Under the first full budget of the Trump Administration, Kristi Noem and her pal in the White House let the national debt grow 6.19%:
|Year||National Debt (beginning of October)||Increase|
That increase exceeded the percentage debt increases under the Obama budgets of FY2013, FY2015, and FY2017.
John Tsitrian blasts our Congressional delegation for buying Donald Trump’s “scam-o-la” about eliminating the national debt by cutting rich people’s taxes, noting that the revenue boosts they projected were complete fantasy:
Our federal debt continues to explode, unchecked by an illusory surge of tax revenues that never materialized from Trump’s fantasyland growth forecasts. Tax revenues have actually declined through August, both nominally and adjusted for inflation This year’s growth rate–stimulated by that tax cut–has averaged a bit over 3%, but Kiplinger, along with just about all the other market and finance forecasters I follow, expects it to slow down to the 2-2.5% level next year. I don’t predict markets, but I can’t ignore the fact that major stock indexes are at best even for 2018, and in some cases down a bit. Sanguine about the economy, they are not [John Tsitrian, “On Deficits, Debt, and Denial—South Dakota’s Congressional Reps Have Let Us Down,” The Constant Commoner, 2018.11.25].
The Trump tax cuts are entirely responsible for this debt surge.
Trumpublicans offer a political sugar-high for angry bigots. Let’s hope the Democratic majority in the House come January will bring us back to adult governing.
Pathetic story. Cherry picking three of Obama’s 8 years. Where was your outrage against Obama in years that it exploded? I know it won’t happen because you’ll blame (R)’s somehow. Another story that just shows your bias. And then the hand full of crazies will Trumpf comment, you’ll smile, all the while you still lose elections here.
One point I would add to the exploding deficit debate is the protraction of two “unfunded” foreign wars that still haunt the Us from the Bush administration. Yes Steve, I am putting the blame on the Republicans for the whole concept of fighting foreign wars “off budget.”
I do think one shortcoming of the Obama administration was not getting the US out of those messes, or, alternately, forcing the US taxpayers to face up to the budget implications of continuing that path.
Steve, I’ll put it directly to you: in the face of all the evidence, both at the national and state levels, you you still adhere to the GOP mantra that cutting taxes reduces deficits?
When I turned the news on this morning the first item being featured was the GM layoffs.
GM is poised to close one plant in Canada and four in the U.S. affecting 14,700 employees. Makes me wonder how much GM received from Trump’s corporate tax breaks and how they spent it.
More importantly, the government is head for another shutdown in the next few days if Trump doesn’t get his wall funded.
Added to this, the markets have been weak the past couple of weeks.
Makes me wonder if Trump is intentionally setting the U.S. up for another recession, worse then one Bush handed President Obama.
Fortunately for US taxpayers, Trump said he will make Mexico pay for the wall. At least we won’t have to pay for it. I take him at his word on that.
Rorschach, why would you take him on his word on that when he has asked for funding for that wall as part of the US budget so many times? — as recently as Saturday, threatening a shutdown if that funding is not provided BY THE US: https://www.cnn.com/2018/11/17/politics/trump-southern-border-government-shutdown/index.html
Is there a point where actions speak louder than words? Are we there yet?
Tax cuts don’t increase debt.
Only spending more than your revenue increases debt.
This isn’t rocket science.
What I wrote is what every Democrat in congress should be saying. We’re not going to fund a wall. The dealmaker in chief said repeatedly that he was going to make Mexico pay for it, so he ought to get to work on that even if it cuts into his golfing time.
Jason wouldn’t know rocket science if it walked up and bit him on the rear. He’s riding the short bus.
In 2018, federal spending as a share of the economy fell. Federal revenues fell even more (corporate taxes are down by 31%), which is why the deficit has increased. Trump, Mnuchin and McConnell all said the tax cut would be revenue-neutral, but that didn’t work out, so, yes, the tax cut is responsible for the larger than hoped for deficit. https://www.cnbc.com/2018/10/16/trumps-tax-cut-didnt-reduce-the-deficit–despite-his-many-promises.html
Jason, how about when you cut your revenues AFTER you establish your spending — then does it increase deficits?
Jason – if I may expressly add some details that I think are implied in o’s question:
how about when you establish your spending at a minimum fixed and necessary rate and then cut revenue below the amount needed to pay that fixed rate – does that increase deficits?
Riding the short bus, good one and so true. Wait until the troll tries to handle the great question bearcreekbat put on the table, hilarious.
Pootiepublicans never could manage the national budget, and the latest bunch, along with Orange Imbecile, are the worst yet. If the Democrats, aka- the adults who can do math, didn’t come in and fix it periodically, the USA would have become bankrupt several decades ago and we’d be colonies again.
Now the Pootiepublicans want to steal more $ from Social Security, Medicare and other programs that help people not suffer and die young.
President Clinton had the answer when people would ask him about how he balanced the budget and was able to hand Bush a great big cash reserve.
Clinton always had the same answer, “it’s ” A-R-T-H-M-E-T-I-C”