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When was the last time a President Ran a Trillion Dollar Deficit?

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epanzella

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20 hours ago, Gotcow? said:

I guess some would have been happier if Obama did nothing and we would have slipped into a depression?

 

 

It was a tough situation, and no one doubts that.  It may have been preferable to rip the bandaid and skip into a depression.  I am not knowledgable enough to weigh the benefits and drawbacks of the outcomes on that.  I seriously doubt many on here are.  A couple, yeah.  

 

I think there can be a case for letting it all shake out being beetter in the long run.  In the near term, no.  Long run, I think its a legit conversation.

.

 

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24 mins ago, epanzella said:

Bush allowed that as a courtesy because Obama wanted it. A Democratic Congress wrote the 2009 budget, passed the 2009 budget, and then with held it from Bush until he was out of office. Then Obama signed it. There was no Republican hand in the 2009 budget.

Which sort of leaves a sting or bitter taste in a few mouths if you bring it up.  

.

 

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33 mins ago, epanzella said:

Bush allowed that as a courtesy because Obama wanted it. A Democratic Congress wrote the 2009 budget, passed the 2009 budget, and then with held it from Bush until he was out of office. Then Obama signed it. There was no Republican hand in the 2009 budget.

Lol. No. Bush signed off on the 2009 budget in June of 2008. There was about $200B in additional TARP spending if I remember correctly, but whoever sat in the White House for the 2009 fiscal year would have their hands tied. It's not like Obama came in there and made big changes. Everything was already well in motion. Blaming it on Obama is disingenuous at best.

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Obama gets first major win with TARP

By David Rogers

 

01/15/2009 04:36 PM EST

 

Updated 01/16/2009 08:17 AM EST

 

Not yet in the White House but working the phones as if he were, Barack Obama won a crucial Senate vote Thursday clearing the release of $350 billion more in bailout funds from the Treasury Department’s controversial financial rescue program.

For the incoming president, the 52-42 roll call represented a first major test of strength, and Obama threw himself into the fight, reaching out to senators on both sides of the aisle and making calls until he had won all but one of the seven Democratic freshmen elected in November.

Thursday’s victory came even as House Democrats unveiled their $825 billion two-year economic recovery plan — the next big plank for the new president and one he will speak to in industrial Ohio Friday.

Five days before Obama’s inaugural, the twin events underscore how much he is already driving the nation’s economic policy agenda.

“I know this wasn't an easy vote because of the frustration so many of us share about how the first half of this plan was implemented,” Obama said in a statement later. “Now my pledge is to change the way this plan is implemented and keep faith with the American taxpayer.”

“He worked it hard, and he was effective,” said one Democratic leadership aide. Minutes before the vote, Majority Leader Harry Reid (D-Nev.) summed up the mood when he closed debate: “I believe this is road to recovery for our country. Let’s trust Barack Obama.”

 

Yep, the blue coats own this all right!

Edited by epanzella

Ed Panzella


"BAITS MOTEL" - 2450 Maycraft Pilothouse


Higganum, Ct

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EDITORIALS

Income Tax Revenues Are Up 9% This Year — Is Trump Tax Cut Paying For Itself? 

7/11/2018

Supply-Side Economics: Democrats scoffed at Republicans who said the Trump tax cuts would at least partially pay for themselves through higher economic growth. But it looks like the GOP had it right all along, as revenues climb.

X

 

The latest monthly budget report from the nonpartisan Congressional Budget Office finds that revenues from federal income taxes were $76 billion higher in the first half of this year, compared with the first half of 2017. That's a 9% jump, even though the lower income tax withholding schedules went into effect in February.

The CBO says the gain "largely reflects increases in wages and salaries."

For the fiscal year as a whole — which started last October — all federal revenues are up by $31 billion. That's a 1.2% in increase over last year, the CBO says.

The Treasury Department, which issues a separate monthly report, says it expects federal revenues will continue to exceed last year's for the rest of the 2018 fiscal year.

But wait a minute. According to Democrats, the Trump tax cuts were supposed to blow a massive hole in the deficit.

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Last November, House Minority Leader Nancy Pelosi promised that "this thing will explode the deficit."

She also said that "after the Republicans' tax plan blows a multi-trillion-dollar hole in the deficit, they will sharpen their knives for Social Security, Medicare, Medicaid, and vital job-creating investments for middle class families."

Even now, Pelosi is sticking to her guns. In June, she called it "the deficit-exploding GOP tax scam for the rich."

All along, Republicans countered that the tax cuts would spur additional economic growth, which would generate additional revenues, which would offset at least some of the cost of the tax cuts.

