Trumps budget looks promising - balances things within 10 years....

Discussion in 'Politics, Religion, Social Issues' started by s2mikey, May 24, 2017.

  1. s2mikey macrumors 68020

    s2mikey

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    #1
    Trumps proposed budget looks halfway decent. No doubt its time to cut into the "free ride" garbage a bit. I would like to see reduced military spending but overall it looks solid. I like how it attempts to balance the monster that is the Federal Budget. Despite what the whiny "spendaholics" say, its not too shabby looking. Its time to STOP wasting money and spending money the Govt does NOT have. Enough. It screws over everyone in the long run, liberal or conservative.

    I have to laugh though - The mayor of NYC, Bill Deblasio claims that "children will die" if this budget passes. REALLY, Bill? Dead children? Playing that left-wing whackjob card, eh? Right - they'll be childrens bodies strewn all over the interstate. Uh huh. :rolleyes:

    :)
     
  2. TonyC28 macrumors 65816

    TonyC28

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    #2
    I suspect not very many here are going to support his budget.
     
  3. NT1440 macrumors G4

    NT1440

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    #3
    Does the fact that it relies on dynamic scoring (voodoo economics) assuming 3+% growth through that ten years to "balance" the budget matter to you?

    I ask because it's not happening.
     
  4. Dmunjal macrumors 65816

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    #4
    We do know if we continue spending as we are, we will never balance the budget. We just have to grow GDP faster than the debt. Something we haven't done for 15 years.
     
  5. NT1440 macrumors G4

    NT1440

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    #5
    "Just".


    I really don't understand some of you guys. You shouted from the hilltops about Obama's economic lies (some of which were whoppers) but this steaming pile of a budget, even if you don't care about whats actually being cut, simply does not add up. How the **** are we going to "just" grow GDP faster than the debt? You need a plan to spur that activity, and anything that would spur enough to pull up from the 0.7% grown last quarter (thanks Obama.) would cost money that you guys don't want to spend.

    So please, can any of you explain the difference in approaches to reality that seem to depend on which president is in office? This budget, which isn't going to pass, would blow a major hole in the deficit. Supply Side economics has never worked, ever.
     
  6. chagla macrumors 6502a

    chagla

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    #6
    Some notable comments from Guardian article :
    Republicans voice opposition to Trump's budget: 'Dead on arrival'

     
  7. Huntn macrumors G5

    Huntn

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    #7
    Reports are it cuts EVERYTHING rural centric including government jobs. This may just flip the Heartland blue. ;)

    Trump budget cuts may stir backlash in rural America

    In his first detailed budget submission to Congress on Tuesday, Trump requested major reductions to programs that help poor families afford groceries and poor and disabled people get healthcare.

    Job training for unemployed coal miners would be threatened and drug treatment programs would face cuts at a time when heroin and prescription pill addictions are tearing at rural America. Subsidies for commercial air travel in rural areas would be cut by more than half.
     
  8. TonyC28 macrumors 65816

    TonyC28

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    #8
    Theoretical gains aside, would you and I agree that revenues have be increased AND cuts have to be made?
     
  9. s2mikey thread starter macrumors 68020

    s2mikey

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    #9
    Its a valid question for sure. I dont know if that can be done but I believe it is in everyones best interest to reign in the Feds spending. It just pushes it onto furure generations which is totally selfish and unfair. Maybe it can work though - dont we have to try something other than just printing money & blowing cash like nothing?
     
  10. JayMysterio macrumors 6502

    JayMysterio

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    #10
    https://www.vox.com/policy-and-politics/2017/5/23/15680110/trump-budget-accounting-error

    "Not only does the Trump administration’s budget proposal rely on economic growth assumptions that are wildly more optimistic than those produced by any private sector forecaster, but it turns out that embedded within those assumptions is a completely ridiculous accounting error.

    Here’s how it works. The budget is counting on economic growth — and a lot of it — to overcome what otherwise would be a projected $1.3 trillion deficit in 2027 and instead achieve balance. A big part of that growth comes from a deficit-neutral tax proposal whose details aren’t spelled out in the budget document.

    That’s a bit odd, because the administration has already sketched out the broad contours of its tax policy. That proposal would, on a conventional account, lead to a massive increase in the deficit. The administration says that’s okay, though, because the extra growth unleashed by the tax cuts will offset the loss in revenue.

    See the problem? Trump is not only counting on supply-side magic growth to make his numbers work, he’s using the same magic bean twice. First the tax cuts provide enough extra growth to make the tax reform deficit-neutral. Then the deficit-neutral tax reform provides enough extra growth to make the overall budget balanced. It’s ridiculous. Larry Summers, the former Treasury secretary and National Economic Council director, calls it “a logical error of the kind that would justify failing a student in an introductory economics course.”"
     
