Elizabeth Warren Fights Back Against the "Magical Accounting" of Trickle-Down Economics

[Dad2three]

Perhaps understand the difference of deficits versus debt Bubba? Deficits are ONLY the amounts the yearly budget needs to balance revenues in and payments out. Debt can increase WHEN EXCESS PAYMENTS FROM PAYROLL TAXES COME IN, BUT LEAVE SMALLER DEFICITS!

Excess payroll taxes ARE income to the budget, BUT ADDS INTRA GOV'T debt to the books!


lol

Perhaps understand the difference of deficits versus debt Bubba?

If you add the 4 years of deficits, you'll have the added debt after 4 years, Doofus.

Debt can increase WHEN EXCESS PAYMENTS FROM PAYROLL TAXES COME IN, BUT LEAVE SMALLER DEFICITS!

Of course, we're talking about gross debt. Just like your earlier chart.

Excess payroll taxes ARE income to the budget, BUT ADDS INTRA GOV'T debt to the books!

Of course. Do you imagine you've discovered something new? Maybe new to you. LOL!

YOU'RE A MORON. WORLD CLASS, BUT STILL A MORON BUBBA!

Adding deficits DOESN'T amount to US debt, lol

Adding deficits DOESN'T amount to US debt

Yes it does.

Gawd you're a moron.

"Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the "Social Security surplus" makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted."

The Budget and Deficit Under Clinton


BUDGET

$100 A YEAR COMING IN

$101 GOING OUT

Deficit of $1 , BUT if $10 of the money coming in was PAYROLL taxes to pay for SS let's say, you grew your debt by $11 dollars. Have a 5th grader explain it to you Bubba

BUDGET

$100 A YEAR COMING IN

$101 GOING OUT

Deficit of $1 , BUT if $10 of the money coming in was PAYROLL taxes to pay for SS let's say, you grew your debt by $11 dollars. Have a 5th grader explain it to you Bubba

In your simplistic example, $90 came in thru income, business, import taxes and fees, etc.
$10 came in thru payroll taxes.
Spending was $101.
Your debt increased by $1, because your spending was more than your income.
Get an unrelated 5th grader to explain it to you. Doofus.

And the $10 that went into the budget BUT actually bought US treasury bonds (debt)? lol

 

[Toddsterpatriot]

Thanks for the links. I didn't need them to know your 60% claim was a lie.

Got it, you're immune to facts

The fact is, you claimed Reagan raised SS taxes by 60%.
The fact is, your links didn't back up your claim.
The fact is, you lied.

 

[Dad2three]

BZZZZ Wrong. Why do you think ECONOMISTS don't look at nominal dollars, dollars not adjusted for inflation? Add that to the growing labor force, THAT'S why they measure it via GDP, like ALL Gov't do.

NO SERIOUS ECONOMIST THINKS YOU CUT TAXES AT THE RATES WE'VE HAD FOR 34+ YEARS AND GET MORE REVENUES. None. Yes you can point to right wingers who lie for a living. But no serious economist thinks either Regan's tax cuts for the rich (50% first six years, that drove the deficit so badly he had to increase revenues 11 after that) NOR Dubya's 2 tax cuts (1 during war), came close to paying for themselves, much less brought in more revenues!!!!

By this measure, total federal revenues fell from 19.6 percent of GDP in 1981 to 18.4 percent of GDP by 1989.

Was 19.6% carved in stone? Mandated by the Constitution? Why can't the Feds survive on 18.4% of GDP?
Or 17%? Or less?

You mean do we need to FUND Gov't and Reagan not only cut revenues but blew up the debt????


I guess Clinton taking US back to near where Carter had US kinda shows we need around 20% of GDP to run Gov't AS IT'S CURRENTLY FORMED. Want to change it? Win more elections!

I guess Clinton taking US back to near where Carter had US

That Internet Bubble was very helpful for revenues.

Want to change it? Win more elections!

Excellent idea! Pubs do have more seats than they've had since the 1920s, I think.

Agreed, Good policy from Dems created that too

To Establish Fiscal Discipline, President Clinton:

Enacted the 1993 Deficit Reduction Plan without a Single Republican Vote.



"The deficit has come down, and I give the Clinton Administration and President Clinton himself a lot of credit for that. [He] did something about it, fast. And I think we are seeing some benefits."
— Paul Volcker, Federal Reserve Board Chairman (1979-1987), in Audacity, Fall 1994 (PRE GOPers)

"Clinton's 1993 budget cuts, which reduced projected red ink by more than $400 billion over five years, sparked a major drop in interest rates that helped boost investment in all the equipment and systems that brought forth the New Age economy of technological innovation and rising productivity."
— Business Week, May 19, 1997


Sure Pub's have more seats as record low voter apathy had turnouts at WW2 levels. Wait till the GOP needs to defend 26 (?) seats in the Senate in 2016 and we have ANOTHER Dem Prez elected which will bring out the voters!

sparked a major drop in interest rates that helped boost investment

I love the stupid interest rate claim.
They took more money from taxpayers, who would have used it to pay down their own debt, or invest in interest bearing securities, and used it to reduce government borrowing.
How does that reduce interest rates for the economy?
I'll give you a hint.....it doesn't.

