Economic News Thread | 3Q Annual GDP 2.8%

[Ddseddse]

Ummm no it doesn't.

How much to tax and how much to spend is the vital question for any government (not just the US government). There are many routes to fiscal responsibility.

It's not like I'm taking some extreme position here. Do you really believe that all federal spending is sane?

No. How much to spend depends on how much you are willing to pay. No More and no less.

If you want to have a discussion about feeling like you are not getting value for the taxes you pay THEN HAVE THAT DISCUSSION, and not the one yo're trying to have.

Listen if your only getting 50% value back from money you are putting in. What good is cutting your taxes 10% going to do? You're' still paying 90% and getting 45% value.

How about holding the governments feet to the fire and demanding you get 100% value for the 100% you pay? Doesn't that seem like a better idea?

 

[CRHeel94]

I don't even pay taxes in the US so I have no feeling about the value I get or don't get for taxes paid.

There is a staggering amount of interest being paid out to service the debt created by the federal deficit. That deficit can be attacked by one of two ways, raising taxes or reducing spending.

 

[Kraftyheel89]

I don't even pay taxes in the US so I have no feeling about the value I get or don't get for taxes paid.

There is a staggering amount of interest being paid out to service the debt created by the federal deficit. That deficit can be attacked by one of two ways, raising taxes or reducing spending.

The last Prez to do it was actually Clinton. In the last 3 years of his presidency he ran a surplus each year He cut the deficit from around 60% of GDP down to 30%. He did it by raising taxes AND cutting spending.

As far left as Hillary is, and as much as I dislike her, Clinton actually governed from the middle (at least fiscally.)

 

[mpaer]

I don't even pay taxes in the US so I have no feeling about the value I get or don't get for taxes paid.

There is a staggering amount of interest being paid out to service the debt created by the federal deficit. That deficit can be attacked by one of two ways, raising taxes or reducing spending.

Interest being paid is crappy for sure

 

[Ddseddse]

I don't even pay taxes in the US so I have no feeling about the value I get or don't get for taxes paid.

There is a staggering amount of interest being paid out to service the debt created by the federal deficit. That deficit can be attacked by one of two ways, raising taxes or reducing spending.

So what’s the objection on raising taxes on folks eanrning more than 1 million a year? Why are tax cuts your first (and as fat as I can tell your only) go to?

 

[Zoo_View]

I don't even pay taxes in the US so I have no feeling about the value I get or don't get for taxes paid.

There is a staggering amount of interest being paid out to service the debt created by the federal deficit. That deficit can be attacked by one of two ways, raising taxes or reducing spending.

Since Ronald Reagan was President, the GOP has pushed and pushed the idea that tax cuts will increase revenue both in the short-term AND the long-term.

Sometimes, revenue goes up in the short-term; then, in the long-term revenue drops.

Republicans squawked about deficits in the ‘60’s and ‘70’s; Reagan ran on tax cuts and cutting the deficit; then his tax cuts and defense spending EXPLODED the deficit.

Right-wingers such as Grover Norquist***, founder and president of Americans for Tax Reform, knew the Reagan tax cuts would dramatically increase the deficit. They were good with this.

Cut taxes, increase the deficit, whine about deficits and the debt, cut taxes the next opportunity, increase the deficit and debt, whine about deficits and the debt.

Eventually, spending will be cut, especially spending on social programs. Don’t cut spending on defense or corporate welfare (support for corporate agriculture or oil/gas “exploration,” etc.).

That’s where we are today. The GOP and the Grover Norquists have bled the government dry and they want massive spending cuts in the EPA, FDA, CDC, NIH, NOAA, Education (at federal, state, and local levels), Medicaid, Medicare, Social Security, any welfare programs, State Department, etc. to cut the deficit.

Bill Clinton turned over an annual surplus to Dubya.

Dubya spent the surplus on tax cuts for the wealthy and well-off. This exploded the deficit. Then, he compounded matters by launching two wars.

America can certainly cut some programs; but, that’s tiny numbers on the margins.

America needs to reduce the deficit by taxing those that can afford it.

