Mileage Psycho Posted April 19, 2018 Share Posted April 19, 2018 Be sure to clap your hands!!!! Quote U.S. Debt Load Seen Worse Than Italy's by 2023, IMF Predicts Mamma Mia! In five years, the U.S. government is forecast to have a bleaker debt profile than Italy, the perennial poor man of the Group of Seven industrial nations. The U.S. debt-to-GDP ratio is projected widen to 116.9 percent by 2023 while Italy’s is seen narrowing to 116.6 percent, according to the latest data from the International Monetary Fund. The U.S. will also place ahead of both Mozambique and Burundi in terms of the weight of its fiscal burden. Mamma Mia! U.S. debt-to-GDP ratio projected to surpass Italy's The numbers put renewed focus on the U.S. deteriorating budget after the enactment in December of $1.5 trillion in tax cuts, and the passage more recently of $300 billion in new spending. President Donald Trump’s administration argues that the tax overhaul combined with deregulation will help the economy accelerate, which in turn will generate enough extra revenue to avoid any fiscal fallout. Officials with the Federal Reserve and Congressional Budget Office are skeptical about those expectations, as they forecast long-term economic growth will fall short of expansion rates needed to fund tax cuts. The central bank’s most recent forecasts show a median estimate of 2.7 percent for this year’s expansion slowing to 2 percent in 2020, while the CBO sees GDP growth slowing from 3.3 percent this year to 1.8 percent in 2020. Former Fed Chairman Alan Greenspan, speaking in an interview Wednesday with Tom Keene on Bloomberg Television, said lowering corporate tax rates was a good move. “The trouble, unfortunately, is it’s unfunded,” he said, adding that Republicans should have done “spending cuts first before you try to do tax cuts.” Higher Spending The U.S. has been on a spending binge since the government last ran an annual budget surplus in 2001. Tax cuts not matched by cuts in spending or economic growth, the war in Iraq and the continuing battle against terrorists as well as the aftershocks of the financial crisis have expanded deficits and contributed to the national debt. Added to that is the spiraling costs of entitlement programs such as Social Security, Medicare and Medicaid, which are projected to almost double over the next decade to $4.3 trillion, as the U.S. population ages and health-care costs rise. While Trump and congressional Republicans raised alarms about the debt and deficit when Democrat Barack Obama was president, spending hasn’t abated with the GOP in control of the White House and Congress. Treasury Department figures last week showed the nation’s budget shortfall widened to $600 billion halfway through the current fiscal year, compared with $527 billion in the October-March period a year earlier. Spending in March totaled $420 billion, the second-highest monthly level on record. The record-high month for government outlays was a total of $429 billion in June 2017. “This president, obviously, is not a president that’s interested in fiscal issues,” Senator Bob Corker, a Republican from Tennessee, said in Washington earlier on Wednesday. “This issue is not going to be dealt with without a strong charismatic president who really wants to take it on. This is not going to be dealt with until we have a crisis. It’s not going to happen and that’s sad. It makes me despondent." Corker voted for the tax cuts but against the spending increase. There’s little political incentive for lawmakers to make deep spending cuts, which would inevitably hit popular programs, while the economy is booming. In 2013, when Obama was in office, deficit reduction ranked third on the public’s list of priorities, behind the economy and jobs, according to polling by Pew Research Center. But in a January poll, reducing the budget deficit had fallen to 14th on the list, between immigration and drug addiction, according to Pew. The decline in concern crossed party lines. Off Base White House budget director Mick Mulvaney on Wednesday pushed back against the idea the administration is fiscally irresponsible, and urged Congress to adopt deep spending cuts in Trump’s proposed 2019 budget. Mulvaney said that the Trump budget contains “the largest proposed reform of mandatory spending in the history of budgets.” He said Congress should adopt cuts to Social Security Disability Insurance and Medicare payments for non-Medicare beneficiaries, such as paying for medical school education. Mulvaney said the CBO’s projection of the effects of December’s tax cuts, which sees them adding $1.9 trillion to deficits over about a decade, is way off base. He said the CBO is wrong to assume real GDP growth will not average 3 percent over the coming decade. “We’ve changed the fundamental structure of the American economy,” he said. “That’s why we think 3 percent growth is sustainable.” As for Italy, the country’s sovereign bond yields are already well below those of U.S. Treasuries with the 10-year Italian bond yield at around 1.72 percent versus 2.85 percent for 10-year Treasuries. Italian borrowing costs are also expected to head lower in coming years as average maturities have been extended, making Italy’s debt more manageable. — With assistance by Daniel Flatley, and Erik Wasson https://www.bloomberg.com/news/articles/2018-04-18/u-s-debt-load-will-be-worse-than-italy-s-by-2023-imf-predicts Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 19, 2018 Share Posted April 19, 2018 Wondering where all the hand wringing was from Vince when Obama was doubling our debt over 8 years? Curious we didnt get thread after thread when the FED was printing trillions and keeping rates at 0. Now its a problem????? Quote Link to comment Share on other sites More sharing options...
