R’s need all the votes the can get… that red wave was so powerful…didn’t even need FEMA!

 

[Fuzzy1975]

Again, if the DEMOCRAT PLAN was so popular, then why can't the D's get it passed?

Because the Democrat plan didn't have bipartisan support.

Why didn't Trump replace Obama care, the republicans did have control of the Presidency, Senate and House. Seems like they should have gotten it done, doesn't it?

( see how easy it is to shift blame, without bringing in the nuances that define each individual result . A lawyer should know this)

 

[HisArpy]

Give it until November, then as the rats jump off the sinking ship progress will happen.

If they took care of folks like Venmo and Handy… but the R’s need all the votes the can get… that red wave was so powerful…didn’t even need FEMA!

Denialism doesn't change the FACT that the Democrat immigration plan isn't popular. Which is why they can't get is passed.

Perhaps if they listened to the voters instead of their puppet masters that might change.

 

[dkovic77]

Denialism doesn't change the FACT that the Democrat immigration plan isn't popular. Which is why they can't get is passed.

Perhaps if they listened to the voters instead of their handlers that might change.

Ohhhh the voters, we shall see how they vote in November. Between that and the abortion issue an open and shut case. But keep yelling Hunter Biden a few more times… that seems to be the MAGA answer.

And putting you back on ignore, tough to hear from kindergarten brain adults this much.

 

[HisArpy]

Ohhhh the voters, we shall see how they vote in November. Between that and the abortion issue an open and shut case. But keep yelling Hunter Biden a few more times… that seems to be the MAGA answer.

And putting you back on ignore, tough to hear from kindergarten brain adults this much.

The abortion issue is dead. (hah!) Most Americans believe that some restriction on abortion is necessary. That usually ends up being 12 weeks and/or the standard health/rape/incest basis. Dobbs only changed who gets to impose that regulation; Feds or State.

This means YOU LOST on this issue. JUST LIKE the R's LOST on the gay marriage issue.

The SCOTUS just shoved a huge razor blade studded dildo up Hunter Biden's ass with their Rahimi decision. He's fucked for life on that basis alone and his tax case is only going to make it worse for him. And you. Personally I'd love to see his tax case get delayed a year. Give him a taste of hard core prison life and see if he flips on his daddy in return for a reduced sentence on the tax evasion.

And, if you look at the Electoral college math, you'll see that your guy isn't doing so hot and might not get to the finish line even if he's still standing come this November.

 

[Fuzzy1975]

The abortion issue is dead. (hah!) Most Americans believe that some restriction on abortion is necessary. That usually ends up being 12 weeks and/or the standard health/rape/incest basis. Dobbs only changed who gets to impose that regulation; Feds or State.

This means YOU LOST on this issue. JUST LIKE the R's LOST on the gay marriage issue.

The SCOTUS just shoved a huge razor blade studded dildo up Hunter Biden's ass with their Rahimi decision. He's fucked for life on that basis alone and his tax case is only going to make it worse for him. And you. Personally I'd love to see his tax case get delayed a year. Give him a taste of hard core prison life and see if he flips on his daddy in return for a reduced sentence on the tax evasion.

And, if you look at the Electoral college math, you'll see that your guy isn't doing so hot and might not get to the finish line even if he's still standing come this November.

Time will tell. Kinda like how time told on that great investment opportunity you were sharing a little while back, eh?

 

[HisArpy]

Time will tell. Kinda like how time told on that great investment opportunity you were sharing a little while back, eh?

???

 

[Comshaw]

From the CRFB report:

• Roughly 77 percent of President Trump’s approved ten-year debt came from bipartisan legislation, and 29 percent of the net ten-year debt President Biden has approved thus far came from bipartisan legislation. The rest was from partisan actions.
• President Trump approved $2.2 trillion of debt in his first two years in office and $6.2 trillion ($2.6 trillion non-COVID) in his second two years. President Biden approved $4.9 trillion($2.9 trillion non-COVID) in his first two years in office and has so far approved over $600 billionof net ten-year deficit reduction since.
• President Trump approved $5.9 trillion of net spending increases including interest ($2.8 trillion non-COVID) and $2.5 trillion of net tax cuts ($2.0 trillion non-COVID). President Biden has approved $4.3 trillion of net spending increases including interest ($2.3 trillion non-COVID) and roughly $0 of net tax changes ($60 billion revenue increase non-COVID).
• Debt held by the public rose by $7.2 trillion during President Trump’s term including $5.9 trillionin the first three years and five months. Debt held by the public has grown by $6.0 trillion during President Biden’s term so far.
• President Trump’s executive actions added less than $20 billion to ten-year debt on net. President Biden’s executive actions have added $1.2 trillion to ten-year debt so far.
• The President’s budget was on average 39 dayslate under President Trump and 58 days late under President Biden.

The full report can be found here:

Trump and Biden: The National Debt-Mon, 06/24/2024 - 12:00 | Committee for a Responsible Federal Budget

Everything above: true. But where does that leave us?

