Winning...the economy under Trump - page 10

Despite the doomsday predictions after the election, the economy is roaring. "The Bureau of Labor Statistics released its newest jobs report on Friday, and the data clearly show, under the... Read More

  1. by   nursej22
    Great timing, after the SOTU speech touting how wonderful the economy is, the federal government is running out of money:

    U.S. Treasury Secretary Mnuchin urges Congress to raise debt ceiling as another shutdown looms | Reuters

    "WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin on Wednesday called on the Republican-controlled Congress to lift the federal debt limit "as soon as possible" so the government can pay employee benefits and other obligations."

    This administration is such a cluster
  2. by   SC_RNDude
    Quote from nursej22
    Great timing, after the SOTU speech touting how wonderful the economy is, the federal government is running out of money:

    U.S. Treasury Secretary Mnuchin urges Congress to raise debt ceiling as another shutdown looms | Reuters

    "WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin on Wednesday called on the Republican-controlled Congress to lift the federal debt limit "as soon as possible" so the government can pay employee benefits and other obligations."

    This administration is such a cluster
    The govt running out of money is hardly a new thing or as a result of Trump.
  3. by   toomuchbaloney
    Quote from SC_RNDude
    The govt running out of money is hardly a new thing or as a result of Trump.
    True.
    Also true, the government is exhausting cash reserves very quickly with the loss of revenue from the Trump tax scam. Republicans need to forward the debt ceiling discussion a month sooner because of their reckless policy.
  4. by   SC_RNDude
    Quote from toomuchbaloney
    True.
    Also true, the government is exhausting cash reserves very quickly with the loss of revenue from the Trump tax scam. Republicans need to forward the debt ceiling discussion a month sooner because of their reckless policy.
    It's not so much because of loss of revenue as it is a change in the witholding tables. The big test will be next year when individuals and businesses pay their tax bills. Taxes being paid/refunded now are according to tax law before the new bill.
  5. by   toomuchbaloney
    Quote from SC_RNDude
    It's not so much because of loss of revenue as it is a change in the witholding tables. The big test will be next year when individuals and businesses pay their tax bills. Taxes being paid/refunded now are according to tax law before the new bill.
    Federal government will be unable to pay all bills sooner than expected, due to new tax law - The Washington Post

    The U.S. government's cash reserves are expected to run out faster than expected, the Congressional Budget Office said Wednesday, a result of lost revenue from last year's tax cut law.

    If the debt ceiling isn't raised by the first half of March,*CBO said, "the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both."
  6. by   SC_RNDude
    Quote from toomuchbaloney
    Federal government will be unable to pay all bills sooner than expected, due to new tax law - The Washington Post

    The U.S. government's cash reserves are expected to run out faster than expected, the Congressional Budget Office said Wednesday, a result of lost revenue from last year's tax cut law.

    If the debt ceiling isn't raised by the first half of March,*CBO said, "the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both."
    If you keep reading and go beyond the salacious headline and the point in the article where the typical Trump hater would stop reading, you would see that I'm correct. Most (if not all) of the "loss of revenue" is actually a decrease in withholding receipts.

    The govt will be taking less from people's paychecks, despite the opinion of some that the tax law doesn't help the working class.
  7. by   toomuchbaloney
    Quote from SC_RNDude
    If you keep reading and go beyond the salacious headline and the point in the article where the typical Trump hater would stop reading, you would see that I'm correct. Most (if not all) of the "loss of revenue" is actually a decrease in withholding receipts.

    The govt will be taking less from people's paychecks, despite the opinion of some that the tax law doesn't help the working class.
    "Typical Trump hater"
    Bwahahaha

    Cutting revenue will lead to an inability to pay the countries bills sooner than otherwise planned. The debt is growing because of Republican policy.

    Are you making a pedantic argument?
  8. by   MunoRN
    Quote from SC_RNDude
    If you keep reading and go beyond the salacious headline and the point in the article where the typical Trump hater would stop reading, you would see that I'm correct. Most (if not all) of the "loss of revenue" is actually a decrease in withholding receipts.

