Drudge Retort: The Other Side of the News
Wednesday, December 20, 2017

The spending and taxing policies about to be put in place by the Trump administration and the Republican-controlled Congress will balloon the federal deficit to $1 trillion or more every year going forward. And unlike the four consecutive $1 trillion deficits recorded during the first years of the Obama administration, these trillion dollar annual deficits will be the result of enacted changes in federal spending and taxing rather than on a temporary economic downturn. Some of these changes will be permanent. Others will need to be reapproved annually but are unlikely to be rejected in the future.

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While the White House and its congressional supporters insist the tax cut the House and Senate will consider in the next month or so will eventually pay for itself with much higher economic growth rates, the congressional budget resolution passed by the Senate late last Thursday (and highly likely to be accepted by the House) assumes that the deficit will increase by about $150 billion a year over the next 10 years. Nonpartisan analyses show that the deficit will increase by an average of between $220 billion and $240 billion between 2018 and 2027 and even more thereafter. An average of the three estimates results in about a $200 billion increase in the budget deficit for each of the next five years.

That will make the annual deficit around $940 billion.

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"deficit"?

what are "deficits" and how do they impact you, hmmmmmmmmm?

sincerely

Smarmberly

#1 | Posted by ChiefTutMoses at 2017-12-20 09:51 AM | Reply | Funny: 1

Not to worry.

Bob Corker promised he'd vote against the bill if it increased the deficit by one penny.

#2 | Posted by Danforth at 2017-12-20 10:09 AM | Reply | Funny: 2 | Newsworthy 1

Bob Corker promised he'd vote against the bill if it increased the deficit by one penny.*
















* - Exception to the rule if it puts $1,000,000 into his pockets annually.

#3 | Posted by 726 at 2017-12-20 10:31 AM | Reply

I noticed that all the "deficit hawks" seemed to ignore this debt exploder.

#4 | Posted by 726 at 2017-12-20 10:32 AM | Reply | Newsworthy 1

#3

Bob Corker is a rich, low class schumck.

#5 | Posted by Zed at 2017-12-20 10:59 AM | Reply

Rs will start demanding cuts in every social program because of the holes they've blown in the budget. This has been their "starve the beast" strategy for many years. And they've finally pulled it off.

#6 | Posted by SomebodyElse at 2017-12-20 12:59 PM | Reply | Newsworthy 3

They won't start demanding cuts in social programs until after the 2018 elections. They won't throw Grandma off the cliff until they get reelected. After that, Grandma....it's been nice knowing you (me).

#7 | Posted by danni at 2017-12-20 01:02 PM | Reply

They are going to start right in on them in January. They will try to sell it as necessary because look at all the tax money you are saving which is a fairy tale.

#8 | Posted by 726 at 2017-12-20 02:26 PM | Reply

I heard this morning on NPR that they are planning to voucherize Medicare. That is going to go over like a lead balloon. Nothing like putting a profit into a successful program and then pretend that it will save money.

#9 | Posted by danni at 2017-12-20 02:30 PM | Reply | Newsworthy 1

Are entitlements around this much?

#10 | Posted by BruceBanner at 2017-12-20 02:38 PM | Reply

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Major categories of FY 2014 mandatory spending included:

Social Security ($845B or 24% of spending),
Healthcare such as Medicare and Medicaid ($831B or 24%),
other mandatory programs such as food stamps and unemployment compensation ($420B or 12%) and interest ($229B or 6.5%).

#11 | Posted by BruceBanner at 2017-12-20 02:39 PM | Reply

So it will be easy to make up the lost money. I don't see what the problem with the deficit is if we can just fix it with a few little changes.

#12 | Posted by BruceBanner at 2017-12-20 02:39 PM | Reply

I'm still waiting to see how Trump is going to pay for the trillion dollars of infrastructure work he promised.

#13 | Posted by Whatsleft at 2017-12-20 02:42 PM | Reply

Trump Budget Legacy: A Permanent $1 Trillion Deficit
I saw a report that Trump is planning on signing the new taxscam bill at a ceremony at Mar-a-Lago.

Such a setting just screams "middle-class." /snark

#14 | Posted by Hans at 2017-12-20 02:42 PM | Reply | Newsworthy 1

Howbout the dems overtake congress in 2018, impeach trump, then run a plausible non plutocrat presidential candidate in 2020 and then we tax the rich even more than before to punish them for this lunacy?

#15 | Posted by SpeakSoftly at 2017-12-20 03:06 PM | Reply

I'm still waiting to see how Trump is going to pay for the trillion dollars of infrastructure work he promised.

#13 | POSTED BY WHATSLEFT

Not to mention that $1 Trillion is just a down payment on what is actually needed to put our infrastructure back in shape.

