Liberal Forum

https://www.npr.org/2023/07/13/11875407 ... bt-ceiling

what say you, bruce? didn't you just post how joe's "bringing down the deficit thru policy and record tax coffers?

why didn't you post proof to your specious comments when asked bruce?

quit licking joe's balls and come clean bruce...
 

ROG62 » 14 Jul 2023, 7:20 am » wrote: ↑

14 Jul 2023, 7:20 am

https://www.npr.org/2023/07/13/11875407 ... bt-ceiling

what say you, bruce? didn't you just post how joe's "bringing down the deficit thru policy and record tax coffers?

why didn't you post proof to your specious comments when asked bruce?

quit licking joe's balls and come clean bruce...
 

Future speculating facts never reach the potential they were given in the past as current events do not follow human logical outcomes by relative time logistics used historically. It is a psychological ruse used by every chain of command controlling 5 generation gaps within this species geographically and ancestrally adapting in space adapting to the common moment here since conceived.

ROG62 » 14 Jul 2023, 7:20 am » wrote: ↑

14 Jul 2023, 7:20 am

https://www.npr.org/2023/07/13/11875407 ... bt-ceiling

what say you, bruce? didn't you just post how joe's "bringing down the deficit thru policy and record tax coffers?

why didn't you post proof to your specious comments when asked bruce?

quit licking joe's balls and come clean bruce...

My goodness, look who is reading NPR!

There is a theory of mine, if you find the worst MAGA in America, a man so afraid of Dr Fauci and Bill Gates and George Soros he sleeps with a pistol under his pillow, that man might be redeemed.  He only needs to read righteous news.  

Let’s see WHY the deficit is up.  It’s not because of Hunter Biden’s laptop, or trannies, or Al Sharpton.

From the article:

—Why the deficit is surging

 The deficit ballooned both because of a sharp increase in government spending and a significant drop in tax revenues.

 Treasury officials blamed the falling revenues on reduced investment gains last year. The S&P 500 stock index, for example, fell nearly 20% in 2022, during a period of uncertainty about the economy. While the index has since rebounded, investors realized fewer capital gains last year, and paid less in capital gains taxes this year.

 Overall, tax revenues between October and June were 11% lower than the same period a year ago.
 At the same time, government spending jumped 10%. Spending on major health care programs such as Medicare and Medicaid rose sharply. Social Security payouts jumped 11%, thanks in part to an 8.7% cost-of-living adjustment for retirees and other recipients — the largest such increase in four decades.

 The government has also paid $52 billion so far to cover deposits at three regional banks that failed this spring. That money will come from the Federal Deposit Insurance Corp.'s deposit insurance fund and a special assessment on other big banks.

——

So, if the market is up 20% this year, what will happen to investment income next year?  It should rise about 20%.  The increase  revenue will come next April when taxes are due.

And since current inflation this year, on this day, is 3% instead of 9%, the social security increase this year will be a third of last years. This will dramatically reduce spending, next year.

And 52 billion to bail out those banks will be paid for by increases on FDIC taxes.  It will take a few years.

——

.NPR has a leftist bias.  

They never ever fabricate sheer bull ****, like Fox News does on the hour.  The stories are always true.

They are just half true.

The author is a traditional conservative.

He doesn’t like Uncle Joe.  But he’s not lying.

 
 

Bruce » 14 Jul 2023, 7:53 am » wrote: ↑

14 Jul 2023, 7:53 am

My goodness, look who is reading NPR!

There is a theory of mine, if you find the worst MAGA in America, a man so afraid of Dr Fauci and Bill Gates and George Soros he sleeps with a pistol under his pillow, that man might be redeemed.  He only needs to read righteous news.  

Let’s see WHY the deficit is up.  It’s not because of Hunter Biden’s laptop, or trannies, or Al Sharpton.

From the article:

—Why the deficit is surging

 The deficit ballooned both because of a sharp increase in government spending and a significant drop in tax revenues.

