Trump tax reform! Latest CBO update shows increase in deficit projections of 1T (5 Viewers)

[sho nuff]

You don’t think your future was already being sold back in 2008 with all the stimulus/money printing/debt creation? Weird you all are just now paying attention. 

Yes...a stimulus in a recession...vs doing worse in good times.  Surely you can see there is a difference?

 

[The Z Machine]

You don’t think your future was already being sold back in 2008 with all the stimulus/money printing/debt creation? Weird you all are just now paying attention. 

Brohan, I've been posting about economics at FBGs since ol' yeller. 

Countercyclical monetary policy under Obama was certainly better than the fiscal policy actions taken in the last 3 years.

 

[GoBirds]

Brohan, I've been posting about economics at FBGs since ol' yeller. 

Countercyclical monetary policy under Obama was certainly better than the fiscal policy actions taken in the last 3 years.

I was being sarcastic, as no one is surprised you are ok with everything under Obama yet now you and the regs are deficit hawks. When you all are always one sided the posts really lose impact. Take that to the bank. 

I think all the debt creation of the last couple decades is concerning, but acting like it’s some easy fix to cut it back after the record setting debt creation from 2008 on shows more clear biased complaining. The path taken back then is something we’ve never been on and won’t be weened off of easily. 

 

[The Z Machine]

I was being sarcastic, as no one is surprised you are ok with everything under Obama yet now you and the regs are deficit hawks. When you all are always one sided the posts really lose impact. Take that to the bank. 

I think all the debt creation of the last couple decades is concerning, but acting like it’s some easy fix to cut it back after the record setting debt creation from 2008 on shows more clear biased complaining. The path taken back then is something we’ve never been on and won’t be weened off of easily. 

Eliminating debt altogether isn't a great strategy as it leads to lower overall growth.  Taking on debt to jump start a recovery is one thing, and generally I'm for those sort of actions, but recklessly spending and ramping up debt at the end of an economic expansion is simply crazy. 

There were very very few economists that said the fiscal policies enacted most recently were a good idea. There was no sound basis for those actions. The data is coming back roughly to confirm those opinions. This is only about the president inasmuch as one enacted sound, consensus-backed policy, while the other acted recklessly based on his "gut feelings".

 

[GoBirds]

Eliminating debt altogether isn't a great strategy as it leads to lower overall growth.  Taking on debt to jump start a recovery is one thing, and generally I'm for those sort of actions, but recklessly spending and ramping up debt at the end of an economic expansion is simply crazy. 

There were very very few economists that said the fiscal policies enacted most recently were a good idea. There was no sound basis for those actions. The data is coming back roughly to confirm those opinions. This is only about the president inasmuch as one enacted sound, consensus-backed policy, while the other acted recklessly based on his "gut feelings".

Acting like the bolded is your run of the mill type adding debt in 2008 is pretty funny. Sorry but the constant excuses for one side and negativity for the other is just the same broken record. Carry on. 

 

[Shula-holic]

Acting like the bolded is your run of the mill type adding debt in 2008 is pretty funny. Sorry but the constant excuses for one side and negativity for the other is just the same broken record. Carry on. 

Raises for my people this year thanks to the QBI under the Trump tax plan.  Makes it a lot easier to give those increases given the tax benefits to pay out more in wages.

 

[BobbyLayne]

How Big Companies Won New Tax Breaks From the Trump Administration

As the Treasury Department prepared to enact the 2017 Republican tax overhaul, corporate lobbyists swarmed — and won big.
 

Trump administration is quietly “gutting” tax law to give big new breaks to corporations

Treasury will use loopholes in the tax bill to offer giant corporations more breaks worth tens of billions
 

I’m no lawyer but I thought any and all revenue bills had to be initiated in the house? Treasury rules & refs interpret existing law. Seems like Treasury is not writing its own tax laws...

The department made the moves even as Treasury officials warned Harter that it may lack legal authority to exempt bank payments from the law. Harter dismissed the objections, according to the Times.