***Grover Norquist is also the leading proponent of the Taxpayer Protection Pledge - a promise that 90-95% of GOP Congressmen and Senators sign. A promise to not raise taxes. He’s also on the National Rifle Association board.

 

[Duke Mu]

That alone won't solve the problem. Spending is an issue as well.

Spending is coming down.

 

[Duke Mu]

Since Ronald Reagan was President, the GOP has pushed and pushed the idea that tax cuts will increase revenue both in the short-term AND the long-term.

Sometimes, revenue goes up in the short-term; then, in the long-term revenue drops.

Republicans squawked about deficits in the ‘60’s and ‘70’s; Reagan ran on tax cuts and cutting the deficit; then his tax cuts and defense spending EXPLODED the deficit.

Right-wingers such as Grover Norquist***, founder and president of Americans for Tax Reform, knew the Reagan tax cuts would dramatically increase the deficit. They were good with this.

Cut taxes, increase the deficit, whine about deficits and the debt, cut taxes the next opportunity, increase the deficit and debt, whine about deficits and the debt.

Eventually, spending will be cut, especially spending on social programs. Don’t cut spending on defense or corporate welfare (support for corporate agriculture or oil/gas “exploration,” etc.).

That’s where we are today. The GOP and the Grover Norquists have bled the government dry and they want massive spending cuts in the EPA, FDA, CDC, NIH, NOAA, Education (at federal, state, and local levels), Medicaid, Medicare, Social Security, any welfare programs, State Department, etc. to cut the deficit.

Bill Clinton turned over an annual surplus to Dubya.

Dubya spent the surplus on tax cuts for the wealthy and well-off. This exploded the deficit. Then, he compounded matters by launching two wars.

America can certainly cut some programs; but, that’s tiny numbers on the margins.

America needs to reduce the deficit by taxing those that can afford it.

***Grover Norquist is also the leading proponent of the Taxpayer Protection Pledge - a promise that 90-95% of GOP Congressmen and Senators sign. A promise to not raise taxes. He’s also on the National Rifle Association board.

The only tax cut that was on the high side of the Laffer curve was the first one in 1982 - it actually raised revenues. Ever since then, including 1986, W tax cuts, and the 2017 Trump tax fraud (wealth transfer from the working and middle class to the wealthy) has raised deficits and the debt. Trump increased the debt more than any other POTUS.

The GQP has nothing to offer on bread and butter economic issues, although people still feel inflation. Just MOAR Trump identity politics.

 

[uncgriff]

We had a balanced budget with a surplus at the tail end of Clinton's presidency. Instead of leaving well enough alone and actually paying down the debt W immediately instituted a huge tax break for the wealthy and it's been Katy bar the door ever since.

 

[UNCatTech]

US economy is really humming along, particularly compared to other G7 countries. The staggering federal deficit still concerns me. How to reduce spending without creating a drag on the economy?

Maybe increase taxes (on the top income earners, not the lowest as trump and project 2025 want to) to where we can afford our spending and pay down the debt?

 

[UNCatTech]

I don't even pay taxes in the US so I have no feeling about the value I get or don't get for taxes paid.

There is a staggering amount of interest being paid out to service the debt created by the federal deficit. That deficit can be attacked by one of two ways, raising taxes or reducing spending.

And the interest is a key point. Just think of what we could do with that money if the debt didn't exist. Should be a motivator.

 

[CRHeel94]

Since Ronald Reagan was President, the GOP has pushed and pushed the idea that tax cuts will increase revenue both in the short-term AND the long-term.

Sometimes, revenue goes up in the short-term; then, in the long-term revenue drops.

Republicans squawked about deficits in the ‘60’s and ‘70’s; Reagan ran on tax cuts and cutting the deficit; then his tax cuts and defense spending EXPLODED the deficit.

Right-wingers such as Grover Norquist***, founder and president of Americans for Tax Reform, knew the Reagan tax cuts would dramatically increase the deficit. They were good with this.

Cut taxes, increase the deficit, whine about deficits and the debt, cut taxes the next opportunity, increase the deficit and debt, whine about deficits and the debt.

Eventually, spending will be cut, especially spending on social programs. Don’t cut spending on defense or corporate welfare (support for corporate agriculture or oil/gas “exploration,” etc.).

