Biden's America: The U.S. just hit a grim financial milestone

[Counselor706]

WASHINGTON (AP) — The nation's gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday that logs America's daily finances.

Edging closer to the statutory ceiling of roughly $31.4 trillion — an artificial cap Congress placed on the U.S. government’s ability to borrow — the debt numbers hit an already tenuous economy facing high inflation, rising interest rates and a strong U.S. dollar.

And while President Joe Biden has touted his administration's deficit reduction efforts this year and recently signed the so-called Inflation Reduction Act, which attempts to tame 40-year high price increases caused by a variety of economic factors, economists say the latest debt numbers are a cause for concern.

The Congressional Budget Office earlier this year released a report on America's debt load, warning in its 30-year outlook that, if unaddressed, the debt will soon spiral upward to new highs that could ultimately imperil the U.S. economy.

https://www.yahoo.com/news/us-starts-fiscal-record-31-220845214.html

 

[ll74]

The debt ceiling is arbitrary.

 

[JohnEngelman]

When a Republican complains about the national debt, ask him, "What happened to the revenue building benefits of tax cuts for the rich? And they were tax cuts for the rich. Reagan cut the top tax rate from 70% to 28%.

http://www.irs.gov/pub/irs-soi/02inpetr.pdf

Paul Krugman, who won the Nobel Prize in Economics in 2008, has estimated that when reductions in the capital gains tax are included 41% of the Bush II tax cuts (while starting two expensive wars he could not win) went to the richest one percent of the population.

The rise in the national debt is the result of the Republican insistence on cutting taxes for the rich, and the delusion that these tax cuts somehow pay for themselves.

When the Second World War ended in 1945, the national debt as a percentage of gross domestic (GDP) product was 114%. During President Carter's last year in office in 1980 this had declined to 32%. It had declined under Republican and Democrat presidents. It had declined during the wars in Korea and Vietnam.

During his debate with President Carter Ronald Reagan promised to balance the budget by 1983, "if not sooner." By 1983 the national debt as a percentage of GDP had grown to 37%. By Reagan's last full year in office in 1988 this had grown to 50%.

President Clinton raised the top tax rate slightly. From 1996 to 2000 the national debt as a percentage of GDP declined from 64% to 55%.

President Bush II cut taxes for the rich while invading Iraq and Afghanistan. Trump cut taxes for the rich again. During Trump's last year in office the national debt as a percentage of GDP had grown to 129%. After two years of President Biden this had declined to 123%.

Republican politicians are talking about cutting Social Security and Medicare.

-------

Data for Progress: Voters Overwhelmingly Want Congress to Expand Social Security Benefits​

June 2022​

• 82% of voters want Congress to raise Social Security benefits across the board
• 83% of Democrats, 73% of independents, and 73% of Republicans want to strengthen Social Security and pay for it by making the wealthy contribute their fair share

https://socialsecurityworks.org/2022/08/03/social-security-polling/

-------

For years polls have indicated popular support for a more progressive tax system.

https://www.google.com/search?q=pol...BqQKIAaAUkgEGMS4xNS4zmAEAoAEB&sclient=gws-wiz

 

[colddiesel]

There are three available solutions:

1. Decrease expenditure.
2. Increase Taxes.
3. Both of the above.

A decrease in expenditure, even a substantial decrease would be insufficient. Substantial tax increases are essential.

 

[lazy_literotic]

uuhhhhh -
30 yrs of supply side with the last bitch slap being that t-shit adding 10 trill to the debt.
he promised all kinds of shit - no shit just 10 more trill in debt.
now if you guys voted dem - the house would take back that stupid t tax break.
but no - you guys voted for reeps that will seize the opportunity to cut and eliminate entitlements.
entitlements = your medicare and ss. things you will need 65+ - or should you become disabled.
you guys vote that way because you don't have the balls to stand up for what you want, and worked for.
women - we do vote for our rights.
because we are tough.

 

[HisArpy]

uuhhhhh -
30 yrs of supply side with the last bitch slap being that t-shit adding 10 trill to the debt.
he promised all kinds of shit - no shit just 10 more trill in debt.
now if you guys voted dem - the house would take back that stupid t tax break.
but no - you guys voted for reeps that will seize the opportunity to cut and eliminate entitlements.
entitlements = your medicare and ss. things you will need 65+ - or should you become disabled.
you guys vote that way because you don't have the balls to stand up for what you want, and worked for.
women - we do vote for our rights.
because we are tough.

This post illustrates how politically and socially illiterate most Progressives are.

The "Trump tax break" increased taxes on the wealthy according to the Gov Accounting Office while reducing the tax burden on the lower income class. Yet you want to repeal it AND increase taxes in order to pay for the national debt. ALL THE WHILE saying it's all Trump's fault while you go on ignoring the fact that the ObamaMessiah DOUBLED the national debt during his term.

The rest of your post is equally fucked up.

 

[lazy_literotic]

This post illustrates how politically and socially illiterate most Progressives are.

