The debt based economy.

[Usedtoskidoo]

How long was Obama in office? Oh and now tell us how he reduced the debt in anyway? 

Anyone want facts and figures? 

[frenchy]

Just now, Usedtoskidoo said:

How long was Obama in office? Oh and now tell us how he reduced the debt in anyway? 

Anyone want facts and figures? 

no point even discussing debt until yearly deficits are reigned in. 

[Rod]

27 minutes ago, Mainecat said:

Were you fuckin born yesterday? Do you know how Bush left the economy? There you go as usual blaming the new wife for the ex wife’s debt.

The bush economy happened directly because of clinton policies

[frenchy]

Just now, Rod Johnson said:

The bush economy happened directly because of clinton policies

which ones? 

[Rod]

4 minutes ago, frenchy said:

no point even discussing debt until yearly deficits are reigned in. 

Not like our current liberals who have spent a little less than they were planning so they call it a surplus wtf

[Rod]

Just now, frenchy said:

which ones? 

The housing boom

[Anler]

And also while you finger pointing faggots continue to blame Obama or Bush or Trump, arguing over who got us out of what.. The truth is what the article says, debt got out. If you want to call it that. We are a debt based economy. Take a look at yourself and think about what you would have without debt. 

Quote

 

Financial experts noted several ominous economic indicators, including skyrocketing student loans and U.S. household debts, that could predict a crash "worse than the Great Depression," according to a report in the New York Post. 

Goldman Sachs predicted that this year's U.S. fiscal outlook would be "not good," and that U.S. household debt had been increasing since the 2008 housing crisis led to American taxpayers bailing out the big banks. 

In 2018, experts said, a $247 trillion global debt will be the greatest cause of the next cataclysmic financial crash. Additionally, low wages and the U.S. national debt's steady rise are expected to drag down the economy. 

 

As I mentioned before... Manufacturing and fair trade will be our real ticket out. Without that you can only fix this with more debt. 

[frenchy]

Just now, Rod Johnson said:

The housing boom

the housing boom policy?

Must have missed that one. 

[Anler]

1 minute ago, frenchy said:

which ones? 

The liberal ones

[Highmark]

5 minutes ago, frenchy said:

you obviously have absolutely zero understanding of even the most basic principles of monetary policy. 

Putting his foot on the gas and spending like a drunken sailor when the economy was already humming along nicely will make the coming recession that much worse. Again, his recklessness has never before been seen. The price increases due to tariffs will be a nice icing on the cake too. 

The budget Trump proposed actually had a decrease in non mandatory govt spending by around $2 billion.   Not enough but at least a start.  Of course neither side would agree so they kept pushing OSB's.   That stops end of Sept.  Not getting any press because all the other BS going on.   Probably intentional on both sides just to push more spending.  

I kind of look at the govt like my employer.   If you want to come to me for a pay cut and I see real meaningful decisions being made to save the company I might say yes.   If you come to me and continue to screw the pooch then I say fuck that let me keep what I earn.   

You do understand that around 60%+ of the Federal Budget was set by law often times years and years ago?  Getting these changed is very difficult and a problem of our system.

The United States federal budget is divided into three categories: mandatory spending, discretionary spending, and interest on debt. Also known as entitlement spending, in US fiscal policy, mandatory spending is government spending on certain programs that are mandated by law.^[1] Congress established mandatory programs under authorization laws. Congress legislates spending for mandatory programs outside of the annual appropriations bill process. Congress can only reduce the funding for programs by changing the authorization law itself. This requires a 60 vote majority in the Senate to pass. Discretionary spending on the other hand will not occur unless Congress acts each year to provide the funding through an appropriations bill.

Mandatory spending has taken up a larger share of the federal budget over time.^[2] In fiscal year (FY) 1965, mandatory spending accounted for 5.7 percent of gross domestic product (GDP).^[3] In FY 2016, mandatory spending accounted for about 60 percent of the federal budget and over 13 percent of GDP. ^[4] Mandatory spending received $2.4 trillion of the total $3.9 trillion of federal spending in 2016.^[4]

^{https://en.wikipedia.org/wiki/Mandatory_spending}

 

 

[frenchy]

7 minutes ago, Highmark said:

The budget Trump proposed actually had a decrease in non mandatory govt spending by around $2 billion.   Not enough but at least a start.  Of course neither side would agree so they kept pushing OSB's.   That stops end of Sept.  Not getting any press because all the other BS going on.   Probably intentional on both sides just to push more spending.  

