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Keyword: nationaldebt

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  • Trump says United States is having tremendous success with China on trade (huh?)

    01/12/2019 8:20:04 PM PST · by cba123 · 37 replies
    Crazy Banana ^ | 1/12/2019 | Antoinette Montgomery
    American officials said during their discussions they relayed Trump's commitment to addressing trade deficit concerns and resolving structural issues affecting trade between the two countries. (please see the full article, at the link) I really don't see what Trump is talking about, but I do not have access to our trade delegation either. Maybe he is seeing something different. What I am seeing, is we just set the worst trade deficit in all recorded history, with China. The worst ever. Worst. Between any two countries. Ever. It is not improving. It is getting worse. I am all for Trump, but...
  • Meanwhile, Donald Trump Reshapes the World

    01/14/2019 2:39:23 PM PST · by Kaslin · 7 replies
    Rush Limbaugh.com ^ | January 14, 2019 | Rush Limbaugh
    RUSH: Yeah, another thing that’s so frustrating to me about all this honestly, folks, is that Donald Trump has really made good on his promise to make America great again and then is in the process of reshaping the world. Do you realize…? Have you heard the ChiComs have agreed to start importing rice from the United States? Now, stop and think about this for a second. Donald Trump sold ice to Eskimos. He has just made a deal where the ChiComs are gonna import rice from American farmers. The ChiComs on all of these arguments over tariffs are gonna...
  • Thirty Democrat Lawmakers Vacation In PR While Federal Employees Remain Unpaid

    01/13/2019 2:02:19 PM PST · by CaliforniaCraftBeer · 36 replies
    The Gateway Pundit ^ | January 13, 2019 | Jim Hoft
    President Trump is working around the clock during the government shutdown trying to negotiate with Pelosi and Schumer to secure border wall funding. The Democrats however, are partying at a beach resort in Puerto Rico on day 22 of the government shutdown. The Democrats don’t care about the 800,000 federal workers who are currently not receiving a paycheck. Democrat Senator Bob Menendez was spotted hanging out with a bikini-clad “colleague” on the beach in Puerto Rico three weeks into the shutdown without a care in the world. The Hispanic Caucus of liberal Democrats is holding their retreat at a posh...
  • A Stunner: National Debt Interest Will Soon Exceed National Defense Spending

    12/27/2018 4:20:29 PM PST · by entropy12 · 44 replies
    Hot Air ^ | December 27, 2018 | ANDREW MALCOLM
    President Trump has harshly criticized the Federal Reserve in recent weeks for inching up the standard interest rate to guard against rising inflation and threatening the four percent economic growth rate the billionaire likes to brag about. Here’s another reason: The higher interest rates on your credit card balances and car loans also apply to the federal government’s borrowing. RECOMMENDED
  • My Outline for a Federal Wealth Tax

    08/01/2018 12:06:00 PM PDT · by Brian Griffin · 192 replies
    08/01/2018 | Brian Griffin
    To pay off the ~$21 trillion dollar federal debt, which amounts to about $60,000 per American, it is probably necessary to have annual federal wealth taxation. It is best to introduce the federal wealth tax when asset values are high, so a smaller percentage of rich people's assets have to get taxed to pay off the national debt. The tax might be levied upon the total of net personal property financial holdings and the equity in real property. The rates might be: 1% on the equity in real property habitually resided in by the filer(s), 2% on the equity in...
  • Feds Collect Record Individual Income Taxes Through June; Still Run $607B Deficit

    07/13/2018 10:42:22 AM PDT · by Red Badger · 16 replies
    www.cnsnews.com ^ | July 12, 2018 | 10:48 PM EDT | By Terence P. Jeffrey
    The federal government collected a record $1,305,490,000,000 in individual income taxes through the first nine months of fiscal 2018 (October 2017 through June 2018), according to the Monthly Treasury Statement released today. Despite the record individual income tax collections, the federal government still ran a deficit of $607,099,000,000 over those same nine months, according to the Treasury statement. The approximately $1,305,490,000,000 in individual income taxes that the Treasury collected in October through June of this fiscal year was $71,815,310,000 more (in constant June 2018 dollars) than the $1,233,674,690,000 (in constant June 2018 dollars) in individual income taxes that the Treasury...
  • Bernie: Hell Yes, We Need to Repeal and Replace the GOP Law With Higher Taxes

    04/11/2018 4:57:39 PM PDT · by Kaslin · 23 replies
    Townhall.com ^ | April 11, 2018 | Guy Benson
    Step one: Scream that the GOP tax reform bill would be a "massive attack" on the middle class.  Step two: Concede that actually yes, nearly all middle income earners would get a tax break under the bill.  Step three: Call for its repeal anyway, effectively demanding a tax increase -- a "massive attack," one might even say -- on middle class Americans and US businesses.  It sounds like Bernie Sanders has picked up the same tax hike hymnal from which Nancy Pelosi was singing last week: Sen. Bernie Sanders, I-Vt., called Monday for the Republican tax law to be repealed...
  • GOP tax law will add $1.9 trillion to debt: CBO

