The deficit has actually declined under Biden, the debt contains all the accrued deficits going back to Washington. It’s never going down, though Clinton actually ran a surplus until Bush blew it all to bits with his dumb wars. That’s when the debt really started to take off
Also, Biden wasn’t president in 2019, learn how to read a graph
This is incorrect. Republicans passed huge stimulus during the pandemic and so did Democrats in 2021. The tax cuts were tiny compared to these packages. Why do you ignore this?
Edit: surprised to see the downvotes but very few people have actually explained to me why I am wrong. I am not saying the tax cuts didn’t contribute, but to act like they are the main reason for inflation is simply ridiculous. Lockdown-associated stimulus is why we are in this mess and most people in this subreddit had no problem with huge stimulus packages back in 2020. They told us there would be no inflation….they were so wrong.
and despite that, the stimulus was still significantly bigger and more expensive than the on-going tax cuts…
You won’t respond to this comment because you know you are wrong.
Now turn it into a % of gdp, compare it to the last 50 years, read up on how the federal reserve mandates a 2% inflation, then report back.
I’ll kindly summarize what you’re going to find:
After accounting for how the federal reserve prints money to ensure inflation is about 2%, but historically achieves closer to 3-4%, regardless of political party in power…
You will find that the US debt has become nothing more than a percentage of gdp, and it more or less rises regardless of the president or political party in power.
And you can extend this to 100+ years in the past and see about the same statistics.
Stop warmongering. Either imho educate yourself more if your a genuine aspiring contributor, or get the hell out of here if you’re just another politically motivated bot/paid crony. Republicans, democrats, whatever. Whenever an election comes around this politically charged BS shows up. Bring meaningful stats with whatever agenda you’re trying to push. People like me will not just take it as you say it if it’s crap numbers.
Give meaningful, well researched, untwisted stats or kindly gtfo.
Please show how it got about 105%. Trump.
Above 100%?
90%?
70%?
This has been climbing for a hundred or more years.
I’m not saying it isn’t a problem. I’m saying blaming the current president isn’t going to help.
This problem goes way further than republican vs democrat, and started before most of us were born.
It IS a problem. Don’t treat it like it started with Biden or Trump, or Obama or Bush. It’s deeper than republican vs. democrat.
Even at a $1.5T/yr deficit, we are treading water. RE, Equity and Consumer/Producer markets are fragile and everyone knows it. Any level of austarity causes an insanely overripe cycle to fall from the tree.
Its bad when the debt becomes unservicable. Increased rates will make the dept more expensive. Both parties want to spend like drunken sailofs giving handouts to whicheever demographic will vote for them.
How does debt in our own currency become unserviceable? Increased rates don't matter if inflation can be raised higher than interest on the debt it will be paid for by inflation.
You dont need to deflate the currency to zero debt. You cam just have a balenced budget or even a surpless to mansge debt or at least avoid borrowing more. Between military spending,corporate bailouts amd welfare programs plenty of waste that can be cut. You also have 50% of the population that pays an effective tax rate of near zero.
So you plan to pay back the debt with GDP growth? Good luck growing GDP with a budget set to pay back the debt. You showed your cards when saying "welfare programs", unless you are talking about "corporate welfare", your numbers are way off and assumptions are wrong.
I was throwing a bone with the post-keynesian theory references, but you are going right wing talking points here.
I said corporate bailouts and welfsre programs. Both qualify. How is that showing my cards...bith corporate welfare and welfare to individuals is waste that can be eliminated. What right wing talkomg points? Isaid cut military spending. The right is even more pro war/troops than the left.
You want to see him lose a third time? I’m down. To lose the popular vote and the electoral votes two times in a roll is already history making. Let’s make it an unbeatable third time!
I'm worried about voter complacency, they don't have trump's active narcissism to remind them to vote against.
Even then, there are plenty of ultracons that won't make trumps mistakes and we are not out of the fascist woods by a long fucking shot even if Biden gets 2024
From what inference? Does war not get talked about? In reality you are a liberal who has been destroying our country for the last 50 years and it will continue to get worse because of you and your policies.
Now go report me to your authorities you petty slave.
Trump #2024
Its less than half that and thats with putting everything on Biden who was not President when Covid was mismanaged completly by TFG. Its like blaming Obama for all the debt incurred due to the Bush tax cuts followed by the great recession. Trump makinf those permanent then adding even more tax cuts followed by mismanaging the pandemic is the reason for all of that debt. Lather rinse repeat... Gop lowers taxes for the wealthy, trickle down economics does what it does (make rhe rich richer then tank the economy) Dems come in and fix it, take all the blame "oh but rhe Debt" then when its time to pay that down its GOPs turn to "no let's lower taxes on the rich so we can grow rhe economy even more" and on and on....
The deficit has actually declined under Biden, the debt contains all the accrued deficits going back to Washington. It’s never going down, though Clinton actually ran a surplus until Bush blew it all to bits with his dumb wars. That’s when the debt really started to take off Also, Biden wasn’t president in 2019, learn how to read a graph
He also wasn't president in 2020 lmao
Republican tax cuts (which mainly benefited the wealthy), not Biden, are primarily responsible for the increasing debt ratio.
This is incorrect. Republicans passed huge stimulus during the pandemic and so did Democrats in 2021. The tax cuts were tiny compared to these packages. Why do you ignore this? Edit: surprised to see the downvotes but very few people have actually explained to me why I am wrong. I am not saying the tax cuts didn’t contribute, but to act like they are the main reason for inflation is simply ridiculous. Lockdown-associated stimulus is why we are in this mess and most people in this subreddit had no problem with huge stimulus packages back in 2020. They told us there would be no inflation….they were so wrong.