In the latest and most sweeping publicity effort, the nation's association of civil engineers said Thursday that the nation's roads, dams, airports and water and electrical systems need $4.6 trillion of work -- more than the entire federal government spends in a year.
money.cnn.com

#16 | Posted by WhoDaMan at 2017-12-20 03:32 PM | Reply

The first thing the dems should do when they get into office is a reparations bill for all the people harmed by 40 years of trickle down economics.

Any company that has employees who are eligible for government assistance should be fined $5 for every $1 spent by the government to support their employees.

#17 | Posted by hatter5183 at 2017-12-20 03:37 PM | Reply

Paul Ryan says 'nobody knows' if tax bill will pay for itself

Appearing on NBC's "TODAY" show, Ryan, R-Wis., was asked if the tax cuts would add to the deficit at all because of the growth the GOP expects it to generate.

"Nobody knows the answer to that question because that's in the future," he replied, "but what we do know is that this will increase economic growth."

This appears at odds with months of messaging from Republican leaders and the White House, however, who have argued that the tax cuts will act as "rocket fuel" for the economy, producing so much growth that the federal government will recoup any initial revenue losses.

"Not only will this tax plan pay for itself, but it will pay down debt," Treasury Secretary Steven Mnuchin said earlier this year, as the tax plan was being negotiated.

The Treasury Department even released a summary this month of exactly how the tax cuts would pay for themselves -- a one page document that was quickly panned by economists.

www.cnbc.com

#18 | Posted by Gal_Tuesday at 2017-12-20 03:37 PM | Reply

#13, pay? He doesn't pay, he has the work done and stiffs the contractors.

Hundreds allege Donald Trump doesn't pay his bills

#19 | Posted by qcp at 2017-12-20 03:38 PM | Reply

Deficits? Sense when do Democrats care about deficits?

#20 | Posted by docnjo at 2017-12-20 03:49 PM | Reply

Deficits? Sense when do Democrats care about deficits?

#20 | Posted by docnjo

You mean republicans? The ones who screamed we couldnt afford to help the poor, before deciding we could spend any amount to help the rich.

#21 | Posted by SpeakSoftly at 2017-12-20 03:53 PM | Reply

"Deficits? Sense when do Democrats care about deficits?" - #20 | Posted by docnjo at 2017-12-20 03:49 PM

Since LBJ and Bill Clinton both had budget surpluses during their time in office.

Since they had the sense to do something about deficits.

#22 | Posted by Hans at 2017-12-20 03:55 PM | Reply

Deficits? Sense when do Democrats care about deficits?

#20 | POSTED BY DOCNJO

Since the money isn't going to be a re-investment in the country that will pay itself back over time or staving off a complete meltdown of the economy caused by Republican deregulation... Otherwise, they care.

Republicans only care when its not a tax giveaway to the Rich or military.

#23 | Posted by Sycophant at 2017-12-20 03:58 PM | Reply


Democrats Prepare to Run Against the GOP ‘Tax Scam' in 2018
www.bloomberg.com

Shortly before passing a far-reaching but unpopular bill on a party line vote, the Speaker of the House assured critics that people would like it once they felt its benefits.

That was 2010, and it didn't work out for Nancy Pelosi, the Democrat in charge of the House at the time, or for the Obamacare health-care bill. It remained unpopular, even after health coverage was extended to millions of people. Democrats lost the House that November and the Senate four years later.

Now, Pelosi and her party will try to turn the tables, targeting the GOP's main achievement of 2017: tax legislation that, so far, rates poorly with the public. Republicans are pitching its middle-class benefits and potential economic growth to win over wary voters, but Democrats have united in labeling it a "tax scam" that benefits the wealthy and corporations....


#24 | Posted by LampLighter at 2017-12-20 04:47 PM | Reply

#24 | POSTED BY LAMPLIGHTER

America won't be under this tax change for even 12 months before they are asked to vote again. That's not very much time Repubs are giving the public to "feel the benefits."

One single tax return is supposed to solidify a vote to support an unpopular tax plan? Good luck with that, Repubs.

#25 | Posted by rstybeach11 at 2017-12-20 06:38 PM | Reply

The republican front loaded all the candy. They think they can get 2nd term Trump plus a 2024 candidate to be shamed later before the candy goes sour in 2025

#26 | Posted by hatter5183 at 2017-12-21 09:30 AM | Reply

#25 - RSTY

They are counting on the effects being felt in the weekly paychecks. Granted 3% spread over 52 weeks isn't much, maybe $20 a week. But if you're poor $80 a month goes a long way.

#27 | Posted by gavaster at 2017-12-21 10:29 AM | Reply

"counting on the effects being felt in the weekly paychecks. Granted 3% spread over 52 weeks isn't much, maybe $20 a week."

