Congress Approved $2.4 Trillion In Additional Debt During Fiscal Year 2018: Watchdog

[sparky]

You probably think that is a fantasy.

More i think it extortionary

~S~

 

[sparky]

Since the GDP was not canceling out the previous deficit, one would need to do more than just cancel out the change in the deficit, which by the way is way more than 22 billion. The 2017 deficit was 665 billion, the deficit for the first 283 days 2018 is $1,109,539,370,085, which puts us on pace for a total deficit for CY18 of
$1,431,031,343,042, which will even top Obama for the largest deficit ever.

One can view it growing over the last century here> Which President Increased U.S. Debt the Most?, not so sure about it's 'inflationary adjustment', but it definitely appears more threatening as time goes on ~S~

 

[sparky]

exactly who voted this? is there a congressional roster?

 

[Harpy Eagle]

Since the GDP was not canceling out the previous deficit, one would need to do more than just cancel out the change in the deficit, which by the way is way more than 22 billion. The 2017 deficit was 665 billion, the deficit for the first 283 days 2018 is $1,109,539,370,085, which puts us on pace for a total deficit for CY18 of
$1,431,031,343,042, which will even top Obama for the largest deficit ever.

One can view it growing over the last century here> Which President Increased U.S. Debt the Most?, not so sure about it's 'inflationary adjustment', but it definitely appears more threatening as time goes on ~S~

The Govt worked to get the debt as a percent of the GDP down until about 1980, since then the only real dip came from Clinton. Our debt is more than 105% of our national GDP, and these morons think the answer is to keep adding more and more debt because the GDP will "cancel" it out...what the fuck that means I still have not figured out.

 

[sparky]

Yeah i read alot when our GND exceeded our GNP Gator, maybe or maybe not a metric , but one can sure analogize it down to household finances (if that helps)

~S~

 

[CrusaderFrank]

We need another sequester, more brutal than the last

 

[Skull Pilot]

we have a general welfare clause

It doesn't matter

BOTH parties increase the debt and that has held true since Coolidge was in office

so any one of you sheep who complain about the debt the other party runs are fucking hypocrites

the charts give a clear picture of what the democrats were doing with the debt. the republican policy is, no goals, just help the rich get richer, "so they can bail out the rest of us".

See you don't care about debt either you sheep fucking hypocrite

it is right wing policy to help the rich get richer and expect the poor to help pay for our Debt.

the left wing prefers to raise tax revenue by raising the minimum wage. A fifteen dollar an hour minimum wage and unemployment compensation for simply being unemployed would help stabilize markets in our economy, both public and private. And, engender a positive multiplier effect since capital must circulate to ensure liquidity in our private markets and revenue is generated for the public sector.

OK... let's use your $15.00 figure raising all the people that work for minimum wage.
Q) How many people do you think work at minimum wage?
A) In 2014, about 1.3 million U.S. workers age 16 and over earned exactly the prevailing federal minimum wage of $7.25 per hour. Another 1.7 million had wages below the federal minimum. Together these workers make up 4 percent of all hourly paid workers. What are the characteristics of minimum wage workers? - UC Davis Center for Poverty Research
So let's raise ALL these 3 million people to $15.00/hour.
Now 1.3 million already were paid $7.25 so the additional hourly pay is $7.75 per hour.
So these 1.3 million would get another $7.75/hour and work 2,080 hours per year or a total gross of $20,956,000,000
Payroll taxes paid by both employer and employee: 12.4% or a total of $2.6 billion additional Federal tax revenue.
Now you do know that these 1.3 million don't pay Federal income taxes and will not on this additional $21 billion... the ONLY tax revenue will be payroll taxes.

So now let's calculate the remain 1.7 million that are less than $7.25... Let's assume that figure they currently get paid is $5.00/hr so then get $10.00 more...
1.7 million working 2,080 or additional $35.4 billion in gross wages and at 12.4% payroll taxes an additional $4.4 billion in payroll taxes.