 Treasury officials blamed the falling revenues on reduced investment gains last year. The S&P 500 stock index, for example, fell nearly 20% in 2022, during a period of uncertainty about the economy. While the index has since rebounded, investors realized fewer capital gains last year, and paid less in capital gains taxes this year.

 Overall, tax revenues between October and June were 11% lower than the same period a year ago.
 At the same time, government spending jumped 10%. Spending on major health care programs such as Medicare and Medicaid rose sharply. Social Security payouts jumped 11%, thanks in part to an 8.7% cost-of-living adjustment for retirees and other recipients — the largest such increase in four decades.

 The government has also paid $52 billion so far to cover deposits at three regional banks that failed this spring. That money will come from the Federal Deposit Insurance Corp.'s deposit insurance fund and a special assessment on other big banks.

——

So, if the market is up 20% this year, what will happen to investment income next year?  It should rise about 20%.  The increase  revenue will come next April when taxes are due.

And since current inflation this year, on this day, is 3% instead of 9%, the social security increase this year will be a third of last years. This will dramatically reduce spending, next year.

And 52 billion to bail out those banks will be paid for by increases on FDIC taxes.  It will take a few years.

——

.NPR has a leftist bias.  

They never ever fabricate sheer bull ****, like Fox News does on the hour.  The stories are always true.

They are just half true.

The author is a traditional conservative.

He doesn’t like Uncle Joe.  But he’s not lying.

 
 

You ever navigate space adapting to the moment since birth?

Bruce » 14 Jul 2023, 7:53 am » wrote: ↑

14 Jul 2023, 7:53 am

My goodness, look who is reading NPR!

There is a theory of mine, if you find the worst MAGA in America, a man so afraid of Dr Fauci and Bill Gates and George Soros he sleeps with a pistol under his pillow, that man might be redeemed.  He only needs to read righteous news.  

Let’s see WHY the deficit is up.  It’s not because of Hunter Biden’s laptop, or trannies, or Al Sharpton.

From the article:

—Why the deficit is surging

 The deficit ballooned both because of a sharp increase in government spending and a significant drop in tax revenues.

 Treasury officials blamed the falling revenues on reduced investment gains last year. The S&P 500 stock index, for example, fell nearly 20% in 2022, during a period of uncertainty about the economy. While the index has since rebounded, investors realized fewer capital gains last year, and paid less in capital gains taxes this year.

 Overall, tax revenues between October and June were 11% lower than the same period a year ago.
 At the same time, government spending jumped 10%. Spending on major health care programs such as Medicare and Medicaid rose sharply. Social Security payouts jumped 11%, thanks in part to an 8.7% cost-of-living adjustment for retirees and other recipients — the largest such increase in four decades.

 The government has also paid $52 billion so far to cover deposits at three regional banks that failed this spring. That money will come from the Federal Deposit Insurance Corp.'s deposit insurance fund and a special assessment on other big banks.

——

So, if the market is up 20% this year, what will happen to investment income next year?  It should rise about 20%.  The increase  revenue will come next April when taxes are due.

And since current inflation this year, on this day, is 3% instead of 9%, the social security increase this year will be a third of last years. This will dramatically reduce spending, next year.

And 52 billion to bail out those banks will be paid for by increases on FDIC taxes.  It will take a few years.

——

.NPR has a leftist bias.  

They never ever fabricate sheer bull ****, like Fox News does on the hour.  The stories are always true.

They are just half true.

The author is a traditional conservative.

He doesn’t like Uncle Joe.  But he’s not lying.

huh, no mention of the 46.6bn joe's given to Ukraine?

funnily, when Trump had record employment, the tax coffers were overflowing, but when joe has it [sarc] revenue is down? 11%...


 

ROG62 » 14 Jul 2023, 7:20 am » wrote: ↑

14 Jul 2023, 7:20 am

https://www.npr.org/2023/07/13/11875407 ... bt-ceiling

what say you, bruce? didn't you just post how joe's "bringing down the deficit thru policy and record tax coffers?

why didn't you post proof to your specious comments when asked bruce?

quit licking joe's balls and come clean bruce...