The "Trump tax break" increased taxes on the wealthy according to the Gov Accounting Office while reducing the tax burden on the lower income class. Yet you want to repeal it AND increase taxes in order to pay for the national debt. ALL THE WHILE saying it's all Trump's fault while you go on ignoring the fact that the ObamaMessiah DOUBLED the national debt during his term.

The rest of your post is equally fucked up.

and you forgot to include all the evidence that t-shit really won.

 

[HisArpy]

and you forgot to include all the evidence that t-shit really won.

Again, you illustrate how politically and socially illiterate you are.

Trump was President. He was elected by voters and the Electoral College cast their ballots as instructed. Congress ratified the result.

So yes, Trump "really won" the election. The fact that you don't like it only shows that the rest of what you preach is just as flawed because it's all based on lies, omission, and misdirection which is motivated by hate and bias.

 

[lazy_literotic]

Again, you illustrate how politically and socially illiterate you are.

Trump was President. He was elected by voters and the Electoral College cast their ballots as instructed. Congress ratified the result.

So yes, Trump "really won" the election. The fact that you don't like it only shows that the rest of what you preach is just as flawed because it's all based on lies, omission, and misdirection which is motivated by hate and bias.

I'm so sorry -
the liars at cnn said there was an election in 2020 where t-shit was shit canned.

 

[John_von_Neumann]

The national debt increased by over 37% under Trump.

How many threads did miles start about it?

 

[HisArpy]

I'm so sorry -
the liars at cnn said there was an election in 2020 where t-shit was shit canned.

And this has relevance to 2016 in what way, exactly?

 

[lazy_literotic]

And this has relevance to 2016 in what way, exactly?

2016 turned into 2017 -
t-shit promised to rebuild our cities, airports, rail, healthcare - and more.
all that would be done with his tax breaks.

1.9 trillion of tax breaks that we the taxpayers are paying for - went to the 1%ers and corporations.
they didn't do shit on the shit above -
they bought back stocks.
invested in capital equip to lay off workers.
kept the money.
and hired a few people

your whtehouse dressing room rapist lied to you.

 

[HisArpy]

2016 turned into 2017 -
t-shit promised to rebuild our cities, airports, rail, healthcare - and more.
all that would be done with his tax breaks.

1.9 trillion of tax breaks that we the taxpayers are paying for - went to the 1%ers and corporations.
they didn't do shit on the shit above -
they bought back stocks.
invested in capital equip to lay off workers.
kept the money.
and hired a few people

your whtehouse dressing room rapist lied to you.

Lol.

You need to do your research because the truth disagrees with your bullshit narrative that the tax breaks went to the wealthy 1% and corporations.

IRS data proves that Trump's tax cuts benefited the middle class the most

While the amount all taxpayers owed the IRS in 2018 declined by $64 billion, the amount high earners paid increased by $16 billion

We now have incontrovertible evidence that after five years since they took effect, the Trump tax rate cuts of 2017 raised revenues over this time period... The latest Congressional Budget Office report released earlier this month calculated that the federal government collected $4.9 trillion of federal revenue last year. This was up — ready for this? — almost $1.5 trillion since 2017, the year before the tax cuts became law.

In other words, revenues were up 40% in five years. The evidence through the first three years of the tax cut finds that the share of taxes paid by the wealthiest 1% rose as well. So much for this being a tax giveaway for the rich.

https://www.msn.com/en-us/news/politics/its-official-trumps-tax-cuts-paid-for-themselves/ar-AA16y1Ge

So just STFU with your bullshit, it's all nothing but a lie.



The rest of your crapfest is more of the same skewed one-sided bullshit. Trump promised us all kinds of things. Things that Congress has to authorize spending for. Guess what - Congress didn't do that. So Trump had to improvise in order to get us what he could. Like a border wall and policies to help control illegal immigration. Those things WORKED until you klowns took over and now we have a complete mess that's threatening our security and finances on both a national and personal level.

 

[icanhelp1]

Lol.

You need to do your research because the truth disagrees with your bullshit narrative that the tax breaks went to the wealthy 1% and corporations.

IRS data proves that Trump's tax cuts benefited the middle class the most

While the amount all taxpayers owed the IRS in 2018 declined by $64 billion, the amount high earners paid increased by $16 billion



So just STFU with your bullshit, it's all nothing but a lie.



The rest of your crapfest is more of the same skewed one-sided bullshit. Trump promised us all kinds of things. Things that Congress has to authorize spending for. Guess what - Congress didn't do that. So Trump had to improvise in order to get us what he could. Like a border wall and policies to help control illegal immigration. Those things WORKED until you klowns took over and now we have a complete mess that's threatening our security and finances on both a national and personal level.

2022 debt to GDP 129% ; highest on record.

 

[Emerson40]

Lol.

You need to do your research because the truth disagrees with your bullshit narrative that the tax breaks went to the wealthy 1% and corporations.