More of your OPINION which, you prove constantly is wrong. I'm shocked

 

[Dad2three]

Thanks for the links. I didn't need them to know your 60% claim was a lie.

Got it, you're immune to facts

The fact is, you claimed Reagan raised SS taxes by 60%.
The fact is, your links didn't back up your claim.
The fact is, you lied.

Prove it? lol

 

[Dad2three]

 

[Toddsterpatriot]

Perhaps understand the difference of deficits versus debt Bubba?

If you add the 4 years of deficits, you'll have the added debt after 4 years, Doofus.

Debt can increase WHEN EXCESS PAYMENTS FROM PAYROLL TAXES COME IN, BUT LEAVE SMALLER DEFICITS!

Of course, we're talking about gross debt. Just like your earlier chart.

Excess payroll taxes ARE income to the budget, BUT ADDS INTRA GOV'T debt to the books!

Of course. Do you imagine you've discovered something new? Maybe new to you. LOL!

YOU'RE A MORON. WORLD CLASS, BUT STILL A MORON BUBBA!

Adding deficits DOESN'T amount to US debt, lol

Adding deficits DOESN'T amount to US debt

Yes it does.

Gawd you're a moron.

"Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the "Social Security surplus" makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted."

The Budget and Deficit Under Clinton


BUDGET

$100 A YEAR COMING IN

$101 GOING OUT

Deficit of $1 , BUT if $10 of the money coming in was PAYROLL taxes to pay for SS let's say, you grew your debt by $11 dollars. Have a 5th grader explain it to you Bubba

BUDGET

$100 A YEAR COMING IN

$101 GOING OUT

Deficit of $1 , BUT if $10 of the money coming in was PAYROLL taxes to pay for SS let's say, you grew your debt by $11 dollars. Have a 5th grader explain it to you Bubba

In your simplistic example, $90 came in thru income, business, import taxes and fees, etc.
$10 came in thru payroll taxes.
Spending was $101.
Your debt increased by $1, because your spending was more than your income.
Get an unrelated 5th grader to explain it to you. Doofus.

And the $10 that went into the budget BUT actually bought US treasury bonds (debt)? lol

So without that $10, buying Treasury bonds, you'd have another $10 borrowed from the public.
Which means $100 coming in, $101 going out, deficit of $1.

 

[Toddsterpatriot]

Thanks for the links. I didn't need them to know your 60% claim was a lie.

Got it, you're immune to facts

The fact is, you claimed Reagan raised SS taxes by 60%.
The fact is, your links didn't back up your claim.
The fact is, you lied.

Prove it? lol

Prove that he didn't raise SS taxes 60%? LOL!

I'm waiting for you prove he did. LOL!

 

[Freewill]

Economy was doing pretty well up until the democrats took over Congress and ignored Bush from there on in. True story, look it up.

 

[Toddsterpatriot]

Gave the most top end tax cuts? How much did he give, percentage wise, to the top end?

 

[Dad2three]

YOU'RE A MORON. WORLD CLASS, BUT STILL A MORON BUBBA!

Adding deficits DOESN'T amount to US debt, lol

Adding deficits DOESN'T amount to US debt

Yes it does.

Gawd you're a moron.

"Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the "Social Security surplus" makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted."

The Budget and Deficit Under Clinton


BUDGET

$100 A YEAR COMING IN

$101 GOING OUT

Deficit of $1 , BUT if $10 of the money coming in was PAYROLL taxes to pay for SS let's say, you grew your debt by $11 dollars. Have a 5th grader explain it to you Bubba

BUDGET

$100 A YEAR COMING IN

$101 GOING OUT

Deficit of $1 , BUT if $10 of the money coming in was PAYROLL taxes to pay for SS let's say, you grew your debt by $11 dollars. Have a 5th grader explain it to you Bubba

In your simplistic example, $90 came in thru income, business, import taxes and fees, etc.
$10 came in thru payroll taxes.
Spending was $101.
Your debt increased by $1, because your spending was more than your income.
Get an unrelated 5th grader to explain it to you. Doofus.

And the $10 that went into the budget BUT actually bought US treasury bonds (debt)? lol

So without that $10, buying Treasury bonds, you'd have another $10 borrowed from the public.
Which means $100 coming in, $101 going out, deficit of $1.

