Federal deficit grows by 32% to $900B

[Into the Night]

Nope.

The Federal Reserve had nothing to do with the S&L's you Conservatives helped inflate in the 80's.

It had everything to do with it. The conservatives were not involved.

The Federal Reserve had nothing to do with the Capital Gains Tax Cut of the 90's that caused the Dotcom bubble.

Nope. Easy money from the Fed caused the Dotcom bubble. That bubble really took off during the Clinton years. During that time, whole companies had nothing more for assets than a few lines of script code. It was IPO and head to Mexico! Investors, flush with all that extra cash from the Fed and its easy money policies, stupidly kept investing in them. Capital gains tax did not affect it at all.

The Federal Reserve had nothing to do with the Bush Administration dramatically weakening underwriting standards for subprime loans beginning in 2004 and extending through 2007.

Clinton did most of that. Bush just made it worse. The Fed provided the money for the speculative investing.

In all three cases, the cause of the collapse were shitty Conservative economic and fiscal schemes.

Nope. The Fed. In all three cases.

They're why Obama won in 2008;

WRONG. Obama won because the Republicans put up milk toast for a candidate.

Conservative economics and fiscal policies failed spectacularly.

The crash occurred during the first year of the Obama presidency. The signs of the coming bust were apparent shortly AFTER the election.

Like they always do.

It is obvious you like to blame the Republicans for everything. You are being a bigot. The cause of this is the Fed.

 

[Into the Night]

No, it really, really won't.

Sticking your head in the sand doesn't make the problem go away. Yes...it can happen to the United States too.

 

[blackascoal]

The Trump administration is headed for a gigantic debt headache

-- Debt levels are piling up in the government, pushing borrowing costs higher.
-- The Treasury Department announced Wednesday that it will be increasing the size of its auctions to help pay for burgeoning budget deficits.
-- 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.
https://www.cnbc.com/2018/08/02/the-trump-administration-is-headed-for-a-gigantic-debt-headache.html

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

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

 

[Into the Night]

So you're talking about Effective Tax Rate.

Do you realize that? The Effective Tax Rate would be the Actual Rate minus the loopholes.

No, it isn't. The effective tax rate is the tax including the 'loopholes'. The 'loopholes' are part of the tax law.

Tell me, what do you think these magick 'loopholes' are?

 

[Into the Night]

We need a central banking system because of the size of our economy,

There is no need for a central bank. The size of the economy is not a need.

and the risk banks take.

Are a direct result of the easy money the Federal Reserve makes available to them.

Also, we need the central bank to fight inflation by raising interest rates when appropriate. Only a central bank can do that.

Price controls don't work. They always cause shortages. Oligarchies don't work. They always cause pain and misery through the mismanagement they bring.

 

[Into the Night]

I hate tax cuts because they're a cynical way for Conservatives with bad intentions and bad faith to attack the spending to which they're ideologically opposed, but lack the courage, will, and support to repeal through conventional legislation. So you all commit fiscal terrorism by flying planes of tax cuts into the budget to manufacture a deficit crisis, and then use that crisis you created as the excuse to exact punitive cuts against people you sanctimoniously judge.

That's fuckin' terrorism, pal.

No, it's because you believe in socialism. You're a Marxist.

 

[Into the Night]

It's about the tax cuts and the spending.

The amount of tax cuts are supposed to be derived by balancing them with necessary spending.

You seem to believe it's the reverse.

The spending isn't necessary, or even legal in many cases.

 

[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.
-- The Treasury Department announced Wednesday that it will be increasing the size of its auctions to help pay for burgeoning budget deficits.
-- 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.
https://www.cnbc.com/2018/08/02/the-trump-administration-is-headed-for-a-gigantic-debt-headache.html

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

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

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.

 

[blackascoal]

The spending isn't necessary, or even legal in many cases.

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

Bankrupt economics.

 

[blackascoal]

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.

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.

 

[Leonthecat]

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.

No finger pointing on this.
Trump signed the tax bill that is leading to much of that deficit.
Trump and congress are in collusion to drive up the deficit .
It takes both the legislative and the executive branches of government to increase the deficit like this.

 

[Truth Detector]

That budget for the fiscal year was in place and in effect when Obama was sworn in.
Obamacare was another 18 months later, liar.

Once again; that budget was NOT a budget you ignoramus. It was a series of continuations because the Democrats NEVER passed a fucking budget for FOUR fucking years. Obama was sworn in on January 2009. The 2009 budget year runs from September 2009 to August of 2010.