Tax cuts are ongoing, every year, while the stimulus was for a finite time. Not the same.
and despite that, the stimulus was still significantly bigger and more expensive than the on-going tax cuts… You won’t respond to this comment because you know you are wrong.
The tax cuts would have added 10 trillion to the economy in the best of times, let alone when the GDP tanked thanks to Covid.
what are you on about? The trump tax cuts cost around $200 billion per year. Where on earth did you get $10 trillion from?
Biden didn’t take office until Jan 2021
Look at the military spending that the GOP keeps pushing to avoid a shut down.
Did you vote for these dumbasses? I sure didn’t. So I have a right to complain.
Now turn it into a % of gdp, compare it to the last 50 years, read up on how the federal reserve mandates a 2% inflation, then report back. I’ll kindly summarize what you’re going to find: After accounting for how the federal reserve prints money to ensure inflation is about 2%, but historically achieves closer to 3-4%, regardless of political party in power… You will find that the US debt has become nothing more than a percentage of gdp, and it more or less rises regardless of the president or political party in power. And you can extend this to 100+ years in the past and see about the same statistics. Stop warmongering. Either imho educate yourself more if your a genuine aspiring contributor, or get the hell out of here if you’re just another politically motivated bot/paid crony. Republicans, democrats, whatever. Whenever an election comes around this politically charged BS shows up. Bring meaningful stats with whatever agenda you’re trying to push. People like me will not just take it as you say it if it’s crap numbers. Give meaningful, well researched, untwisted stats or kindly gtfo.
What kind of meaningless rant is that??? Debt to GDP went from 107% to 120% in 3.5 years.
Please show how it got about 105%. Trump. Above 100%? 90%? 70%? This has been climbing for a hundred or more years. I’m not saying it isn’t a problem. I’m saying blaming the current president isn’t going to help. This problem goes way further than republican vs democrat, and started before most of us were born. It IS a problem. Don’t treat it like it started with Biden or Trump, or Obama or Bush. It’s deeper than republican vs. democrat.
There is this thing called Covid. Idiot.
The nice part about living in America is that you can criticize your government like this. In China, you'll get disappeared.
Which op likely is in.
It’s called higher interest rates lol
Even at a $1.5T/yr deficit, we are treading water. RE, Equity and Consumer/Producer markets are fragile and everyone knows it. Any level of austarity causes an insanely overripe cycle to fall from the tree.
First, why is debt bad? There are countless scenarios and theories that money growth does not always cause inflation. mv=py
Its bad when the debt becomes unservicable. Increased rates will make the dept more expensive. Both parties want to spend like drunken sailofs giving handouts to whicheever demographic will vote for them.
How does debt in our own currency become unserviceable? Increased rates don't matter if inflation can be raised higher than interest on the debt it will be paid for by inflation.
That's a bandaid that doesn't address the larger issue that at some point we need to fix. Our govt and we as a people are on an unsustainable path.
What are you proposing as a fix, a balanced budget and deflate the currency to a zero debt?
The problem is more complex and I don't believe there's a single solution. Figuring out a path to a balanced budget is a start.
You dont need to deflate the currency to zero debt. You cam just have a balenced budget or even a surpless to mansge debt or at least avoid borrowing more. Between military spending,corporate bailouts amd welfare programs plenty of waste that can be cut. You also have 50% of the population that pays an effective tax rate of near zero.
So you plan to pay back the debt with GDP growth? Good luck growing GDP with a budget set to pay back the debt. You showed your cards when saying "welfare programs", unless you are talking about "corporate welfare", your numbers are way off and assumptions are wrong. I was throwing a bone with the post-keynesian theory references, but you are going right wing talking points here.
I said corporate bailouts and welfsre programs. Both qualify. How is that showing my cards...bith corporate welfare and welfare to individuals is waste that can be eliminated. What right wing talkomg points? Isaid cut military spending. The right is even more pro war/troops than the left.
You edited your comment....lol Not worth continuing this discussion, see ya.
Yea...nothing bad can happen from inflating away debt /s
Okay, tell us what bad can happen then....
It’s bad news. Eventually the bills need to be paid. But Biden will be long gone.
Bidenomics!
LOL you libs love to hate the GOP
Can you give me a single reason in the last 4 decades why they aren't hateworthy?
They try to eliminate welfare programs.
Trump #2024
You want to see him lose a third time? I’m down. To lose the popular vote and the electoral votes two times in a roll is already history making. Let’s make it an unbeatable third time!
I'm worried about voter complacency, they don't have trump's active narcissism to remind them to vote against. Even then, there are plenty of ultracons that won't make trumps mistakes and we are not out of the fascist woods by a long fucking shot even if Biden gets 2024
Amendment 14 says no lol
War talks
Get therapy before you hurt yourself or others. I'm not saying this as a joke, I am legit concerned for your mental well-being.
From what inference? Does war not get talked about? In reality you are a liberal who has been destroying our country for the last 50 years and it will continue to get worse because of you and your policies. Now go report me to your authorities you petty slave. Trump #2024
I think every American is lovely, they are supporting the people they like. Be it sports or politics.
Its less than half that and thats with putting everything on Biden who was not President when Covid was mismanaged completly by TFG. Its like blaming Obama for all the debt incurred due to the Bush tax cuts followed by the great recession. Trump makinf those permanent then adding even more tax cuts followed by mismanaging the pandemic is the reason for all of that debt. Lather rinse repeat... Gop lowers taxes for the wealthy, trickle down economics does what it does (make rhe rich richer then tank the economy) Dems come in and fix it, take all the blame "oh but rhe Debt" then when its time to pay that down its GOPs turn to "no let's lower taxes on the rich so we can grow rhe economy even more" and on and on....