So to answer your really ignorant comment: "would help stabilize markets in our economy, both public and private."
Just in additional payroll taxes the Federal government would get $7 billion a year... Just enough to pay out 10% of the food stamps:
SNAP benefits cost $70.9 billion in fiscal year 2016
Supplemental Nutrition Assistance Program - Wikipedia

Now you do know that these 1.3 million don't pay Federal income taxes and will not on this additional $21 billion... the ONLY tax revenue will be payroll taxes.

the online tax calculators show around two thousand dollars paid on an income based on fifteen dollars an hour and two thousand forty-eight hours per year basis.

Tax Calculator - Estimate Your Income Tax for 2018 - Free!

so what

When that 15 an hour comes from the government coffers the taxes you pay on it don't negate the cost to the tax payers

so it's better if the government keeps that 600 a week

 

[Weatherman2020]

Congress approved $2.4 trillion in additional debt during fiscal year 2018: Watchdog

In April, the nonpartisan Congressional Budget Office (CBO) projected that debt held by the public would rise from $14.6 trillion in 2017 to $27.1 trillion in 2027.

“At a time when debt is already at record-high levels and growing unsustainably, the $2.4 trillion added to the projected debt over the past year is incredibly irresponsible," CFRB wrong in a blog post. "These changes alone will increase projected debt from 86 percent of GDP to 94 percent."


We will now observe the pseudocons demonstrating they are literally physically incapable of uttering a single syllable of criticism toward Trump about his astronomical deficits, despite being very, very vocal about deficits when the black guy was President.

In fact, we will see them look at the facts, and stupidly sputter, "B-b-b-b-b-b-b-but Obama!" rather than admit they hired an apprentice President who is an even bigger spender than his predecessor.

Even worse, they will go full Keynes and claim all that overspending is good for the economy!

So Democrats will be cutting how much spending if they get a majority?

 

[Harpy Eagle]

Congress approved $2.4 trillion in additional debt during fiscal year 2018: Watchdog

In April, the nonpartisan Congressional Budget Office (CBO) projected that debt held by the public would rise from $14.6 trillion in 2017 to $27.1 trillion in 2027.

“At a time when debt is already at record-high levels and growing unsustainably, the $2.4 trillion added to the projected debt over the past year is incredibly irresponsible," CFRB wrong in a blog post. "These changes alone will increase projected debt from 86 percent of GDP to 94 percent."


We will now observe the pseudocons demonstrating they are literally physically incapable of uttering a single syllable of criticism toward Trump about his astronomical deficits, despite being very, very vocal about deficits when the black guy was President.

In fact, we will see them look at the facts, and stupidly sputter, "B-b-b-b-b-b-b-but Obama!" rather than admit they hired an apprentice President who is an even bigger spender than his predecessor.

Even worse, they will go full Keynes and claim all that overspending is good for the economy!

So Democrats will be cutting how much spending if they get a majority?

They will not spend any less unless it is to fuck with Trump, they are just as shitty as the Repubs fiscally.

If there is a anything positive to say about them it is that they are not stupid enough to slash revenue while spending more


Sent from my iPhone using USMessageBoard.com

 

[danielpalos]

taxation is theft

Wrong.

Taxation is constitutional.

The founders of our nation believed it was very important to raise revenues to run and maintain our nation so they put the power for the government to tax the people in the constitution in a couple places. All state constitutions include the power for the state to impose taxes.

Why do you hate our federal constitution and the constitutions of all the 50 states?

Doesn't keep the taking of wealth under the threat of violence from being theft.

Who in our government has threatened you with violence if you don't pay taxes?

No one has.

Why do you believe that it's ok to break the law? Collecting taxes isn't theft. It's not a crime. Collecting taxes is very constitutional and very legal in America.

Not paying taxes is the crime.

You have things very backwards.

You believe that you have the right to take all that America has to offer and give you but you don't have to pay for it or give anything back. When someone expects you to pay your fair share you say it's theft and claim someone is threatening you with violence. Which is a lie.

Just be honest about it.

Just asking...do you think the "wealthy" are breaking the law when they don't pay as much in taxes as you think they should?

Do you think corporations are doing anything illegal by keeping money offshore to avoid taxes?

