U.S. Deficit Soaring. Why?

[ffr]

Democrats have a proven record on fiscal responsible economy policy, paying down debt, keeping our house in order. Republicans, like drunken sailors, spend the built up economy prosperity they inherit from Democratic administrations in the form of tax cuts for the wealthiest corporations and deficits soar.

BTW, it's conventional economic policy for our government to deficit spend during recessions, so why in the past 3 years have deficits skyrocketed if we're being told repeatedly that the fundamentals of the economy are strong? Is it because we're already in recession or is it corporate welfare, paying $1T per year to subsidize an otherwise failing economy? Clues are in the Debt to GDP ratio.

Here we go again.

Yr --|---Debt -|-Debt Increase -|- Deficit/GDP -|- Event :
1991 | $269 | $432 | 4.3% | Recession
1992 | $290 | $399 | 4.4% | Expansion
1993 | $255 | $347 | 3.7% | Clinton signed Budget Act
1994 | $203 | $281 | 2.8% | Clinton budget
1995 | $164 | $281 | 2.1% | Expansion
1996 | $107 | $251 | 1.3% | Welfare reform
1997 | $22 | $188 | 0.3% | Expansion
1998 | ($69) | $113 | (0.8%) | LTCM crisis, recession
1999 | ($126) | $130 | (1.3%) | Glass-Steagall repealed
2000 | ($236) | $18 | (2.3%) | Surplus
2001 | ($128) | $133 | (1.2%) | 9/11 attacks, EGTRRA
2002 | $158 | $421 | 1.4% | War on Terror
2003 | $378 | $555 | 3.3% | JGTRRA
2004 | $413 | $596 | 3.4% | Iraq War
2005 | $318 | $554 | 2.4% | Katrina, Bankruptcy Act
2006 | $248 | $578 | 1.8% | Bernanke chairs Fed
2007 | $161 | $501 | 1.1% | Bank crisis
2008 | $459 | $1,017 | 3.1% | Bank bailout, QE
2009 | $1,413 | $1,632 | 9.8% | Stimulus Act. Bank bailout cost $250B, ARRA added $253B
2010 | $1,294 | $1,905 | 8.6% | Obama tax cuts, ACA, Simpson-Bowles
2011 | $1,300 | $1,229 | 8.3% | Debt crisis, recession and tax cuts reduced revenue
2012 | $1,087 | $1,276 | 6.7% | Fiscal cliff
2013 | $679 | $672 | 4.0% | Sequester
2014 | $485 | $1,086 | 2.7% | Debt ceiling crisis
2015 | $438 | $327 | 2.4% | TPP, Iran deal
2016 | $585 | $1,423 | 3.1% | Presidential race
2017 | $665 | $672 | 3.4% | Trump Tax Act
2018 | $779 | $1,217 | 3.8% | Deficit spending
2019 | $1,092 | $1,314 | 5.1% | Government shutdown
2020 | $1,101 | $1,281 | NA | Military spending increased

<link>

Debt to the penny: 23,251,029,947,957.77

[Fresh_Start]

1. to create illusion of strong economy nt

nt

[Frustratedlady]

2. Didn't Obama get stuck with the Iraq War debt?

I seem to remember it was on a charge card basis.

I can't imagine how Trump could even come up with a $4.8T with a T budget.

He increases the military budget and then announces cuts to the vets' health care.

[ffr]

6. Obama and the democrats inherited a frozen economy, markets in freefall, and toxic assets

As part of the GOP's easing of regulations on the banking industry, years earlier.

[Frustratedlady]

8. What happens if China, Russia, et al., call in their investments?

Is that possible/probable?


Yes, I remember the scary circumstances when (or, right before) Obama took office. That was a royal screw job, for sure.

[cherryinpa]

3. TCJA

Trump tax giveaway to big corps and the rich.

Thats why Biden has said he will reverse this attrocity as a priory.

[YOHABLO]

4. So Trump can say look at this booming economy that I made for you.

Emphasis on "I"

[no_hypocrisy]

5. Tax cuts? Tariffs? Compound inerest?

All of the above?

[democratisphere]

7. NEVER EVER trust Republican drumpf data on anything.

Republican economies ALWAYS crash and burn. Put on your firesuit and fasten your seatbelt.

[FoxNewsSucks]

9. Tax cuts.

Rich people and corporations no longer pay anything close to their fair share. Many pay nothing. Many get billions in welfare, uh, I mean "subsidies".

[sandensea]

10. It's worth noting that those 2004-08 Bush budgets EXCLUDED war spending

This exceeded $170 billion at its peak in 2007/08.

Putting the war off the books was, of course, Rove's idea.

Dubya wouldn't know a good idea from a horse apple.