Federal deficit grows by 32% to $900B

[Nordberg]

No, they already HAVE a giant debt headache. Congress seems disinclined to do anything about it either.
The President does not have authority to borrow money. Only Congress can do that.

trumpy proposed a tax cut that created a trillion and a half more debt. the Repubs passed it on party vote. Presidents set the policy.

 

[Into the Night]

Yes, always.

I've never heard of a business that says, "you know what? I want to make less money."

A business doesn't get to freely set the price. The customer has a say also. Price discovery is a two way street, dude.

 

[Into the Night]

I'm not changing history...you're just trying to cover for bad faith Conservatives who made shit predictions because they're morons.

You ARE changing history. You are still continuing your bigotry as well.

 

[Into the Night]

So before a Central Bank, there was no inflation in the US???????

Generally not. The usual state of the economy was a mild deflation. As products became cheaper through innovation and improved manufacturing, the price on them dropped. It was a healthy deflation.

 

[Into the Night]

And you know nothing of the Fed.

And the Fed was established in 1913. Are you seriously telling me that there were no economic panics, recessions, or turmoil in the US prior to 1913?

Well, this is easily researched and we find that prior to 1913, economic contraction and panics were far more common:

Panic of 1819
Panic of 1837
Panic of 1857
Panic of 1866
Panic of 1873 (This was actually the longest recession and depression prior to the Great Depression)
Panic of 1884
Panic of 1890
Panic of 1893 (Another US recession with bank failures prior to the Fed)
Panic of 1896
Panic of 1901
Panic of 1907

So...you were saying?

NOTHING like the panics AFTER 1913, and particularly after the 1920's. The 1873 panic started in Europe (a central bank fucked up). The 1893 panic started in Argentina (another central bank fucked up).

 

[Into the Night]

Inflation naturally occurs, so once again, you might as well predict that water will be wet.

Nope. It's the direct result of the Fed since the Fed was created.

The only reason the Fed did QE was because Conservatives in Congress absolutely refused to do anything to help the economy recover from the recession their policies caused.

QE is the wrong solution. The banks 'too big to fail' should have been left to fail. They fucked up. The idiots that ran them were left in charge, instead of having the bank sold to somebody more competent through bankruptcy. No, people wouldn't have lost all their money. All it means is a new sign on the building and hopefully the new owners are more competent than the last ones proved to be.

 

[Into the Night]

The Trump administration is headed for a gigantic debt headache

-- Debt levels are piling up in the government, pushing borrowing costs higher.

Borrowing costs are not determined by the debt level. It is set (rather arbitrarily) by the Federal Reserve.

-- The Treasury Department announced Wednesday that it will be increasing the size of its auctions to help pay for burgeoning budget deficits.

Well, borrowing money is certainly one path to use. They are also printing it.

-- While the Trump administration has said that economic growth would make up for shortfalls from tax cuts and spending increases, the early results do not bear that out.

It takes a few years. It always has.

Keep in mind that the country is being led by a guy who has been in bankruptcy multiple times.

Trump's business is in real estate. Like everyone in real estate, some properties go bust for various reasons. Trump has done remarkably well in real estate.

It's what his braindead followers believe ... bankrupt economic theories.

Trump is not an economist. He's a businessman that happens to be President.

 

[Into the Night]

:0) Oh sure, the only responsibility the government has is to give away taxpayer money to rich people.

The Federal government has given a lot of taxpayer money to both poor and rich people.

It might make no difference to you that without Social Security and Medicare millions of American seniors couldn't afford to stay alive.

Too bad. They will fail anyway. I suggest you get your financial house in order so you can weather it when it does.

Bankrupt economics.

Agreed. The Federal government is already running out of options even as we speak.

 

[Into the Night]

You are completely free to hold whatever theory you cling to .. no matter how ridiculous that may be.

The republican congress is indeed an absolute failure.

We agree on something.

Not true. This Congress has done pretty well (despite itself!). Several regulations for ObamaCare were repealed, including the requirement to pay for health care insurance you don't want, implemented protections for the elderly and infirm from their 'caretakers', ended the War on Coal, modernized FEMA improved weather forecasting stations operated by NOAA, reduced income taxes for just about everyone (both poor and rich), took steps to help combat human trafficking, etc.

 

[Into the Night]

No finger pointing on this.

Only finger pointing by you is allowed, eh? No, I'll point my finger where I want.

Trump signed the tax bill that is leading to much of that deficit.