Oh, and I'd like to add - the interest rate has now quadrupled - so nearly all of our tax revenue is going to pay the interest on this debt.  Under who's administration did this happen, @Bruce? 

Here's the deal, Bruce, if someone like me ever gets elected to office while the republicans control congress, I will cut the budget by 75% and let the F-ing out-of-work, fat, lazy "chips" fall where they may. 
 

Skans » 14 Jul 2023, 8:32 am » wrote: ↑

14 Jul 2023, 8:32 am

Oh, and I'd like to add - the interest rate has now quadrupled - so nearly all of our tax revenue is going to pay the interest on this debt.  Under who's administration did this happen, @Bruce? 

Here's the deal, Bruce, if someone like me ever gets elected to office while the republicans control congress, I will cut the budget by 75% and let the F-ing out-of-work, fat, lazy "chips" fall where they may.

Half the country doesn't even pay into the federal tax coffers...no wonder we're in such a state...but "let's tax the mega rich 10 more pts..."  
 

ROG62 » 14 Jul 2023, 9:13 am » wrote: ↑

14 Jul 2023, 9:13 am

Half the country doesn't even pay into the federal tax coffers...no wonder we're in such a state...but "let's tax the mega rich 10 more pts..."

Every citizens should be required to pay taxes.  If one pays, we all pay. 

And, for non-citizens who are here in our country legally, they should be required to pay taxes at 125% of the highest tax rate.

And, for illegal aliens who are here in our country - they should be taxed at 300% of their imputed (undeclared) income if they want to keep ICE from shooting them inthe head.
 

Skans » 14 Jul 2023, 9:19 am » wrote: ↑

14 Jul 2023, 9:19 am

Every citizens should be required to pay taxes.  If one pays, we all pay. 

And, for non-citizens who are here in our country legally, they should be required to pay taxes at 125% of the highest tax rate.

And, for illegal aliens who are here in our country - they should be taxed at 300% of their imputed (undeclared) income if they want to keep ICE from shooting them inthe head.

spot on... 

ROG62 » 14 Jul 2023, 8:26 am » wrote: ↑

14 Jul 2023, 8:26 am

huh, no mention of the 46.6bn joe's given to Ukraine?

funnily, when Trump had record employment, the tax coffers were overflowing, but when joe has it [sarc] revenue is down? 11%...

No mention of the infrastructure money spent, either.

Let’s see how much old Donald had, for a deficit.
—-
Donald Trump’s final tab is in. Legislation and executive actions signed by former President Trump added $7.8 trillion in ten-year budget deficits. When accounting for non-legislative budget savings, the total projected budget deficits expanded by $3.9 trillion over the decade.

https://www.thedailybeast.com/trump-add ... a-and-bush

—-

Now, when faced with the fact Trump holds the all time record for fiscal irresponsibility, the MAGA might say at least he didn’t murder none of them there precious babies.  And what about Hunter Biden!



 

Z09 » 14 Jul 2023, 8:31 am » wrote: ↑

14 Jul 2023, 8:31 am

Hey Bruce...

We have a spending problem
Not a tax problem

Preferential tax cuts and corporate subsidies cost taxpayers plenty yet never get paid back. Why should taxpayers pick up the tab? Wall Street Banks are making plenty on interest ...... Supply Side Economics has always been a failure.

Bruce » 14 Jul 2023, 9:36 am » wrote: ↑

14 Jul 2023, 9:36 am

No mention of the infrastructure money spent, either.

Let’s see how much old Donald had, for a deficit.
—-
Donald Trump’s final tab is in. Legislation and executive actions signed by former President Trump added $7.8 trillion in ten-year budget deficits. When accounting for non-legislative budget savings, the total projected budget deficits expanded by $3.9 trillion over the decade.

https://www.thedailybeast.com/trump-add ... a-and-bush

—-

Now, when faced with the fact Trump holds the all time record for fiscal irresponsibility, the MAGA might say at least he didn’t murder none of them there precious babies.  And what about Hunter Biden!

