Drudge Retort: The Other Side of the News
Tuesday, January 28, 2020

CBO.gov: In CBO's projections, the federal budget deficit is $1.0 trillion in 2020 and averages $1.3 trillion between 2021 and 2030. Projected deficits rise from 4.6 percent of gross domestic product (GDP) in 2020 to 5.4 percent in 2030. Other than a six-year period during and immediately after World War II, the deficit over the past century has not exceeded 4.0 percent for more than five consecutive years. And during the past 50 years, deficits have averaged 1.5 percent of GDP when the economy was relatively strong (as it is now). Because of the large deficits, federal debt held by the public is projected to grow, from 81 percent of GDP in 2020 to 98 percent in 2030 (its highest percentage since 1946). By 2050, debt would be 180 percent of GDP--far higher than it has ever been

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Oh boy. The next Democrat president is really going to hear about this.

#1 | Posted by Derek_Wildstar at 2020-01-28 03:49 PM | Reply | Funny: 2 | Newsworthy 8

So much WINNING! Thanks, Trump! Thanks, GOP!

#2 | Posted by Gal_Tuesday at 2020-01-28 03:49 PM | Reply | Newsworthy 3

The Dems will be hated for fixing this.

#3 | Posted by BruceBanner at 2020-01-28 03:52 PM | Reply

Today's Republican Party is okay with this.

They're all expecting to die within the next ten years.

#4 | Posted by ClownShack at 2020-01-28 03:53 PM | Reply | Newsworthy 1

Another 50 or 60 trillion from Sanders or Warren ought to move this up to 2024.

#5 | Posted by nullifidian at 2020-01-28 04:02 PM | Reply

If one of the pro-socialism dems is elected, you can bet it will not take that many years.

#6 | Posted by MSgt at 2020-01-28 04:15 PM | Reply | Funny: 2 | Newsworthy 1

"Another 50 or 60 trillion from Sanders or Warren ought to move this up to 2024."

Difference being of course, Democrats would do things that benefit the nation and will either cut costs for healthcare or increase GDP by educating our population to compete in the high tech world of tomorrow while Republicans would just stuff the money in their pockets.

#7 | Posted by danni at 2020-01-28 04:15 PM | Reply | Newsworthy 3

#6 | POSTED BY MSGT

Under the last two Dem presidents, the debt has trended down as they got further into their term. It is under conservative presidents that the debt trends up.

But don't let reality get in the way of your narrative. You wouldn't be such an easily manipulated (by the conservative elite) sheep if you actually paid attention to facts.

#8 | Posted by gtbritishskull at 2020-01-28 04:25 PM | Reply | Newsworthy 6

Warren Buffett quipped that he could end the deficit by passing "a law that says anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.

#9 | Posted by 6thPersona at 2020-01-28 04:35 PM | Reply | Funny: 1

#6 why don't you worry about the guy you foisted on us as the current occupant of the WH?

You know, the guy that "conservatives" are 100% behind despite his being diametrically opposed to 100% of what they supposedly stood for...

#10 | Posted by jpw at 2020-01-28 04:36 PM | Reply | Newsworthy 3

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"The US Treasury has been tracking day-by-day debt accumulation since the start of 1993, meaning daily debt figures are available for the presidencies of Bill Clinton, George W. Bush, Barack Obama, and Trump.
In raw terms, Trump added the second-most debt of any recent president. According to the Treasury data, the US added $2.07 trillion " $2,065,536,336,472.90 to be exact " in new debt between Trump's inauguration on January 20, 2017, and February 11, when the country pushed past $22 trillion. (The US added another $2.8 billion through February 15, the latest daily figures available.) That is less than the $3.46 trillion added between Obama's inauguration in January 2009 and February 11, 2011, but it is more than the $676 billion added under Bush and the $617 billion added under Clinton in their first 752 days as president. One important difference between Trump's debt figures and Obama's is that Trump has added a massive amount of debt while the US economy has been strong, whereas Obama took over during the depths of the financial crisis."