I kind of look at the govt like my employer.   If you want to come to me for a pay cut and I see real meaningful decisions being made to save the company I might say yes.   If you come to me and continue to screw the pooch then I say fuck that let me keep what I earn.   

You do understand that around 60%+ of the Federal Budget was set by law often times years and years ago?  Getting these changed is very difficult and a problem of our system.

The United States federal budget is divided into three categories: mandatory spending, discretionary spending, and interest on debt. Also known as entitlement spending, in US fiscal policy, mandatory spending is government spending on certain programs that are mandated by law.^[1] Congress established mandatory programs under authorization laws. Congress legislates spending for mandatory programs outside of the annual appropriations bill process. Congress can only reduce the funding for programs by changing the authorization law itself. This requires a 60 vote majority in the Senate to pass. Discretionary spending on the other hand will not occur unless Congress acts each year to provide the funding through an appropriations bill.

Mandatory spending has taken up a larger share of the federal budget over time.^[2] In fiscal year (FY) 1965, mandatory spending accounted for 5.7 percent of gross domestic product (GDP).^[3] In FY 2016, mandatory spending accounted for about 60 percent of the federal budget and over 13 percent of GDP. ^[4] Mandatory spending received $2.4 trillion of the total $3.9 trillion of federal spending in 2016.^[4]

^{https://en.wikipedia.org/wiki/Mandatory_spending}

 

 

I'm talking about discretionary spending. 

[SnowRider]

9 minutes ago, Highmark said:

The budget Trump proposed actually had a decrease in non mandatory govt spending by around $2 billion.   Not enough but at least a start.  Of course neither side would agree so they kept pushing OSB's.   That stops end of Sept.  Not getting any press because all the other BS going on.   Probably intentional on both sides just to push more spending.  

I kind of look at the govt like my employer.   If you want to come to me for a pay cut and I see real meaningful decisions being made to save the company I might say yes.   If you come to me and continue to screw the pooch then I say fuck that let me keep what I earn.   

You do understand that around 60%+ of the Federal Budget was set by law often times years and years ago?  Getting these changed is very difficult and a problem of our system.

The United States federal budget is divided into three categories: mandatory spending, discretionary spending, and interest on debt. Also known as entitlement spending, in US fiscal policy, mandatory spending is government spending on certain programs that are mandated by law.^[1] Congress established mandatory programs under authorization laws. Congress legislates spending for mandatory programs outside of the annual appropriations bill process. Congress can only reduce the funding for programs by changing the authorization law itself. This requires a 60 vote majority in the Senate to pass. Discretionary spending on the other hand will not occur unless Congress acts each year to provide the funding through an appropriations bill.

Mandatory spending has taken up a larger share of the federal budget over time.^[2] In fiscal year (FY) 1965, mandatory spending accounted for 5.7 percent of gross domestic product (GDP).^[3] In FY 2016, mandatory spending accounted for about 60 percent of the federal budget and over 13 percent of GDP. ^[4] Mandatory spending received $2.4 trillion of the total $3.9 trillion of federal spending in 2016.^[4]

^{https://en.wikipedia.org/wiki/Mandatory_spending}

 

 

You’re considering his defense budget increase spending as mandatory  

You were opposed to an increase in military spending and now you’re a proponent.....why?  

 

Dump?     

[jtssrx]

31 minutes ago, Nazipigdog said:

Presidents dont spend money, congress does. Look who is running congress. Those are your spenders. 

Presidents sign the spending bills

[Anler]

1 minute ago, jtssrx said:

Presidents sign the spending bills

duh

[Rod]

33 minutes ago, frenchy said:

the housing boom policy?

Must have missed that one. 

The policies that Led to the housing boom and its inevitable collapse

[Anler]

6 minutes ago, Rod Johnson said:

The policies that Led to the housing boom and its inevitable collapse

Financial deregulation? 

[Highmark]

25 minutes ago, SnowRider said:

You’re considering his defense budget increase spending as mandatory  

You were opposed to an increase in military spending and now you’re a proponent.....why?  

 

Dump?     

Read the first line over and try again.  Not an proponent and never said anything as such.  

"The budget Trump proposed actually had a decrease in non mandatory govt spending by around $2 billion"

 

Trump administration budget proposal[edit]

The Trump administration proposed its 2018 budget on February 27, 2017, ahead of his address to Congress, outlining $54 billion in cuts to federal agencies and an increase in defense spending.^[4] On March 16, 2017, President Trump sent his budget proposal to Congress, remaining largely unchanged from the initial proposal.^[5]

CBO scoring of the budget[edit]

 

CBO chart explaining the impact of the 2018 budget on spending, tax revenue, and deficits over the 2018–2027 periods

The Congressional Budget Office reported its evaluation of the budget on July 13, 2017, including its effects over the 2018–2027 period.

