Shandel

Gee do you think the tax cuts produced 8 trillion in debt 4 years ago?! Trump and the Republicans are not $ conservative! The old GOP was but the party of Trump?? Hell no.

Justice101

First, let’s get the facts straight: In just eight years, the Obama-Biden administration oversaw federal debt outstanding increase from $10.7 trillion (73.2 percent of GDP) to nearly $20 trillion (105.3 percent of GDP), a pace of more than 4 percent of GDP per year in annual deficits. Their debt increase was nearly equivalent to all the federal debt accumulated over the entire history of our country that preceded their administration.

Three years into Donald Trump’s administration, just prior to the onset of the p******c, the national debt stood at $23.2 trillion, equivalent to 106.9 percent of GDP. Because of the stronger economic growth America was then realizing, debt as a percentage of GDP was increasing at just 0.5 percent per year.

During 2020, federal debt rose $4.5 trillion. The bulk of this deficit came from the significant federal assistance provided to support the economy during the p******c-related recession, the deepest economic shock to our country in nearly a century. Would Biden have spent less?

According to a recent report by the National Bureau of Economic Research, the p******c recession also ended up being the shortest recession on record because of the swift implementation of the bipartisan C****av***s Aid, Relief, and Economic Security (CARES) Act, led by the Treasury Department. It’s odd to hear Biden criticize deficit spending under the Trump administration, which supported our economy during a quarter when GDP fell a precipitous 31.2 percent on an annualized basis.

Where was Biden’s concern for debt in March when the Democrats in Congress passed, on an entirely partisan basis, the $1.9 trillion American Rescue Plan Act? That program, which is contributing to slower employment growth and higher inflation, was entirely debt-financed and passed 10 months after the recession officially had ended.

Where is that same concern for debt as Biden’s socialist partner, Sen. Bernie Sanders (I-Vt.), chair of the Senate Budget Committee, writes a budget that increases federal spending by $3.5 trillion over the next 10 years — paid for almost entirely with accounting gimmicks?

Instead, Biden’s recent remark was yet another dishonest swipe at the notion that tax cuts create economic growth. He must repeat it to support the left’s extremist agenda of greater central planning, massive tax increases, radical wealth redistribution, and ever-expanding government dependency.

By comparison, the Trump administration’s policy was built on economic freedom — getting the government out of the way, unleashing the private sector, and investing in American ingenuity — to the benefit of all Americans.

History shows that lowering marginal rates and creating investment incentives cause growth that results in increased tax receipts. A lower rate on a much larger base of activity can generate more revenue than high rates on less activity. Prior to the p******c, America was starting to see such results from the Tax Cuts and Jobs Act (TCJA) of 2017.

In the five months of fiscal 2020 just prior to the p******c shutdowns, corporate tax receipts rose to $73.9 billion from $59.2 billion in the equivalent five months of fiscal 2019, a 24.8 percent increase. Likewise, individual income tax receipts were up 7.1 percent.

Many jobs had returned to American shores and workers had re-entered the labor market. The unemployment rate reached a 50-year low and more than a half-million manufacturing jobs were created. These actions helped to generate the longest economic expansion on record, one that came to a halt only because of the p******c. With more Americans working and more companies paying taxes in the United States, individual and corporate tax receipts were growing at a pace well above inflation. The TCJA was generating higher revenue than static models estimating its fiscal impact had forecast.

The positive social impact of this was astonishing. With more Americans working, the poverty level in 2019 for Black and Hispanic Americans fell to their lowest rates on record at the time. Reductions in poverty t***slated into fewer Americans dependent on food stamps, unemployment assistance, and other social safety net programs that increase federal outlays.

Contrast that with the Biden administration’s own forecasts of the economic impact of its budget. Once the economic consequences of the p******c are behind us, they forecast that full implementation of their budget will lead to real GDP growth of just 1.8 percent to 2 percent per year. They ignore that a growing economy generates the type of shared prosperity and record-low poverty levels that Americans enjoyed during the Trump years.

The choice facing the American people is clear: Biden’s greater dependency on government accompanied by slow growth, tax hikes and inflation that causes declines in real wages and passes along massive debt to our children, or greater self-reliance with economic liberty causing stronger economic growth and real income gains for all Americans, which we experienced under Trump.

Biden and the Democrats for decades have claimed to champion working families, but their policies — government expansion that centralizes even more of our economy, raises taxes, buries us deeper in debt, and strips away economic freedom — will hurt hard-working Americans most of all.

