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#312587 - 06/16/19 08:54 PM Trump, Tarriffs, Promises
jgw Offline
enthusiast

Registered: 05/22/06
Posts: 2522
Loc: Port Angeles, WA
When Trump signed his whiz bang "tax cut" the Republican claim is that it would increase taxes enough to pay for itself. The simple fact has been that the "tax cut" has actually increased the national debt close to a trillion, all on its own. In addition it has been reducing funding for Medicare by 100 billion a year and assaults Social Security as well.

This is pretty interesting and one can only wonder why the Democrats are even mentioning this kind of stuff much.

On the other hand it also seems that, due to Trump Tarriffs, our income has gone up something like 75 billion a year. Tarriffs, as we all know, are taxes under a different name and Trump increased a tax on citizen because, I think, he saw an opportunity to bamboozle in an effort to try and mitigate the increasing deficit.
https://qz.com/1614032/us-tariff-revenues-are-skyrocketing/

Then there is the other shoe that drops when he goes. That one happens because our national debt is going to be so huge, and the payments so high, that there will be little or no money left to pay for any of the proposed Democratic promises to fix this and that. I would suggest googling "United states deficit and debt" for this one. You will find stuff like:
https://www.npr.org/2019/02/13/694199256...edicted-to-fall

Now add in the wars in the Middle East, including Afghanistan:
https://www.cnbc.com/2018/11/14/us-has-s...2001-study.html

So, between "tax cuts" and wars we are running up a truly huge debt. Not only that but treasure wasted on political wars we cannot win could have paid for the defeat of cancer, single payer healthcare, complete rebuilding of our infrastructure, and full financial support of public education. The administration, right now, is beginning to start yet another Middle East war disaster which will, easily, add trillions more to our debt.

If Trump goes down the Democrats, yet again, will be tasked with cleaning up yet another Republican financial disaster. The Democrats will duly do their job and, not unlike other times, will not mention that the mess is a REPUBLICAN mess a single time for fear of distressing the other side.

Not only that but all the promises being made by the Democrats will also not happen. I find it interesting that whilst the promises are flying, fast and loose, not a single Democratic candidate, as far as I can tell, is even mentioning the looming finance/debt disaster. This, of course, means they will be leaving themselves open to making, and then failing to keep their promises.

Just saying................

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#312597 - 06/17/19 10:03 PM Re: Trump, Tarriffs, Promises [Re: jgw]
pondering_it_all Offline
veteran

Registered: 02/27/06
Posts: 8552
Loc: North San Diego County
The problem is that politicians have seized on "The Laffer Curve" and misinterpreted it badly. It never said that cutting tax rates always increases government income. It said that if rates are higher that a certain point, then cutting those rates can increase government income. Turns out a lot of economists have studied the numbers and set that "certain rate" to be about 70% top tax tier. So the Laffer Curve says if the top tax tier is 75%, then lowering it to 70% increases government income. But if it's 65% or lower, then it does NOT increase government income to lower it. Instead you increase government debt, and that's exactly what the latest tax cut has done. Totally predictable, and in fact totally predicted by congressional Republicans. They admitted they did it so they can cut entitlements when we go broke.

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#312610 - 06/18/19 04:42 PM Re: Trump, Tarriffs, Promises [Re: pondering_it_all]
jgw Offline
enthusiast

Registered: 05/22/06
Posts: 2522
Loc: Port Angeles, WA
I am in basic agreement. My only problem is that you give them more credit than they deserve (and they deserve none!) Seems to me that cutting taxes in good times makes little sense to me.

Then, again, I remember Trump telling his admirers, at Mar a Lago, that they were going to be a LOT richer!


Edited by jgw (06/19/19 07:26 PM)

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