Mnuchin Announces The Country Could Be Broke By September

Discussion in 'Current Events' started by Meat, Jul 13, 2019.

  1. Meat

    Meat Active Member

    Ay ay ay.

    Is this the very same Steve Mnuchin that was swearing up and down that the TCJA was going to boost revenue into the stratosphere?

    Remember how arrogant he was that ONE quarter when the economy grew by four percent?

    How could the country be going broke in “arguably the greatest economy of all time”?

    There’s something deeply wrong here.

    Ay ay ay.
     
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  2. bbsam

    bbsam Moderator Staff Member

    I thought that deficit spending pretty much meant we were broke in which case his prediction is about 60 years late.
     
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  3. Meat

    Meat Active Member

    Yeah, the problems have certainly been systematic over a period of many decades.

    Some administrations have certainly been better than others, though (TCJA = abject failure for the great majority of the country).

    Clinton will probably be the last president in the US’s history that exercised some semblance of economic prudence. No other president will ever submit two balanced budgets again.
     
  4. bacha29

    bacha29 Well-Known Member

    Kudlow ( an admitted recovering alcoholic) is out there leading the 4% annual GDP growth parade and 4% for many years to come is a claim being disputed by the Federal Reserve which is projecting a far more sensible 2%. Trouble is in order for the revenue losses from the tax cut to be offset a 4% GDP growth every year is required which will never happen. Right now the deficit for the current year is running 23% higher than last year but with borrowing limits having kicked in this past May Treasury has no borrowing power, is projected to run out of cash in September and a clearly worried if not outright scared Mnuchin had to humbly ask Congress to raise the debt ceiling and restore his power to borrow.

    Kinda nice to take that arrogant expletive deleted's own words and make him eat em .
     
  5. Wrong

    Wrong :))

    This is what happens when you idiots vote to spend trillions on federal level.

    Why don’t you just enact your socialist policies on a state level? Why does the entire country have to bend to your will?
     
  6. brownmonster

    brownmonster Man of Great Wisdom

    This thinking is why these problems will never be solved.
     
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  7. bbsam

    bbsam Moderator Staff Member

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  8. Meat

    Meat Active Member

    Funding national defense at the state level? Increased military spending is one of the main reasons for the short fall.

    The TCJA, you know, the act that was passed for the benefit of the middle class (even the mongoloids didn’t buy that crock of :censored2:) didn’t help either.
     
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  9. Wrong

    Wrong :))

    Waaahhhh military spending that is around 500-600billion and one of the original functions of the federal government.

    Just ignore the 3-4 trillion on social programs and spending that is a relatively new thing to the country.
     
  10. Wrong

    Wrong :))

    I know that’s why I highlighted how stupid socialism in a centralized government in one of the largest and diverse countries in the world is bankrupting us. All these European countries you guys like to highlight as superior are the size of some of our states. Try out your eurotrash on a state level, the sane states will be left for the smart people who want to flee the :censored2:hole you create.
     
  11. bacha29

    bacha29 Well-Known Member

    The tax cuts were simply the payback Trump and the GOP made to the wealthy donors who financed their campaigns. The promise of 4% annual GDP growth for perpetuity which has never happened and likely never will happen was the lie Trump and his minions used to sell the scam to the clueless masses. The exploding deficit is exactly what opponents of the plan warned us of.
    With the federal government having to go into the credit markets and draw up available credit like a vacuum cleaner it's impact on the economy will no doubt be felt by the average person in an adverse manner more than offsetting the pittance of a tax savings they received.
    On the other hand the 1% of the population than controls 40% of the nation's wealth will continue to enjoy the tax cut gift of a lifetime .
     
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  12. Wrong

    Wrong :))

    Has nothing to do with what you are quoting.
     
  13. bacha29

    bacha29 Well-Known Member

    It has EVERYTHING to do with the topic at hand. The tax cut chickens are coming home to roost. Oh by the way , when you get in your car and go driving on that public highway isn't that a form of the centralized government you abhor? And when you stop and enter the grocery store to purchase food that is required to meet weights, measures, content, packaging and above all safety standards. isn't that a form of the centralized government you demonize?
     
  14. Old Man Jingles

    Old Man Jingles Rat out of a cage

    Easy ... The outgo exceeded the ingo.
     
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  15. Old Man Jingles

    Old Man Jingles Rat out of a cage

    Thanks for verifying you didn't buy into it!
     
  16. newfie

    newfie Well-Known Member

    you guys ignorant or lazy?

    do your homework revenues are up , spending is up more

    its the government way of doing things.

    spending your tax dollars is the one thing both parties agree on and excel at.
     
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  17. What was the last year revenue wasn't up? FFS you'll fall for anything.
     
  18. dudebro

    dudebro Well-Known Member

    There is a model state for that... California
    It's the 5th largest economy in the world, and is currently running a $15 billion dollar surplus.
    Kansas... didn't show too well in trickle down mode.

    I don't care what economic theory you want to point to, the scoreboard is pretty hard to deny.
     
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  19. floridays

    floridays Well-Known Member

    This country has been bankrupt for years, don't attempt to lay it at the feet of the current administration, even the last. Let's go smart guy, explain how you unload now.[/QUOTE]
     
  20. floridays

    floridays Well-Known Member

    It's (the country) has been bankrupt, in terms of unfunded liabilities, and every year, current spending that enlarges debt. Let's not play the game you seem to offer, exactly what is your solution.
    Myself, I do offer a starting point.

    You will lose, if honesty is your goal, if leading ignorant sheep is your goal, lead on.