That’s where we are today. The GOP and the Grover Norquists have bled the government dry and they want massive spending cuts in the EPA, FDA, CDC, NIH, NOAA, Education (at federal, state, and local levels), Medicaid, Medicare, Social Security, any welfare programs, State Department, etc. to cut the deficit.

Bill Clinton turned over an annual surplus to Dubya.

Dubya spent the surplus on tax cuts for the wealthy and well-off. This exploded the deficit. Then, he compounded matters by launching two wars.

America can certainly cut some programs; but, that’s tiny numbers on the margins.

America needs to reduce the deficit by taxing those that can afford it.

***Grover Norquist is also the leading proponent of the Taxpayer Protection Pledge - a promise that 90-95% of GOP Congressmen and Senators sign. A promise to not raise taxes. He’s also on the National Rifle Association board.

Grover Norquist can take a long walk off a short pier. He's a hypocrite; only raises his voice when the Dems are in power but conveniently looks the other way when GOP swells the deficit.

 

[CRHeel94]

So what’s the objection on raising taxes on folks eanrning more than 1 million a year? Why are tax cuts your first (and as fat as I can tell your only) go to?

When did I say anything about tax cuts? The Trump tax cut was insane.

What I said is that spending needs to be addressed to reduce the deficit. Both parties have been irresponsible about spending and deficits.

 

[mpaer]

When did I say anything about tax cuts? The Trump tax cut was insane.

What I said is that spending needs to be addressed to reduce the deficit. Both parties have been irresponsible about spending and deficits.

Remember "regular order" when Congress would actually look at individual spending bills and discuss..........many moons ago

 

[heelinhell]

US home prices unchanged in May; annual gain smallest in 10 months

U.S. single-family home prices were unchanged in May and the annual increase was the smallest in 10 months as higher mortgage rates stifled demand, boosting housing supply. The unchanged reading in house prices followed a 0.3% month-on-month rise in April, the Federal Housing Finance Agency...

finance.yahoo.com

The average rate on the popular 30-year fixed mortgage has since pulled back from a six-month high of 7.22% in early May and averaged 6.78% last week, data from mortgage finance agency Freddie Mac showed.

 

[NCK9]

We had a balanced budget with a surplus at the tail end of Clinton's presidency. Instead of leaving well enough alone and actually paying down the debt W immediately instituted a huge tax break for the wealthy and it's been Katy bar the door ever since.

That and the dot-com bubble bursting.

 

[rodoheel]

So what’s the objection on raising taxes on folks eanrning more than 1 million a year? Why are tax cuts your first (and as fat as I can tell your only) go to?

I think you are reading something into CR's posts that he isn't saying

 

[rodoheel]

When did I say anything about tax cuts? The Trump tax cut was insane.

What I said is that spending needs to be addressed to reduce the deficit. Both parties have been irresponsible about spending and deficits.

I think what's getting people hung up is the idea that spending is necessarily "irresponsible." I don't think the things Dems in particular have spent money on are, in a general sense, "irresponsible." They are, mostly, necessary and important things, though surely we could stand to reduce military spending in some ways. What has been "irresponsible" is depriving the government of revenue it needs to do critical things. The Republican tax cuts over the last three decades have deprived the government of trillions in revenue and caused the deficits to explode.

So, in other words, the spending only seems "irresponsible" in comparison to revenue. If the revenue was what it should be, the spending wouldn't be "irresponsible" to the degree you're suggesting. There are always ways to consider lowering government spending, and that should be something that various departments (and Congress) are constantly assessing. But revenue has been a much more important problem than spending when it comes to the huge increases in the deficit since Clinton left office.

 

[heelslegup]

For stock market/investing/financial planning, do we want to do those in the Econ thread or create a separate, generic. catch-all thread?

 

[lawtig02]

For stock market/investing/financial planning, do we want to do those in the Econ thread or create a separate, generic. catch-all thread?

Definitely a different thread. Speaking just for myself, the economy/inflation thread is one I track the most closely. I have no interest in the investing thread. Glad some of you do, but I see those as very different things.