IRS data proves that Trump's tax cuts benefited the middle class the most

While the amount all taxpayers owed the IRS in 2018 declined by $64 billion, the amount high earners paid increased by $16 billion



So just STFU with your bullshit, it's all nothing but a lie.



The rest of your crapfest is more of the same skewed one-sided bullshit. Trump promised us all kinds of things. Things that Congress has to authorize spending for. Guess what - Congress didn't do that. So Trump had to improvise in order to get us what he could. Like a border wall and policies to help control illegal immigration. Those things WORKED until you klowns took over and now we have a complete mess that's threatening our security and finances on both a national and personal level.

The only accurate thing you stated in your word-derp salad is that “Trump promised us all kinds of things.”
That he certainly did, then super underdelivered. Bigly.

It seems you forgot the Republicans controlled both the House and Senate during the first two (pre-pandemic) years of Trump’s presidency.

Oh, the things he and they coulda got done, had he and they only been competent.

And isn’t Mexico paying for the ‘wall’?

 

[icanhelp1]

The only accurate thing you stated in your word-derp salad is that “Trump promised us all kinds of things.”
That he certainly did, then super underdelivered. Bigly.

It seems you forgot the Republicans controlled both the House and Senate during the first two (pre-pandemic) years of Trump’s presidency.

Oh, the things he and they coulda got done, had he and they only been competent.

And isn’t Mexico paying for the ‘wall’?

He did deliver a vaccine. Congress is responsible for spending bills.

 

[Lazaran]

https://www.commondreams.org/news/2...llions-trump-tax-cut-they-helped-write-report

ineedhelp1 and Harpy

 

[Emerson40]

He did deliver a vaccine. Congress is responsible for spending bills.

Fantastic! That was in his final year of his term. And although the vaccine development was accelerated under his administration, did you really want to start a discussion on the distribution, or lack thereof, of the vaccines, or the lack of any federal mandate for administration of the vaccine? Or his downplaying the virus and the rate of spread? Not his shiniest moments, this Covid business.

Any comment on the utter failure of the first two years of his term.
You know, when Republicans ran the House and Senate…

They lock up Hillary?
Save the sex slaves from the basement of Cosmic Ping Pong Pizza?
Build that wall?
Reduce any of the national debt?
Repeal and replace the Affordable Health Care Act?
Restoration of the nation’s manufacturing jobs?

Any idea what the taxpayer paid for his golf during his time as Prez? Thank god he’d said he’d rarely leave the White House on account of all the work to be done, right?

 

[KeithD]

It wasn't Biden's America that made the United States hit the debt limit. Don't be stupid about that.

 

[Lazaran]

Fantastic! That was in his final year of his term. And although the vaccine development was accelerated under his administration, did you really want to start a discussion on the distribution, or lack thereof, of the vaccines, or the lack of any federal mandate for administration of the vaccine? Or his downplaying the virus and the rate of spread? Not his shiniest moments, this Covid business.

Any comment on the utter failure of the first two years of his term.
You know, when Republicans ran the House and Senate…

They lock up Hillary?
Save the sex slaves from the basement of Cosmic Ping Pong Pizza?
Build that wall?
Reduce any of the national debt?
Repeal and replace the Affordable Health Care Act?
Restoration of the nation’s manufacturing jobs?

Any idea what the taxpayer paid for his golf during his time as Prez? Thank god he’d said he’d rarely leave the White House on account of all the work to be done, right?

All that ^.

It’s funny how the RWCJ proudly points to the fact that the orange traitor didn’t collect a Presidential paycheck.

Question:

Did the orange POS actually EARN a paycheck by WORKING FOR AMERICA???.

The orange traitor definitely earned a paycheck WORKING FOR PUTIN, RUSSIA, THE ULTRA-WEALTHY, AND CORPORATIONS..

SAD!!!

 

[icanhelp1]

Laz is totally uninformed.

 

[YDB95]

Laz is totally uninformed.

Which would indicate he's still more knowledgeable than most Fox News addicts. There have literally been studies showing as much.

 

[JohnEngelman]

It wasn't Biden's America that made the United States hit the debt limit. Don't be stupid about that.

It was Republican tax cuts for the rich.

 

[Lazaran]

Which would indicate he's still more knowledgeable than most Fox News addicts. There have literally been studies showing as much.

Trump Told Friends ‘You All Just Got a Lot Richer’ From Tax Bill: Report.​

Also:

https://www.commondreams.org/news/2...llions-trump-tax-cut-they-helped-write-report

Also:

https://www.newsweek.com/heres-all-times-trump-has-praised-putin-708859

ineedhelp1

 

[HisArpy]

The only accurate thing you stated in your word-derp salad is that “Trump promised us all kinds of things.”
That he certainly did, then super underdelivered. Bigly.

It seems you forgot the Republicans controlled both the House and Senate during the first two (pre-pandemic) years of Trump’s presidency.

Oh, the things he and they coulda got done, had he and they only been competent.

And isn’t Mexico paying for the ‘wall’?

Move them goalposts!!!