Trump Domestic Policy - Budgets, etc

[TGHusker]

Here is the alarming fact: "By 2028, the national debt would total 96 percent of GDP."    I can't imagine any society surviving with those kinds of numbers.  I'm not an economist nor do I play one on TV but his is crazy and cannot end well.  Maybe an economist can elaborate how this is 'doable' and 'sustainable'. 

 

This cannot go well for us long term.  Unlike some cultures that plan long term, ours is a quarter by quarter, year by year deal.  Thus we are constantly sacrificing our future (actually our grandkids' future) for gratification today.   No long term stategic thinking going on here. Just party loyalists doing what they can to retain power by kicking the can down the road.

 

https://www.cnbc.com/2018/04/09/the-gop-tax-plan-means-short-term-gains-for-the-economy-but-federal-debt-is-primed-to-explode-cbo-analysis-says.html

 

The GOP tax plan means short-term gains for the economy, but federal debt is primed to explode, CBO analysis says

• The Congressional Budget Office forecast that the new tax law will generate an average of 0.7 percent growth over the decade and create 1.1 million jobs.
• However, larger budget deficits would crowd out private investment in later years, dampening economic growth.
• As a result, the CBO estimated the cumulative deficit over the next decade will be $1.6 trillion larger than previously projected. By 2028, the national debt would total 96 percent of GDP.

[Danny Bateman]

Holy cow.

 

Debt being 96% of GDP. That's atrocious. 
 

I knew this would blow up the deficit but I didn't know it would get that bad that fast.

[jsneb83]

I know people hate paying more taxes, but there is only so much of the spending that you can cut without completely crippling the country. So if we want to bring the deficit down (if that's even possible) we would all have to take one for the team and pay more in taxes. 

[RedDenver]

I can't find the article right now, but the British had very high government debt back in the 18th century (I seem to remember something like 120% of GDP). They were able to reduce it, not by cuts or raising taxes, but by growing their economy. A combination of rising GDP and inflation overtook the debt.

 

I'm not saying high debt is good, but it's hard to gauge whether it's bad.

[BigRedBuster]

Wait....the Trump online store doesn’t collect sales tax in every state????

 

The Trumps aren’t hypocritical. 

 

 

Edited April 10, 2018 by BigRedBuster

[BigRedBuster]

This is obviously speculation....but......

 

Quote

 

Stocks would likely go into free fall, the dollar would weaken and investors would 'panic buy' Treasurys if President Donald Trump were to fire special counsel Robert Mueller.

 

Analysts say that reaction could be short-lived, though it may herald a period of uncertainty and volatility for markets.

 

"Obviously, the knee jerk reaction is to sell because of the uncertainty that would ensue, but in terms of really affecting the U.S. economy, interest rates and earnings, it's not going to mean anything. The presidency has been a constant drama...while this might take it to a different level, I'm not sure what the relevance would be to the market," said Peter Boockvar, chief investment strategist at Bleakley Financial Group.

 

 

[knapplc]

Why are you guys talking about all this other stuff?  Don't you know it's Infrastructure Week?

[RedDenver]

37 minutes ago, BigRedBuster said:

This is obviously speculation....but......

 

 

People are already buying a lot of 10-year and 30-year treasuries due to volatility in the stock market.

[BigRedBuster]

 

[commando]

19 minutes ago, BigRedBuster said:

 

trump loves coal

[BigRedBuster]

 

 

 

I know it's not on the tariffs....but, still.....

[BigRedBuster]

 

Quote

Price increases nationally were described as "moderate," with steel costs rising "dramatically" in some areas due to the Trump administration's announcement of tariffs on imports of the metal.

 

I thought he was bragging that prices weren't going up because of the tariffs.  

[BigRedBuster]

Hmmmm....reminds me of the Kansas tax experiment.

 

 

[Danny Bateman]

3 hours ago, BigRedBuster said:

Hmmmm....reminds me of the Kansas tax experiment.

 

 

 

By the time the bill comes due they'll have a Democrat to blame for wrecking the economy.

[Whistlebritches]

1 hour ago, Clifford Franklin said:

 

By the time the bill comes due they'll have a Democrat to blame for wrecking the economy.

and they'll get to run against the Dems raising taxes.