Showing posts with label National Debt. Show all posts
Showing posts with label National Debt. Show all posts

Thursday, March 11, 2021

QAnon's "Debt Lies Matter" movement...

I rarely post national political stories, but the Covid Relief bill is now getting ridiculous criticism. The Trump-cult QAnon death wish mob is desperately trying to blame and vilify the Democratic attempts to help COVID devastated Americans. Remember the national debt and evil China?:


Greene: "It's disgusting. We're already $28 trillion in debt. Japan and China own our debt. Japan and China own America because they own our national debt. And here the Democrats go and they are shoving us in to more debt. We are enslaved like people with chains around our wrists and ankles."
New Slogan-"Debt Lies Matters" (DLM): This is so down the rabbit hole, and another  example of how clueless QAnon members of Congress are. That $28 trillion debt, especially in the last 2 years of Trump's presidency, skyrocketed. And not surprisingly, MAGA voters didn't even notice...:
Wolfstreet: Driven by stimulus and bailouts, and fired up by the tax cuts and by grease and pork, the Incredibly Spiking US National Debt has skyrocketed by $4.55 trillion in 12 months, to $27.86 trillion, after having already spiked by $1.4 trillion in the prior 12 months, which had been the Good Times.


As for Japan and China "owning our debt?" It actually dropped. Look at who was president during the rise and fall of that debt. Hint: NOT Biden:



Greene Shifts Blame to Foreign "Enemies:" 
Notice in the chart below foreign holders of US debt made up just a part of the total:

Sunday, May 5, 2019

Trump's Trillion Dollar Debt helps Walker push "Balanced Budget Amendment," but exposes Fraud of Fiscal Conservatism!

It appears Republicans can say and admit to anything and get away with it. Republicans like Paul Ryan admitted point blank that the tax cuts would force cuts to Social Security and Medicare. Ryan and every other Republicans also said the tax cuts would not create deficits.

To policy driven conservative voters who never seem to connect the dots, former Gov. Scott Walker's solution to a problem, created by Republicans, is to fill that hole with the bodies of Americans along with their social(ist) safety net programs:   


Power of Propaganda: Walker is merely employing an old familiar scheme detail in this best selling authors book, Mein Kampf. In fact, the Trump presidency is nothing but reality shows marketing utilizing these "limited" "slogans," and "few points:"

 
That's why the "many-sided" slogans by Democrats aren't "retained" or "digested," like the "limited" and "harped on" slogans by Republicans.

Fiscal Consevative Myth Exploded, Debt used for Consumption not Investment: George Will is forced to admit the obvious in an effort to try and preserve his party's integrity, if that ever really existed. Still, I like what he admitted too, even though conservative voters probably never saw it:
Pursed lips and clucked tongues signaled disapproval among the wise and responsible when, at a recent televised event, Sen. Bernie Sanders, the “democratic socialist” from Vermont, did not plausibly explain how he would pay for Medicare-for-all. Yet Sanders is supposed to hew to some archaic standards of fiscal probity ... no discernible adherents in the avowedly conservative party?

Republicans, now thoroughly disarmed concerning the issue of fiscal probity, struggle to frighten the 2020 electorate with the specter of spendthrift socialists threatening the Republic. “The people who do the borrowing, which is to say elected officials, are not the ones who will do the repaying.”
Here's a reality I never thought I'd ever see a conservative admit to:
The temptation is real, to use debt not as a form of investment, but a means of consumption. From the founding until the fourth quarter of the 20th century, the political economy — the government’s taxing and spending — had been used primarily to provide “public goods” such as defense, diplomacy, courts, infrastructure, schools and basic research. Suddenly, however, the political economy became “primarily a provider of private consumption by individuals. 

In 1960, public goods had accounted for about 75 percent of federal outlays, while ‘payments for individuals’ were the other 25 percent. Today, they (private consumption) are 75 percent and still growing; public goods are now the residual 25 percent of our national government and shrinking.”

The new “borrowed-benefits” budget norm is financed to a significant extent by borrowing from nonconsenting future generations. The benefits are current consumption “and are not going to generate returns to pay off the borrowed funds.”

And the word that describes today’s belief, which fuels apocalyptic rhetoric, about the supposedly stark differences between the parties, is “nonsense.”

Thursday, April 12, 2018

Republican blames Deficit Explosion on "the thing that Washington always does," not Massive Tax Cuts!

Here they go again. Remember when Republicans distanced themselves from George W. Bush because of the Great Recession and endless wars? They never really liked him I guess.

Republicans Regret Deficit-Increasing Tax Cuts? Yup. Republicans never intended to increase the deficit with their massive tax cuts, believe it or not. Even after the CBO warned them.

Best and Most Embarrassing Tax Cut Walk Back: Republican Rep. Jim Jordan's laughable regret is a wonder to watch:
Jordan: "I'm very bothered by it...yet we did the thing that Washington always does, the swamp always does, we just said let's just spend more money on everything, push the bill off onto someone else in the future. Yea, I'm very concerned about it, every member should be concerned about it. 
Retire nonsensical "Letting People Keep more of the Money" bullshit: Jordan goes over the top justifying the upcoming huge $1.9 trillion dollar deficit by claiming to "let people keep more of their money?" Uh, until they have to pay that and the rest of the debt back?
Jordan: "So I don't buy into the idea that letting the American people keep their money is somehow a cost to the government. I think it is just good policy letting you keep what you earn, letting the economy grow...
...ready for it? Take it away Jim Jordan...
Jordan: "The problem with the deficit and debt is spending, it's not letting people keep their money, it's not tax cuts, it's spending. Those tax cuts are good, they are going to produce better economic growth, we know that, and people are going to keep more of their money...the problem is spending."
And who did the spending? Jordan already said it; the Republican swamp.

