Federal deficit to surpass $1 Trillion in 2019

[Shogon]

https://thehill.com/policy/finance/453177-wh-projects-1-trillion-deficit-for-2019


Unreal. When will we ever get someone who will balance the budget?

Oh wait, we won't... because half of Washington wants big military and the other half wants a welfare state for a lazy populace that doesn't understand that life isn't fair.

Be grateful we print the world's reserve currency at will.

I hate Washington D.C.

[Shogon]

Also... Trump's dumb ass seems to believe that the trade war was ever going to result in anything other than a zero sum game for the states and a lose lose for the people which actually ends up as a negative for the state.

Been listening to Lou Dobbs too long.

[ScalsFan21]

The answer is no. Many of these things could easily be fully paid for if our politicians were willing enough to tax the rich like they should. The entire Sanders agenda, for instance.

So many of the debt hawks are only willing to shrink the debt on extreme libertarian terms. The popularity of the welfare state and (unfortunately) having a big military that laps the next 12 combined likely aren't going anywhere anytime soon, so the most likely avenue to addressing the deficit and debt is higher tax rates. But that's theft. :lol

[Shogon]

The answer is no. Many of these things could easily be fully paid for if our politicians were willing enough to tax the rich like they should. The entire Sanders agenda, for instance.

**** off, you wealth redistributing dumbass.

Truly rich people already pay significantly more in taxes on an annual basis than you will pay in your entire life.

Federal income tax shouldn't even be a thing.

[ScalsFan21]

**** off, you wealth redistributing dumbass.

Truly rich people already pay significantly more in taxes on an annual basis than you will pay in your entire life.

You're not going to find anyone in the 99.5% who deny this. What you say is obviously a fact. LeBron paid more tax this year than almost anyone on the planet will before they die.

It's just that an ever-growing percentage of us think they should still be paying significantly more. :lol

Would you reconsider your position about wealth redistribution if the workforce was shrunk by 30% thanks to automation? 40%? I'm just asking if there's a cutoff in your mind. Do you have a solution for that impending problem (which already impacts the world in a big way) that does not involve gov "handouts"? Charity gonna take care of that?

[Shogon]

You're not going to find anyone in the 99.5% who deny this. What you say is obviously a fact. LeBron paid more tax this year than almost anyone on the planet will before they die.

It's just that an ever-growing percentage of us think they should still be paying significantly more. :lol

Would you reconsider your position about wealth redistribution if the workforce was shrunk by 30% thanks to automation? 40%? I'm just asking if there's a cutoff in your mind.

LeBron James shouldn't be taxed more because Amazon is gobbling up as much of the retail market and eliminating as many jobs as possible. The **** does that have to do with him?

As far as automation goes... yes, we are ****ed. Something needs to be done. Discussions need to be had. I don't have an answer for that.

To be clear, wealth redistribution by people like LeBron James absolutely SHOULD happen, but it SHOULD NOT be because the federal government forced his hand. Federal governments don't do much of anything except mismanage money and breed corruption. Even at the state level it's usually a problem... look at Cali.

[ScalsFan21]

LeBron James shouldn't be taxed more because Amazon is gobbling up as much of the retail market and eliminating as many jobs as possible. The **** does that have to do with him?

As far as automation goes... yes, we are ****ed. Something needs to be done. Discussions need to be had. I don't have an answer for that.

To be clear, wealth redistribution by people like LeBron James absolutely SHOULD happen, but it SHOULD NOT be because the government forced his hand. Federal governments don't do much of anything except mismanage money and breed corruption.

I just don't see the evidence that private charity could ever replace the welfare state in a way that sustains a society, particularly as we move further into a future that will discard more and more skillsets in favor of AI. If I thought it would actually solve the problem, I would be all in for it. I think on average, the poor will almost certainly get LESS than they would from like a giant UBI system.

But I also think if progressive taxation is viewed as actual stealing, that's a bridge that is going to be tough to mend. I will never see taxation that way, and vice versa I'm sure. If there is one thing that will make 2060's potentially massive unemployment rate create MORE misery than the unmitigated reliance on gov't intervention (which I admit, it's no replacement for real purpose in life), it'd be the reliance on the generosity of the super wealthy to survive.

I can only imagine the inequality at that point if Uncle Sam doesn't step in, putting it bluntly. We can chalk all this up to envy all we like, but I think there's a human nature element that needs to be factored in when we're talking about sustaining civilization. This is, along with climate change, such a major problem that seems just "far off" enough to keep kicking down the road. Kind of like the debt, ironically.

[tpols]

**** off, you wealth redistributing dumbass.

Truly rich people already pay significantly more in taxes on an annual basis than you will pay in your entire life.

Federal income tax shouldn't even be a thing.


They also made enough money for 100s or 1000s of lifetimes.

This stuff is relative, not absolute.

The only way out the great depression and wealth gap back then was socialism...

a healthy economy cannot exist with a certain tilt were approaching. That seems to fly over your head.

[NumberSix]

Tax the rich and use that money to give people military jobs, not welfare.

#solved

[Jasper]

https://thehill.com/policy/finance/453177-wh-projects-1-trillion-deficit-for-2019


Unreal. When will we ever get someone who will balance the budget?