ICEMAN! Posted April 19, 2018 Share Posted April 19, 2018 2 minutes ago, f7ben said: Wondering where all the hand wringing was from Vince when Obama was doubling our debt over 8 years? Curious we didnt get thread after thread when the FED was printing trillions and keeping rates at 0. Now its a problem????? Same Republican controlled Congress for most of Obama’s admin and now no? Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 19, 2018 Share Posted April 19, 2018 Just now, ICEMAN! said: Same Republican controlled Congress for most of Obama’s admin and now no? I never supported any of it and dont support it now......simply calling out the hypocrites here. I slammed trump for this spending bill Quote Link to comment Share on other sites More sharing options...
Sal Rosenberg Posted April 19, 2018 Share Posted April 19, 2018 Momo has clap on his hands . Quote Link to comment Share on other sites More sharing options...
Snoslinger Posted April 19, 2018 Share Posted April 19, 2018 24 minutes ago, f7ben said: Wondering where all the hand wringing was from Vince when Obama was doubling our debt over 8 years? Curious we didnt get thread after thread when the FED was printing trillions and keeping rates at 0. Now its a problem????? Because it was needed and if we didn’t do it we wouldn’t be where we are today. Christ you may actually be dumber than racer. Quote Link to comment Share on other sites More sharing options...
Momorider Posted April 19, 2018 Share Posted April 19, 2018 8 minutes ago, Sal Rosenberg said: Momo has clap on his hands . ObseessedFaggot Jew FUCK Quote Link to comment Share on other sites More sharing options...
Momorider Posted April 19, 2018 Share Posted April 19, 2018 Just now, Snoslinger said: Because it was needed and if we didn’t do it we wouldn’t be where we are today. Christ you may actually be dumber than racer. Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 19, 2018 Share Posted April 19, 2018 1 minute ago, Snoslinger said: Because it was needed and if we didn’t do it we wouldn’t be where we are today. Christ you may actually be dumber than racer. None of it is ever getting paid back.....we will never cut spending. Its all a fucking joke. Get what you can while you can and fuck the rest. Quote Link to comment Share on other sites More sharing options...
Snoslinger Posted April 19, 2018 Share Posted April 19, 2018 Dumb fuck Ben bitches about using a credit card to survive, rather than starve. In addition it helped land a job. now that things are better, he wants to bitch about using the credit card. Even funnier, he has no problem putting more on the fucking card now that we can help pay it off. Fucking idiot 1 Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 19, 2018 Share Posted April 19, 2018 Just now, Snoslinger said: Dumb fuck Ben bitches about using a credit card to survive, rather than starve. In addition it helped land a job. now that things are better, he wants to bitch about using the credit card. Even funnier, he has no problem putting more on the fucking card now that we can help pay it off. Fucking idiot your analogies are dumber than momo....you are a fucking retarded ass faggot piece of shit Obamacare was the most garbage piece of legislation ever written.....it costs more than these tax cuts and was a massive drain on the economy but you were all for that fuck you....you arent fit to breed or breath.....die in a fire Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted April 19, 2018 Gold Member Share Posted April 19, 2018 Donald trump wont be president in 2023...... Quote Link to comment Share on other sites More sharing options...
