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Trump's Ballooning Deficit Was Decreasing under Obama

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  • Trump's Ballooning Deficit Was Decreasing under Obama



    Although then-candidate Donald Trump promised in 2016 to eliminate the national deficit if he was elected president, the deficit has actually ballooned significantly since he took office and is projected to grow substantially moving forward. Fox News anchor Chris Wallace confronted acting White House Chief of Staff Mick Mulvaney about this fact Sunday, pointing out that the deficit had begun decreasing under former President Barack Obama before Trump took over.

    "After dealing with the Great Recession in his first term, the deficit under Obama dropped by an average of 11 percent a year in his second term," Wallace pointed out to Mulvaney — who also serves as Trump's director of the Office of Management and Budget — on Fox News Sunday.

    "The deficit has increased by 15 percent a year in President Trump's first two years. Under President Trump, our national debt has increased by more than $2 trillion," Wallace continued. He pointed out that estimates project that the amount will "top $4 trillion," if a bipartisan budget supported by the president goes through.

    Wallace asked how Mulvaney and the Trump administration could support such significant increases to the deficit, particularly when the president had promised to do precisely the opposite.

    "Take our budget. Adopt our budget," Mulvaney responded, referring to the president's original budget proposal submitted to Congress earlier this year. "'Dead on arrival' is the word that everyone always uses, but if you actually went to look at it and saw what Donald Trump would do if he could pass spending bills, which he can't, you would be on your path to balance and the deficit would be down," the Trump official argued.

    Wallace pushed back, pointing out that Trump enjoyed Republican control of both chambers of Congress during his first two years as president and still did not pass budgets that reduced the deficit. Mulvaney responded by saying Republican lawmakers were also to blame but not Trump, arguing that they "threw our budgets in the trash."

    Trump's 2020 budget proposal, to which Mulvaney was referring, contradicted a key 2016 campaign promise made to voters by the president. It aimed to spend $1.5 trillion less on Medicaid and $845 billion less on Medicare, despite Trump promising as a presidential candidate that he was "not going to cut Medicare or Medicaid" like "every other Republican." That White House proposal, despite Mulvaney's claims, would have also been the largest federal budget in U.S. history, calling for $4.75 trillion in spending.

    Democrats strongly objected to the cuts to popular social programs, compromising by granting Republicans and Trump significant increases to military spending in order to garner bipartisan support. This past week, Democrats and Republicans in the House of Representatives agreed to legislation that would spend an additional $320 billion from what the government was already spending over the next two years. It also disregards the national debt limit for the next two years, until after the 2020 election.

    Trump has cheered the deal and urged the Senate to pass the legislation. He has argued that significant increases on military spending are victory for soldiers and veterans. But as Wallace pointed out, the budget deal is estimated to balloon the national deficit further, despite Trump's previous promises.

    Another major reason for the ballooning deficit are the president's signature tax cuts, which have been projected to add nearly $2 trillion to the national debt over the next decade. Trump and Republicans argued that the tax cuts, which largely benefited the wealthiest Americans and corporations, would end up paying for themselves through increased spending and investment in the economy. That promise has, thus far, failed to materialize.
    https://www.newsweek.com/fox-news-an...-obama-1451474
    "I guess I just hate the fact there is public property at all." - Mr. Raceboy.

  • #2
    He hasn't even gotten us into war yet.
    01000010 01100001 01100001 00100000 01110111 01100101 01100101 01110000 00100000 01100111 01110010 01100001 01101000 01101110 01100001 00100000 01110111 01100101 01100101 01110000 00100000 01101110 01101001 01101110 01101110 01111001 00100000 01100010 01101111 01101110 01100111

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    • #3
      Republicans only care when Democrats spend money.

      Pete (finds Democrats refreshingly consistent in that they generally don't seem to get too upset about fiscal responsibility either way)

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      • #4
        It's so adorable people still cling to the idea there's a difference between Republicans and Democrats.
        "Democracy is a form of worship. It is the worship of jackals by jackasses." H.L. Mencken

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        • #5
          Deficit goes down under Obama, but up under Trump.