--Business Insider, February 2019

#11 | Posted by anton at 2020-01-28 04:40 PM | Reply | Newsworthy 1

Wow. Trump must be a "pro-socialism dem".

#12 | Posted by anton at 2020-01-28 04:42 PM | Reply | Newsworthy 1

From his 2015 campaign kickoff speech, Trump promised that he would make the debt disappear. "I think I could do it fairly quickly, because of the fact the numbers," he told the Washington Post in 2016. "I would say over a period of eight years." Trump said he could do this without even raising taxes because of the spectacular trade deals that he uniquely would be able to negotiate if elected.

The national debt is now more than $22.5 trillion, several trillion higher than when Trump took office. Trump has claimed to have the "greatest economy in the history of our country," but thanks to a massive tax cut for corporations and the wealthiest Americans, the annual budget deficit is about to exceed $1 trillion for the first time ever (even without purchasing Greenland) years before analysts expected.

thinkprogress.org

#13 | Posted by lfthndthrds at 2020-01-28 04:50 PM | Reply

Warren Buffett quipped that he could end the deficit by passing "a law that says anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.

He'd also hamstring the country's ability to borrow in times of legitimate public need. The problem isn't borrowing per se, it's borrowing to give tax breaks to billionaires in a strong economy and Republicans convincing rubes who make $40,000/year that this is somehow good for them.

#14 | Posted by JOE at 2020-01-28 04:51 PM | Reply | Newsworthy 1

Well, to be fair, as soon as Mexico's check for the Wall clears and all the tariffs China is paying hit the bank, this debt will evaporate.

#15 | Posted by anton at 2020-01-28 04:53 PM | Reply | Funny: 1

Both parties have held the House, the Senate, and the White House.

Nothing has been done about the National Debt.

It didnt happen over night. It happened while we elected the same folk over and over hoping for it to stop.

The projection is upwards for the ND. It will keep going until it ultimately fails.

While the govt writes off public debt, might as well write off the national debt.

Its a shame the US forgave debts with other nations. Its a shame we borrow so we can give it to other nations.

#16 | Posted by Petrous at 2020-01-28 05:13 PM | Reply

I will pay off the debt within 8 years. It's not that hard.

- Thurston Howell Trump.

#17 | Posted by Nixon at 2020-01-28 05:14 PM | Reply

#6 | POSTED BY MSGT

Under the last two Dem presidents, the debt has trended down as they got further into their term. It is under conservative presidents that the debt trends up.

But don't let reality get in the way of your narrative. You wouldn't be such an easily manipulated (by the conservative elite) sheep if you actually paid attention to facts.

#8 | Posted by gtbritishskull at 2020-01-28 04:25 PM | Reply | Flag

Forget MGST, he's a dyed in the wool conconconservative that KNOWS the GOP is the party of FISCAL RESPONSIBILITY (ie tax cuts and spending increases) and would never let the debt increase despite what history actually proves.

#18 | Posted by Nixon at 2020-01-28 05:16 PM | Reply

#18 | POSTED BY NIXON AT 2020-01-28 05:16 PM | FLAG: Really, just how much will any of those preposed 'freebies' your candidates are offering going to 'cost'? Do you really think that they will be 'paid for'?

#19 | Posted by MSgt at 2020-01-28 05:18 PM | Reply

Nothing has been done about the National Debt.

Au contraire.... the GOP held the White House, Senate AND House and voted to balloon the debt with their tax scam that was passed in the dead of night after giving people an hour to read the 2,000 pages that were written in secret WHILE adding hundreds of billions to the defenses spending.

This falls firmly in your lap. You put these douchebags into the position to do this and they did not disappoint.

#20 | Posted by Nixon at 2020-01-28 05:19 PM | Reply | Newsworthy 1

In case you're wondering where all the Debt Hawks are, they know not to bite the hand that feeds them.

#21 | Posted by snoofy at 2020-01-28 05:24 PM | Reply | Newsworthy 1

I'll say this once again.... Tea Party where are thou????
We need you to save us Tea Party!!!!! Where did you go Tea Party when America needs you most?

