Federal Spending Is Beyond Insane

[g5000]

During his State of the Union address on Tuesday, Biden made the following statement:

By the end of this year, the deficit will be down to less than half what it was before I took office.

The only president ever to cut the deficit by more than one trillion dollars in a single year.

That sounds great..until you realize the fricking deficit is still in the stratosphere.

The federal deficit skyrocketed to $3.132 trillion in Trump's last year in office. So even if Biden got the deficit down to half that amount, it would still be $1.5 trillion!

Not even in Obama's worst year was it that high.

]

I really don't see anything for Biden to brag about.

I realize it will take time to reduce the deficit down to what Trump inherited when he took office. Trump inherited a half trillion dollar deficit and set about doubling that in his first two years when he and the GOP had full control.

If Biden is able to achieve getting the deficit down to half a trillion in four years, then I will be impressed. Though it took Obama eight years to go from one trillion to half a trillion. Biden has a much bigger mountain to climb.

Sources for this topic:

Remarks of President Joe Biden – State of the Union Address As Prepared for Delivery | The White House

United States Capitol Madam Speaker, Madam Vice President, our First Lady and Second Gentleman. Members of Congress and the Cabinet. Justices of the Supreme Court. My fellow Americans. Last year COVID-19 kept us apart. This year we are finally together again. Tonight, we meet as Democrats...

www.whitehouse.gov

Fiscal Data Explains the National Deficit

Check out @FiscalService Fiscal Data’s new national deficit page! #NationalDeficit

datalab.usaspending.gov

U.S. Budget Deficit by Year Compared to GDP and Debt

The federal budget deficit rises when government spending is high, such as during wars or recessions. Budget deficits cause the national debt to grow.

www.thebalance.com

 

[pknopp]

It's been out of control for years. People only care when it isn't their guy in the White House.

 

[Fort Fun Indiana]

During his State of the Union address on Tuesday, Biden made the following statement:

By the end of this year, the deficit will be down to less than half what it was before I took office.

The only president ever to cut the deficit by more than one trillion dollars in a single year.

That sounds great..until you realize the fricking deficit is still in the stratosphere.

The federal deficit skyrocketed to $3.132 trillion in Trump's last year in office. So even if Biden got the deficit down to half that amount, it would still be $1.5 trillion!

Not even in Obama's worst year was it that high.

]

I really don't see anything for Biden to brag about.

I realize it will take time to reduce the deficit down to what Trump inherited when he took office. Trump inherited a half trillion dollar deficit and set about doubling that in his first two years when he and the GOP had full control.

If Biden is able to achieve getting the deficit down to half a trillion in four years, then I will be impressed. Though it took Obama eight years to go from one trillion to half a trillion. Biden has a much bigger mountain to climb.

Sources for this topic:

Remarks of President Joe Biden – State of the Union Address As Prepared for Delivery | The White House

United States Capitol Madam Speaker, Madam Vice President, our First Lady and Second Gentleman. Members of Congress and the Cabinet. Justices of the Supreme Court. My fellow Americans. Last year COVID-19 kept us apart. This year we are finally together again. Tonight, we meet as Democrats...

www.whitehouse.gov

Fiscal Data Explains the National Deficit

Check out @FiscalService Fiscal Data’s new national deficit page! #NationalDeficit

datalab.usaspending.gov

U.S. Budget Deficit by Year Compared to GDP and Debt

The federal budget deficit rises when government spending is high, such as during wars or recessions. Budget deficits cause the national debt to grow.

www.thebalance.com

Funny, our spending as a percentage of our GDP is right about where first world countries fall. Kind of middle of the pack.

But our tax revenue, as a percentage of our GDP? Embarrassing and pathetic.

You are looking at the wrong side of the books.

 

[Justin Richardson]

Most of that spending was pork. Stuff they wanted to spend, but wasn't even necessary to spend on. But they rushed it anyways regardless.

 

[g5000]

It's been out of control for years. People only care when it isn't their guy in the White House.

Sad, but true. For ten years, I watched the pseudocons whine about Obama's debt. They started on day one of Obama's reign and continued well into Trump's reign.

And yet I could not drag a single critical word from them when Trump set about doubling the deficit and outspending Obama. Deficit Donald ran up $8 trillion in debt in half the time it took Obama!

And yet. Not. A. Word.

 

[g5000]

Funny, our spending as a percentage of our GDP is right about where first world countries fall. Kind of middle of the pack.

But our tax revenue, as a percentage of our GDP? Embarrassing and pathetic.

You are looking at the wrong side of the books.

Not true. I think you will find that most of the people who have been here a while know my number one issue is tax expenditures.

 

[Fort Fun Indiana]

Not true. I think you will find that most of the people who have been here a while know my number one issue is tax expenditures.

