The US deficit will never be reduced... certainly not under dems

So...

By now, you are no doubt aware that King Biden, using his unlimited powers to spend money granted by some magic other than the Constitution, has just reduced or erased the budget deficit promised as a benefit from the inappropriately titled "Inflation Reduction Act".

Among many other people, I argued that despite the fact they claimed it would amount to decreased budget deficits, that would never, ever come to pass because, just like a stupid young person does when they find they still have $300 left and tomorrow is payday, the government would find something to spend it on. Which, of course, assumes it was ever real in the first place, which I for one very much doubt. In fact, I made that very point on this forum, now I wish I had bookmarked it for posterity.

But, like a teenager with a $100 bill burning a hole in his pocket, King Biden decided that rather than actually reducing government spending was less important than transferring the debt of countless former college students off of their books, and onto yours and mine.

We are still paying interest on toothbrushes purchased for WWII soldiers.

Let that sink in.

 

Lets see....:

Deficit in 2020.......= Over $3 trillion
Estimated in 2022 = About $1 trillion

 

Yeah. Because ending temporary and massive government overspending (that caused the inflation mess we're in, at least the last round of which) due to a short-term and temporary illness breakout counts as REAL deficit reduction.

That's like Biden bragging that unemployment went down during his first year or so! Well, no, sh*t, Sherlock, that's no different from bragging that a lot more people showed up for work on a Monday than did on Sunday. A rock could have accomplished that.

 

Which administration made any significant reduction in the US deficit?

 

Clinton

 

Well, you said there will never be a reduction, and there is massive reduction already in this very year. There was also large reductions when Obama was president, when deficits went from over a trillion to about $400B.

You are arguing that since it was your boy who hiked deficits every single year he was in office, then no one should get credit for bringing it back down. You are not making any sense claiming there will never be a reduction. What do you call a reduction? If 2022 prediction holds true, we already back to pre Covid levels.

 

That I'm aware of, none. Which is why we're still paying interest on WWII toothbrushes.

But you're missing the point. Just two weeks ago, Biden and his minions were saying "It's a good idea to pass this bill because it reduces the deficit", speaking of the "Inflation Reduction Act". Neither of those things were true, but the point I'm making is this...

How can you call something "deficit reduction" if, two weeks later, by spending money NOT AUTHORIZED BY CONGRESS(!!!!!), you just turn around and spend that imaginary savings that you don't even have yet on something ELSE???

 

Yes, Manchin signed off on the IRA because it reduced the deficit by about 300 billion dollars over ten years. Little did Manchin know that Biden planned on spending that 300 billion dollars anyway, because the student loan forgiveness thing adds up to ...........................drum roll please ...................................about 300 billion dollars.

 

No, I didn’t miss the point at all. The fact that you can’t think of any administration that has significantly reduced the deficit makes the point that no political party is going to reduce it.

 

Republicans have done a poor job as well, but no republican administration would have tried the kind of Unconstitutional raw giveaway of public money from the people who earned it to the people who borrowed it that we saw today.

If paying off other people's loans doesn't bother you, let me know, I'll send you some bills. You can pay for the roof we just had to get because our insurance company said so. Good news, though, it was less than $10k. But you can pay $10k anyway, I'm pretty sure that's how government thinking works.

I'll find something else to spend your money on.

 

So now you’re veering off to another issue. I thought we were talking about the inability to reduce the deficit? So, in regards to the new issue you’re bringing up…no, I don’t like that students loans are being forgiven.

 

So, let me see if I understand your point. You're saying that the deficit might not be reduced under Democrats, but it can SKYROCKET under Republicans.

 

As usual, you do not.

My point is that, less than two weeks ago, it was supposed to be an incentive to vote for, or at least put up with the bullshit titled "Inflation Reduction Act" because it would decrease the deficits, but two weeks later, just as I predicted at the time, those deficit reductions are already spent.

It's not a deficit reduction if you turn around and spend it (especially before you even have it!), whether it's done by either party. But I do find that dems are far, far more likely to find stupid ways to re-spend money captured from future deficits, especially when those dollars can be better used to buy votes with!

I do find it curious, though, your tendency to blame a single politician because you hate him more than the person who killed your pet dog (and because he's badged with the wrong letter) because extraordinary and unprecedented bipartisan spending happened due to an unexpected, unwanted pandemic of an unknown nature that ended up turning NYC into East Fuken Berlin, where you had to show your papers, comrade, just to buy a damn bagel. Not that there were any open bagel shops, anyway.

That goes back to patting Biden on the back for reducing unemployment because more people showed for work on a Monday than over the prior weekend.

 

It won’t be reduced under either party. The national debt won’t be lowered under either party nor a surplus achieved. The last president to achieve a surplus and lower the national debt in 2 of his 8 years was one, each, Dwight David Eisenhower.


For FY 1955 IKE lowered the national debt from 274.374 billion down to 272.750 billion and again in FY 1956 it was lowered from 272.750 down to 270.527. Since then there’s always been a deficit and the debt has continued to rise.


One party doesn’t give an owl’s hoot and says so while the other only talks a good game while doing nothing about it.

 

Sure

 

BJ Bill had 4 balanced budget though, 3 after vetoing the GOP's $792+ billion tax cut, then came Dubya

 

This is highly biased and mostly untrue.