Canceled out by a 10-20% increase in health insurance premiums.

There's a sucker born every day. And used car salesmen like Trump are just ecstatic about that.

#28 | Posted by donnerboy at 2017-12-21 10:39 AM | Reply

Here's another issue: Trump claims to have just repealed Obamacare.

Now any issue with health insurance premium increases can be laid at his feet.

#29 | Posted by Sycophant at 2017-12-21 12:50 PM | Reply

"Now any issue with health insurance premium increases can be laid at his feet."

That ship has already sailed. The first time Trump threatened not to pay the subsidies, it became Trumpcare.

More proof? Private self-insurers have been reporting roughly 2%-3% increases in costs this year. Exchanges went up an average of 20%. The entire "extra" was due to Rs purposefully injecting the one thing actuaries cannot account for: uncertainty.

#30 | Posted by Danforth at 2017-12-21 01:05 PM | Reply

lol let the clowns enjoy themselves. No law is permanent... so that much is --------... then the fact that Republiclown god Roinnie Raygoonie tunes did all his tax ----... following a smilar ilk when he introduced the US government to its first trillion dollar... erm....make that three trillion dollar deficit.... then George (read my lip)s Bush had to fix all of it by passing the largest tax increase in history. Ironically Clinton got to enjoy the economic legacy of that tax increase....

Yay!!! here we go again.

Conservatrons overrate themselves and the impact of their economic governance.

Two booms of fiction govern your thinking...AynRand and the Bible

Real world you stink...you're your own worst enemy.

Now you got the UN ll in in your stupid grills... thinking you can threaten the world with cutting off their allowance... like some daddy scolding recalcitrant children... when people start telling you to take your money and shove it up your ass... which they did your money is worthless... ya see people got to want what you have.

Seriously pigs go %@(# yourselves.

#31 | Posted by RightisTrite at 2017-12-22 07:17 AM | Reply

"That ship has already sailed. The first time Trump threatened not to pay the subsidies, it became Trumpcare."

A truth that needs repeating over and over and over!

#32 | Posted by danni at 2017-12-22 08:25 AM | Reply

If Obama had been white Obamacare would have been more successful. Some parts of America just could not accept a major change in healthcare delivery if it was delivered by a black man. Proof? Romneycare in MA was very popular though it was largely the same thing as Obamacare. America has a deeply seated problem with racism, til we recover from that our nation will remain deeply divided.

#33 | Posted by danni at 2017-12-22 08:29 AM | Reply

"Proof? Romneycare in MA was very popular though it was largely the same thing as Obamacare. "

More proof? At one point, 32% of Republicans approved of the Affordable Care Act, while only 16% approved of Obamacare.

#34 | Posted by Danforth at 2017-12-22 08:33 AM | Reply

AHAHAHAHAHAHAHAHAHAHAHAHAHA.

"And unlike the four consecutive $1 trillion deficits recorded during the first years of the Obama administration, these trillion dollar annual deficits will be the result of enacted changes in federal spending and taxing rather than on a temporary economic downturn."

This is priceless. Liberals can't just admit that Obama isn't the messiah and didn't turn America into a utopia. Look, Obama was a good President. He did some good things. But he also did some bad things. And some things he just flat out ignored or lied about. But guess what...he's a politician! We are used to it. Every President does it. So just man or woman up and accept that the deficit increased under Obama because he couldn't do any better. He went through four years of residual effects from the great recession and then was able to right the ship a little better but still left it with leaks in the hull. That $80 billion in 2016 was under his watch. He didn't fix the deficit or even come up with a long-term cure for it. He did what every other President has done and made some things a little better and some things a little worse. Trump is doing the same thing. We are going to be waiting a long time until we find someone who can actually fix it. Clinton was the closest but his was just smoke and mirrors and called one form of debt something else so it just shifted the burden.

#35 | Posted by humtake at 2017-12-22 12:40 PM | Reply

" So just man or woman up and accept that the deficit increased under Obama because he couldn't do any better."

Give me 41 Senators, let me set the filibuster record in less than half the time, and let me blame you for getting nothing done...especially after I hand you an economy in meltdown and hemmorraging of a half-million jobs a month.

Easiest job in the world.

#36 | Posted by Danforth at 2017-12-22 12:43 PM | Reply

"He went through four years of residual effects from the great recession and then was able to right the ship a little better but still left it with leaks in the hull. "

Revisionist history major?

Look at the economy Bill Clinton handed off.
Look at the economy Duyba got, versus the one he handed off.
Look at the economy Obama got, versus the one he handed off.

Obama beat every lofty goal Romney set, and Rs still bitch about it. IOW, Rs bitch about the same result that would've had them lining up to lick Romney's taint.

#37 | Posted by Danforth at 2017-12-22 12:46 PM | Reply

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