Because they are ignorant of what I just said.

Which, actually, is true.

 

[Fort Fun Indiana]

g5000

there are two sides to the books. So, yes, fair to look at spending, when trying to cure deficits.

But to look only or more at spending, when the revenue side is clearly the bigger problem?

Well, that's how politics fucks stuff up. A perfect example.

A 10th grader with a calculator would be more spot on than the average, bloviating politician or commentator. because, politics.

 

[Samofvt]

This is one of the reasons we have war. I believe the majority of people in the USA have been saying we want balanced budgets. But that money is hard to turn down: even right now at this moment, all 50 states are rubbing their hands together figuring out how they are going to spend the money the fed is giving to the states. Money that is apparently being printed out of thin air (or else it is being borrowed against our kids and grandkids future).

This failure to stay in budget is one of the biggest reasons we need the Convention of States (COS).

Current estimates are that every US citizen (adult or child) owes about $88,000.00 toward the national debt.

 

[Natural Citizen]

During his State of the Union address on Tuesday, Biden made the following statement:

By the end of this year, the deficit will be down to less than half what it was before I took office.

The only president ever to cut the deficit by more than one trillion dollars in a single year.

That sounds great..until you realize the fricking deficit is still in the stratosphere.

The federal deficit skyrocketed to $3.132 trillion in Trump's last year in office. So even if Biden got the deficit down to half that amount, it would still be $1.5 trillion!

Not even in Obama's worst year was it that high.


I really don't see anything for Biden to brag about.

I realize it will take time to reduce the deficit down to what Trump inherited when he took office. Trump inherited a half trillion dollar deficit and set about doubling that in his first two years when he and the GOP had full control.

If Biden is able to achieve getting the deficit down to half a trillion in four years, then I will be impressed. Though it took Obama eight years to go from one trillion to half a trillion. Biden has a much bigger mountain to climb.

The reality of our monetary policy is this.

If the country does not go deeper into debt every year, the whole thing goes into a deflationary collapse under the weight of interest payments on existing Treasury bonds.

Debt extinguishes currency. Or, more clearly, currency and debt destroy each other.

You could just pay the principal only on all of those bonds, but then your currency supply would vanish by default.

There's interest due on every dollar in existence.

The system itself is finite. It requires ever-increasing debt just to continue.
And we're witnessing this reality now.

It's why politicians kick the can down the road and create more debt. Bringing down the debt would literally collapse the entire economy under the current model.

The country literally depends on the electorate paying tax just to have a monetary system.

That's the country simple version anyway.

 

[PinktheFloyd88]

Ah, I almost forgot, there's a (D) in the White House now.

 

[blackhawk]

The only time either side cares about spending is when they are not the ones doing it.

 

[Toddsterpatriot]

By the end of this year, the deficit will be down to less than half what it was before I took office.

The only president ever to cut the deficit by more than one trillion dollars in a single year.

Yeah, he's a real deficit hawk.

How much did he want to spend for "Build Back Better"? LOL!

 

[Samofvt]

Funny, our spending as a percentage of our GDP is right about where first world countries fall. Kind of middle of the pack.

But our tax revenue, as a percentage of our GDP? Embarrassing and pathetic.

You are looking at the wrong side of the books.

I agree we should look at both sides of the books. However, I disagree that our debt is somehow "normal": we have a debt that is over 107% of our yearly GDP. This is not healthy, unless you intend to invade several other countries to plunder their resources (as Putin is doing right now).

 

[Toddsterpatriot]

There's interest due on every dollar in existence.

LOL!

How much interest is due on the $20 I'm holding?

Who is going to pay me that interest? You? How am I going to get it?

 

[Justin Richardson]

But debt rose by nearly $7.8 trillion under President Donald Trump, according to a ProPublica analysis, despite his 2016 pronouncement to the Washington Post that he would eliminate the debt entirely over eight years. Much of that debt increase occurred even before Trump and Congress authorized—on a bipartisan basis—trillions of dollars in deficit-financed stimulus spending to contain the coronavirus pandemic and prevent an economic catastrophe.

In the three years Trump occupied the White House before the crisis, two rounds of tax cuts and two spending deals with Congress added some $4.5 trillion to the deficit, figures Maya MacGuineas, president of the Committee for a Responsible Federal Budget, which advocates for a sustainable national debt.

To be fair, Presidents George W. Bush and Barack Obama also left behind bigger federal debts than they started with. The last time the debt as a share of GDP shrank was during the last years of the Clinton Administration; under pressure from the Republican-controlled Congress, he actually ran a surplus. Bush argued for his first round of tax cuts in 2001 on the grounds that the surplus was dangerous in government hands and should be returned to the American people. He pushed through another round of cuts in 2003. The Bush tax cuts would have expired at the end of 2010, but Obama agreed to extend them for two years, and ultimately, with the country still recovering from the Great Recession and Republicans by then in control of the House, agreed in 2012 to make most of them permanent.

