Tax Cuts Are Primarily Responsible for the Increasing Debt

Saturday, October 05, 2024

Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.

Posted by danni at 10:32 AM | 19 COMMENTS | permalink

Comments

No shitake.

#1 | Posted by Nixon at 2024-10-04 12:13 PM

Just remember...Clinton left office with a budget surplus.

W said he was going to kill the surplus and did just that AND spent trillions in the illegal Iraq war.

Obama reduced the deficit W left, but it was already structural thanks to W.

Sh*tler increased the deficit EVERY YEAR he was in office then used the pandemic to transfer hundreds of billions to the 1% through PPP loans and ERC credits.

Now he wants to cut taxes for the 1% and corporations even more and "pay" for it with tariffs that will cost the average family THOUSANDS in extra taxes per year.

#2 | Posted by Nixon at 2024-10-04 12:19 PM

What a crock. If anyone can show tax cuts resulting in a reduction of tax revenue then I will buy in.

Spending is absolutely out of control.

#3 | Posted by BellRinger at 2024-10-04 01:18 PM

If anyone can show tax cuts resulting in a reduction of tax revenue

How could they not?

#4 | Posted by REDIAL at 2024-10-04 01:36 PM

" If anyone can show tax cuts resulting in a reduction of tax revenue "

Stephen Moore, the former WSJ editorial board member, and the moron behind "tax cuts increase revenue", was using NOMINAL dollars when he made that proclamation, a method that'll earn an "F" on an Econ 101 midterm.

Basically, if revenue was $1 trillion, and four years later it was $1 trillion AND ONE, that's the proof!!!

No accounting for inflation or population growth. None.

Hence, only morons believe that axiom.

#5 | Posted by Danforth at 2024-10-04 03:31 PM

What a crock. If anyone can show tax cuts resulting in a reduction of tax revenue then I will buy in.

Spending is absolutely out of control.

#3 | Posted by BellRinger at 2024-10-04 01:18 PM | Reply

You aren't even room temperature smart. The brownback experiment proves this one. What a Dummkopf Jeff is.

#6 | Posted by LauraMohr at 2024-10-04 03:36 PM

What a crock. If anyone can show tax cuts resulting in a reduction of tax revenue then I will buy in.

Spending is absolutely out of control.

#3 | Posted by BellRinger

W and the GOP doubled the budget and slashed taxes (our nation's income).

Obama slashed deficits by 2/3rds. Trump and the GOP - all by themselves - slashed our income ... again.

Reduce income and increase spending and most households would eventually end up in bankruptcy court.

It's a simple concept.

#7 | Posted by AMERICANUNITY at 2024-10-05 12:01 PM

It's called strategic debt accumulation. Look it up. It's a great way to force bipartisan cuts in spending. I like it. I have an additional 300K in my 401K because of it but it is a cynical destructive policy which breeds nihlism.

#8 | Posted by danS at 2024-10-05 01:31 PM

#8 | Posted by danS

"Starve The Beast" has been the GOP's plan.

BTW, Trump tripled Obama's defiits back to $1.5 trillion a year and added more debt than any president in U.S. history. This in the middle of the economy Obama rescued with no help from the GOP. The economy he's always suggesting was his own doing. His tax cuts did nothing but add more debt and increase deficits. It's elementary school-level math; reduce income and expect the bills will all be paid.

ALL the Bush and Trump tax cuts did is create massive debt and systemic deficits.

#9 | Posted by AMERICANUNITY at 2024-10-05 02:59 PM

Isn't Kamala Harris campaigning on cutting taxes?

#10 | Posted by madbomber at 2024-10-06 08:42 AM

ALL the Bush and Trump tax cuts did is create massive debt and systemic deficits.

#9 | Posted by AMERICANUNITY at 2024-10-05 02:59 PM | Reply | Flag

Ahem.... There were 8 years of another guy right in between W. and Trump... I forget his name, but it sounds like Osama...

#11 | Posted by lfthndthrds at 2024-10-06 11:29 AM

And after FY 2009, every single year afterwards saw declining deficits until FY 16. Every year of Trump's term saw higher deficits even before the pandemic hit in 2020. Biden's budgets have followed the same trend of being lower each year after coming in the highest during the pandemic crisis.

www.commonfund.org

#12 | Posted by tonyroma at 2024-10-06 11:37 AM

Most of our debt and spending comes from stupid frivolous wars and giveaways created for the benefit of cronies, illegal immigrants and other countries, not USA.

#13 | Posted by Robson at 2024-10-06 07:12 PM

"Trump plans would add $5.8 trillion to national debt"

www.axios.com

How could one Botson be so wrong?

#14 | Posted by Corky at 2024-10-06 07:39 PM

Tax cuts are never responsible for any debt. Spending is the problem and always has been.

#15 | Posted by THEBULL at 2024-10-07 03:06 AM

Tax cuts are never responsible for any debt. Spending is the problem and always has been.

#15 | Posted by THEBULL

That's one of the most ridiculous statements anyone could make.

Why don't you slash your income and tell us how paying your bills goes.

BTW, Bush and Republicans DOUBLED our annual spending all by themselves. Then, they slashed our income.

WTF did they think would happen. Oh, ya, Dick Cheney said "Ronald Reagan proved deficits don't matter" and they set about going from 2 years of surpluses under Clinton to a $1.5 trillion annual deficit and left us with systemic deficits from then on.

Obama slashed the annual deficit by 2/3rd to $500. Trump & the GOP left us with $1.5 trillion annual deficits again

Where TF did you go to school? Did you even finish junior high?

#16 | Posted by AMERICANUNITY at 2024-10-07 03:56 AM

#15
High-larious.

#17 | Posted by Doc_Sarvis at 2024-10-07 06:40 AM

Anyone that parrots out "Spending is out of control" whenever the deficit is mentioned without a detailed proposal of real world spending cuts is a moron.

So give us a detailed proposal of spending cuts that would total $1.9 TRILLION.

#18 | Posted by Nixon at 2024-10-07 09:41 AM

W and the GOP doubled the budget and slashed taxes (our nation's income).

The goal of every republiturd administration since RAYGUN was to create a budget and debt problems so huge that it would necessitate the elimination of social security and medicare because only rich people deserve to retire and have health care in old age. Cutting revenue while simultaneously increasing spending was their two santa clauses strategy to do just that.

#19 | Posted by Nixon at 2024-10-07 09:44 AM

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