          Is Trump still good for the economy?
          "I guess I just hate the fact there is public property at all." - Mr. Raceboy.

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          • #6
            You have to love confusing economic illiterates with things like "decreasing deficit". Notice it's not "decreasing debt" and I doubt most headline readers have a clue what the difference even is.

            If you want to talk about Trump's hypocrisy, that's an adult conversation, but the above article is a pro-Obama fluff piece. They aren't talking about raw numbers, they are talking about the percentage the Obama admin decreased the deficit year over year. Of course it's easier to "decrease deficits" when during the first years of your presidency you were running massive deficits! LMFAO

            Here's the reality, the national debt DOUBLED under Obama. Think about that for a second. In 8 years Obama racked up more debt than all the previous Presidents before him. Trump ran on this irresponsibility and promised to change course with no real plan to do so. Lets look at the raw numbers for a non-partisan picture:



            Congratulations, you fell for it hook, line, and sinker!

            What the above chart does show is the Republicans have lost all claim on being "fiscal conservatives". Also, before someone embarrasses themselves and blames it on tax cuts, the government has had record revenues. We don't have an income problem, we have a spending problem. Notice "tax cuts" did not result in lower "tax revenue". Tax revenue by year:

            The pain is going to come, and when it does, it's going to be really painful. The bubble we are currently inflating is going to make the Great Depression seem like a day at Disney World.

            What do people expect when government basically has a credit card it uses to buy votes and it gets to pay it back with the voters' money? LMFAO How do people think that ends any other way than horribly?

            Steve (again, sees no difference between Dems and Reps because there isn't any other than fairy-tale partisan articles intentionally designed to deceive the clueless masses)
            Last edited by Mr. Raceboy; 07-29-2019, 06:40 PM.
            "Democracy is a form of worship. It is the worship of jackals by jackasses." H.L. Mencken

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            • #7
              A pro-Obama fluff piece... by FOX News? Really?

              In two and a half years, Trump has accumulated virtually all the debt Obama did in eight years. That is gobsmacking, especially considering that Trump did not inherit the Great Recession from a Republican administration like Obama did. How much of Obama's debt was necessitated by the Stimulus Package? What's Trump's excuse? At Trump's rate, where will the debt be at the end of a second term?

              Of course it's the tax cuts. The government would have had additional revenue to offset the debt if not for the tax cuts. Which has primarily benefited the upper 1%.

              Trump might be good for Dan's tax rates, but I don't see how anyone can honestly say he's good for the overall economy.









              "I guess I just hate the fact there is public property at all." - Mr. Raceboy.

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              • #8
                When were Bush's wars actually put on the books as far as deficits go? And how did Trump accumulate that much debt when a major portion of Obama's debt were the wars and paying for the Stimulus?
                Last edited by Jeff92se; 07-29-2019, 08:12 PM.

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                • #9
                  Originally posted by skooly View Post
                  A pro-Obama fluff piece... by FOX News? Really?

                  In two and a half years, Trump has accumulated virtually all the debt Obama did in eight years. That is gobsmacking, especially considering that Trump did not inherit the Great Recession from a Republican administration like Obama did. How much of Obama's debt was necessitated by the Stimulus Package? What's Trump's excuse? At Trump's rate, where will the debt be at the end of a second term?

                  Of course it's the tax cuts. The government would have had additional revenue to offset the debt if not for the tax cuts. Which has primarily benefited the upper 1%.

                  Trump might be good for Dan's tax rates, but I don't see how anyone can honestly say he's good for the overall economy.
                  I try to keep you from embarrassing yourself, but you just aren't having it. If not for the tax cuts? Again, you make the same mistake that has been explained to you at least 100 times in that variables don't change in isolation. It's the same reason you think Hillary would have won if not for the Electoral College because you can't comprehend the game would have been played differently. They cut taxes, yet had more tax revenue. Facts don't care about your economic illiteracy rooted in your hyper-partisan religious fanaticism.