    04/09/2018 12:02:49 PM PDT · by GIdget2004 · 32 replies
    The Hill ^ | 04/09/2018 | Niv Elis
    The GOP's signature tax law is projected to increase the national debt by $1.9 trillion between 2018 and 2028, according to a new report by the Congressional Budget Office. According to the report, the tax law would cost the government $2.3 trillion in revenues, but economic growth would offset that figure by about $461 billion. At 11 years, the report covers a slightly longer time period than the usual 10-year projections, but even accounting for just the first decade, the figure remains around $1.9 trillion. Some Republicans argued vociferously during the tax debate that tax cuts in the bill would...
  • Federal Budget's Red Ink and Storm Clouds Aren't Black and White

    02/09/2018 3:51:06 PM PST · by jfd1776 · 1 replies
    Illinois Review ^ | February 9, 2018 A.D. | John F. Di Leo
    Reflections on a Federal Budget Impasse... During the February budget showdown in Washington, Senator Rand Paul rose to speak. He reminded America of our spending habit – a constant pattern of deficit spending, year-in and year-out, in both Republican and Democrat administrations. A spending habit that doesn’t just cause a year of trouble, but an eternity of trouble, since these deficits add up, year by year, into a mountainous national debt, one that doubled – Doubled! – in just the eight years of the Obama administration alone. And he is right. ... But this is not one of those areas...
  • Trillion-Dollar Deficit Deja Vu

    01/04/2018 10:55:19 AM PST · by Kaslin · 17 replies
    Townhall.com ^ | January 4, 2018 | Veronique de Rugy
    After failing to pass any significant legislation during most of President Donald Trump's first year in office, the Republican-controlled Congress was finally able to pass a major tax reform bill in the waning minutes of 2017. But beyond not getting in the way of the administration's efforts to crack down on abusive federal regulations, the party that never missed an opportunity to bemoan the previous Democratic administration's profligacy continued to show little interest in addressing the country's spending-driven fiscal problems. Will 2018 be any different? The country is now $20.6 trillion in debt, and a return to the annual trillion-dollar...
  • Why Congress Shouldn’t Wait For Medicare Reform

    12/21/2017 10:39:37 AM PST · by Kaslin · 23 replies
    The Federalist ^ | December 21, 2017 | Christopher Jacobs
    If Congress fails to comprehensively reform Medicare, seniors will miss out on significant savings, and taxpayers will miss out on the opportunity to slow the program’s cost growth.In an interview with “Good Morning America” on Wednesday, House Speaker Paul Ryan (R-WI) cast doubt on the prospect for comprehensive Medicare reform on the congressional agenda in 2018: “There are some provider issues that we may be addressing as you know. Some providers in the Medicare field in some cases are getting overpaid. We want to make sure that’s being dealt with. But as far as you’re talking about beneficiaries, we’re not...
  • 4 Of The Biggest Myths About The Tax Cuts And Jobs Act

    12/20/2017 9:39:57 AM PST · by Kaslin · 37 replies
    The Federalist ^ | December 20, 2017 | Justin Haskins
    The Tax Cuts and Jobs Act cuts rates for most tax brackets, substantially reduces business taxes, increases the standard deduction, and eliminates many tax loopholes and deductions. Congress passed historic, far-reaching tax reform legislation this week, and President Donald Trump is expected to sign it into law soon after some technical fixes. The Tax Cuts and Jobs Act cuts rates for most tax brackets, substantially reduces corporate and small business taxes, increases the standard deduction for individuals and couples, and eliminates many tax loopholes and deductions.Since Republicans first rolled out their plan to implement tax reform, liberal pundits and Democrats...
  • Yellen: $20 trillion national debt 'should keep people awake at night'

    11/29/2017 12:12:00 PM PST · by DCBryan1 · 92 replies
    CNBC ^ | 29 NOV 17 | Jeff Cox | @JeffCoxCNBCcom
    With Congress wrestling over a tax reform plan that critics say would explode the government budget deficit, Federal Reserve Chair Janet Yellen said she also is concerned over the surging level of public debt. A Senate committee passed the GOP-sponsored proposal, which would slash the corporate tax rate and lower individual income rates for many Americans.However, the price tag of the plan is in the area of $1.5 trillion at a time when the Congressional Budget Official already is projecting a deficit of more than $1 trillion in the years ahead and with the total debt level at $20.6 trillion...
  • Debt and Taxes and Perdition