But, it is true as long as we allow the Central Bankers at the FED to manage our money there is little hope we can reduce OUR national debt. The best we can hope for is a reduction in the rate of debt growth.

 

This is patently false:
Eight Ways the Trump-GOP Tax Cuts Have Made the Rich Richer While Failing Working Families
The richest 1 percent of taxpayers will get an average tax cut of $50,000 in 2020. That’s 75 times more than the tax cut for the bottom 80 percent, which will average just $645. These figures are comparable to estimates from the Tax Policy Center for 2018, which found the average tax cut for the richest 1 percent to be $51,000 and the average tax cut for the bottom 80 percent to be about $800.
https://inequality.org/research/trump-tax-cuts-inequality/

 

Two weeks ago? The poster you responded to compared the deficit Trump left to this President's deficit. Despite ANYTHING that happened two weeks ago, the deficit is much lower. Is that not what you claim would "never" happen?

 

The problem using the phrase balanced budget is that there is a lot of stuff off budget which doesn’t get counted. But still allows the debt to continue to rise. The debt went up every year of Bill Clinton’s tenure. So, if the budget is balanced, the debt shouldn’t go up unless one is using accounting gimmicks to mask what really is being spent and borrowed. Such as keeping a lot of items off budget, but still paying for them through borrowed money.


IKE is still the last president to see the national debt shrink in two of his eight years. The last to have a legitimate surplus without accounting gimmicks.

 

GOP passes Medicare Part D, that Dubya promised (CBO score) was only $400 billion over the next 10 years, within a month after passage it had come out CBO scored it nearly $600 billion, which was hidden by the admin

NOT A SINGLE PENNY OF NEW REVENUES TO FUND IT, 100% FUNDING VIA GENERAL REVENUES

The Congressional Budget Office (CBO) estimates that spending on Part D benefits will total $111 billion in 2022

It took intensive lobbying by President Bush and House Republican leaders, combined with the longest floor vote on record, to pull off House passage early Saturday morning of the most significant Medicare overhaul (READ EXPANSION) in the program's 38-year history.

Stopping the clock


At exactly 3 a.m. yesterday, Rep. Richard "Doc" Hastings (R-Wash.), presiding over the House of Representatives, announced that time for debate on President Bush's Medicare reform and prescription drug bill had expired. "Members will have 15 minutes to record their votes," he said.

The forecast turned out to be wildly off the mark. It was nearly 6 a.m. when the longest roll call in House history ended, with Republicans cheering a 220 to 215 victory and embittered Democrats denouncing it as a travesty.

The 2-hour-and-51-minute ordeal -- more than double the previous record -- saw Democrats savoring the possibility of their biggest victory of the Bush years -- an apparent 216 to 218 rejection of the $400 billion plan -- for almost an hour. But in that final hour, the president, jet-lagged from his flight home from Britain, phoned recalcitrant Republicans from the White House, and his secretary of health and human services, defying custom, jawboned members on the floor.

Their exhortations, even when added to all the pressure and pleading from the usually efficient GOP leadership team, failed to crack a solid phalanx of more than two dozen conservatives who insisted they had not come to Washington to expand the popular but expensive Great Society entitlement program...

https://www.washingtonpost.com/arch...he-vote/6f686a0b-2532-46f7-8e78-91c1623f6aa2/

NO Paywall Link
https://archive.ph/MAJZR

 

Don't understand what a budget is huh?

Money coming in vs going out, paying min on your credit cards with interest can still increase debt right?

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.

https://www.factcheck.org/2008/02/the-budget-and-deficit-under-clinton/

 

Debt vs deficit



What Is the Federal Budget Deficit?
The deficit is the annual difference between government spending and government revenue.

If the government spends more than it takes in, then it runs a deficit. If the government takes in more than it spends, it runs a surplus.


What Is the Federal Debt?
The debt is the total amount of money the U.S. government owes. It represents the accumulation of past deficits, minus surpluses.

Yes debt can increase AND you still have BUDGET SURPLUSES

https://www.pgpf.org/blog/2022/06/debt-vs-deficits-whats-the-difference

 

I do not disagree with this. You may be right that it won't be reduced under either party. So if it's not going to be reduced, we might as well use it to do things that BENEFIT this country. Not squander it in tax cuts for the rich, but provide education. Not blow it in an idiotic wall that would never get built, but provide healthcare and keep a healthy working population. Not throw it away in wars that we can never win, but provide opportunities for the poor to come out of their situation. Or to save the planet, or to support the development of science and technology... or any of many many things that can really make this country "a more perfect union"

 

Let’s be real. No politician that answers to an electorate will ever, ever, get rid of the deficit for a long enough time to even put a dent in the national debt.

This is true for one simple reason. The American people are too economically weak to live without government handouts. I seen very few people complain about the Trump free money, the increase in child tax credit, the Biden free money, the free rent during COVID, the higher unemployment benefits during COVID. If their man did it they’re happy, if their man didn’t do it they’re not. It’s never been about spending, it’s about politics.


Why would it matter anyway. Does anyone actually really believe we can lower the debt? Find me one person that thinks that’s seriously possible in a socialist democracy!