                  Can you not read a basic chart? The chart is a CBO projection should Trump be reelected to a second term. It's not saying he accumulated the same debt up to this point that Obama accumulated in 8 years. You're literally blinded by partisanship.

                  I'm not making excuses for Trump, I was pretty clear about that. I literally said the pain is coming. I literally pointed out he's a hypocrite, but no more of a hypocrite than you are. The rest of what you wrote is just you trying to save face because you got suckered.

                  Steve (knows how P.T. Barnum was talking about)
                  Last edited by Mr. Raceboy; 07-29-2019, 08:02 PM.
                  "Democracy is a form of worship. It is the worship of jackals by jackasses." H.L. Mencken

                  Comment


                  • #10
                    Obama spent more, but he also taxed more. Trump cut taxes, and kept spending the same.
                    "Whenever you find yourself on the side of the majority, it is time to pause and reflect." –Mark Twain

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                    • #11
                      Uh, Obama pulled us out of a recession through spending bro the economy (good plan/bad plan, it did have at least a temporary effect). Most of his spending was in that early phase.

                      It's interesting that government revenue is up -- is that inflation adjusted?
                      They speak in bulletpointese leftist nutjob drivel. It doesn't matter. Nothing is as great a motivator as the chance to truly be free.
                      -Mr. Raceboy

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                      • #12
                        Originally posted by Jester View Post
                        Uh, Obama pulled us out of a recession through spending bro the economy (good plan/bad plan, it did have at least a temporary effect). Most of his spending was in that early phase.

                        It's interesting that government revenue is up -- is that inflation adjusted?
                        We haven't stopped spending because we can't. Trump is just the continuation of Obama because he's locked into it (I'm not blaming Obama, any politician that could get elected President would have done the same thing). You're right, it is temporary. It's not that complicated. Of course borrowing money and spending it will create a short term benefit! It's no different than using your own credit card. The problems happen when the bill comes and you borrow even more to pay the bill until no one will loan you any more money. $22,000,000,000,000 in debt, 10,000 baby boomers retiring every day and going from being the biggest payers into the system to being the biggest payees, promises of free everything from the government.

                        Then entire economy is fucking fake!

                        In summary, we're fucked.

                        Steve (knows how it always ends with monopoly money and we will not be an exception)
                        "Democracy is a form of worship. It is the worship of jackals by jackasses." H.L. Mencken

                        Comment


                        • #13
                          Originally posted by Jester View Post
                          Uh, Obama pulled us out of a recession through spending bro the economy (good plan/bad plan, it did have at least a temporary effect). Most of his spending was in that early phase.

                          It's interesting that government revenue is up -- is that inflation adjusted?
                          Give me 8 years and I'll pull you out of any recession too.

                          Pete (laughs)

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                          • #14
                            Trump hasn’t had to pay for the wars or stimulus. With the economy booming and revenues through the roof, the deficit should be easy to reduce. Put Bush’s war costs on his own term and Obama’s deficit doesn’t look as bad. But its the democrats that get the blame

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                            • #15
                              I stand corrected on the chart. It shows that Trump, at the end of his second term, is projected to accumulate virtually all the debt that Obama did. In my defense, that light blue text is really hard to read, and my eyes are not what they used to be.

                              Still, Trump was gifted a healthy economy, unlike Obama. What's Trump's excuse for all that debt? His party controlled all three branches during his first two years. Obama was decreasing the deficit over time; Trump is increasing it. So much for the party of "fiscal responsibility."

                              Will anyone defend Trump and say he's still good for the overall economy? Or is he just good for the ultra elite who will cash in while the plane continues to nosedive?
                              "I guess I just hate the fact there is public property at all." - Mr. Raceboy.

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