#22 | Posted by aborted_monson at 2020-01-28 05:55 PM | Reply

"Its a shame we borrow so we can give it to other nations."

Allies don't come cheap.

#23 | Posted by Hagbard_Celine at 2020-01-28 06:25 PM | Reply

"Now, people ask me all the time how we got four surplus budgets in a row. What new ideas did we bring to Washington? I always give a one-word answer: Arithmetic."

Former President Bill Clinton

#24 | Posted by SomebodyElse at 2020-01-28 06:43 PM | Reply | Newsworthy 1

Demographics are a powerful thing.

#25 | Posted by visitor_ at 2020-01-28 07:25 PM | Reply

Both parties have held the House, the Senate, and the White House.
Nothing has been done about the National Debt.
#16 | POSTED BY PETROUS

You should read #8.

Then read it again.

Then again, and again.

Until you figure it out.

#26 | Posted by ClownShack at 2020-01-28 07:54 PM | Reply

I will pay off the debt within 8 years. It's not that hard.
- Thurston Howell Trump.
#17 | Posted by Nixon

Hey, that's not fair, Thurston Howell III was an ACTUAL millionaire-it is in the song!

And he ACTUALLY loved his wife, too.

#27 | Posted by truthhurts at 2020-01-28 08:05 PM | Reply

If you want to objectively compare this to household debt, banks will loan you 400% of income on a 30 year mortgage with 20% down all day

#28 | Posted by hatter5183 at 2020-01-29 07:27 AM | Reply

"Really, just how much will any of those preposed 'freebies' your candidates are offering going to 'cost'? Do you really think that they will be 'paid for'?"

Far more likely that they will be than the party of fiscal responsibility ever paying for those tax cuts. I could swear we heard the same refrain when the Democrats were working on Obamacare, "who's going to pay for it?" Taxpayers that's who, I am much happier paying taxes to enable a working family to get healthcare than I am so that the 1% can have a big fat tax cut they don't need.
As I recall, Democrats have always paid for those "freebies" while Republicans have consistently not paid for their huge tax cuts.
It's laughable that they even try to use that issue again with their record of cutting taxes while spending more on the military.

#29 | Posted by danni at 2020-01-29 08:10 AM | Reply

#8 | Posted by gtbritishskull

He doesn't care, he's in the twilight of his existence and won't be around to suffer the bill when it comes due.

#30 | Posted by SunTzuMeow at 2020-01-29 12:17 PM | Reply

It is sad that Dems think anyone fixes the problem. They still fall for the superficial and completely ignore the actual reality of each situation. Budgets always do this after a Democrat President because someone has to pay for all of their mistakes. Dems think money just comes from thin air so make all kinds of new legislation to give people money, make things free or cheaper, etc. Which then the voters start to see the sham and eventually vote a Republican in who then has to clean up the mess.

Take a look at every national debt and deficit trend we have since the beginning of the 1940sish and then do some research about why the numbers climbed like they did. It tells the story I just told. Dems just give everything away thinking money just appears out of nowhere and the Reps have to come in with a reality broom and sweep it all up. I've theorized for several years now that what causes Conservatives to stay so vehemently conservative is because Dems force it on them by making them have to be the adults in the room to clean up after the kids. If Dems would stop living in a fantasy world, the majority of Cons would begin to naturally radiate more towards the middle of the political spectrum because there would no longer be the necessity to be the only adults.

#31 | Posted by humtake at 2020-01-29 01:11 PM | Reply | Funny: 1

Under the last two Dem presidents, the debt has trended down as they got further into their term. It is under conservative presidents that the debt trends up.

No it hasn't ...

www.statista.com

"Now, people ask me all the time how we got four surplus budgets in a row. What new ideas did we bring to Washington? I always give a one-word answer: Arithmetic."

Another lie ...

At no time did the US Treasury record a surplus, the US government paid back public debt with SS-intragovernmental trading debt. That is like paying off your credit card with a home equity loan.