Tax cuts don't cause deficits. SPENDING causes deficits. Congress is spending too much.

Trump and congress are in collusion to drive up the deficit .

WRONG. Congress has been spending too much for many decades!

It takes both the legislative and the executive branches of government to increase the deficit like this.

Usually true, but not always.

 

[PostmodernProphet]

trumpy proposed a tax cut that created a trillion and a half more debt. the Repubs passed it on party vote. Presidents set the policy.

????......dude......the spending was approved by most of the demmycrats and some Republicans.....

The Senate passed the bill by a vote of 65-32 on March 23, 2018. Thirty-nine Democrats, 25 Republicans, and Sen. Angus King (I-Maine) voted for the bill. Twenty-three Republicans, eight Democrats, and Sen. Bernie Sanders (I-Vt.) voted against the bill. The House passed the bill by a vote of 256-167 on March 22, 2018. One hundred and forty-five Republicans and 111 Democrats voted for the bill. Ninety Republicans and 77 Democrats voted against the bill.[21][22][3][23]

https://ballotpedia.org/115th_Congress_on_the_budget,_2017-2018#March_23.2C_2018:_Trump_signs_.241.3_trillion_spending_bill

do you really expect people are going to believe what you say when you lie so often?.....

 

[LV426]

NOTHING like the panics AFTER 1913

Wrong.

Completely wrong.

Absolutely, 100% wrong.

Ignorant of history wrong.

The frequency of market crashes and recessions was dramatically less post-Federal Reserve than pre-Federal Reserve. The reason is before the Federal Reserve, if a bank went under there was no way to rescue it. It would fail and anyone with any assets in that bank lost them. Remember, the FDIC wasn't established until 1933, after the Market Crash of 1929 and during the Great Depression. So if there's no mechanism to save a bank, then the risk to your savings and assets is far greater.

 

[LV426]

NOTHING like the panics AFTER 1913, and particularly after the 1920's.

After the establishment of the Federal Reserve, there were 4 major economic crashes. All four were the fault of Conservative laissez-faire economics:

The Great Depression
Black Monday
The Dotcom Bubble
The Subprime Bubble

That's it.

Nothing to do with the Fed. Everything to do with Laissez-faire capitalism and tax cuts.

 

[LV426]

Nope. It's the direct result of the Fed since the Fed was created.

You're wrong.

Inflation didn't all of a sudden come into being when the Fed was established. Inflation had already been happening and existed.

What a moron.

I think you need to delete this account and start over with a new persona because this one fell flat.

 

[LV426]

QE is the wrong solution. The banks 'too big to fail' should have been left to fail

If that had happened, we'd have been in full-scale Depression.

QE was the Fed's response to the Conservatives in Congress who refused to do anything to help recover the economy after the collapse that was caused by their policies during Bush the Dumber. Policies they still support and defend today.

The Fed wouldn't have had to act with QE if Conservatives had done their jobs.

 

[reagansghost]

If that had happened, we'd have been in full-scale Depression.

QE was the Fed's response to the Conservatives in Congress who refused to do anything to help recover the economy after the collapse that was caused by their policies during Bush the Dumber. Policies they still support and defend today.

The Fed wouldn't have had to act with QE if Conservatives had done their jobs.

why do you support running $1T+ budget deficits?

 

[LV426]

Generally not.

You're just making this shit up as you go, aren't you?



Plenty of inflation between 3-5% for years until after WWII.

The Fed was created in 1913 and inflation didn't take off until after the Second World War, when the United States' economy expanded at an historic rate.

 

[LV426]

The usual state of the economy was a mild deflation

Wrong.

You're just making shit up as you go.



What a fucking fraud.

 

[LV426]

You ARE changing history. You are still continuing your bigotry as well.

I haven't changed anything. You're the one trying to blame the Fed for the mortgage collapse when it was Bush's own Working Group that says the turmoil was "clearly triggered by a dramatic weakening of underwriting standards for subprime loans beginning in 2004 and extending through 2007".

The Fed had nothing to do with Bush's regulators weakening lending standards for subprimes. You all made the choice to do that to create a housing bubble to make it look like the economy was growing as a result of tax cuts when it was really growing as a result of debt.

 

[LV426]

A business doesn't get to freely set the price. The customer has a say also. Price discovery is a two way street, dude.

Non-sequitur.

No business has never not passed higher taxes and tariff costs onto consumers.

Your inexperience is showing.