The fact that Biden nevertheless advocates socialism under a banner of fiscal responsibility takes dishonest cynicism to a whole new level.

https://thehill.com/opinion/white-house/567801-biden-is-dead-wrong-about-the-trump-tax-cuts-spending-and-debt/

Then you can add the $1.2 Trillion Infrastructure bill onto that which isn't fully paid for like they claim.

https://www.factcheck.org/2021/08/senators-claim-infrastructure-bill-is-paid-for-experts-disagree/

Parky60 Loc: People's Republic of Illinois

Gee...NO! Record tax revenue receipts have been received the last thee quarters because of those tax cuts dummy.

Shandel

Justice 101 thanks for the info! As a lay person what I saw the past 30 yrs was the Bush administration inherited a decent economy and by 2008 we were in a deep recession and bank & manufacturing bailouts by Bush and Obama saved the country from a disaster. The economy steadily and slowly improved and when Trump took office was in pretty good shape. Trump passed his tax cuts and the economy “for some”greatly improved employment in the service and retail industry was improved but wages were still low for many and the trickle down theory was a failure as usual. Then C***D hits world wide affecting economies everywhere! The American economy sank especially in the service industries. Unemployment skyrocketed, as production in many sectors was cut back the economy was grinding to a halt. Trumps supposed great economy was collapsing before his eyes and his failure to recognize the effects of the p******c and his delusions of grandeur and having no real advisors to help him saw his re-e******n chances dwindling. 2020 now there are food lines, distribution problems, fuel prices drop because demand is low and oil companies cut back production. Americans are feeling real financial pain. So Congress passes the the CARES ACT to alleviate some of the financial burden! Of course corruption and mishandling of the money distribution is a problem since the administration gets rid of the of IG’s to monitor the distribution! So along comes Biden who wins an e******n by a narrow margin. He pushes the Rescue Plan again to alleviate some of the financial pain felt by America of course like most every bill pushed by Congress there is always a “”little” pork included! So here we are today an economy which is better than 2 years ago, not great but moving forward. Unemployment is drastically down, goods a services are beginning to come back but will never be to the level prior to the p******c. C***d has changed America’s spending habits for sure! Inflation is high because of a number of factors wage increases, supply chain problems, lack of truck drivers to deliver, slowed oil production, high housing costs and greed! So it appears the Dems have to clean up after repub administrations economy failures in 2008 and 2020. For most Americans they are not caring about GDP and National Debt they are more worried about hosing costs, food and fuel prices just the day to day living! It’s not one persons fault Trumps or Biden’s! I guess Biden’s economic advisors would have a different take on the info you have presented. Like I said it really doesn’t matter to the average American who is just trying to get by day to day. As you and I both know all politicians try to push their own narrative and divert our attention to nonsense which is just hyperbole! Again thanks.

lindajoy Loc: right here with you....

Not only interesting to read but very informative. Thank you for posting this rather succinct bit of information..

Impressed enough with it that I stole it from you to refer to later on when necessary.. I hope you do not mind and by the way is it stealing if I tell you I took it? Lol

To this comment I suggest less government and government involvement a necessity not choice… Less is often better…” The choice facing the American people is clear: Biden’s greater dependency on government accompanied by slow growth, tax hikes and inflation that causes declines in real wages and passes along massive debt to our children, or greater self-reliance with economic liberty causing stronger economic growth and real income gains for all Americans, which we experienced under Trump.”

A major overhaul of government is a necessity if we want to truly change what is taking place in our country. Strong term limits must be imposed against these political power-hungry control freaks. Six years and you’re done, literally done,you don’t go onto another position or another seat you are out of the business. Lobbying must be eradicated simply not allowed. United citizens must be amended… Enforcement already on the books regarding i*********n l*ws have to be adhered to. It would be my suggesting we simply close all borders for five years giving us an opportunity to clean up what we’ve got here and when we do reopen it be a selective process. Meaning they provide the information necessary to properly vet them and if they cannot they are not allowed into the country. We limit the amount to 50,000 per year, no more than that and they must be self-sufficient. Either sponsorship through family members already here or the financial means to sustain themselves!!

So many things needed, the idea of mutual compromise must also be developed.. We clearly see and have seen for years now “ the no mentality” simply stagnates and achieves nothing!!