Yeah, EXCEPT by LAW you MUST buy the treasury bond with excess revenues, which hides the TRUE costs of Reagan/Bush tax cuts WHILE creating 3+ TRILLION in UNFUNDED treasury bonds

You know how it works right? lol

Deficit ISN'T the debt...

 

[Billy000]

She keeps making points against "Trickle Down", gotta love Elizabeth Warren.

Elizabeth Warren Fights Back Against the Magical Accounting of Trickle-Down Economics Mother Jones

Elizabeth Warren says "America's middle class is in deep trouble." Although general economic indicators are on the rise, the Massachusetts senator argued in a speech Wednesday morning, pay has stagnated for all but the richest Americans—and trickle-down voodoo economics and loose Wall Street regulation are to blame. And although Warren has given every indication that she's happy to remain in the Senate and pass on liberals' hopes that she'll run for president in 2016, her speech—at an AFL-CIO conference on wages—had the tone of a presidential campaign barnstormer.

Warren kicked off her address by noting that the current economic recovery, while real, hasn't helped most Americans. The stock market's up, but half the country doesn't own any stocks. Inflation is low, but that doesn't matter for millennials burdened by overwhelming student debt. Corporate profits have risen, but that hardly matters to people who work at Walmart and are paid so little that they still need food stamps, Warren said.
<more>

I would love to see her as president, but unfortunately she wouldn't have a snowball's chance in Hell if she ran. That's America for you. Most Americans aren't smart enough to know what's good for them.

 

[Dad2three]

Economy was doing pretty well up until the democrats took over Congress and ignored Bush from there on in. True story, look it up.

PLEASE give me the bills they passed that changed Dubya's policies? PRETTY PLEASE? lol

 

[Dad2three]

Gave the most top end tax cuts? How much did he give, percentage wise, to the top end?

Bush Tax Cuts Have Provided Extremely Large Benefits to Wealthiest Americans Over Last Nine Years

• The average tax cut that people making over $1 million received exceeded $110,000 in each of the last nine years — for a total of more than $1 million over this period.
• The tax cuts made the tax system less progressive.
  
  Bush Tax Cuts Have Provided Extremely Large Benefits to Wealthiest Americans Over Last Nine Years mdash Center on Budget and Policy Priorities
  
  
  WHERE WERE THE JOBS??????
  

 

[Toddsterpatriot]

Adding deficits DOESN'T amount to US debt

Yes it does.

Gawd you're a moron.

"Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the "Social Security surplus" makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted."

The Budget and Deficit Under Clinton


BUDGET

$100 A YEAR COMING IN

$101 GOING OUT

Deficit of $1 , BUT if $10 of the money coming in was PAYROLL taxes to pay for SS let's say, you grew your debt by $11 dollars. Have a 5th grader explain it to you Bubba

BUDGET

$100 A YEAR COMING IN

$101 GOING OUT

Deficit of $1 , BUT if $10 of the money coming in was PAYROLL taxes to pay for SS let's say, you grew your debt by $11 dollars. Have a 5th grader explain it to you Bubba

In your simplistic example, $90 came in thru income, business, import taxes and fees, etc.
$10 came in thru payroll taxes.
Spending was $101.
Your debt increased by $1, because your spending was more than your income.
Get an unrelated 5th grader to explain it to you. Doofus.

And the $10 that went into the budget BUT actually bought US treasury bonds (debt)? lol

So without that $10, buying Treasury bonds, you'd have another $10 borrowed from the public.
Which means $100 coming in, $101 going out, deficit of $1.

Yeah, EXCEPT by LAW you MUST buy the treasury bond with excess revenues, which hides the TRUE costs of Reagan/Bush tax cuts WHILE creating 3+ TRILLION in UNFUNDED treasury bonds

You know how it works right? lol

Deficit ISN'T the debt...

Yeah, EXCEPT by LAW you MUST buy the treasury bond with excess revenues

Since they add all the money coming in (including SS taxes) before they subtract out all the spending, it helps hide the true cost of all government spending, before Reagan and after Bush. So what?

Deficit ISN'T the debt.

Yes it is. Even if you can't add.

 

[Dad2three]

 

[Dad2three]

Gawd you're a moron.

"Clinton’s large budget surpluses also owe much to the Social Security tax on payrolls. Social Security taxes now bring in more than the cost of current benefits, and the "Social Security surplus" makes the total deficit or surplus figures look better than they would if Social Security wasn’t counted."