    11/22/2017 11:28:17 PM PST · by Oshkalaboomboom · 6 replies
    Townhall.com ^ | Nov 23, 2017 | Andrew Napolitano
    Should the government borrow against the future? Should it guarantee higher taxes for your children and grandchildren in return for lower taxes for you? If government's moral legitimacy depends on the consent of the governed, as Thomas Jefferson argued in the Declaration of Independence, can the federal government morally compel those who haven't consented to its financial profligacy -- because they are not yet born -- to pay higher taxes? These questions are at the base of the debate -- such as it is -- in Congress these days over the so-called Republican tax reform plan. But you will not...
  • New endangered species: the GOP deficit hawk

    10/26/2017 7:10:02 AM PDT · by Jagermonster · 35 replies
    The Christian Science Monitor ^ | October 25, 2017 | Mark Trumbull - Staff Writer
    A SHIFT IN THOUGHT   Desperate for a legislative win, Republicans are preparing to push through a tax-cut package that analysts say could add considerably to the deficit. Voices on the right expressing concern about red ink have been few and far between. WASHINGTON—Republicans have a storied tradition of minding the nation’s fiscal store. Calvin Coolidge pushed for tax cuts, but also for spend-less-than-you-earn budgets. After World War II, the party contributed to fiscal plans that rapidly unwound a war-related surge in debt. In ​the 1990s, ​members of the GOP supported spending restraints that helped usher in a brief era...
  • Do the Math. Tax Cuts Are Bound to Increase the National Debt

    10/16/2017 10:33:33 AM PDT · by SeekAndFind · 44 replies
    Townhall ^ | 10/16/2017 | Debra J. Saunders
    WASHINGTON -- Speaking to a group of workers in Harrisburg, Pennsylvania, President Donald Trump said Wednesday that his proposed tax-cut package "will be rocket fuel" for the U.S. economy.It was Trump's sly way of reinforcing a message that the White House has sent since it first rolled out a framework for the tax cut in April. The message: Instead of adding to the $20 trillion national debt, the GOP tax cut will pay for itself; there's no need to produce some $5 trillion in savings over the next decade to pay for the cuts.Treasury Secretary Steven Mnuchin uttered that mantra...
  • Why We're Doomed: The point is the present system cannot endure

    09/01/2017 8:44:20 AM PDT · by SeekAndFind · 13 replies
    Of Two Minds ^ | 08/31/2017 | Charles Hugh Smith
    Authored by Charles Hugh Smith via OfTwoMinds blog,The point is the present system cannot endure.Despite all the happy talk about "recovery" and higher growth, wages have gone nowhere since 2000--and for the bottom 20% of workers, they've gone nowhere since the 1970s.Gross domestic product (GDP) has risen smartly since 2000, but the share of GDP going to wages and salaries has plummeted: this is simply an extension of a 47-year downtrend.Last month I posted one reason Why We're Doomed: Our Economy's Toxic Inequality (August 16, 2017). The second half of why we're doomed is stagnant wages. Why do stagnating...
  • McConnell: 'America is not going to default'

    08/21/2017 7:30:01 PM PDT · by Olog-hai · 30 replies
    Associated Press ^ | Aug 21, 2017 4:23 PM EDT | Adam Beam
    Senate Majority Leader Mitch McConnell says there is “zero chance” Congress will allow the country to default on its debts by voting to not increase the borrowing limit. McConnell’s comments came Monday during a joint appearance in his home state of Kentucky with U.S. Treasury Secretary Steven Mnuchin. It was one of McConnell’s first public appearances since President Donald Trump publicly criticized him for failing to pass a repeal and replacement of former President Barack Obama’s health care law. McConnell did not mention Trump in his remarks, and he did not take questions from reporters after the event. But in...
  • Next Up for GOP Congress: Raising the Debt Ceiling

    07/30/2017 1:51:24 PM PDT · by Hojczyk · 25 replies
    The Wall Street Journal ^ | July 30,2017 | Kate Davidson
    Treasury Secretary Steven Mnuchin says federal borrowing limit must increase by Sept. 29, giving lawmakers little time after recess to act Republicans are leaving town for an August recess after a failed attempt to repeal the Affordable Care Act. When they return in September, they’ll have just 12 working days to avert another big problem. In a letter to lawmakers Friday, U.S. Treasury Secretary Steven Mnuchin said the federal borrowing limit, or debt ceiling, needed to be raised by Sept. 29 or the government risked running out of money to pay its bills.
  • Yellen (FED chair) on Inflation

    07/21/2017 1:57:32 PM PDT · by entropy12 · 2 replies
    Safehaven ^ | 07-16-17 | Doug Noland
    "Fed Chair Janet Yellen says that in looking at asset prices and valuations, the central bank is 'not trying to opine on whether they're correct'; instead, policy makers are assessing the risk of potential spillovers. As asset prices rise, there hasn't been a substantial increase in borrowing, Yellen said. [The] financial system is strong and resilient." I assume chair Yellen is referring to U.S. non-financial and non-government borrowings. Clearly, central bank Credit and government borrowings have expanded spectacularly around the globe. I suspect as well there has been a major expansion in speculative leveraging and securities Credit at home and...