Cutting corporate income tax from 35% if you left your profits in the USA ...
therefore there was All told, Fortune 500 corporations are avoiding up to $767 billion in U.S. federal income taxes by holding more than $2.6 trillion of “permanently reinvested” profits offshore
Fortune 500 Companies Hold a Record $2.6 Trillion Offshore

All told, the Bureau of Economic Analysis (BEA) reported, some $305.6 billion returned to the U.S. from overseas accounts.
That's a $1.2 trillion annual rate, and far more than the $35 billion one year before.Jun 26, 2018

So with the cut in corporate income taxes from 35% to 21% the USA is getting back an estimated $1.2 trillion.
NOW these companies have to pay a tax on that to the tune of 15.5%... or 8%...
The new rules set a one-time rate of 15.5 percent on cash and 8 percent on non-cash or illiquid assets. Payments can be made over eight years. Previously, companies had to pay the old 35 percent corporate rate, but only if they brought the money back to the U.S.
Bloomberg - Are you a robot?

So these corporations are bringing back this money, paying the taxes and guess what they are doing????

How U.S. Companies Are Spending Their Newly Repatriated Cash
Please read this link and see what several companies are doing with these repatriated funds.

It merely depends on the law. An economic Patriot Act could have made all of that just as illegal.

 

[danielpalos]

we have a general welfare clause

the charts give a clear picture of what the democrats were doing with the debt. the republican policy is, no goals, just help the rich get richer, "so they can bail out the rest of us".

See you don't care about debt either you sheep fucking hypocrite

it is right wing policy to help the rich get richer and expect the poor to help pay for our Debt.

the left wing prefers to raise tax revenue by raising the minimum wage. A fifteen dollar an hour minimum wage and unemployment compensation for simply being unemployed would help stabilize markets in our economy, both public and private. And, engender a positive multiplier effect since capital must circulate to ensure liquidity in our private markets and revenue is generated for the public sector.

OK... let's use your $15.00 figure raising all the people that work for minimum wage.
Q) How many people do you think work at minimum wage?
A) In 2014, about 1.3 million U.S. workers age 16 and over earned exactly the prevailing federal minimum wage of $7.25 per hour. Another 1.7 million had wages below the federal minimum. Together these workers make up 4 percent of all hourly paid workers. What are the characteristics of minimum wage workers? - UC Davis Center for Poverty Research
So let's raise ALL these 3 million people to $15.00/hour.
Now 1.3 million already were paid $7.25 so the additional hourly pay is $7.75 per hour.
So these 1.3 million would get another $7.75/hour and work 2,080 hours per year or a total gross of $20,956,000,000
Payroll taxes paid by both employer and employee: 12.4% or a total of $2.6 billion additional Federal tax revenue.
Now you do know that these 1.3 million don't pay Federal income taxes and will not on this additional $21 billion... the ONLY tax revenue will be payroll taxes.

So now let's calculate the remain 1.7 million that are less than $7.25... Let's assume that figure they currently get paid is $5.00/hr so then get $10.00 more...
1.7 million working 2,080 or additional $35.4 billion in gross wages and at 12.4% payroll taxes an additional $4.4 billion in payroll taxes.

So to answer your really ignorant comment: "would help stabilize markets in our economy, both public and private."
Just in additional payroll taxes the Federal government would get $7 billion a year... Just enough to pay out 10% of the food stamps:
SNAP benefits cost $70.9 billion in fiscal year 2016
Supplemental Nutrition Assistance Program - Wikipedia

Now you do know that these 1.3 million don't pay Federal income taxes and will not on this additional $21 billion... the ONLY tax revenue will be payroll taxes.

the online tax calculators show around two thousand dollars paid on an income based on fifteen dollars an hour and two thousand forty-eight hours per year basis.

Tax Calculator - Estimate Your Income Tax for 2018 - Free!

so what

When that 15 an hour comes from the government coffers the taxes you pay on it don't negate the cost to the tax payers

so it's better if the government keeps that 600 a week

nobody takes the right wing seriously about economics. higher paid labor also creates more in demand.

a positive multiplier effect is what we need.

 

[Skull Pilot]

we have a general welfare clause

See you don't care about debt either you sheep fucking hypocrite

it is right wing policy to help the rich get richer and expect the poor to help pay for our Debt.

the left wing prefers to raise tax revenue by raising the minimum wage. A fifteen dollar an hour minimum wage and unemployment compensation for simply being unemployed would help stabilize markets in our economy, both public and private. And, engender a positive multiplier effect since capital must circulate to ensure liquidity in our private markets and revenue is generated for the public sector.