Senate Minority Leader Chuck Schumer's response to that? "It's just made-up, fake math to hide another deficit-busting tax cut to benefit the wealthiest Republicans."

Look at what's happened since the tax cuts went into effect.

Economists hiked their projections for growth this year once the tax cuts passed. The CBO changed its 2018 forecast from 2% before the tax cuts passed to 3.3% after they took effect. In that same report, the CBO admitted that this added growth would offset a significant chunk of the tax cuts.

Other Democratic big lies about the tax cuts continue to fall.

They called the tax cuts a giveaway to the rich. But the rich will end up paying a bigger share of income taxes because of the Trump tax plan.

They said workers wouldn't benefit, but millions got bonuses, raises, and improved benefits because of the corporate tax cuts. And real median household income is now at all-time highs.

Democrats also said that tax cuts would do nothing about the $2.9 trillion in profits that corporations had parked overseas.

In fact, corporations are bringing hundreds of billions of dollars in profits back as a direct result of changes in the corporate tax laws — 12% of the nearly $3 trillion held overseas came back to the U.S. in just the first three months of 2018. That will mean more economic growth and additional corporate revenues.

It's the Spending, Stupid

As we have said many times in this space, the problem the country faces isn't that taxes are too low, but that spending is too high. The CBO projects that even with the Trump tax cuts in place, taxes as a share of GDP will steadily rise over the next decade, and will be higher than the post-World War II average.

But bringing in more tax revenues doesn't help if spending goes up even faster. And that has, unfortunately, been the case, as the GOP-controlled Congress has gone on a spending spree.

Look at it this way. Tax revenues are up by $31 billion so far this fiscal year compared with last year. But spending is up $115 billion.

In other words, the entire increase in the deficit so far this year has been due to spending hikes, not tax cuts.

 

 

"mother Theresa was a POS"-fish'nmagician

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"White House releases dire deficit projections as Trump and GOP begin push for more tax cuts

Anything to win an election"

 

"...Trump held a White House meeting on Tuesday with Rep. Kevin Brady (R-TX) during which Brady told Trump “We’re here to talk to you about making permanent this tax relief… We can protect them against a future Washington trying to steal back those hard-earned dollars that you, and the Republican Congress, has given them...

 

...While the OMB warns about rising deficits, one of Trump’s top economic advisers remains in denial. Late last month, Larry Kudlow, director of the National Economic Council, falsely claimed during an interview with Fox Business that the deficit is “coming down rapidly...

 

...“As the economy gears up, more people working, better jobs and careers, those revenues come rolling in and the deficit, which was one of the other criticisms, is coming down,” Kudlow told host Maria Bartiromo. “It’s coming down rapidly. Growth solves a lot of problems.”

 

Kudlow’s claim was false then, is false now, and will be even further from the truth if Republicans in Congress manage to cut taxes yet again before November’s election."

 

 

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You guys are never right but you are persistent! So, PROJECTIONS are saying that the deficit will ROCKET up to 2/3's of Obama's deficit by 2021??? Even if it were true, which, of course, it isn't, it would still be an improvement over Obama.  Trump's first year deficit was 1/3 of Obama's and Obama is still the only president to run a trillion dollar plus deficit and, as we all know, he ran four of them. But, we don't even have to worry about 2/3's of the Obama deficits because of the additional revenue generated by the Trump tax cuts and soon it will be made permanent for the middle class. It must be annoying wishing bad things for America day in and day out only to have her improving by leaps and bounds. Here's some more bad news for libruls;

 

Dick Morris: Trump’s Tax Cut Increased Federal Revenue, Liberals Wrong Again

By Dick Morris
July 16, 2018 at 11:14am

 

The Laffer Curve, named after economist Arthur Laffer, works!

 

President Donald Trump’s tax cuts are becoming a case in point. Despite the cut in tax rates — brought forward by the introduction, in February, of revised tax withholding tables — federal income tax revenues for the first half of 2018 are 9 percent higher than in the first half of 2017.

The difference comes to $76 billion of unanticipated revenue.

 

Because the Congressional Budget Office refuses to score tax cuts “dynamically” — that is to recognize the effect of the Laffer Curve, it had predicted an annual increase in the deficit of $139 billion.

 

Now, half of that projected rise in the deficit has not come true.

 

 

Ed Panzella


"BAITS MOTEL" - 2450 Maycraft Pilothouse


Higganum, Ct

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4 mins ago, KnewBee said:

"You guys are never right but you are persistent!"

 

In this instance, the "you guys" is the OMB, I am just a messenger posting what the OMB said.

 

 

So, you knew it was wrong but you posted it anyway???