“We thoroughly reviewed these issues internally and are fully comfortable that we have the legal authority for the conclusions reached in these regulations,” a Treasury Department spokesperson told the Times.
ASIDE - Harter is Chip Harter, a longtime tax attorney who advised companies on how to avoid taxes — before being appointed as the Treasury official in charge of writing rules regarding the new taxes.

Fox, henhouse, et al. 

 

[Ruffrodys05]

How Big Companies Won New Tax Breaks From the Trump Administration

As the Treasury Department prepared to enact the 2017 Republican tax overhaul, corporate lobbyists swarmed — and won big.
 

Trump administration is quietly “gutting” tax law to give big new breaks to corporations

Treasury will use loopholes in the tax bill to offer giant corporations more breaks worth tens of billions
 

I’m no lawyer but I thought any and all revenue bills had to be initiated in the house? Treasury rules & refs interpret existing law. Seems like Treasury is not writing its own tax laws...

More disgusting shenanigans from this corrupt administration? Who could've seen that coming?

 

[jon_mx]

There is no excuse that our deficits are running 5% of GDP in a strong economy.  It should be below 1%.  Really pathetic.  

 

[SoBeDad]

There is no excuse that our deficits are running 5% of GDP in a strong economy.  It should be below 1%.  Really pathetic.  

If inflation and interest rates remains low, is 5% such a bad number? The experts have been wrong about the connection between inflation and low rates, in recent years.

 

[jon_mx]

If inflation and interest rates remains low, is 5% such a bad number? The experts have been wrong about the connection between inflation and low rates, in recent years.

We are getting to the point where our total debt is nearly equal to our GDP, which hasn't happened since WWII.  Just my opinion, but I can't see how this is healthy for our long-term prospects.  Eventually people will lose faith in our currency and we can get into a hyperinflation situation.  

 

[The Commish]

If inflation and interest rates remains low, is 5% such a bad number? The experts have been wrong about the connection between inflation and low rates, in recent years.

No...probably not, but that's a HUGE "if" in a confidence based economy.  If 2008/2009 showed us anything it's how quickly things can change and that cushion of interest rates would be really helpful in a situation like that.  If we don't have the cushion, it's going to get really painful really quickly and there's going to be nowhere to go.

 

[James Daulton]

If inflation and interest rates remains low, is 5% such a bad number? The experts have been wrong about the connection between inflation and low rates, in recent years.

Debt service cost will equal and then surpass defense spending in less than a decade.

Yes, that's a huge problem. 

 

[msommer]

We are getting to the point where our total debt is nearly equal to our GDP, which hasn't happened since WWII.  Just my opinion, but I can't see how this is healthy for our long-term prospects.  Eventually people will lose faith in our currency and we can get into a hyperinflation situation.  

Once it stays over the  GDP for awhile is when troubles start, usually with having difficulty meeting rising interest payments. The Treasury had better hope the interests stay low for a long time...

If the debt keeps increasing five percent per year, the pain will come in our lifetimes...

 

[urbanhack]

How Big Companies Won New Tax Breaks From the Trump Administration

As the Treasury Department prepared to enact the 2017 Republican tax overhaul, corporate lobbyists swarmed — and won big.
 

Trump administration is quietly “gutting” tax law to give big new breaks to corporations

Treasury will use loopholes in the tax bill to offer giant corporations more breaks worth tens of billions
 

I’m no lawyer but I thought any and all revenue bills had to be initiated in the house? Treasury rules & refs interpret existing law. Seems like Treasury is not writing its own tax laws...

I hope everyone's economic anxiety has been put to rest now that Trump is in his third year doing great work for the working and middle class!   

 

[James Daulton]

I hope everyone's economic anxiety has been put to rest now that Trump is in his third year doing great work for the working and middle class!   

Did you hear that wages are up 1% vs inflation!  Of course most of that is due to conservative hated minimum wage increases, but hey Trump will happily take credit. 

