The National Debt ($35 trillion). The Federal Budget Deficit.

[Thunder Good-Oil]

US Federal Budget Breakdown

I found this to be an interesting read. Clears up a lot of misinformation.

IMO raising corporate taxes does little to help reduce the debt. Creating better jobs for the middle class should go far to fix the problem since most of the revenue comes from the individual tax payers. Increased wages are the answer, not punishing the job creators.

 

[Thunder Good-Oil]

The Federal government will receive $3.422 trillion in revenue. Most of the taxes are paid by you, either through income or payroll taxes:

Income taxes contribute $1.622 trillion, or 49 percent of total receipts.

Social Security, Medicare, and other payroll taxes add $1.238 trillion, or 36 percent.

Corporate taxes supply $225 billion, or 7 percent.

Excise taxes and tariffs contribute $152 billion, or 4 percent.

Earnings from the Federal Reserve's holdings add $55 billion, or 2 percent. Those are interest payments on the U.S. Treasury debt the Fed acquired through quantitative easing.

Estate taxes and other miscellaneous revenue supply the remaining 2 percent.

 

[Thunder Good-Oil]

U.S. Deficit by President: What Budgets Hide

U.S. Deficit by Year

U.S. National Debt Clock : Real Time

$21.2063T 7/14/2018
$21.1863T 7/3/2018
$21.1836T 7/1/2018

 

[Rasputin_Vol]

Creating better jobs for the middle class should go far to fix the problem since most of the revenue comes from the individual tax payers. Increased wages are the answer, not punishing the job creators.

Go to Page 103 and lets have a discussion.
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

All though personal income taxes are the largest portion of the income pie at 40%, it is not the majority of it. On the other hand, look at the 15% that we are having to borrow to close the gap. What good would any policy be if we don't address the borrowing? Or specifically, can you do ANYTHING with regards to job growth before you have addressed the borrowing?

Now, lets look at the outlays pie graph. The first thing you will notice is our spending on SS/Medicare at 42%. So already, you see we have another immediate problem. We are spending more on entitlements for people who do not work than we are bringing in from people that do work. How do you think we are going to crack that nut when the largest demographic in the country, Baby Boomers, are gradually retiring each day and flooding the system?

 

[Thunder Good-Oil]

Fun facts:

Coolidge had a surplus EVERY year.

FDR had a deficit EVERY year.

BHO's deficits were more than double GWB's.

Clinton had the last surplus.

 

[Rasputin_Vol]

Fun facts:

Coolidge had a surplus EVERY year.

FDR had a deficit EVERY year.

BHO's deficits were more than double GWB's.

Clinton had the last surplus.

The most underrated president in our history. He inherited a broken economy and rather than employing the type of govt intervention that we see nowadays to breathe life into the economy, he did little to nothing and let the economy repair itself. Everything cycled through and flushed itself out over about 18 months and you then had the beginnings of the Roaring 20's boom.

 

[Thunder Good-Oil]

Go to Page 103 and lets have a discussion.
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

All though personal income taxes are the largest portion of the income pie at 40%, it is not the majority of it. On the other hand, look at the 15% that we are having to borrow to close the gap. What good would any policy be if we don't address the borrowing? Or specifically, can you do ANYTHING with regards to job growth before you have addressed the borrowing?

Now, lets look at the outlays pie graph. The first thing you will notice is our spending on SS/Medicare at 42%. So already, you see we have another immediate problem. We are spending more on entitlements for people who do not work than we are bringing in from people that do work. How do you think we are going to crack that nut when the largest demographic in the country, Baby Boomers, are gradually retiring each day and flooding the system?

Cutting spending is good. But politicians are afraid to eliminate any popular spending program benefiting their constituency since they will be voted out.

Another interesting fact is that the nearly $5T of Federal spending represents about a fifth of the GDP.

$21 trillion debt with about a trillion per year deficit is a scary fiscal reality. The interest on the debt is the fastest growing component of spending and interest rates are rising. The US will default is interest rates approach Carter era levels.

 

[Rasputin_Vol]

.

 

[Rasputin_Vol]

The US will default...

That is a given even if rates briefly go negative.

