https://www.cnn.com/2019/10/25/politics/trump-us-budget-deficit-2019/index.html If the wrecking ball for democracy is going to fail, at least he is managing to ruin the long-term economic outlook.
I always find economics and politics kind of amusing. When a president has any positive economic stuff during his time his "side" proclaims how awesome he is. The other side always proclaims it's because of whatever happened when their people were in power and vice versa. Then even funnier is when the economy is poor during a president's tenure, it's because he was left with a mess, or so it's claimed. I tend to believe the answers usually lie somewhere in the middle, Obama, Bush, Trump, whoever have each done their share of decent moves financially, and ridiculously bad ones too, there's also congress, and the senate I certainly don't think a good or bad Economy is "solely" on the shoulders of a president, but it's always fun to blame it on the other group and/or take credit for the good times.
Thats not really true though... Theres a lot of factors that go into a deficit it is not just one thing. Over spending, golf trips, Trumps trade war with China... The deficit is not all on tax cuts...
Corporate taxes have gone down from 9% of the govt income to 6% because of the tax cuts. GDP and budget grew at the same rate as they did since about 2011, but tax income has grown much less, that's the deficit right there.
I get what he's saying a big part of the reason the deficit has grown is corporate tax cuts. I just disagree with the notion that the entire deficit is because of that like there are no other factors in a deficit, like spending, amongst others. If my wife told me were losing money every month, there are few options maybe we should cut spending, maybe I need more income, maybe both, or we could ignore it. So to me claiming the whole thing is simply the income went down is maybe partially true, military spending saw a 27B increase from 2017 to 2018, and will like rise again. Seems to me Congress and the President have mostly chosen to ignore the deficit, continue to spend (and spend even more) which raises the deficit and give tax cuts to the wealthy and big businesses which also raises the deficit. Spending is supposed to increase by 16 percent between 2017 and 2020, seems reduced spending to help the deficit has been ruled out. To be honest one of the reasons I have not seen eye to eye with the Dems so far in the primaries is most of them want to enact a bunch more government spending, at least they want to tax everyone a bunch more to compensate. Now what's hilarious is that Trump said he was going to lower / eliminate the deficit, and so far it's done nothing but go up under him, but that seems somewhat expected.
For the most part what I have read and seen is that most of the candidates want to implement higher taxes on the rich as opposed to raising taxes over all. In other words, roll back the ridiculous tax cuts for the 1% and corporations.
Yeah, I have read mostly similar things, but if the deficit is already gigantic, they'll have to raise taxes a heck of a lot to just stem that tide, and even more to pay for even more spending, and then that leads to a lot of questions about how those taxes affect middle / lower class people. I just don't see that as a very viable path. To me they should be raising taxes & cutting spending until there is no deficit, but I am not a government and I couldn't get away with losing almost a trillion dollars in a year and have no ramifications for it so I guess my opinion doesn't matter heh.
Maybe if you took out a large bank loan and used to to gift cash to your family that might be a big reason for increasing your debt, perhaps even by far the biggest and virtually only reason for your going deep into debt that year.
It will stem the tide as it stemmed the tide under Obama. No, it won't eliminate the debt, but it's a huge step in the right direction.