To try to argue this was Bush is dishonest and moronic. Stop being such a fucking moron. Dunce.

The American Recovery and Reinvestment Act of 2009 (ARRA) is an economic stimulus package enacted by the 111th United States Congress and signed into law by President Barack Obama on February 17, 2009.

On December 24, 2009, the Obamacare bill passed in Senate with a 60 to 39 vote. Three months later, the House and Senate bills were finally reconciled. President Obama signed the Patient Protection and Affordable Care Act into law on March 23, 2010.

 

[Truth Detector]

It's about the tax cuts and the spending.

The amount of tax cuts are supposed to be derived by balancing them with necessary spending.

You seem to believe it's the reverse.

When did the Democrats ever do anything remotely close to this snowflake? Tax cuts do not need corresponding spending decreases. Historically, tax cuts have always led to higher revenue. Congress needs to learn how to stop spending MORE than it takes in.

 

[Truth Detector]

The Trump administration is headed for a gigantic debt headache

-- Debt levels are piling up in the government, pushing borrowing costs higher.
-- The Treasury Department announced Wednesday that it will be increasing the size of its auctions to help pay for burgeoning budget deficits.
-- 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.
https://www.cnbc.com/2018/08/02/the-trump-administration-is-headed-for-a-gigantic-debt-headache.html

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

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

Fascinating; we never saw headlines like these when Obama ran up ten trillion in debt. Why do you think everyone suddenly cares now snowflake? STFU, seriously. You're ignorant and a hypocrite.

 

[Flash]

Right, you acted in bad faith because you either didn't realize individual benefits were cut, or you did and tried to pretend you didn't.

I didn't know until after I read your article. And, apparently you acted in bad faith because you didn't realize total SNAP spending had increased 330% since 2000.

If total spending increased and individual benefits decreased, more money must be going to Dept. of Agriculture bureaucracy, which is good reason to cut total spending.

 

[Flash]

Which was 11 years ago.

Since then, inflation has cumulatively grown 24%, but the minimum wage has not been raised at the federal level.

Interestingly enough, back in 2014, there were 13 states that all raised their minimum wage. The result? Faster rate of job growth than the 37 states that didn't.

Raising the MW is just good economics.

You ignored the point of which who refused to raise it. By "you assholes" I assume you keep assuming I am a Republican which is not true. However, it was last raised under Bush and not raised under Obama although he had a Democratic House for two years and a Democratic Senate for six.

You were deceptive and misleading by stating "you assholes refused to raise the minimum wage" because "you assholes" also refused to raise it.

These are just facts and I am not defending either party.

 

[Flash]

Don't spend my tax dollars feeding them lazy niggas.........

Let them eat in prison.

Lying cowards.

You make everything a race even when the topic has not entered the conversation. And your entire statement obviously has nothing to do with my post about spending. An entitlement program means government spends as much as necessary to pay every eligible person so Congress does not determine total spending (although they can obviously change individual benefit levels).

You always create straw men by pretending somebody said people should not get food assistance (to subsidize wealthy farmers and grocery chains).

 

[Flash]

FALSE.

Pointing out your hypocrisy on the debt and deficit doesn't mean we share your hypocritical position on it.

You're just trying to frame it that way so you don't have to answer for your ideological hypocrisy.

What a fucking fraud.

First, you obviously can't recognize sarcasm.

Secondly, what is hypocritical about my position?

 

[Flash]

Food stamp fraud........

You racist fucks ripped off the entire country when you crashed the economy back in 2008, bailing out the banks and wall street...but you want to talk about measly food stamps because your racist history teaches you it's only Blacks on food stamps.

You stupid fucks need to go somewhere and sit the fuck down with this lying nonsense.

You are so dishonest by pretending you think you know the position of others when you are completely ignorant. You assume I would have bailed out the banks and Wall Street which is stupid.

I have never had any history that taught only only blacks are on food stamps. You must have had no history since the 1950's.

You argue with stupid positions you wrongly attribute to others.

 

[Flash]

I didn't hide anything, jackass. You're trying to shift the goalposts so you don't have to admit that what you presented was generalized, vague bullshit that you were trying to force through a false conclusion. We're not both in the same boat here; I'm in the boat, and you're in the water.

I made no conclusion. I simply stated a fact---total SNAP spending increased at a rapid pace since 2008 and was not cut which you refused to acknowledge. You stated individual benefits were cut which I acknowledged. But those benefits were not cut because Congress cut total spending because they did not.