How Much Debt Did President Trump Approve?​

During his four-year term in office, President Trump approved $8.4 trillion of new ten-year borrowing above prior law, or $4.8 trillion when excluding the bipartisan COVID relief bills and COVID-related executive actions. Looking at all legislation and executive actions with meaningful fiscal impact, the full amount of approved ten-year borrowing includes $8.8 trillion of deficit-increasing laws and actions offset by $443 billion of deficit-reducing actions.2

How Much Debt Has President Biden Approved?​

Over his first three years and five months in office, President Biden has approved $4.3 trillion of new ten-year borrowing, or $2.2 trillion when excluding the American Rescue Plan Act. This includes $6.2 trillion of deficit-increasing legislation and actions, offset by $1.9 trillion of legislation and actions scored as reducing the deficit.

Trump added twice as much to the federal debt as Biden. It really doesn't matter how it got there. You weren't originally bitching about HOW it was added only that it WAS added. So now you move the goalposts and try to argue that how it was added is the problem? FFS.

Trump approved TWICE AS MUCH added to the debt as Biden, with or without Covid spending figured in. It's in hard numbers, facts. If you want to discuss the deficit, who is adding more, and how we are going to turn that around you need to accept facts. Then and only then can a serious, rational discussion be possible.

BTW: The above quotes (and the chart I posted earlier) all came from the same link you provided.
Comshaw

 

[BabyBoomer50s]

Trump approved TWICE AS MUCH added to the debt as Biden, with or without Covid spending figured in.

Not twice as much. Debt held by the public rose by $7.2 trillion during President Trump’s term. Debt held by the public has grown by $6.0 trillion during President Biden’s term with over 6 months to go.

 

[Comshaw]

Not twice as much. Debt held by the public rose by $7.2 trillion during President Trump’s term. Debt held by the public has grown by $6.0 trillion during President Biden’s term with over 6 months to go.

I have no idea where you got your figures. Where did they come from? But if you will go back and look at the chart I posted, or go to the the site YOU linked, you'll see these numbers: Trump 4.8 trillion dollars, Biden 4.2 trillion dollars. I ignored the Covid spending because in both instances it was necessary and defendable. Now where I come from 2.2 is less than half of 4.8. So yeah, twice as much.

Comshaw

 

[HisArpy]

I have no idea where you got your figures. Where did they come from?

THIS is the problem with most of the Left, they don't actually know anything but they're more than willing to make claims about everything merely because some talking head said it.

 

[BabyBoomer50s]

I have no idea where you got your figures. Where did they come from? But if you will go back and look at the chart I posted, or go to the the site YOU linked, you'll see these numbers: Trump 4.8 trillion dollars, Biden 4.2 trillion dollars. I ignored the Covid spending because in both instances it was necessary and defendable. Now where I come from 2.2 is less than half of 4.8. So yeah, twice as much.

Comshaw

Good grief. Please stop being so lazy. Read before posting. I literally copied and pasted those numbers directly from the CRFB report and pasted a link to the full article (post 55). Again, straight from the report:

“Debt held by the public rose by $7.2 trillion during President Trump’s term including $5.9 trillionin the first three years and five months. Debt held by the public has grown by $6.0 trillion during President Biden’s term so far.”

https://www.crfb.org/papers/trump-and-biden-national-debt

 

[Comshaw]

Good grief. Please stop being so lazy. Read before posting. I literally copied and pasted those numbers directly from the CRFB report and pasted a link to the full article (post 55). Again, straight from the report:

“Debt held by the public rose by $7.2 trillion during President Trump’s term including $5.9 trillionin the first three years and five months. Debt held by the public has grown by $6.0 trillion during President Biden’s term so far.”

https://www.crfb.org/papers/trump-and-biden-national-debt

Those numbers are correct, HOWEVER, they are only part of the story. Shall we look at the rest of it? From the site you provided:

• President Trump approved $8.4 trillion of new ten-year borrowing during his full term in office, or $4.8 trillion excluding the CARES Act and other COVID relief.
• President Biden, in his first three years and five months in office, approved $4.3 trillion of new ten-year borrowing, or $2.2 trillion excluding the American Rescue Plan.
• President Trump approved $8.8 trillion of gross new borrowing and $443 billion of deficit reduction during his full presidential term.
• President Biden has so far approved $6.2 trillion of gross new borrowing and $1.9 trillion of deficit reduction.

Your originally cited article (which apparently you agree with) insists that: "You may have heard that the 2017 GOP tax cuts blew a giant hole in the federal budget—or so Democrats tell voters. The Congressional Budget Office’s revised 10-year budget forecast out Tuesday offers a reality check. Spending is the real problem, and it’s getting worse."

However, if you check the stats from the link you provided you'll see that the chart and the above-quoted numbers reference a ten-year impact of each addition to the deficit, as your original article states also. Trump: $8.8 trillion with a reduction of $443 billion over the ten-year impact span. Biden, $6.2 trillion with a deficit reduction of $1.9 trillion over the same ten-year impact span. Using simple math it comes out to Trump: $8.4 trillion, Biden: $4.3 trillion addition to the deficit over ten years.

I will admit, Trump's addition isn't quite twice as much as Biden's, by $ 0.2 trillion. My bad.

Edited to add: your original article bemoans the fact that " Spending is the real problem, and it’s getting worse."

In fact the numbers show additions to the deficit from Trump to Biden is getting better, much better, 1/2 (not quite, almost by a smidge) as much for Biden as Trump.

Comshaw