Thursday, February 1, 2018

Trump's Infrastructure plan sticks States with bill requiring tax increases!!!

Let me get this right; before Republicans tried to figure out how much it would cost to fix up our crumbling national infrastructure, they decided instead to first cut federal tax revenue by $1.5 trillion?

The big story behind Trump's $1.5 trillion road building plan is how little the federal government is going to kick in over 10 years. Ready for it? Just $200 billion. With both the tax cut and infrastructure bill, we're now spending/or in the hole $3 trillion.

Behold the next disaster:



SCHAPER: President Trump's plan to invest billions into fixing the nation's crumbling infrastructure may burden state and local governments and lead to a greater reliance on tolls White House officials say of that $1.5 trillion the president wants to spend, only $200 billion would come from the federal government, spread out over 10 years. Local governments would have to come up with much of the rest. And Wright says cities and states already shoulder a significant share of the transportation funding burden.


BUD WRIGHT of the American Association of State Highway and Transportation Officials: "About 80 percent of the investment that's being made on highways today comes from state and local governments. And the number is somewhere around 75 percent for public transportation."


SCHAPER: Wright says more than 30 states have raised gasoline or other taxes in recent years to make up for a lack of federal funding. So few may be able to stomach raising taxes even more to come up with what the president's plan would require them to put up. Another concern is how the money would be distributed.


SCHAPER: President Trump is also calling for greater private sector investments in infrastructure. Sarah Badawi of the Progressive Change Campaign Committee calls that a scam.


SARAH BADAWI: And the result - families will pay tolls to Wall Street just to drive home from work.


MARYSUE BENNETT, president of Chicago's Metropolitan Planning Council, a regional planning nonprofit: “We have to decide about the economic value. We have to decide about the equity impacts, who's being left behind in our changing economy and making sure that we don't invest just in the places that are already successful.”

Wednesday, July 20, 2016

GOP Conventions Tuesday Night focus on "Jobs & Economy"...a no-show!

The "Jobs and the Economy" Tuesday night convention topic was missing, replaced with "Hillary for Prison." Twitter helped explain that phenomenon:


While Gov. Mike Pence brags about his states 4.7% unemployment rate, he wants you to think Indiana's economy is separate from anything President Obama's has done. The same goes for Scott Walker:

Save America from another 4 years of Obama's Socialism? The doom & gloom GOP convention is etching in stone the horrors of Obama's job killing agenda, forgetting a few important items: 


Oh, and that $16 trillion Obama debt...


GOP Rep. Sean Duffy exaggerates role of Barack Obama, Hillary Clinton on federal debt: The total federal debt is at $19 trillion. But most of it was amassed before Obama took office. And many factors -- Congress, the economy and Obama himself, but to almost no extent Clinton -- played a role in the debt increases during Obama’s tenure.

Tuesday, June 28, 2016

Trump's a real Republican alright, will increase national debt $11.5 Trillion...but GOP will get their damn tax cuts.

I had to laugh at the title of this amazing "both sides" do article from The Hill: 
Analysis Trump, Clinton plans not in line with balancing national debt
That's not good, right? Well, five paragraphs into the story, I did the old "spit take" with my morning coffee:
The report directly compares the fiscal impact of Trump's and Clinton’s proposals, building off the previous non-partisan Committee for a Responsible Federal Budget (CRFB) analyses that examined their proposals separately. The analysis also looks more deeply at the revenue and spending implications of the likely nominees’ policy proposals.
CRFB found that over a decade, Trump's plans would increase the debt by $11.5 trillion and Clinton's would raise it by $250 billion.
Ah, gulp. But you'd never know how far apart Clinton and Trump were if you just read the first couple of paragraphs. Call it media spin favoring Trump:
Donald Trump and Hillary Clinton would both face challenges to put the national debt on a sustainable path under their current proposals but Trump would have to go to far more extreme measures to rein in debt if his policies were enacted.

Neither of the presumptive presidential nominees have put forth ideas to address the debt ... “Both candidates, at a time when our debt is already at record levels, would not put forth a plan that would put the debt on a sustainable path," CRFB President Maya MacGuineas said on CBS’s “Face the Nation” on Sunday. "But that said, the plan of Donald Trump would add much, much more to the debt than Hillary Clinton.” 
Here are some details 
Clinton’s tax plan would raise $1.25 trillion, while Trump’s tax plan would cost $9.25 trillion. And Clinton’s immigration policies would also produce savings, while Trump’s plan would have costs, the report found. 
This will blow your mind...and remember, Republicans will still vote for Trump:
If Trump wanted to put debt on a sustainable path after enacting his proposals, he would have to cut spending by 27 to 37 percent, raise tax rates by 17.5 to 20.5 percentage points, accelerate economic growth by 160 to 390 percent, or enact some combination of these options, according to the report.
...in contrast....
In order for Clinton to put debt on a sustainable path, she would have to cut spending by 6 to 15 percent, increase all tax rates by 3.5 to 8.5 percentage points or increase economic growth by 35 to 125 percent. She could also could take a combination of these actions, the CRFB said.
To be perfectly honest, I would much rather have the following problem than anything Trump would unleash:
Clinton has promised not to raise taxes on anyone making less than $250,000, but she would need to raise the top tax rate to 64 percent to stabilize the debt if she only raised taxes on high earners.
Bloomberg View posted a story that came to this not so surprising conclusion:
Paul Ryan's Tax Blueprint Looks a Lot Like Trump's: Ryan and Trump are often portrayed as uneasy allies on a number of political fronts. But when it comes to taxes and fiscal policy, they are kissin' cousins.