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Peter1469
12-27-2018, 11:11 AM
Federal Debt Up $1.37 Trillion Since Last Dec. 25; $10,743 Per Household (https://www.cnsnews.com/news/article/terence-p-jeffrey/merry-christmas-federal-debt-137-trillion-last-dec-25-10743-household)

Despite record tax revenue Congress continues to spend more than they collect in Taxes.


The federal government has added another $1,370,760,684,441.54 to the debt since last December 25, according to numbers published by the U.S. Treasury (https://treasurydirect.gov/NP/debt/current).

On Dec. 25, 2017, the federal debt was 20,492,874,492,282.58, according to the Treasury.

Read the rest at the link.

Helena
12-27-2018, 11:14 AM
How much are other countries indebted to us?

Peter1469
12-27-2018, 11:19 AM
Payments on interest (https://www.cbsnews.com/news/u-s-national-debt-interest-costs-are-about-to-skyrocket-does-it-matter/) will crowd out are discretionary budget.


The Fed's interest rate hikes (https://www.cbsnews.com/news/fed-rate-hike-announcement-today-jerome-powell-announcement-federal-reserve-interest-rates-today-2018-12-19-live-stream/) are doing more than hitting consumers in the credit cards. They're also making it much more expensive for the U.S. to carry its debt load.

While they're not currently a subject of President Trump's Twitter outrage, America's interest payments have become a point of concern for some on Wall Street. Those payments are projected to triple to more than $600 billion by 2023, reflecting rising interest rates as well as the exploding deficit. That figure approaches the amount the U.S. spends on national defense every year, and dwarfs what it spends on agriculture, Medicaid, income security and veterans' programs, to name just a few.

***

In the first full year of Donald Trump's presidency, the federal deficit rose to its highest level in six years. Next year, it's projected to rise even higher.


Is this historic abnormality a problem? Some economists think so. The Congressional Budget Office warned about the debt in its latest budget projection. "[H]igh and rising debt would have serious negative consequences for the budget and the nation," the CBO wrote, adding that high debt makes a fiscal crisis more likely and leaves less room for lawmakers to change tax and spending policies to help solve a crisis.

Lummy
12-27-2018, 11:22 AM
How much are other countries indebted to us?

A lot. This question goes back to Reagan, at least. The answer, I think, is probably that there are reams of legal paper holding us to our debts but nothing at all holding other countries to pay us back for anything.

Green Arrow
12-27-2018, 01:54 PM
That’s part of the reason the GOP tax overhaul last year was a stupid idea. They cut taxes but didn’t cut spending to match it, so the result is an imbalance that raises the deficit. They should have worked on getting spending under control and within the limits of the new post-tax overhaul revenue, but they put the cart before the horse.

donttread
12-29-2018, 09:34 AM
Federal Debt Up $1.37 Trillion Since Last Dec. 25; $10,743 Per Household (https://www.cnsnews.com/news/article/terence-p-jeffrey/merry-christmas-federal-debt-137-trillion-last-dec-25-10743-household)

Despite record tax revenue Congress continues to spend more than they collect in Taxes.



Read the rest at the link.


If he can keep this pace he could set spending and debt records like both Obama and GWB before him. He might hit the 30 trillion mark. It appears even a business man cannot balance a budget

Peter1469
12-29-2018, 10:15 AM
If he can keep this pace he could set spending and debt records like both Obama and GWB before him. He might hit the 30 trillion mark. It appears even a business man cannot balance a budget

Trump said during the election cycle that the US should have more debt while the interest rates are low. Of course, now the Fed is raising interest rates.

But that is a big reason I did not support Trump- he spends like a drunken democrat.

MisterVeritis
12-29-2018, 10:25 AM
That’s part of the reason the GOP tax overhaul last year was a stupid idea. They cut taxes but didn’t cut spending to match it, so the result is an imbalance that raises the deficit. They should have worked on getting spending under control and within the limits of the new post-tax overhaul revenue, but they put the cart before the horse.
Under the Constitution we follow today, spending will never be under control. It is not possible.

And yet you people shun the one tool at your disposal to make it happen.

MisterVeritis
12-29-2018, 10:28 AM
If he can keep this pace he could set spending and debt records like both Obama and GWB before him. He might hit the 30 trillion mark. It appears even a business man cannot balance a budget
It is not possible under the system we have today. Once we broke the Constitution's limits the game was over. If we add teeth to the Constitution we have a chance.

But fools don't want to try. So the nation will fail instead.

MisterVeritis
12-29-2018, 10:30 AM
Trump said during the election cycle that the US should have more debt while the interest rates are low. Of course, now the Fed is raising interest rates.

But that is a big reason I did not support Trump- he spends like a drunken democrat.
Peter, it does not matter which man you support when you fail to take the step the Constitution provides for solving the problem. You are afraid for no reason. So you fail to act. Because you fail to act the nation will fail.

