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Tuesday, June 28, 2016

"'... Mr. Trump’s proposals would massively increase the debt.'" He doesn't care because he plans to declare bankruptcy. [snort]

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COMMENTS: 
*  1. Trump's fans do not care about his fiscal acumen - the only thing they care about is that Trump CONTINUES to hate the same people THEY hate and he passes laws to PUNISH them.  2. Trump's fans want him to be richer - because they think they will be rich too  3. If Trump's budget fails they can always blame Obama
*  An updated Electoral College projection from Larry Sabato’s Crystal Ball predicts that Hillary Clinton will demolish Donald Trump in the general election this fall.  The website, which is run by University of Virginia’s Center for Politics, has the presumptive Democratic nominee beating Trump by a 347-191 electoral vote margin. What’s more telling is that all of the normal toss-up states – Ohio, Florida, Virginia, North Carolina, Colorado, Nevada, etc. – have been moved into the “Lean Democratic” column, leaving Trump no mathematical way to make up the difference unless there is a sizable shift in public opinion.
*  Last time I checked, while Presidents can send budget requests to Congress, all actual spending bills originate in Congress, not the White House.
*  Congress controls the taxes and the spending the President can only suggest a budget.
    *  You're making their brains hurt now, John! If these GOP voting morons could comprehend that, then they couldn't spend their selfish lives, blaming the President, and minority party! Where would their propagandists, and FauxNews be?
*  SURE Trump is for the little guy--he's going to cut taxes for the rich by 1/3, lower large corporations' taxes by 20%, and more than double the deficit for the rest of us. But per Trump, he thinks debt is good, so he probably thinks he'll just declare bankruptcy for the whole country and get rid of the debt, like he did for his casinos. Except this time we're the ones who get left holding the bag.
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Study: Trump budget, tax plans add at least $10T to debt
By AP. June 27, 2016

A new Washington study says Donald Trump’s tax and budget plans would make the national debt skyrocket by $10 trillion or more over the coming decade, mostly because of his ambitious and expensive tax cuts.

The Committee for a Responsible Federal Budget says Democrat Hillary Clinton’s agenda — which relies on tax increases to pay for proposals such as making the Affordable Care Act more generous — would increase the debt by about $250 billion over 10 years.

Trump’s measure is considered important, because if the debt gets too large it would cause higher interest rates, be a severe drag on national investment and growth, and potentially lead to a fiscal crisis. Interest costs would also squeeze out other priorities such as defense, education and infrastructure investment.

Trump’s tax plans, which include lowering the top income tax bracket from 39.6 percent to 25 percent and the top corporate rate from 35 percent to 15 percent, would add $9 trillion-plus to cumulative deficits over a decade. Clinton would increase taxes by $1.25 trillion over the same period, chiefly through a 4 percent surtax on top earners and a limit on deductions taken by the wealthy.

All told, Trump’s policies would result in the $19.3 trillion national debt spiking to 127 percent of the size of the U.S. economy by 2026. Clinton’s plans would closely track current law, in which the debt would equal 86 percent of the economy.

By contrast, a tax proposal released last week by House Speaker Paul Ryan, R-Wis., promises no net loss of tax revenue and is therefore only able to lower the top individual tax rate to 33 percent and the top corporate rate to 20 percent.

The Committee for a Responsible Federal Budget advocates for smaller deficits, and, like the Congressional Budget Office and other nonpartisan groups, warns that the government’s projected deficits and debt will become unsustainable before too long. It receives backing from a foundation funded by deficit hawk Peter G. Peterson, the Pew Charitable Trusts and other foundations.

“Encouragingly, both of the major parties’ presumptive presidential nominees have highlighted the need for fiscal responsibility on the campaign trail,” said the group’s report. “Unfortunately, to date neither former Secretary of State Hillary Clinton nor businessman Donald Trump has put forward a plan to address the national debt, and Mr. Trump’s proposals would massively increase the debt.”
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