Bladewire

No social security for when I retire, though I've paid into it my whole life. #ThanksTrump

I've pretty much known I'd never retire & work until the day I die. I've been living like a retired person the last 20 years, minus the low income and old age, so fair is fair I guess

"The CBO reports that the GOP tax law will keep revenues flat until a handful of its provisions expire in 2026"

"..keeping the current tax and spending policies from expiring would mean the national debt would reach about 200 percent of GDP in 2048, and annual deficits would exceed 13 percent of GDP."

"Payments the U.S. government makes to China and others holding U.S. debt would surpass projected Social Security spending in 2048"

“Today’s report is another reminder about the true costs of handing out massive tax breaks to billionaires and large corporations,” he said.

“The Republican strategy is clear: increase the deficit on behalf of special interests, then use that as an excuse to slash benefits that hardworking Americans have earned,”


CBO projects grim budget outlook under Trump

A new report from the Congressional Budget Office (CBO) projects a grim fiscal outlook for the United States, which is seeing rising red ink under President Trump.

In 30 years, the U.S. debt burden is projected to double, eclipsing even the debt carried by the United States during World War II.

Payments the U.S. government makes to China and others holding U.S. debt would surpass projected Social Security spending in 2048, the report found. Interest payments will also exceed discretionary spending, the amount that Congress approves for defense and nondefense spending each year, which is projected to hit 5.4 percent of gross domestic (GDP) product by 2048.
Most of the rising debt is related to an aging population and rising entitlement spending, problems that were bedeviling the United States well before Trump’s election.

At the same time, the tax-cut law signed by Trump and passed by the GOP-controlled Congress is adding to the short-term debt by reducing government revenue. Increased spending agreed to by both parties is also pushing up deficits.

The CBO reports that the GOP tax law will keep revenues flat until a handful of its provisions expire in 2026 — assuming they are not extended. If those tax cuts on individual income tax are extended and the current spending path is extended, as is widely expected, the debt situation would be even worse.

An analysis from the Committee for a Responsible Federal Budget projected that keeping the current tax and spending policies from expiring would mean the national debt would reach about 200 percent of GDP in 2048, and annual deficits would exceed 13 percent of GDP.

The CBO warned that the higher debt levels also increase the chances of a fiscal crisis while reducing the government’s ability to respond to unforeseen events.

The main drivers of long-term debt are increased spending on Social Security, health programs such as Medicare and Medicaid and increasing interest payments.

“Most of the spending growth for Social Security and Medicare result from the aging of the population,” said CBO Director Keith Hall.

“Revenues, in contrast, are projected to be roughly flat over the next few years in relation to GDP,” he added.

The rising red ink has been a worry for congressional Republicans, who sought earlier this year to claw back spending already appropriated through a rarely used rescission package.

That bill, which would have clawed back only $15 billion in spending, passed the House but died in the Senate.

Trump and his allies in Congress have argued that an expanding economy is the key to drive down debt, but the growth necessary to do so would have to be historic.

The CBO projected that growth would spike briefly as a result of the tax and spending policies but quickly fall back to a long-term average of just 1.9 percent.

To keep the debt burden at its current level, Congress would have to cut spending or increase revenues by a combined 1.9 percent of GDP every year. That amounts to a 10 percent cut in spending and an 11 percent increase in tax revenue, or some combination of the two.

In 2019 alone, that would amount to a tax increase that would add $1,300 in taxes for people in the middle of the tax distribution, or, alternatively, a Social Security cut that would reduce payments by $1,800 for people in the middle of the lifetime earnings distribution.

Senate Minority Leader Charles Schumer (D-N.Y.) pounced on the report Tuesday.

“Today’s report is another reminder about the true costs of handing out massive tax breaks to billionaires and large corporations,” he said.

“The Republican strategy is clear: increase the deficit on behalf of special interests, then use that as an excuse to slash benefits that hardworking Americans have earned,” he added.

Experts urged Washington to pay attention to the report's dire predictions.

“We knew already that federal debt was heading towards unsustainable levels,” said Shai Akabas, director of economic policy at the Bipartisan Policy Center. “But the new projections give us a picture of just how bad the problem will be in 30 years, when our children and grandchildren will have to foot the bill.”

"CBO’s report is filled with sobering projections that should be an urgent wakeup call for the Administration and Congress,” said Michael Peterson, chairman and CEO of the Peter G. Peterson Foundation, a fiscal watch group.

"This new report should motivate policymakers to pay for their priorities and act on the many available solutions to secure our collective future," he added.

Markets, though, have been slow to react to the report.

“We’ve been living through this bizarre world where there’s been so much artificial demand in the debt market that the market hasn’t really been able to react,” said Michael Cembalest, chairman of market and investment strategy for J.P. Morgan Asset Management.

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President Obama Throws In The Towel On Social Security Reform
Since President Obama took office in 2009, the Social Security program’s long-term funding shortfall has risen from $5.3 trillion to $10.7 trillion – not what you’d call progress.
https://www.forbes.com/sites/andrewb.../#1e66c64c7758

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Rochard

Tax cut my ass. Everyone gets $6 a month, huge companies gets a massive tax break to the tune of billions, while our government goes broke.

#winning

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Bladewire

Look how much more the debt is going to rise while Trump is POTUS. Insane

thommy

you always seem to forget that obama came in when the whole world was in a one of the biggest financial crisis we have ever faced.

every country´s debt went up in that time and some still suffer from it.

but when a country is on a level of 120% debt or more it will not be able to finance such a crisis anymore.

so the direction USA is going at this moment is directly against the wall.

a country can not loan and loan and loan and loan because that means spending the money of their grand-grandchildren because the people alive (who received the benefit) will not live so long to pay it back.

maybe the republicans are also so much against abortion because then the slaves are missing who then have to work their ass off for the crap of the past.

you must hate your children a lot !