The Budget and Deficit Under Clinton


BUDGET

$100 A YEAR COMING IN

$101 GOING OUT

Deficit of $1 , BUT if $10 of the money coming in was PAYROLL taxes to pay for SS let's say, you grew your debt by $11 dollars. Have a 5th grader explain it to you Bubba

BUDGET

$100 A YEAR COMING IN

$101 GOING OUT

Deficit of $1 , BUT if $10 of the money coming in was PAYROLL taxes to pay for SS let's say, you grew your debt by $11 dollars. Have a 5th grader explain it to you Bubba

In your simplistic example, $90 came in thru income, business, import taxes and fees, etc.
$10 came in thru payroll taxes.
Spending was $101.
Your debt increased by $1, because your spending was more than your income.
Get an unrelated 5th grader to explain it to you. Doofus.

And the $10 that went into the budget BUT actually bought US treasury bonds (debt)? lol

So without that $10, buying Treasury bonds, you'd have another $10 borrowed from the public.
Which means $100 coming in, $101 going out, deficit of $1.

Yeah, EXCEPT by LAW you MUST buy the treasury bond with excess revenues, which hides the TRUE costs of Reagan/Bush tax cuts WHILE creating 3+ TRILLION in UNFUNDED treasury bonds

You know how it works right? lol

Deficit ISN'T the debt...

Yeah, EXCEPT by LAW you MUST buy the treasury bond with excess revenues

Since they add all the money coming in (including SS taxes) before they subtract out all the spending, it helps hide the true cost of all government spending, before Reagan and after Bush. So what?

Deficit ISN'T the debt.

Yes it is. Even if you can't add.

So you are a moron who conflates debt with deficits. Got it

 

[Toddsterpatriot]

Gave the most top end tax cuts? How much did he give, percentage wise, to the top end?

Bush Tax Cuts Have Provided Extremely Large Benefits to Wealthiest Americans Over Last Nine Years

• The average tax cut that people making over $1 million received exceeded $110,000 in each of the last nine years — for a total of more than $1 million over this period.
• The tax cuts made the tax system less progressive.
  
  Bush Tax Cuts Have Provided Extremely Large Benefits to Wealthiest Americans Over Last Nine Years mdash Center on Budget and Policy Priorities
  
  
  WHERE WERE THE JOBS??????

The average tax cut that people making over $1 million received exceeded $110,000 in each of the last nine years

What was the percentage?

 

[Dad2three]

Economy was doing pretty well up until the democrats took over Congress and ignored Bush from there on in. True story, look it up.

I'll wait patiently for the bills the Dems passed that changed Dubya's policies 2007-Jan 2009???

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Dad2three]

Gave the most top end tax cuts? How much did he give, percentage wise, to the top end?

Bush Tax Cuts Have Provided Extremely Large Benefits to Wealthiest Americans Over Last Nine Years

• The average tax cut that people making over $1 million received exceeded $110,000 in each of the last nine years — for a total of more than $1 million over this period.
• The tax cuts made the tax system less progressive.
  
  Bush Tax Cuts Have Provided Extremely Large Benefits to Wealthiest Americans Over Last Nine Years mdash Center on Budget and Policy Priorities
  
  
  WHERE WERE THE JOBS??????

The average tax cut that people making over $1 million received exceeded $110,000 in each of the last nine years

What was the percentage?

How many PRIVATE sector jobs did each $1 million in the tax cuts for the rich create?

 

[Toddsterpatriot]

BUDGET

$100 A YEAR COMING IN

$101 GOING OUT

Deficit of $1 , BUT if $10 of the money coming in was PAYROLL taxes to pay for SS let's say, you grew your debt by $11 dollars. Have a 5th grader explain it to you Bubba

In your simplistic example, $90 came in thru income, business, import taxes and fees, etc.
$10 came in thru payroll taxes.
Spending was $101.
Your debt increased by $1, because your spending was more than your income.
Get an unrelated 5th grader to explain it to you. Doofus.

And the $10 that went into the budget BUT actually bought US treasury bonds (debt)? lol

So without that $10, buying Treasury bonds, you'd have another $10 borrowed from the public.
Which means $100 coming in, $101 going out, deficit of $1.

Yeah, EXCEPT by LAW you MUST buy the treasury bond with excess revenues, which hides the TRUE costs of Reagan/Bush tax cuts WHILE creating 3+ TRILLION in UNFUNDED treasury bonds

You know how it works right? lol

Deficit ISN'T the debt...

Yeah, EXCEPT by LAW you MUST buy the treasury bond with excess revenues

Since they add all the money coming in (including SS taxes) before they subtract out all the spending, it helps hide the true cost of all government spending, before Reagan and after Bush. So what?

Deficit ISN'T the debt.

Yes it is. Even if you can't add.

So you are a moron who conflates debt with deficits. Got it

I realize trying to clear up your idiocy is a lost cause.