 

[Thunder Good-Oil]

National Debt:
Obama: 57% increase
Bush: 57% increase
Clinton: 1% decrease
Bush: 36% increase
Reagan: 142% increase
Carter: 36% increase
Ford: 38% increase
Nixon: 20% increase
LBJ: 11% increase
JFK: 6% increase
Dwight: 6% increase
Truman: 2% increase
FDR: 186% increase
Hoover: 30% increase
Coolidge 26% decrease
Harding: 6% decrease
Wilson: 775% increase

 

[n_huffhines]

Reagan, Lol

 

[Thunder Good-Oil]

Reagan, Lol

Followed Carter's train wreck.

 

[Vol8188]

US Federal Budget Breakdown

I found this to be an interesting read. Clears up a lot of misinformation.

IMO raising corporate taxes does little to help reduce the debt. Creating better jobs for the middle class should go far to fix the problem since most of the revenue comes from the individual tax payers. Increased wages are the answer, not punishing the job creators.

Lol I love how you never mention spending. “We just need more money”

 

[Pepe_Silvia]

Reagan, Lol

Conservative hero.

He tried his damndest to beat FDR.

 

[n_huffhines]

Followed Carter's train wreck.

How does this justify a huge increase in the ND?

 

[ClearwaterVol]

The problem seems to be that over the past 40 years the "job creators" have been content just keeping a larger slice of the pie. I would be perfectly okay lowering corporate taxes on corporations that used the savings to raise wages for employees. Employees definition would have to exclude those individuals making above a certain level of total compensation.

 

[Thunder Good-Oil]

Lol I love how you never mention spending. “We just need more money”

That's because just a small portion of the spending isn't mandatory or military.

 

[Vol8188]

The problem seems to be that over the past 40 years the "job creators" have been content just keeping a larger slice of the pie. I would be perfectly okay lowering corporate taxes on corporations that used the savings to raise wages for employees. Employees definition would have to exclude those individuals making above a certain level of total compensation.

I’d argue the real issue is we’ve all been forced to work with another person to begin with because of liberal policies that make running a business next to impossible. So it kills the mom and pop shops that created the middle class and forces them to work for a corporation.

But corporate taxes shouldn’t exist. Why should a corporation be taxed?

 

[Vol8188]

That's because just a small portion of the spending isn't mandatory or military.

Are you claiming our current military budget is necessary? And what is mandatory? We could cut countless agencies and entitlement programs.

 

[Thunder Good-Oil]

How does this justify a huge increase in the ND?

Carter left with inflation, interest rates, and unemployment at disastrously high levels. Reagan had to fix the economy, which he did. Also, killing Communism came with a steep economic price. Read the article. It outlines several reasons why the numbers by POTUS aren't necessarily caused by that president. It's an interesting analysis of the debt growth by prez none the less.

 

[Thunder Good-Oil]

Are you claiming our current military budget is necessary? And what is mandatory? We could cut countless agencies and entitlement programs.

Seems like Trump is working on making a more efficient federal government.

Read the article if you don't understand mandatory spending versus discretionary spending.

No doubt military spending can be cut. For-profit companies are more efficient. But Dems throw up roadblocks to avoid that route and to continue existing government programs.

 

[Vol8188]

Seems like Trump is working on making a more efficient federal government.

Read the article if you don't understand mandatory spending versus discretionary spending.

No doubt military spending can be cut. For-profit companies are more efficient. But Dems throw up roadblocks to avoid that route and to continue existing government programs.

I did. There’s no such thing as mandatory spending

 

[Thunder Good-Oil]

The problem seems to be that over the past 40 years the "job creators" have been content just keeping a larger slice of the pie. I would be perfectly okay lowering corporate taxes on corporations that used the savings to raise wages for employees. Employees definition would have to exclude those individuals making above a certain level of total compensation.

But corporate tax collections are a tiny component of the total revenue. Helping business helps hiring. Full employment should help revenues more than even doubling the corporate tax rate. And doubling the corporate tax rate will drive away jobs which results in less revenue for the federal budget. Dems just need to stop with their attacks on business and capitalism.

 

[Thunder Good-Oil]

I did. There’s no such thing as mandatory spending

More than half of the budgeted expenses are categorized as mandatory and the POTUS doesn't have the authority to make cuts in that spending.

 

[Vol_Doc]

US Federal Budget Breakdown

I found this to be an interesting read. Clears up a lot of misinformation.

IMO raising corporate taxes does little to help reduce the debt. Creating better jobs for the middle class should go far to fix the problem since most of the revenue comes from the individual tax payers. Increased wages are the answer, not punishing the job creators.

Cutting spending is the answer. We're already effectively at full employment. Creating new jobs will accomplish nothing.