The GOVERNMENT as run today is unsustainable due to non-discretionary spending, no politician is going to touch.

So I don't care, just don't tax me Bro because isn't going to make a difference.

#32 | Posted by AndreaMackris at 2020-01-29 01:23 PM | Reply | Funny: 2

If you want to objectively compare this to household debt, banks will loan you 400% of income on a 30 year mortgage with 20% down all day

#28 | POSTED BY HATTER5183 AT 2020-01-29 07:27 AM | FLAG: Well, there is an alternative, just save up and buy a house with cash................................

#33 | Posted by MSgt at 2020-01-29 09:05 PM | Reply

"At no time did the US Treasury record a surplus, the US government paid back public debt with SS-intragovernmental trading debt. That is like paying off your credit card with a home equity loan."

"Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?

A: Yes to both questions, whether you count Social Security or not."

www.factcheck.org

As I recall, way back in 1999 when George W. Bush was running for president, one of his talking points was that we needed to return those surplus dollars to the taxpayers. Then he sort of got elected and got big tax cuts passed for the 1% and created new, huge deficits....just like Trump did. Just like Republicans have always done since Reagan who tripled the debt during his term in office.

#34 | Posted by danni at 2020-01-30 07:07 AM | Reply

Another lie ...
At no time did the US Treasury record a surplus, the US government paid back public debt with SS-intragovernmental trading debt. That is like paying off your credit card with a home equity loan.
The GOVERNMENT as run today is unsustainable due to non-discretionary spending, no politician is going to touch.
So I don't care, just don't tax me Bro because isn't going to make a difference.

#32 | POSTED BY ANDREAMACKRIS

Jesus Christ, you are stupid. I'm tired of explaining this in the long version so I'll just explain in the short version why Mackris is such an idiot as always.

The US had a surplus under Clinton not counting Social Security. Social Security also had a surplus. But the SS surplus has to be used to buy treasury securities. So even though we had a surplus, the debt went up because the government basically took out a loan to itself. It's the same as if you made $30,000 in January but took out a credit card bill for $3,000. Sure, your bank account went up $30,000 but your debt also went up. You still had a damn surplus.

How god damn hard is this to understand?

#35 | Posted by Sycophant at 2020-01-30 11:28 AM | Reply

Please, Grandpa Republican Boomer!.. Please tell us that story about how tax cuts for the wealthy fix the debt again!

That story of trickle down is such a fun fairy tale!

#36 | Posted by Whatsleft at 2020-01-30 11:40 AM | Reply

Wasn't Congress under Repub control when Clinton signed the budgets that Congress passed that brought us a surplus?

Therefore wasn't that bipartisan?

#37 | Posted by Idependant97 at 2020-01-30 01:29 PM | Reply

"Take a look at every national debt and deficit trend we have since the beginning of the 1940sish and then do some research about why the numbers climbed like they did. It tells the story I just told. Dems just give everything away thinking money just appears out of nowhere and the Reps have to come in with a reality broom and sweep it all up."

You have it exactly backwards, as usual.

"Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?

A: Yes to both questions, whether you count Social Security or not."

www.factcheck.org

Note please: "The Defense Department will see a hefty hike in its funding next fiscal year under the budget deal announced by the White House and Democratic leaders on Monday, but it won't be as much as congressional Republicans wanted.

The nearly $1.4 trillion spending plan " which would prevent a government shutdown this fall and do away with the final two years of budget caps known as sequestration " includes about $738 billion in military funding for fiscal 2020, a 3 percent increase from current year levels."

www.militarytimes.com

#38 | Posted by danni at 2020-01-30 01:43 PM | Reply

"Please, Grandpa Republican Boomer!.. Please tell us that story about how tax cuts for the wealthy fix the debt again!"

After my lunch everyday, I love a fairy tale to lull me into a coma.

#39 | Posted by danni at 2020-01-30 01:45 PM | Reply


Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?

Wasn't Congress under Repub control when Clinton signed the budgets that Congress passed that brought us a surplus?
Therefore wasn't that bipartisan?

