Politics Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

Peachy might not be correct.

 

Everytime I read your posts this is what I hear

 

Well, Duh.

It was obvious the moment the republican house decided to give themselves and the big corporations a big tax cut that they screwed the pooch.

By the end of Obama's administration the federal deficit as a percent of the GDP was as low as it was before the recession - the economy was working correctly. We are getting closer to 4% now which is higher than 2008.

What amazes me is how a party that caters to the super-rich manages to get so many poor people to support them and continue to support them while they they do unholy things to them.

 

I hope you're wrong. But just in case, I've mostly withdrawn from the stock market. Gonna meet with my investment advisor sometime soon so I'll get an update on how things are going and how much I would have lost if I had stayed in it.

 

If we can not make the deficit be gone by growing the economy and there by revenue, then we lose. End of game.
If you try to increase revenue by increasing taxes, you will not get the debt paid before the interests rates rise and the economy shrinks.
That will be end of game.

 

Yeah, that amazes me too. I attribute it to ignorance. I think the lower class, has a tough time getting a quality education.

 

As I see it, we need to start making money off China and a more in other parts of the world to get our GDP high enough to begin paying down the debt or it is very doubtful we will succeed.

 

More likely the inability to process information in a productive way.

 

This leaves one wondering what you are actually thinking.

 

The percent of the deficit as part of the GDP under the Obama administration is a direct contradiction to this fallacy.

The reversal of this trend under the Trump administration is a continued affirmation of the fact that the measures taken by the Republican administration to grow the economy are the wrong ones.

There is nothing really to say about it - the numbers tell a pretty clear picture.

FWIW - under the current budget / income estimates - the federal deficit in 2019 will be $985B

https://www.thebalance.com/u-s-federal-budget-breakdown-3305789

in 2015 - under the so called "socialist" Obama administration, the deficit was 2.4% of the GDP.

It is almost 4.0% in 2018 and is estimated to be higher in 2019

 

I will respectfully disagree. Your number still leave a deficit. Perhaps smaller but still a slow walk to falure when interest rate climb.
If we can not find a way to make enough to pay down the debt ( not just reduce deficits) then we are on the path to failure.

Right now, I doubt we could stay a float with 8 percent interest rates. 10 would be out of the question. Slow walking with a deficit
will be a slow walk to the end.

 

Obama's administration started with a recession - and the defiict/gdp percentage was 9.8% - it went down to 3.1% at the end - directly contradicting your analysis.

The entire lower taxes to spur the economy stuff is bullcrap when you go below a certain number (which empirically seems to be just short of 40% for the highest tax bracket).

Let me remind you that this is not the first time we have seen that the "cut taxes to spur the economy" bullshit does not work.

In 1992, Last year of Bush #41 - the percentage of deficit / GDP was 4.4%. Clinton raised taxes and after 8 years, we actually had a federal surplus (of 2.4% of the GDP) at the last year of the Clinton administration

Bush #43 signed the "Economic Growth and TaxRelief Reconciliation Act of 2001" - and we all know what happened at the end of his administration.

As shown - the Obama tax hikes has taken the country out of the recession and brought down the percentage of the deficit / gdp to pre-recession levels - and since the Trump tax cut - we are growing it up again quickly.

All you need to do is look at the Clinton surplus to see that your assertion is just wrong.

Now - to be clear, there is of course an opposite side to it - there are levels where it is too high and cripples the economy - like the Carter years showed - but like everything in life you need to have some kind of a balance - and this administration, despite it's cries for small government and responsibility - is anything but.

 

Then understand what tax breaks for the rich do. They don't help you or I.

Trumpets don't seem to understand Obama cut Bush's deficit by 2/3rds while the guy they voted for just exploded that deficit. And that just adds to the debt.

It's like Dick Cheney said, deficits don't matter.

 

China needs us too and even though we owe them the most of any foreign power, 70% of our debt is owed to the American people.

Who else is China gonna sell their cheap goods to?

 

Add this to 2 wars on the credit card, a big giveaway to big Pharma, then he cut taxes again....

 

Well yes, Western European countries will still probably import Chinese goods.

But are they going to import <150% more goods from China than they already do?

We import ~25% of all Chinese exports, not a trivial amount of business to lose.

I would say that our debt, and our insatiable consumption of cheap labor, create a fairly congruent death pact of mutually assured destruction. If that changes then we are all in for a brave new reality, likely involving cannibalism, stationary bike power generation, landfill mining, or even worse, less convenience in our day to day lives.

 

Funny in a sad way how ignorant libs are about how our government functions.

Congress is 100% in control of government spending. Presidents can only ask them to approve it, or ask them to approve cutting wasteful/inappropriate programs.

Swamp resistance to Trump’s agenda is costing billions of dollars and prolonging financial pain for millions of Americans.

 

Both parties cater to the super rich.

Dems do it by taxing the poor and adding regulations and fees to Conservative-owned businesses, and Reps do it by limiting regulations and taxes on businesses (which are paid by the poor through purchase of goods and services.