 

[MAC_32]

We are getting to the point where our total debt is nearly equal to our GDP, which hasn't happened since WWII.  Just my opinion, but I can't see how this is healthy for our long-term prospects.  Eventually people will lose faith in our currency and we can get into a hyperinflation situation.  

It quite simply is not good for long term prospects. The only question is when the bill actually becomes due. 

 

[SoBeDad]

Atlanta Fed Q4 GDPNow slips to 1.7% growth

Budget deficit to break $1 trillion despite strong economy

But the consumer and their sky high confidence will prevent us from a recession, per the experts. 

 

[SoBeDad]

https://mobile.twitter.com/byHeatherLong/status/1222875003336777728

>> BREAKING: US #economy grew 2.3% in 2019, a solid pace but short of Trump's 3%+ promise. Consumer + gov spending were strong, but biz investment was a drag. 2019 was weakest growth of Trump's presidency

2018: 2.9%

2017: 2.4%

2016: 1.6%

2015: 2.9%

2014: 2.5%

2013: 1.8%

2012: 2.2. <<

Will the new trade deals spur business investment? Tax cuts have had a limited effect, and historically low interest rates aren't doing the job.

 

[siffoin]

https://mobile.twitter.com/byHeatherLong/status/1222875003336777728

>> BREAKING: US #economy grew 2.3% in 2019, a solid pace but short of Trump's 3%+ promise. Consumer + gov spending were strong, but biz investment was a drag. 2019 was weakest growth of Trump's presidency

2018: 2.9%

2017: 2.4%

2016: 1.6%

2015: 2.9%

2014: 2.5%

2013: 1.8%

2012: 2.2. <<

Will the new trade deals spur business investment? Tax cuts have had a limited effect, and historically low interest rates aren't doing the job.

Thought it was "4, 5 maybe even 6%"

 

[The Commish]

Thought it was "4, 5 maybe even 6%"

3 was the floor...and the trillion dollar deficit projections were based on that minimum, so every quarter that comes around that we don't hit 3%, the deficit grows larger than the projections.

 

[siffoin]

3 was the floor...and the trillion dollar deficit projections were based on that minimum, so every quarter that comes around that we don't hit 3%, the deficit grows larger than the projections.

I feel we might have been bamboozled.

 

[The Commish]

I feel we might have been bamboozled.

na...everything's great...just ask...it's so great that we already know when the next recession comes it's gonna be the Dems fault.  Life is pretty outstanding!

 

[The Commish]

This is probably the closest thread that we have to an economy thread.  I'm sure some will find this group as part of the deep state, but Bureau of Economic Analysis has really good information for those looking for an informed analysis of our economy in general.  

 

[MAC_32]

This is probably the closest thread that we have to an economy thread.  I'm sure some will find this group as part of the deep state, but Bureau of Economic Analysis has really good information for those looking for an informed analysis of our economy in general.  

Booming economy, huh.

 

[msommer]

Booming economy, huh.

The bestest ever!

 

[The Commish]

This is probably the closest thread that we have to an economy thread.  I'm sure some will find this group as part of the deep state, but Bureau of Economic Analysis has really good information for those looking for an informed analysis of our economy in general.  

Booming economy, huh.

As I said, take it for what it's worth.  When Romney is no longer a "real Republican" I am certain the BEA is definitely, absolutely part of the deep state so.....

 

[Sheriff Bart]

This is probably the closest thread that we have to an economy thread.  I'm sure some will find this group as part of the deep state, but Bureau of Economic Analysis has really good information for those looking for an informed analysis of our economy in general.  

wow

 

[Nugget]

Are corporate tax cuts good at stimulating the economy, or just a gift to shareholders?

Comparing Trump tax cut results to Kennedy Tax cuts.

 

[The Commish]

Thread really didn't age well for some  :(  

 

[Sabertooth]

None of it does.  

 

[GoBirds]

Sounds like every thread y’all camped out in the last 5 years.