Oh wait, we won't... because half of Washington wants big military and the other half wants a welfare state for a lazy populace that doesn't understand that life isn't fair.

Be grateful we print the world's reserve currency at will.

I hate Washington D.C.
Dem's said they would not of had this projection occur back in 2018.
Trump never even spoke of it = Make America Great again.

[Jasper]

Tax the rich and use that money to give people military jobs, not welfare.

#solved
so we can concur the world.. Make America Great Again

[qrich]

I just love how some people think that giving the government more control over individual lives is the way out

[Prometheus]

ok suppose automation does eliminate enough jobs to form a true crisis

the lower classes wont have money to buy the efficient services provided by the automation, which will hurt the pigs

eventually we would face sweeping socialist reform/revolution not out of idealism or class war... but out of hard necessity and the interest of the wealthy and poor alike

[Rolando]

This happens every time the Repbulicans take over.

They reduce taxes and regulations on businesses.
The ecomony gets pumped up. Wall Street goes nuts.

The deficit grows.

At some point, like it always does, the economy comes crashing down. Democrats come in, raise taxes, tighten up regulations and slowly rebuild.

[Rolando]

Tax the rich and use that money to give people military jobs, not welfare.

#solved

Agreed. But also, return the military to the States and put them in charge of rebuilding infrastructure. Go at it like it's a war.

Everyone would benefit from this.

[highwhey]

cut stalker

[Rooster]

https://thehill.com/policy/finance/453177-wh-projects-1-trillion-deficit-for-2019


Unreal. When will we ever get someone who will balance the budget?

Oh wait, we won't... because half of Washington wants big military and the other half wants a welfare state for a lazy populace that doesn't understand that life isn't fair.

Be grateful we print the world's reserve currency at will.

I hate Washington D.C.

LMAO. With the expected GDP of around 21 trillion, deficit still around 5%. I actually give props to our politicians and money people for not being greedy and always stays around that.

[rufuspaul]

LMAO. With the expected GDP of around 21 trillion, deficit still around 5%. I actually give props to our politicians and money people for not being greedy and always stays around that.


this

[SomeBlackDude]

Unreal. When will we ever get someone who will balance the budget?


He had budget surpluses for fiscal years 1998-2001, the only such years from 1970-2018. Clinton's final four budgets were balanced budgets with surpluses, beginning with the 1997 budget.

maca :(

[Shogon]

maca :(

Bill Clinton is a despicable human being but he did balance the budget and there are only two things I truly care about on a national level in terms of governance...

Monetary policy and foreign policy.

However, he also set in motion policy surrounding housing that was aided by Bush that would ultimately bring the economy to its knees.

[Hawker]

It

[BlakFrankWhite]

Really good discussion between op and scslsfan at the start.

[SomeBlackDude]

[QUOTE=Hawker]It

[NumberSix]

https://thumbs.gfycat.com/ElectricWeepyAppaloosa-size_restricted.gif
Do tell us which specific year of Clinton

[SomeBlackDude]

[QUOTE=NumberSix]Do tell us which specific year of Clinton

[ScalsFan21]

I thought it was each of the last 3-4 years of Bill's presidency + the first year of Bush until the big spending? Could be wrong. Honestly the amount of "credit" Bill deserved for it is minimal, even if you're a deficit hawk.

[bladefd]

Tax the rich and use that money to give people military jobs, not welfare.

#solved

...or slice the military budget in half and remove redundant agencies like Department of Homeland Security & DEA. We have the FBI, CIA, DIA, NSA, Army intelligence, etc already doing much of the same stuff. We don't need DHS or DEA redundancy. Then either add a public option or switch at once to medicare-for-all (US citizens and greencard holders only) and get rid of medicaid.

Do that and you slice off half a trillion off the bat. You would probably have to do a lot of micromanagement if you want to slice off more waste/bloated spending to cut further into the deficit.

[Cleverness]

https://www.youtube.com/watch?v=XNUOubtFsEs

[Jasper]

how many of us think our government is great ????


The government is supposed to protect , serve, and govern the people.

Why are they in dept by 1 trillion ???
They can't even govern themselves.

[MMM]

The government budget isn't comparable to your budget deficits are still future tax raises or spending cuts. I think a good start is 10% cut across the board followed by a spending freeze for a year or 2. Also any new tax cut in income taxes needs to be offset by increasing consumption or other taxes. Let more people keep more if their income and choose by their actions how much tax they will pay.

[Jasper]

The government budget isn't comparable to your budget deficits are still future tax raises or spending cuts. I think a good start is 10% cut across the board followed by a spending freeze for a year or 2. Also any new tax cut in income taxes needs to be offset by increasing consumption or other taxes. Let more people keep more if their income and choose by their actions how much tax they will pay.
you sound like a politician.

[Shogon]

For anyone keeping score, the deficit ballooned to over 3 trillion for 2020, close to it for 2021, and is now at a projected 2.1 for 2022 although it is continuing to come down.

The debt, however, continues to grow... and is now at over 30.3 trillion.

[Lakers Legend#32]

So let's get this conservative mindset straight, The inflation under Saint Reagan was Jimmy Carter's fault, but the inflation under Biden is not Trump's fault.