You forget that Trump had a stonewalling democratic congress that threw money at everything remotely Covid like clowns throwing candy at a parade...
 

 

such cute little eyes ...........

The last year of Bush's second term was dominated by the Great Recession. GDP declined in the 1st, 3rd, and 4th quarters of 2008 by -2.7%, -1.9% and -8.2%, respectively.Economic policy of the George W. Bush administration



The 2008 financial crisis began with cheap credit and lax lending standards that fueled a housing bubble. When the bubble burst, the banks were left holding trillions of dollars of worthless investments in subprime mortgages. The Great Recession that followed cost many their jobs, their savings, and their homes.


GW Bush left a huge financial disaster behind for Obama to clean up. Thus I believe that this mess required about $7 trillion to to save the economy and keep millions employed somehow. 
 

Former President Bush and Congress racked up an average $793 billion deficit each year Bush was in office. Social Security privatization would raise the size of the government’s deficit by another $300 billion per year for the next 20 years. This does not seem to bother Republicans, as long as they are in power.



In fact, by the time the second Bush left office, the national debt had grown to $12.1 trillion. Over half of that amount had been created by Bush’s tax cuts for the very wealthy. Another 30% of the national debt had been created by the tax cuts for the wealthy under Presidents Reagan and George H.W. Bush. Fully 81% of the national debt was created by just these three Republican Presidents.


One of President Donald Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.



The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.


The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by a leading Washington budget maven, Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center.


And unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war.


The National Debt Increased Under Trump Despite His Promise to Reduce It

SOOOOOOO between Reagan, Bush, Bush and Trump the debt is $19.9 trillion which leaves about $13 Trillion to be split between Clinton, Obama and Biden .......thus far.

Hmmmmmmmmm very interesting = still the most reckless spenders are the drunken sailors leading the fake republican party.

Z09 » 14 Jul 2023, 8:31 am » wrote: ↑

14 Jul 2023, 8:31 am

Hey Bruce...

We have a spending problem
Not a tax problem

Trump had one, and not two, major pieces of legislation pass.  The 2017 Tax cut.

—

The Act is based on tax reform advocated by congressional Republicans and the Trump administration.[6] The nonpartisan Congressional Budget Office (CBO) reported that under the Act individuals and pass-through entities like partnerships and S corporations would receive about $1.125 trillion in net benefits (i.e. net tax cuts offset by reduced healthcare subsidies) over 10 years, while corporations would receive around $320 billion in benefits. The CBO estimated that implementing the Act would add an estimated $2.289 trillion to the national debt over ten years,[7] or about $1.891 trillion after taking into account macroeconomic feedback effects, in addition to the $9.8 trillion increase forecast under the current policy baseline and existing $20 trillion national debt.[8]

—-

The Republicans on purpose, gambled that by letting the super wealthy keep a trillion plus dollars that would stimulate economic activity.



That was done, in spite of history that tax cuts leading to higher growth offsetting the cost has happened one time only, when JFK reduced the top rate down from 90% to 70% in 1962.  That worked.

When I was a Republican I believed in the Laffer Curve.  I still do today.

 https://en.m.wikipedia.org/wiki/Laffer_curve

There is a rate between 0% and 100% that maximizes government revenue.  It’s logical.  


The 1993 Tax act produced a balanced budget, with 2-3% surpluses.

https://www.investopedia.com/terms/t/ta ... f-1993.asp

I despised Bill Clinton.

But I liked a balanced budget.

 

Time Magazine
https://business.time.com › 2012/08/09 › arthur-laffers...

Aug 9, 2012 — The consensus? Laffer seems to have forgotten, or ignored, some pretty basic concepts in economics. In other words, Laffer is getting laughed ...