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When the economy is good is a great time to pay off the public debt. We put wars on credit, we put the recovery on credit, now when we can pay it back we again don't and watch the debt soar. Why? Because it is politically popular to give out tax cuts instead of taking the hard and responsible path that's good for the country in the long term.
Despite Strong Economy, Federal Deficit Soars
Posted from npr.org
Economy
Taxes
Edited >1 y ago
Posted >1 y ago
Responses: 3
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For 8 years we had to listen to the conservatives scream about our debt and deficit, even though they controlled Congress for most of that time. Now they have Congress AND the White House, and doing nothing about either.
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SPC Kevin Ford
MSG Stan Hutchison Well they did something to it... They passed a bunch of tax cuts and made the problem even worse.
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The problem with GDP is it calculates in federal spending. If government spending goes down, so does the GDP and the corollary is true. The trend I am seeing is corporate taxes go down. Funding for the hungry, disabled, poor, and schools in poor neighborhoods will go down. Trump has said that social security will also be on the table.
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So you are finally admitting the economy is good (actually it is great). That is progress Kevin. Even Obama is trying to take credit for the great performance even though he tries to dodge responsibilities for his 8 years.
You also need to look at Federal spending, that hasn't abated either. Deficits and debt are a result of spending more than you take it. You have to look at both pieces. We, as a country, never want to address the spending. Everyone likes their government cheese.
You also need to look at Federal spending, that hasn't abated either. Deficits and debt are a result of spending more than you take it. You have to look at both pieces. We, as a country, never want to address the spending. Everyone likes their government cheese.
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SPC Kevin Ford
Cpl Jeff N. Sure, the economy is good and has been for several years. The upward trajectory continues. It was there before, it is still there. It will eventually peak and then go down and when it does, as long as the POTUS doesn't do anything to directly cause it, it won't be his (or his successor's) fault.
We can also look at federal spending, I even agree with you but perhaps not where. There is one area that has gone down significantly, the economic brakes associated with a bad economy (i.e. unemployment, etc) but those are statutory controlled and the amount of spending automatically goes up and down with the strength or weakness of the economy. So there won't be much savings to be had there while the economy is strong.
The parts where spending is not directly tied to the strength and weakness of the economy is where we will have an opportunity to impact the debt; we all know where the lion's share of that spending is, right?
We can also look at federal spending, I even agree with you but perhaps not where. There is one area that has gone down significantly, the economic brakes associated with a bad economy (i.e. unemployment, etc) but those are statutory controlled and the amount of spending automatically goes up and down with the strength or weakness of the economy. So there won't be much savings to be had there while the economy is strong.
The parts where spending is not directly tied to the strength and weakness of the economy is where we will have an opportunity to impact the debt; we all know where the lion's share of that spending is, right?
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