Snoslinger Posted April 19, 2018 Share Posted April 19, 2018 5 minutes ago, f7ben said: your analogies are dumber than momo....you are a fucking retarded ass faggot piece of shit Obamacare was the most garbage piece of legislation ever written.....it costs more than these tax cuts and was a massive drain on the economy but you were all for that fuck you....you arent fit to breed or breath.....die in a fire It’s a perfect analogy, and if I’m not mistaken, Obamacare made your lives a little better. You’ll deny it I’m sure though and make up some imaginary scenario Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 19, 2018 Share Posted April 19, 2018 (edited) 2 minutes ago, Snoslinger said: It’s a perfect analogy, and if I’m not mistaken, Obamacare made your lives a little better. You’ll deny it I’m sure though and make up some imaginary scenario You retarded fucking cunt.....how in the fuck could the ACA have had any impact on me. My wife has no pre-existing and I have been insured through my employer continuously since prior to the ACA going into effect. You are the dumbest motherfucker here......I have told you that repeatedly and you are just too fucking stupid to log it away in that mush filled faggot head Edited April 19, 2018 by f7ben Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted April 19, 2018 Share Posted April 19, 2018 41 minutes ago, ICEMAN! said: Same Republican controlled Congress for most of Obama’s admin and now no? most of his debt came when he had full control of the hill . then harry refused to bring anything budjet related to the floor Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted April 19, 2018 Share Posted April 19, 2018 Just now, Ez ryder said: most of his debt came when he had full control of the hill . then harry refused to bring anything budjet related to the floor ICE strongly believes budgets balance themselves. Quote Link to comment Share on other sites More sharing options...
Snoslinger Posted April 19, 2018 Share Posted April 19, 2018 3 minutes ago, f7ben said: You retarded fucking cunt.....how in the fuck could the ACA have had any impact on me. My wife has no pre-existing and I have been insured through my employer continuously since prior to the ACA going into effect. You are the dumbest motherfucker here......I have told you that repeatedly and you are just too fucking stupid to log it away in that mush filled faggot head Well lucky for you that history is gone. I have great memory and I know damn well Obamacare helped your family in some manner Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 19, 2018 Share Posted April 19, 2018 Just now, Snoslinger said: Well lucky for you that history is gone. I have great memory and I know damn well Obamacare helped your family in some manner No it did not you retarded fuck in fact it cost me my Cadillac plan you stupid fucking brain dead faggot Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 19, 2018 Share Posted April 19, 2018 Tell me slinger....how did the ACA help me ........seeing as how I have had excellent medical coverage since april of 2010 fucking braindead moron Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted April 19, 2018 Share Posted April 19, 2018 6 minutes ago, Snoslinger said: Well lucky for you that history is gone. I have great memory and I know damn well Obamacare helped your family in some manner Obama care did nothing but cost most people who actually earn a living a bunch of money . Quote Link to comment Share on other sites More sharing options...
Snoslinger Posted April 19, 2018 Share Posted April 19, 2018 2 minutes ago, f7ben said: Tell me slinger....how did the ACA help me ........seeing as how I have had excellent medical coverage since april of 2010 fucking braindead moron Something with your wife Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 19, 2018 Share Posted April 19, 2018 1 minute ago, Snoslinger said: Something with your wife great memory ....dumb motherfucker Quote Link to comment Share on other sites More sharing options...
Snoslinger Posted April 19, 2018 Share Posted April 19, 2018 2 minutes ago, f7ben said: great memory ....dumb motherfucker I said I don’t remember all the details. Why don’t you just be honest? Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted April 19, 2018 Gold Member Share Posted April 19, 2018 wasnt the only thing that happened to Ben under Obama's term was losing his job in Minnesota and having to move to Indiana????? Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 19, 2018 Share Posted April 19, 2018 Just now, Snoslinger said: I said I don’t remember all the details. Why don’t you just be honest? I recall you having a run in with the cops for inappropriately touching a small child......I cant recall if you penetrated the small boy or girl but I know I recall it happening How did that ever pan out Quote Link to comment Share on other sites More sharing options...
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