OK... let's use your $15.00 figure raising all the people that work for minimum wage.
Q) How many people do you think work at minimum wage?
A) In 2014, about 1.3 million U.S. workers age 16 and over earned exactly the prevailing federal minimum wage of $7.25 per hour. Another 1.7 million had wages below the federal minimum. Together these workers make up 4 percent of all hourly paid workers. What are the characteristics of minimum wage workers? - UC Davis Center for Poverty Research
So let's raise ALL these 3 million people to $15.00/hour.
Now 1.3 million already were paid $7.25 so the additional hourly pay is $7.75 per hour.
So these 1.3 million would get another $7.75/hour and work 2,080 hours per year or a total gross of $20,956,000,000
Payroll taxes paid by both employer and employee: 12.4% or a total of $2.6 billion additional Federal tax revenue.
Now you do know that these 1.3 million don't pay Federal income taxes and will not on this additional $21 billion... the ONLY tax revenue will be payroll taxes.

So now let's calculate the remain 1.7 million that are less than $7.25... Let's assume that figure they currently get paid is $5.00/hr so then get $10.00 more...
1.7 million working 2,080 or additional $35.4 billion in gross wages and at 12.4% payroll taxes an additional $4.4 billion in payroll taxes.

So to answer your really ignorant comment: "would help stabilize markets in our economy, both public and private."
Just in additional payroll taxes the Federal government would get $7 billion a year... Just enough to pay out 10% of the food stamps:
SNAP benefits cost $70.9 billion in fiscal year 2016
Supplemental Nutrition Assistance Program - Wikipedia

Now you do know that these 1.3 million don't pay Federal income taxes and will not on this additional $21 billion... the ONLY tax revenue will be payroll taxes.

the online tax calculators show around two thousand dollars paid on an income based on fifteen dollars an hour and two thousand forty-eight hours per year basis.

Tax Calculator - Estimate Your Income Tax for 2018 - Free!

so what

When that 15 an hour comes from the government coffers the taxes you pay on it don't negate the cost to the tax payers

so it's better if the government keeps that 600 a week

nobody takes the right wing seriously about economics. higher paid labor also creates more in demand.

a positive multiplier effect is what we need.

I'm not right wing

It makes no sense to take money from some people to give to others who refuse to work

The Broken-Window Fallacy | Robert P. Murphy

 

[danielpalos]

we have a general welfare clause
it is right wing policy to help the rich get richer and expect the poor to help pay for our Debt.

the left wing prefers to raise tax revenue by raising the minimum wage. A fifteen dollar an hour minimum wage and unemployment compensation for simply being unemployed would help stabilize markets in our economy, both public and private. And, engender a positive multiplier effect since capital must circulate to ensure liquidity in our private markets and revenue is generated for the public sector.

OK... let's use your $15.00 figure raising all the people that work for minimum wage.
Q) How many people do you think work at minimum wage?
A) In 2014, about 1.3 million U.S. workers age 16 and over earned exactly the prevailing federal minimum wage of $7.25 per hour. Another 1.7 million had wages below the federal minimum. Together these workers make up 4 percent of all hourly paid workers. What are the characteristics of minimum wage workers? - UC Davis Center for Poverty Research
So let's raise ALL these 3 million people to $15.00/hour.
Now 1.3 million already were paid $7.25 so the additional hourly pay is $7.75 per hour.
So these 1.3 million would get another $7.75/hour and work 2,080 hours per year or a total gross of $20,956,000,000
Payroll taxes paid by both employer and employee: 12.4% or a total of $2.6 billion additional Federal tax revenue.
Now you do know that these 1.3 million don't pay Federal income taxes and will not on this additional $21 billion... the ONLY tax revenue will be payroll taxes.

So now let's calculate the remain 1.7 million that are less than $7.25... Let's assume that figure they currently get paid is $5.00/hr so then get $10.00 more...
1.7 million working 2,080 or additional $35.4 billion in gross wages and at 12.4% payroll taxes an additional $4.4 billion in payroll taxes.

