Welcome to the White Privilege Presidency

[Ban Hammer 13,421]

Just now, Steeleballz said:

 

  There is speculation on an end to the Trump tax plan, so I assume everyone will see an increase if that happens. The details are not all that specific so far, so it seems to be, as I said, a greater increase on people earning over $400000 and increasing the corporate tax rate. All the details are not finalized yet. There may be changes in credits and deduction for lower incomes. 

 

 

odds are both you and i will be paying more.  thanks joe!

[Steeleballz 7,550]

1 hour ago, Ban Hammer said:

odds are both you and i will be paying more.  thanks joe!

 

  Well it's either that or leave it for the grandkids. Ultimately we need the government to stop spending more than they take in. Then we still have a giant debt to pay off. If we can do all that, then maybe the grandkids get a clean slate.

[Boiler 45,717]

I thought this was an investment, given then a share of the profits.

[spookyturtle 9,466]

10 hours ago, Ban Hammer said:

yay, they got $2800 and their kids and grandkids got stuck with over 5k per citizen from this bill.  surely something to cheer about.

Plus the $7.8 trillion added to the  National Debt under Trump. 

Edited March 16, 2021 by spookyturtle

[Steeleballz 7,550]

2 hours ago, spookyturtle said:

Plus the $7.8 trillion added to the  National Debt under Trump. 

 

  The big issue was Trump's tax cuts were intended to stimulate economic growth, so he said. Problem is you can't really stimulate growth by cutting tax rates enough to make up for the revenue you actually lose by cutting tax rates. That only works when tax rates are fairly high to begin with, and they were not. Thus Trump's promise to reduce the national debt ended with an extra 8 trillion added to it.

 

  Ultimately they have to reduce spending. The pandemic is one of those times when the government does need to spend more, but the other side of the coin is we are supposed to put that back when times are good. We haven't been doing that. 

[Crtcl Rice Theory 2,432]

2 hours ago, spookyturtle said:

Plus the $7.8 trillion added to the  National Debt under Trump. 

Wasn't that because of the Trump healthcare plan? ..oh, nevermind.

[Crtcl Rice Theory 2,432]

[Dashinka 24,629]

11 hours ago, Steeleballz said:

 

   From what I have seen, it will affect everyone. I think it is preliminary at this point, but as long as the goal is to reduce the debt, it should affect everyone. I do think the groups you mentioned (that gained the most from Trump's tax plan) will probably see the biggest change.

Does the Biden administration or the Dems have the stated goal of reducing the debt?  Heck, even the GOP elected leaders in Congress have little concern over the debt.  Btw, corporations do not pay taxes.

[spookyturtle 9,466]

2 hours ago, Dashinka said:

Does the Biden administration or the Dems have the stated goal of reducing the debt?  Heck, even the GOP elected leaders in Congress have little concern over the debt.  Btw, corporations do not pay taxes.

The debt will never be reduced. It will continue to grow. It will never be paid back. 

[Ban Hammer 13,421]

12 hours ago, spookyturtle said:

Plus the $7.8 trillion added to the  National Debt under Trump. 

i'm sure old joe will make that look like chump change by the time his presidency ends.

[Steeleballz 7,550]

1 hour ago, spookyturtle said:

The debt will never be reduced. It will continue to grow. It will never be paid back. 

 

  Unlikely we will address it by fiscal responsibility but still an outside chance that we could decrease it if we have a sustained strong economy and budget surpluses. It's not necessarily about paying the debt off as much as it is about stopping it from hitting critical mass where it is no longer manageable. 

 

 The most common scenario would be that we will eventually default on it and as a result of that, suffer a lower standard of living, loss of individual wealth, devalued dollar, and higher interest rates for an extended period of time. Many countries have defaulted on debt, but none with an economy as strong as the USA or with as much debt as the US currently holds so the ramifications would also be in uncharted water. 

[spookyturtle 9,466]

1 hour ago, Ban Hammer said:

i'm sure old joe will make that look like chump change by the time his presidency ends.

Regardless, the debt increased quite a bit. Call it for what it is.

[spookyturtle 9,466]

44 minutes ago, Steeleballz said:

 

  Unlikely we will address it by fiscal responsibility but still an outside chance that we could decrease it if we have a sustained strong economy and budget surpluses. It's not necessarily about paying the debt off as much as it is about stopping it from hitting critical mass where it is no longer manageable. 

 

 The most common scenario would be that we will eventually default on it and as a result of that, suffer a lower standard of living, loss of individual wealth, devalued dollar, and higher interest rates for an extended period of time. Many countries have defaulted on debt, but none with an economy as strong as the USA or with as much debt as the US currently holds so the ramifications would also be in uncharted water. 

Is it manageable now? When was the last Administration that didn’t add to debt? 

[Dashinka 24,629]

21 minutes ago, spookyturtle said:

Is it manageable now? When was the last Administration that didn’t add to debt? 

Good Old Calvin C.

 

https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296

[Steeleballz 7,550]

44 minutes ago, spookyturtle said:

Is it manageable now? When was the last Administration that didn’t add to debt? 

 

  I suppose it's manageable until we can't pay the interest and default. I don't know how far off we are from that point, but we are getting closer every year. Clinton had a budget surplus in the last year of his term, and GWB in his first year.