Peter1469
12-29-2018, 10:31 AM
That’s part of the reason the GOP tax overhaul last year was a stupid idea. They cut taxes but didn’t cut spending to match it, so the result is an imbalance that raises the deficit. They should have worked on getting spending under control and within the limits of the new post-tax overhaul revenue, but they put the cart before the horse.
Tax revenues hit record levels after the tax cuts. Of course congress spent more. That is what they do. We do not have a tax revenue problem, we have a spending problem.

Tahuyaman
12-29-2018, 04:03 PM
Tax revenues hit record levels after the tax cuts. Of course congress spent more. That is what they do. We do not have a tax revenue problem, we have a spending problem.

I don't know how many times you can demonstrate the unarguable fact that cuts in tax rates results in revenue increases befor the class envyists finally get it. when revenues increase, they increase spending more than the rate of increase.

Debt is not caused by cuts in tax rates.

Tahuyaman
12-29-2018, 04:07 PM
That’s part of the reason the GOP tax overhaul last year was a stupid idea. They cut taxes but didn’t cut spending to match it, so the result is an imbalance that raises the deficit. They should have worked on getting spending under control and within the limits of the new post-tax overhaul revenue, but they put the cart before the horse.
When cuts in tax rates results in the highest level of revenue generation in history, how is that translated as a stupid idea?
But you are right when you say they need to work on getting spending under control. Spending increases should never be greater than the increases in revenues.

Green Arrow
12-29-2018, 04:14 PM
When cuts in tax rates results in the highest level of revenue generation in history, how is that translated as a stupid idea?
But you are right when you say they need to work on getting spending under control. Spending increases should never be greater than the increases in revenues.
It’s clear from my post that I did not say cutting taxes was stupid, I said cutting taxes without also cutting spending is stupid.

Tahuyaman
12-29-2018, 04:46 PM
It’s clear from my post that I did not say cutting taxes was stupid, I said cutting taxes without also cutting spending is stupid.


You said "the tax overhaul was a stupid idea". It was a great idea which helped stimulate the economy and generate more revenues.


You also said that " they cut taxes, but didn't cut spending to match it". Combining that with your comment "they should have worked on getting spending under control within the limits of the new tax overhaul revenues", that tells me that you believe cuts in tax rates leads to decreases in revenues. That is simply not the case.


You can get spending and debt under control by simply limiting increases in spending to the rate of inflation. However, the left would characterize that as draconian cuts in vital spending programs and the media would parrot that line.

Captdon
12-29-2018, 06:22 PM
You said "the tax overhaul was a stupid idea". It was a great idea which helped stimulate the economy and generate more revenues.


You also said that " they cut taxes, but didn't cut spending to match it". Combining that with your comment "they should have worked on getting spending under control within the limits of the new tax overhaul revenues", that tells me that you believe cuts in tax rates leads to decreases in revenues. That is simply not the case.


You can get spending and debt under control by simply limiting increases in spending to the rate of inflation. However, the left would characterize that as draconian cuts in vital spending programs and the media would parrot that line.

You cam do it by not increasing spending at all.

Green Arrow
12-29-2018, 06:47 PM
You said "the tax overhaul was a stupid idea". It was a great idea which helped stimulate the economy and generate more revenues.


You also said that " they cut taxes, but didn't cut spending to match it". Combining that with your comment "they should have worked on getting spending under control within the limits of the new tax overhaul revenues", that tells me that you believe cuts in tax rates leads to decreases in revenues. That is simply not the case.


You can get spending and debt under control by simply limiting increases in spending to the rate of inflation. However, the left would characterize that as draconian cuts in vital spending programs and the media would parrot that line.

Are you just arguing for the sake of arguing? I said the tax law was stupid and then immediately following that explained why, which is that they always cut taxes and never cut spending and that's stupid because it still adds to the deficit even with the revenue increases. I'm fine with tax cuts, but we should also be cutting spending in tandem.

Tahuyaman
12-29-2018, 07:02 PM
Are you just arguing for the sake of arguing? I said the tax law was stupid and then immediately following that explained why, which is that they always cut taxes and never cut spending and that's stupid because it still adds to the deficit even with the revenue increases. I'm fine with tax cuts, but we should also be cutting spending in tandem.


I asked you some reasonable questions. I'm not why you are side-stepping them or translating them to be confrontational.


You Still seem to be of the mind that cutting tax rates leads to reductions in revenues.


Again, to get debt under control, we simply need to resist the urge to increase spending at a level greater than revenue increases.

Tahuyaman
12-29-2018, 07:05 PM
You cam do it by not increasing spending at all.
Theres absolutely zero chance that will ever happen. You need to support something which actually has a chance of being enacted.