So to answer your really ignorant comment: "would help stabilize markets in our economy, both public and private."
Just in additional payroll taxes the Federal government would get $7 billion a year... Just enough to pay out 10% of the food stamps:
SNAP benefits cost $70.9 billion in fiscal year 2016
Supplemental Nutrition Assistance Program - Wikipedia

Now you do know that these 1.3 million don't pay Federal income taxes and will not on this additional $21 billion... the ONLY tax revenue will be payroll taxes.

the online tax calculators show around two thousand dollars paid on an income based on fifteen dollars an hour and two thousand forty-eight hours per year basis.

Tax Calculator - Estimate Your Income Tax for 2018 - Free!

so what

When that 15 an hour comes from the government coffers the taxes you pay on it don't negate the cost to the tax payers

so it's better if the government keeps that 600 a week

nobody takes the right wing seriously about economics. higher paid labor also creates more in demand.

a positive multiplier effect is what we need.

I'm not right wing

It makes no sense to take money from some people to give to others who refuse to work

The Broken-Window Fallacy | Robert P. Murphy

all you seem to know is right wing propaganda. your reasoning is fallacious. it is not a broken window fallacy and you failed to recognize it; it is a Solution to an existing social dilemma.

the Proof is, you cannot take any "high ground with your opposing view". You need a better argument.

capitalism has a natural rate of unemployment. the power to provide for the general welfare is general enough, to solve for that inefficiency under pure capitalism.

 

[Skull Pilot]

OK... let's use your $15.00 figure raising all the people that work for minimum wage.
Q) How many people do you think work at minimum wage?
A) In 2014, about 1.3 million U.S. workers age 16 and over earned exactly the prevailing federal minimum wage of $7.25 per hour. Another 1.7 million had wages below the federal minimum. Together these workers make up 4 percent of all hourly paid workers. What are the characteristics of minimum wage workers? - UC Davis Center for Poverty Research
So let's raise ALL these 3 million people to $15.00/hour.
Now 1.3 million already were paid $7.25 so the additional hourly pay is $7.75 per hour.
So these 1.3 million would get another $7.75/hour and work 2,080 hours per year or a total gross of $20,956,000,000
Payroll taxes paid by both employer and employee: 12.4% or a total of $2.6 billion additional Federal tax revenue.
Now you do know that these 1.3 million don't pay Federal income taxes and will not on this additional $21 billion... the ONLY tax revenue will be payroll taxes.

So now let's calculate the remain 1.7 million that are less than $7.25... Let's assume that figure they currently get paid is $5.00/hr so then get $10.00 more...
1.7 million working 2,080 or additional $35.4 billion in gross wages and at 12.4% payroll taxes an additional $4.4 billion in payroll taxes.

So to answer your really ignorant comment: "would help stabilize markets in our economy, both public and private."
Just in additional payroll taxes the Federal government would get $7 billion a year... Just enough to pay out 10% of the food stamps:
SNAP benefits cost $70.9 billion in fiscal year 2016
Supplemental Nutrition Assistance Program - Wikipedia

Now you do know that these 1.3 million don't pay Federal income taxes and will not on this additional $21 billion... the ONLY tax revenue will be payroll taxes.

the online tax calculators show around two thousand dollars paid on an income based on fifteen dollars an hour and two thousand forty-eight hours per year basis.

Tax Calculator - Estimate Your Income Tax for 2018 - Free!

so what

When that 15 an hour comes from the government coffers the taxes you pay on it don't negate the cost to the tax payers

so it's better if the government keeps that 600 a week

nobody takes the right wing seriously about economics. higher paid labor also creates more in demand.

a positive multiplier effect is what we need.

I'm not right wing

It makes no sense to take money from some people to give to others who refuse to work

The Broken-Window Fallacy | Robert P. Murphy

all you seem to know is right wing propaganda. your reasoning is fallacious. it is not a broken window fallacy and you failed to recognize it; it is a Solution to an existing social dilemma.

the Proof is, you cannot take any "high ground with your opposing view". You need a better argument.

capitalism has a natural rate of unemployment. the power to provide for the general welfare is general enough, to solve for that inefficiency under pure capitalism.

The broken window fallacy applies here you're just too dense to see it

What sense does it make to take money from people who are working to pay people like you who refuse to work?