  11. NT1440 macrumors G4

    NT1440

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    #11
    Revenues need to be increased, military spending needs to be cut drastically.
     
  12. oneMadRssn macrumors 68040

    oneMadRssn

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    #12
    Don't you realize that sometimes not spending money isn't an option for a government? Government is not a business, sometimes it can't choose not to spend on something - but it can choose how and where to spend it. Spending money on providing healthcare and social services to the poor today saves us a ton of money tomorrow. Cutting spending on healthcare and social services will cost us a ton in the future in lost productivity and lower GDP.

    This proposed budget demonstrates yet again how clueless Trump is and how little he knows about economics.
     
  13. TonyC28 macrumors 65816

    TonyC28

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    #13
    So just military spending needs a cut? I agree, by the way, but is that the only cut?
     
  14. Dmunjal macrumors 65816

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    #14
    Let me explain. Under Obama, we tried deficit spending. We tried zero percent interest rates. We tried QE. All totaled about $14T in 8 years and we didn't get that back in GDP growth. In fact, most stagnated under the Obama economy except the 1%.

    The way to grow GDP is to give the private sector back their money. The economy grows through the private sector, never through the government. Now, tax cuts are not enough. If you don't commensurately cut spending, you have a huge budget deficit and end up borrowing or printing money to make up the difference. That is unsustainable.

    The fact is government has been growing faster than population, GDP, and almost every other measure for decades. DC is now as rich as SF, NY, or LA while producing absolutely nothing.
     
  15. Huntn, May 24, 2017
    Last edited: May 29, 2017

    Huntn macrumors G5

    Huntn

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    #15
    Supply side economics is the con job that gets the haves more good deals while fooling the dullards, because we all know the wealthy are the most important and most deserving of these gifts despite being the least in need of special care. :oops:
     
  16. lowendlinux Contributor

    lowendlinux

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    #16
    That budget will DOA as soon as it hits congress
     
  17. Dmunjal, May 24, 2017
    Last edited: May 24, 2017

    Dmunjal macrumors 65816

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    #17
    Are you suggesting that there are no tax cuts for the middle class? When in the last 40 years have we actually tried cutting spending? Government needs to be smaller. Keynesianism has failed.
     
  18. Huntn macrumors G5

    Huntn

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    #18
    This has been the faulty thinking of every Republucan Administration sine Reagan, the idea we can grow by cutting taxes and not spending. When will the average citizen realize the shiny baubles being dangled in front of them is an illusion?

    The argument can be made that Obama was moving to recover from the resulting Dubya economic implosion.
     
  19. pdqgp macrumors 68020

    pdqgp

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    #19
    someone tell Bill that kids are dying every day in Chicago and that perhaps he should move there and help save them. Rudy did more to clean up NYC than Bill so he is the last person that should act like he's worth a turd.
    --- Post Merged, May 24, 2017 ---
    You must be a young pup that didn't get to experience the 80's. Reagan inherited a turd with inflation and unemployment. Average credit card rates were crazy.

    He applied a mix of across the board tax cuts, de-regulation and controlled spending all of which translated into nearly 20 years of the economy doing extremely well and a ton of jobs being created.
     
  20. Dmunjal macrumors 65816

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    #20
    We have never cut taxes and spending. Reagan and Bush cut taxes but increased spending.
     
  21. Chew Toy McCoy macrumors regular

    Chew Toy McCoy

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    #21
    As long as there is a big emphasis on screwing poor people Republicans are on board. The richest country on earth loves screwing poor people whenever possible.
     
  22. pdqgp macrumors 68020

    pdqgp

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    #22
    not many here realize that it's not the Fed's place to provide for people, it's for them to provide the resources for people to provide for themselves and to protect the people. time to end all the free-rides that people have been so convinced they are entitled to. Time to begin to realize resources are valuable but it's what is done with them by the people that make them strong for themselves.
     
  23. elistan macrumors 6502a

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    #23
    I have zero confidence that this budget as written will be anything even close to "balanced" much less lead to a reduction in the debt.
     
  24. samcraig macrumors P6

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    #24
    If the budget passes as is - it will be the demise of the Republican party - or at least any chance Trump will have of getting re-elected since his base will be hit pretty hard. So I'm torn on whether or not I support it :)
     
  25. Huntn macrumors G5

    Huntn

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    #25
    It's arguable through their actions they created the budget crisis and huge deficits, then cried about deficits. :oops:
     

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