• Mandatory spending: The budget cuts mandatory spending by a net $2,033 billion (B) over the 2018–2027 period. This includes reduced spending of $1,891B for healthcare, mainly due to the proposed repeal and replacement of the Affordable Care Act (ACA/Obamacare); $238B in income security ("welfare"); and $100 billion in reduced subsidies for student loans. This savings would be partially offset by $200B in additional infrastructure investment.
• Discretionary spending: The budget cuts discretionary spending by a net $1,851 billion over the 2018–2027 period. This includes reduced spending of $752 billion for overseas contingency operations (defense spending in Afghanistan and other foreign countries), which is partially offset by other increases in defense spending of $448B, for a net defense cut of $304B. Other discretionary spending (cabinet departments) would be reduced by $1,548B.
• Revenues would be reduced by $1,000B, mainly by repealing the ACA, which had applied higher tax rates to the top 5% of income earners. Trump's budget proposal was not sufficiently specific to score other tax proposals; these were simply described as "deficit neutral" by the Administration.
• Deficits: CBO estimated that based on the policies in place as of the start of the Trump administration, the debt increase over the 2018–2027 period would be $10,112B. If all of President Trump's proposals were implemented, CBO estimated that the sum of the deficits (debt increases) for the 2018–2027 period would be reduced by $3,276B, resulting in $6,836B in total debt added over the period.^[6]
• CBO estimated that the debt held by the public, the major subset of the national debt, would rise from $14,168B (77.0% GDP) in 2016 to $22,337B (79.8% GDP) in 2027 under the President's budget.^[7]

Department and program changes[edit]

The proposed 2018 budget includes $54 billion in cuts to federal departments, and a corresponding increase in defense and military spending.^[8][9]