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dyna mo

from the op article:

"Most of the rising debt is related to an aging population and rising entitlement spending, problems that were bedeviling the United States well before Trump’s election."

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Obama's Real Debt And Deficit Legacy
https://www.investors.com/politics/c...eficit-legacy/


Obama's budget deficits more than doubled the inherited projections (point: conservatives). Thirteen days before Obama took the oath of office, the CBO forecast a total 2009-19 budget deficit of $4.32 trillion. Instead, Washington is set to complete that decade with cumulative deficits of $8.93 trillion – $4.6 trillion higher than projected.

Yes, budget deficits gradually dipped below $1 trillion by 2013, and then averaged $550 billion thereafter. Yet without expensive new legislation, they would have naturally fallen to $531 billion by 2011, and below $200 billion by 2013.
https://www.usnews.com/opinion/econo...rd-isnt-pretty

Obama was a pissed off soon to be ex-wife with a pocket full of credit cards.

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BaldBastard

Interest rates and inflation are the USA's major demons.

Pull up the same stats on Australia, we also went heavily in to debt during the recession, but are now paying that down and tightening banks on lending.

Superannuation saving has been compulsory since 1983 here, tis a nice lil tax write down.

TheSquealer

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Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

Rochard

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Poll: 59% fear violence from Trump haters, 31% predict civil war
https://www.washingtonexaminer.com/w...dict-civil-war

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Bladewire

I have a little over $30k in my Australia superannuation account from the time I worked there

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TheSquealer

Its ok to them because they response is always the same "i only act this way because you make me act this way.."

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Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

Rochard

crockett

We need to have Obama death panels to deal with the baby boomers so we can solve our budget issues. Seems reasonable, why should the rest of us have to pay for their over spending. They had a good run, now it's our turn. They don't want to flip the bill for anyone else, so why should we pay their bills.. fair is fair..

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PR_Glen

I'll never understand the immediate blaming of current administrations on things like this. No sitting president in the future or past has much control over things like this. They can try to help put things in the right direction or not, but at the end of the day their impacts are either minuscule or take decades later to even tell if it helped or hindered.

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Bladewire

Look how much more the debt is going to rise while Trump is POTUS, and after Insane.

Saying that nobody in office impacts national debt is intellectually dishonest and imolies that nobody is responsible and we are all powerless to save ourselves.

TheSquealer

posting charts doesn't change the fact that Democrats are continuing to fall further and further behind in mid-term polls.

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Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

Rochard

thommy

explain me why the increase of the debt AFTER the crisis and SINCE trump has a steeper upward curve than in the crisis ??? i thought the crisis is passed? the economy booms and trump made a good job.
with WHAT did he pay it if not with additional debts?

you can see exactly the day when the stock markets went up. it was the day when he burned the little security against criminal speculation what obama installed against all republicans.

you country will not survive a second crisis caused by those individuals who are speculating with the normal people´s money.

if all that what you say would make sense I can not see a reason for even higher debts when trump made such a good job.

and the game is only at the start. even the very trump-friendly data research source Challenger, Gray and Christmas expects that up to 400.000 jobs gets lost only in this year if trump don´t stops this senseless tradewar.

h-d announced today to lay off 800 employees and the biggest us producer of steel nails is already facing bankruptcy. many others will follow. and this is the small bunch yet. we are talking about 3 billion what are effected.
when the big bunch comes we talk about 300 billion.

the damage is already there - all what he can do now is another turnaround as he always do to keep the damage as small as possible.
but he is already and again proven wrong.

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xClips Jim

thommy

this is absolutely correct.
trump can not be blamed for the mistakes from the past. but he is doing the same mistakes just harder.

the problem here is much deeper and older and every one who runs for POTUS who would tell you that now is the time to pay back debts would be ignored.

that means that american voters are voting against their children and grandchildren because they do not want to accept that all the prosperity was only sham and was paid by borrowed money. money that their own descendants have to pay.

that leads to the fact that only a big liar will be able to be the POTUS.

but a liar can only make you believe a lie - he will not be able to change the facts.

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TampaToker

And its only gonna get worse. The ponzi scheme of social security is almost up

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xClips Jim

I don't have much hope of any party fixing this. They will probably just change the rules.

Bladewire

They don't care that Trump is creating huge debt, because he's on their team and fascists cultists blindly follow their dictator. Trump could shoot a white baby dead on the street and he wouldn't lose one voter.

dyna mo

I'm pretty sure you're joking otherwise all those times you've called people nazis won't make sense.

dyna mo

jtfc you're a hateful dumb nazi thommy.

Mr Pheer

That's just common sense though. The left would continue fucking everything up on an epic scale.

TheSquealer

It is interesting watching politics right now with this really wide gulf between parties. I know i'm biased, but when I look around today I don't see the usual "you don't care.." kind of soft rhetoric that used to exist and where a discussion could still happen. Now its just "you're racist", "you're a Nazi", "you're a xenophobe" etc etc etc. Where they've gone right to the most extreme ... which in itself is troubling. But add to that the fact that all the economy is purring along nicely and that Democrats are losing more and more political ground by the day, and acting out more and more by the day. The most fascinating thing now is that there is no more "the plan won't work because we need to do XYZ". Now we just hear "that won't work because you're racist" and there is no solution proposed... and no path forward offered... which is quite literally the worst possible way to get things done and to win future elections.

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Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

Rochard