Doing so reduces the money available for people who work thus reducing their spending power and their ability to save and does nothing to grow the economy

 

[danielpalos]

the online tax calculators show around two thousand dollars paid on an income based on fifteen dollars an hour and two thousand forty-eight hours per year basis.

Tax Calculator - Estimate Your Income Tax for 2018 - Free!

so what

When that 15 an hour comes from the government coffers the taxes you pay on it don't negate the cost to the tax payers

so it's better if the government keeps that 600 a week

nobody takes the right wing seriously about economics. higher paid labor also creates more in demand.

a positive multiplier effect is what we need.

I'm not right wing

It makes no sense to take money from some people to give to others who refuse to work

The Broken-Window Fallacy | Robert P. Murphy

all you seem to know is right wing propaganda. your reasoning is fallacious. it is not a broken window fallacy and you failed to recognize it; it is a Solution to an existing social dilemma.

the Proof is, you cannot take any "high ground with your opposing view". You need a better argument.

capitalism has a natural rate of unemployment. the power to provide for the general welfare is general enough, to solve for that inefficiency under pure capitalism.

The broken window fallacy applies here you're just too dense to see it

What sense does it make to take money from people who are working to pay people like you who refuse to work?

Doing so reduces the money available for people who work thus reducing their spending power and their ability to save and does nothing to grow the economy

Under capitalism, capital needs to circulate to ensure liquidity in our markets regardless of employment Status.

Automatic stabilization of our First World economy is the goal. An upward pressure on wages is necessary; an Institutional basis accomplishes it more effectively.

And, higher paid labor pays more in taxes and creates more in demand.

 

[AntonToo]

No, these are actual conservatives doing what conservatives have always done.

The notion of conservatives being "deficit hawks" has always been a myth.

I am a conservative deficit hawk. I am not a myth.

You are not where conservatism is at anymore, you were left behind.

 

[Skull Pilot]

so what

When that 15 an hour comes from the government coffers the taxes you pay on it don't negate the cost to the tax payers

so it's better if the government keeps that 600 a week

nobody takes the right wing seriously about economics. higher paid labor also creates more in demand.

a positive multiplier effect is what we need.

I'm not right wing

It makes no sense to take money from some people to give to others who refuse to work

The Broken-Window Fallacy | Robert P. Murphy

all you seem to know is right wing propaganda. your reasoning is fallacious. it is not a broken window fallacy and you failed to recognize it; it is a Solution to an existing social dilemma.

the Proof is, you cannot take any "high ground with your opposing view". You need a better argument.

capitalism has a natural rate of unemployment. the power to provide for the general welfare is general enough, to solve for that inefficiency under pure capitalism.

The broken window fallacy applies here you're just too dense to see it

What sense does it make to take money from people who are working to pay people like you who refuse to work?

Doing so reduces the money available for people who work thus reducing their spending power and their ability to save and does nothing to grow the economy

Under capitalism, capital needs to circulate to ensure liquidity in our markets regardless of employment Status.

Automatic stabilization of our First World economy is the goal.

And, higher paid labor pays more in taxes and creates more in demand.

And by you getting money from other people for not working they have less money to circulate so the net sum of money in circulation does not change it is just moved to other sectors.

and getting paid for not working has nothing to do with labor because you are NOT in the labor pool if you are getting pain not to work so if you want to contribute get a fucking job

 

[Brain357]

No, these are actual conservatives doing what conservatives have always done.

The notion of conservatives being "deficit hawks" has always been a myth.

I am a conservative deficit hawk. I am not a myth.

You are not where conservatism is at anymore, you were left behind.

Our conservatives became socialists.

 

[AntonToo]

Dems ran up the debt nearly ten trillion, doubling the overall debt.

Bullshit. Stimulus added 800 billion, but our debt increase was primarily caused by tax-cuts, unfinanced wars and Great Recession.

 

[AntonToo]

No, these are actual conservatives doing what conservatives have always done.

The notion of conservatives being "deficit hawks" has always been a myth.

I am a conservative deficit hawk. I am not a myth.

You are not where conservatism is at anymore, you were left behind.

Our conservatives became socialists.

Socialists tax and spend, which is actually a fiscally sound proposition.