Ed Panzella


"BAITS MOTEL" - 2450 Maycraft Pilothouse


Higganum, Ct

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2 hours ago, epanzella said:

You guys are never right but you are persistent! So, PROJECTIONS are saying that the deficit will ROCKET up to 2/3's of Obama's deficit by 2021??? Even if it were true, which, of course, it isn't, it would still be an improvement over Obama.  Trump's first year deficit was 1/3 of Obama's and Obama is still the only president to run a trillion dollar plus deficit and, as we all know, he ran four of them. But, we don't even have to worry about 2/3's of the Obama deficits because of the additional revenue generated by the Trump tax cuts and soon it will be made permanent for the middle class. It must be annoying wishing bad things for America day in and day out only to have her improving by leaps and bounds. Here's some more bad news for libruls;

 

Dick Morris: Trump’s Tax Cut Increased Federal Revenue, Liberals Wrong Again

By Dick Morris
July 16, 2018 at 11:14am

 

The Laffer Curve, named after economist Arthur Laffer, works!

 

President Donald Trump’s tax cuts are becoming a case in point. Despite the cut in tax rates — brought forward by the introduction, in February, of revised tax withholding tables — federal income tax revenues for the first half of 2018 are 9 percent higher than in the first half of 2017.

The difference comes to $76 billion of unanticipated revenue.

 

Because the Congressional Budget Office refuses to score tax cuts “dynamically” — that is to recognize the effect of the Laffer Curve, it had predicted an annual increase in the deficit of $139 billion.

 

Now, half of that projected rise in the deficit has not come true.

 

 

I would suggest you check your sources (Dick Morris is not an Economist )according to the Federal Reserve here's what Tax revenues looked like the first quarter of each of the last 3 years

2016  2,060.060B

2017 2,133.378B

2018 2,038.234B

So 2018 is actually lower than the past 2 years 

Not sure how your source came up with half year numbers since Quarterlies aren't due until July 15th.

Here's a quote from the FRED site

"The Tax Cuts and Jobs Act of 2017 applies to taxes starting in 2018, and the first quarterly data on tax revenue are in. This graph compares current tax revenue categories with categories for the previous year. Most noticeable are a major drop in corporate tax income and the increase in taxes from production and imports. (In the latter case, both excise tax income and import duty income increased.) These changes are actually quite impressive: -35% for corporate tax income, +16% for production and import tax income. Personal income taxes are slightly down while taxes on foreign entities follow trend. How does all this pan out in the aggregate? The thick black line reveals that overall tax receipts are down by close to 5%. Will this persist or is this a one-time event? Revisit this blog post in the coming months to see how this graph updates."

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On 7/16/2018 at 6:10 PM, epanzella said:

Obama gets first major win with TARP

By David Rogers

 

01/15/2009 04:36 PM EST

 

Updated 01/16/2009 08:17 AM EST

 

Not yet in the White House but working the phones as if he were, Barack Obama won a crucial Senate vote Thursday clearing the release of $350 billion more in bailout funds from the Treasury Department’s controversial financial rescue program.

For the incoming president, the 52-42 roll call represented a first major test of strength, and Obama threw himself into the fight, reaching out to senators on both sides of the aisle and making calls until he had won all but one of the seven Democratic freshmen elected in November.

Thursday’s victory came even as House Democrats unveiled their $825 billion two-year economic recovery plan — the next big plank for the new president and one he will speak to in industrial Ohio Friday.

Five days before Obama’s inaugural, the twin events underscore how much he is already driving the nation’s economic policy agenda.

“I know this wasn't an easy vote because of the frustration so many of us share about how the first half of this plan was implemented,” Obama said in a statement later. “Now my pledge is to change the way this plan is implemented and keep faith with the American taxpayer.”

“He worked it hard, and he was effective,” said one Democratic leadership aide. Minutes before the vote, Majority Leader Harry Reid (D-Nev.) summed up the mood when he closed debate: “I believe this is road to recovery for our country. Let’s trust Barack Obama.”

 

Yep, the blue coats own this all right!

President Bush signed into law Friday a historic $700 billion bailout of the financial services industry, promising to move swiftly to use his sweeping new authority to unlock frozen credit markets to get the economy moving again.

 

so bush signed and created it but yet he does not own it-great stuff there-next you will say the wars were because of obama

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3 mins ago, superstriper said:

President Bush signed into law Friday a historic $700 billion bailout of the financial services industry, promising to move swiftly to use his sweeping new authority to unlock frozen credit markets to get the economy moving again.

 

so bush signed and created it but yet he does not own it-great stuff there-next you will say the wars were because of obama

Check post # 20. I haven't got time to keep showing this stuff over and over.

Ed Panzella


"BAITS MOTEL" - 2450 Maycraft Pilothouse


Higganum, Ct

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