Congress makes budgets. The president signs budgets.

#40 | Posted by Idependant97 at 2020-01-30 01:53 PM | Reply

#40

Hmmm. Could it be that Clinton stood in the way of Republicans passing significant tax cuts for the wealthy that would have thrown those budgets out of balance?

Obama could of had surpluses as well, if he hadn't caved to the Republicans and made the Bush II tax cuts permanent.

#41 | Posted by Whatsleft at 2020-01-30 02:09 PM | Reply

#41 just saying it was bipartisan regardless of motives. Takes two to tango, right?

#42 | Posted by Idependant97 at 2020-01-30 02:13 PM | Reply

- Takes two to tango, right?

Nope... not according to Reagan's own Budget Dirs:

"It's the kind of thinking that only money can buy. "It's a vicious circle," says Stiglitz. "The rich are using their money to secure tax provisions to let them get richer still. Rather than investing in new technology or R&D, the rich get a better return by investing in Washington."

In a move that GOP Majority Leader Howard Baker called a "riverboat gamble," Reagan sold the country on an "across-the-board" tax cut that brought the top rate down to 50 percent. According to supply-side economists, the wealthy would use their tax break to spur investment, and the economy would boom. And if it didn't " well, to Reagan's cadre of small-government conservatives, the resulting red ink could be a win-win.

"We started talking about just cutting taxes and saying, Screw the deficit,'" Bartlett recalls. "We had this idea that if you lowered revenues, the concern about the deficit would be channeled into spending cuts."

It was the birth of what is now known as "Starve the Beast" " a conscious strategy by conservatives to force cuts in federal spending by bankrupting the country. As conceived by the right-wing intellectual Irving Kristol in 1980, the plan called for Republicans to create a "fiscal problem" by slashing taxes " and then foist the pain of reimposing fiscal discipline onto future Democratic administrations who, in Kristol's words, would be forced to "tidy up afterward."

www.rollingstone.com

#43 | Posted by Corky at 2020-01-30 02:25 PM | Reply

#43 I was referring to the budget surplus in the 90's. Republican Congress and Democratic President made the surplus budgets together.

#44 | Posted by Idependant97 at 2020-01-30 02:32 PM | Reply

"The rich are using their money to secure tax provisions to let them get richer still. Rather than investing in new technology or R&D, the rich get a better return by investing in Washington"

Yes, they are investing into Washington, but don't pretend they aren't also investing into new technology or R&D. It's not an either/or.

#45 | Posted by eberly at 2020-01-30 02:34 PM | Reply

Let's not pretend that "Starve the Beast" is not THE past, current, and ongoing political/economic strategery of Republicans... so the thread headline is expected good news for them, and they werked hard to get it.

#46 | Posted by Corky at 2020-01-30 02:43 PM | Reply

Personally I have wondered why neither party addresses government waste and pork barreling that seems to be in every budget regardless who is in charge.

#47 | Posted by Idependant97 at 2020-01-30 02:52 PM | Reply

46

Agreed.

47

Because that's a problem to address for a candidate....once in office, that's someone else's problem. Once elected, pork is how you take care of your constituents and how you get good bills passed with compromise.

#48 | Posted by eberly at 2020-01-30 02:58 PM | Reply

"The Parties are the same!" meme is as boring as it is dishonest. Our economies have always been stronger under Dem Presidents, and Dem Presidents have for the most part preferred gov spending on the social contract rather than on their donor's industries.

evonomics.com

www.politifact.com

#49 | Posted by Corky at 2020-01-30 02:59 PM | Reply

Congress routinely passes budgets late or at the last minute putting whomever is president in a position to either sign or shut down the government rather than having enough time to veto one or more of the 12 appropriation bills and flesh things out with congress.

The last time all appropriations were passed on time by Congress was in the 90's.

By waiting until the last minute it takes away a lot of influence that the President can have without the drastic step of shutting down the government.

All parties have done this to every president for decades.

#50 | Posted by Idependant97 at 2020-01-30 04:09 PM | Reply

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