Department	Budget	Amount change	Percent change	Notes
Department of Agriculture	$17.9 billion	$−4.7 billion	−21%	Includes the elimination of food for education and water and wastewater loan programs. Decreases funding for the United States Forest Service by $118 million.[10]
Department of Commerce	$7.8 billion	$−1.4 billion	−16%	Includes cuts to coastal research programs at the National Oceanic and Atmospheric Administration, and the elimination of the Economic Development Administration
Department of Defense	$574 billion	$52 billion	+9%	Includes an increase in the size of the Army and Marine Corps, as well as the Naval fleet
Department of Education	$68.2 billion	$−9.2 billion	−14%	Cuts programs and grants for teacher training, after-school and summer care, and aid to low-income students. Eliminates $1.2 billion from the 21st Century Community Learning Center program and cuts $732 million from the Federal Supplemental Educational Opportunity Grant. Eliminates Striving Readers/Comprehensive Literacy Development Grants as well as cuts funding for Supporting Effective Instruction State grants by $2.3 billion.[11]
Department of Energy	$28 billion	$−1.7 billion	−6%	Largest cuts go to the Office of Science; ARPA-E and Departmental Loan Programs eliminated. Increases spending on National Nuclear Security Administrationby 11.4% while slashing high energy physics and almost all other science programs (Basic Energy Sciences, Biological and Environmental Research, Fusion Energy Sciences, High Energy Physics, Nuclear Physics, Infrastructure and Administration, Workforce Development for Teachers and Scientists) by 18%. The only science program not to receive a cut is the Advanced Scientific Computing Research program, which is to receive a small budget increase of $101 million. Money spent on the NNSA would go to the modernization and upkeep of nuclear weapons as well as $1.5 billion going to naval nuclear reactors. The budget cuts funding for energy programs by over 50% reducing the funding by $2.4 billion. Energy programs cut include: Energy Efficiency and Renewable Energy, Electricity Delivery and Energy Reliability, Nuclear Energy, Fossil Energy Research and Development.[12][13]
Department of Health and Human Services	$65.1 billion	$−15.1 billion	−18%	Cuts funding for the National Institutes of Health and training programs. Proposes phasing out many functions of the US Public Health Service.
Department of Homeland Security	$44.1 billion	$2.8 billion	+7%	Increases spending on border security and immigration enforcement and builds a wall on the US-Mexico border. Cuts funding for certain FEMA grant programs.
Department of Housing and Urban Development	$40.7 billion	$−6.2 billion	−13%	Eliminates grant programs for community development, investment partnerships, home-ownership, and Section 4 affordable housing
Department of the Interior	$11.7 billion	$−1.6 billion	−12%	Eliminates over 4000 jobs. Eliminates funding for 49 National Historic Sites and decreases funding for land acquisition. Decreases funding for Cooperative Endangered Species Conservation Fund. Cuts funding by $2 million for dealing with invasive species.[14][15]
Department of Justice	$27.7 billion	$−1.1 billion	−4%	Reduces spending on prison construction and reimbursements to state and local governments for incarceration of undocumented immigrants
Department of Labor	$9.6 billion	$−2.6 billion	−21%	Eliminates funding for senior-work programs, grants for non-profits and public agencies used for health training, and closes some Job Corps centers
State Department	$27.1 billion	$−10.9 billion	−29%	Eliminates funding for United Nations programs, including peacekeeping and climate change mitigation
Department of Transportation	$16.2 billion	$−2.4 billion	−13%	Eliminates funding for the Federal Transit Administration's New Starts grant program, long-distance Amtrak service, cuts the TIGER grant program and eliminates funding for the Essential Air Service. Air traffic control would be shifted to private service under the proposal.
Treasury Department	$11.2 billion	$−0.5 billion	−4%	Reduces funding for the Internal Revenue Service
Department of Veteran Affairs	$78.9 billion	$4.4 billion	+6%	Expands health services and the benefit claims system. Individual Unemployability (IU) for veterans eligible for Social Security retirement benefits would be terminated upon reaching the minimum retirement age for Social Security purposes, or upon enactment of the proposal if the Veteran is already in receipt of Social Security retirement benefits. These Veterans would continue to receive VA disability benefits based on their original disability rating, at the scheduler evaluation level. IU benefits would not be terminated for Veterans who are ineligible for Social Security retirement benefits, thus allowing them to continue to receive IU past minimum retirement age. Savings to the Compensation and Pensions account are estimated to be $3.2 billion in 2018, $17.9 billion over five years, and $40.8 billion over ten years.[16]
Environmental Protection Agency	$5.7 billion	$−2.5 billion	−31%	Eliminates more than 50 programs and 3,200 jobs
National Aeronautics and Space Administration(NASA)	$19.1 billion	$-0.1 billion	−1%	Cuts funding for Earth science programs and missions, and eliminates the Office of Education. Cuts funding for the Aeronautics Research Mission Directorate by $166 million (−21%). Cuts funding for Space Technology research by $148.4 million (−18%). Cuts funding for Human Exploration Operations by $478.9 million (−53%). Cuts funding for the Education program by $62.7 million (−62.7%).[17][18]
Small Business Administration	$.8 billion	$−0.1 billion	−5%	Eliminates technical-assistance grant programs

Edited September 26, 2018 by Highmark

[Highmark]

32 minutes ago, frenchy said:

I'm talking about discretionary spending. 

Yes but any talk about spending should include mandatory as its the majority of the budget.  

[ActionfigureJoe]

1 hour ago, frenchy said:

The difference is there was a reason for deficit spending and even tax cuts then. Problem is now once a recession hits (and it will), this admin has nothing it can do to help alleviate it or push through it because it's already been spending massively and cut taxes in a strong economy. Makes ZERO economic sense. 

Right. There’s no economic bullets left when the downturn comes. Taxes have been slashed to record lows and spending has increased to record highs. This is trump’s high risk, high reward mentality.

[jtssrx]

1 hour ago, Angry ginger said:

Obama inherited a crash Trump an economy growing pretty strong so yup.  Obama failed to be a strong confident leader for america but the early debt spending was not on him.  

 

 

 

 

Obama Had nowhere to go but up. Obama had the worst economic recovery since WW2. 

[Anler]

Personal debt... $247 trillion...

[Anler]

2 minutes ago, jtssrx said:

Obama Had nowhere to go but up. Obama had the worst economic recovery since WW2. 

Since the last economic crash? Brilliant. As I said you all want to sit around and point fingers, why not look at what caused this and what this OP is about. As long as banks can skim profits off of reckless lending with zero accountability we are going to keep seeing these crashes. Like that crash before WW2 also... 

Edited September 26, 2018 by Nazipigdog

[XC.Morrison]

8 minutes ago, jtssrx said:

Obama Had nowhere to go but up. Obama had the worst economic recovery since WW2. 

Well it was the worst recession since WW2 so that tracks.  

[XC.Morrison]

Also, WW2 was effectively massive government spending and ended the Great Depression for good.

[Snoslinger]

31 minutes ago, jtssrx said:

Obama Had nowhere to go but up. Obama had the worst economic recovery since WW2.