    The govt will be taking less from people's paychecks, despite the opinion of some that the tax law doesn't help the working class.
    Another way of saying "a decrease in withholding receipts" is a decrease in revenue. Paycheck withholdings are one of the more common ways that the government collects revenue. I'm not sure how "withholdings" and revenue are somehow different.
  9. by   MunoRN
    Spending federal revenue to put cash into people's pockets isn't always a bad idea, it's usually called a stimulus and can pay potentially pay for itself when the economy is in major slump and when it's done correctly, but if the economy is strong then it's essentially wasting money, particularly when most of it isn't spent in a way that will translate to consumer spending.

    The average household will only see a direct benefit of about $600 per year in reduced tax burden, corporations and the wealthy will likely pass along a portion of their windfall since that helps trick people into believing they are coming out ahead in this deal, but in reality most households aren't going to see anywhere near the $12k that's being taken out in their name, and actually after year 8 the average household will actually be paying more, while those making more than $1mil will still be saving $24k a year. If the goal is to reduce people's tax burden and put it into their pockets, then this is a totally inept way of doing that since only a small portion of what we're hoping will end up in the pockets of people who really need it and who will benefit the economy by spending it will actually make it there.

    National debt is a real thing and has real consequences, adding $1.5 trillion to it shouldn't be taken lightly. Not that long ago, this wasn't something that had to be pointed out to conservatives. From the Heritage Foundation for instance:
    The Many Real Dangers of Soaring National Debt | The Heritage Foundation
  10. by   SC_RNDude
    Quote from MunoRN
    Another way of saying "a decrease in withholding receipts" is a decrease in revenue. Paycheck withholdings are one of the more common ways that the government collects revenue. I'm not sure how "withholdings" and revenue are somehow different.
    We aren't paying as much taxes up front. At the end of the year, some will get refunds and others will owe.

    The original poster on this topic, and the headline of the article someone else referenced, implied the government is running out of money because of the tax law. At the end of the current tax year is when we'll actually see if there was a gain or loss in revenue to the government.
  11. by   MunoRN
    Quote from SC_RNDude
    We aren't paying as much taxes up front. At the end of the year, some will get refunds and others will owe.

    The original poster on this topic, and the headline of the article someone else referenced, implied the government is running out of money because of the tax law. At the end of the current tax year is when we'll actually see if there was a gain or loss in revenue to the government.
    The effects of tax cuts on revenue can be fairly accurately calculated, there is some range of error but it's in the range of 1%. Taxes are continuously due throughout the year, taxes aren't due as a lump sum on april 15th, that's just the due date for your final declaration of whether you've paid enough or too much in taxes throughout the year.

    In general, everyone is paying less, although by widely varying amounts, most American households will save a few hundred dollars, for the wealthy and corporations it will be in the millions, so there really isn't any way for this to end up revenue neutral through some people paying less being offset by others paying more.
  12. by   MunoRN
    This is a prime example of what's flawed about Trumpist economics. Putting a tariff on Chinese made solar panels increases the cost of those panels here in the US which then encourages a Chinese manufacturer to make them here instead, which brings about 800 new jobs. And that's great, except for the 23,000 American jobs it's expected to kill, not to mention the remaining 200,000 solar jobs that will be hanging by a thread.

    Donald Trump'''s Tariff on Solar Panels Will Hurt Industry | Time

    The fastest growing employment sector, or at least it was, in the US is solar power installation and maintenance. The only reason this sector exists at the level it does is that solar panels are available at a price that makes solar competitive with other energy sources. Raising the price of panels makes the entire sector no longer able to compete, which means huge job losses, yet for some reason we're applauding 800 new jobs (which might dissolve along with the US solar market that we've now squashed.).
  13. by   elkpark
    Quote from MunoRN
    The fastest growing employment sector, or at least it was, in the US is solar power installation and maintenance. The only reason this sector exists at the level it does is that solar panels are available at a price that makes solar competitive with other energy sources. Raising the price of panels makes the entire sector no longer able to compete, which means huge job losses, yet for some reason we're applauding 800 new jobs (which might dissolve along with the US solar market that we've now squashed.).
    On the "up" side , that's a big plus for the coal and gas industries -- hmmmmm, wonder if that was part of the decision-making process, helping out his buddies and big GOP donors by gutting the solar industry -- yay!

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