 

[theHawk]

During his State of the Union address on Tuesday, Biden made the following statement:

By the end of this year, the deficit will be down to less than half what it was before I took office.

The only president ever to cut the deficit by more than one trillion dollars in a single year.

That sounds great..until you realize the fricking deficit is still in the stratosphere.

The federal deficit skyrocketed to $3.132 trillion in Trump's last year in office. So even if Biden got the deficit down to half that amount, it would still be $1.5 trillion!

Not even in Obama's worst year was it that high.

]

I really don't see anything for Biden to brag about.

I realize it will take time to reduce the deficit down to what Trump inherited when he took office. Trump inherited a half trillion dollar deficit and set about doubling that in his first two years when he and the GOP had full control.

If Biden is able to achieve getting the deficit down to half a trillion in four years, then I will be impressed. Though it took Obama eight years to go from one trillion to half a trillion. Biden has a much bigger mountain to climb.

Sources for this topic:

Remarks of President Joe Biden – State of the Union Address As Prepared for Delivery | The White House

United States Capitol Madam Speaker, Madam Vice President, our First Lady and Second Gentleman. Members of Congress and the Cabinet. Justices of the Supreme Court. My fellow Americans. Last year COVID-19 kept us apart. This year we are finally together again. Tonight, we meet as Democrats...

www.whitehouse.gov

Fiscal Data Explains the National Deficit

Check out @FiscalService Fiscal Data’s new national deficit page! #NationalDeficit

datalab.usaspending.gov

U.S. Budget Deficit by Year Compared to GDP and Debt

The federal budget deficit rises when government spending is high, such as during wars or recessions. Budget deficits cause the national debt to grow.

www.thebalance.com

Yea because Congress went crazy spending money for Coof when we didn’t need any spending whatsoever.

 

[22lcidw]

Sad, but true. For ten years, I watched the pseudocons whine about Obama's debt. They started on day one of Obama's reign and continued well into Trump's reign.

And yet I could not drag a single critical word from them when Trump set about doubling the deficit and outspending Obama. Deficit Donald ran up $8 trillion in debt in half the time it took Obama!

And yet. Not. A. Word.

Cut 200 billion from the military. Cut a few hundred billion from social programs. While adding the taxes to corporations on a product that cost a few bucks will cost a dollar more and then of course the inflation. We know who loses.

 

[Fort Fun Indiana]

However, I disagree that our debt is somehow "normal": we have a debt that is over 107% of our yearly GDP.

That's a result of running annual deficits.

No that debt is not normal. Neither are our deficits. In fact, they are downright embarrassing and make us look like a stupid country that has not yet realized the calculator exists.

 

[eagle7-31]

During his State of the Union address on Tuesday, Biden made the following statement:

By the end of this year, the deficit will be down to less than half what it was before I took office.

The only president ever to cut the deficit by more than one trillion dollars in a single year.

That sounds great..until you realize the fricking deficit is still in the stratosphere.

The federal deficit skyrocketed to $3.132 trillion in Trump's last year in office. So even if Biden got the deficit down to half that amount, it would still be $1.5 trillion!

Not even in Obama's worst year was it that high.

]

I really don't see anything for Biden to brag about.

I realize it will take time to reduce the deficit down to what Trump inherited when he took office. Trump inherited a half trillion dollar deficit and set about doubling that in his first two years when he and the GOP had full control.

If Biden is able to achieve getting the deficit down to half a trillion in four years, then I will be impressed. Though it took Obama eight years to go from one trillion to half a trillion. Biden has a much bigger mountain to climb.

Sources for this topic:

Remarks of President Joe Biden – State of the Union Address As Prepared for Delivery | The White House

United States Capitol Madam Speaker, Madam Vice President, our First Lady and Second Gentleman. Members of Congress and the Cabinet. Justices of the Supreme Court. My fellow Americans. Last year COVID-19 kept us apart. This year we are finally together again. Tonight, we meet as Democrats...

www.whitehouse.gov

Fiscal Data Explains the National Deficit

Check out @FiscalService Fiscal Data’s new national deficit page! #NationalDeficit

datalab.usaspending.gov

U.S. Budget Deficit by Year Compared to GDP and Debt

The federal budget deficit rises when government spending is high, such as during wars or recessions. Budget deficits cause the national debt to grow.

www.thebalance.com

Only once in the history of the US government has there been a balanced budget and no national debt at the same time....Andrew Jackson's second term.