The Debt Clock

[El Correcto]

For the first time in about 5 years, the US deficit is shrinking. We are actually paying for our spending.

Are you high?

 

[Up In Smoke]

Are you high?

Not currently, but it does happen from time to time that our tax revenues exceed our expenses. In early September the inflows exceeded the outflows. The debt clock has slowed, though only slightly, but it's encouraging.

 

[Wally]

Not currently, but it does happen from time to time that our tax revenues exceed our expenses. In early September the inflows exceeded the outflows. The debt clock has slowed, though only slightly, but it's encouraging.

What's not encouraging is record government confiscation of money.

 

[Box Ox]

Not currently, but it does happen from time to time that our tax revenues exceed our expenses. In early September the inflows exceeded the outflows. The debt clock has slowed, though only slightly, but it's encouraging.

I’m thinking of it as chipping off a piece of ice from Mount Everest. And I think we’ve got a big problem on our hands if we’re talking about trillions more in spending on top of the billions we already send all over the world when we’re already $29 trillion in the hole and our economy would collapse the moment we stop increasing the amount of debt we can take on.

 

[vantexan]

Not currently, but it does happen from time to time that our tax revenues exceed our expenses. In early September the inflows exceeded the outflows. The debt clock has slowed, though only slightly, but it's encouraging.

We haven't had a budget surplus in 20 years.

 

[Wally]

We haven't had a budget surplus in 20 years.

Hard to have a surplus when spending the same as last year is called "slashing the budget".

 

[bbsam]

What's not encouraging is record government confiscation of money.

Did tax rates suddenly go up? Did Trump’s tax cuts expire?

 

[Wally]

Did tax rates suddenly go up?

Yep

 

[bbsam]

Yep

Where and when?

 

[Up In Smoke]

Where and when?

The US fiscal year ends August 31st and some spending programs ended in the same time window. With the increase in employment, the rise in wages and the extended work week all lead to greater revenues. Add it all together and you begin to pay down the fiscal deficit.

 

[PT Car Washer]

We haven't had a budget surplus in 20 years.

Not since Bill Clinton was President.

 

[PT Car Washer]

The US fiscal year ends August 31st and some spending programs ended in the same time window. With the increase in employment, the rise in wages and the extended work week all lead to greater revenues. Add it all together and you begin to pay down the fiscal deficit.

God bless you President Biden.

 

[vantexan]

Not since Bill Clinton was President.

Not since Newt Gingrich balanced the budget.

 

[Up In Smoke]

Not since Newt Gingrich balanced the budget.

Correct, Newt was instrumental in raising the Fed tax rate from 28% to 39.6% in 1993.

 

[vantexan]

Correct, Newt was instrumental in raising the Fed tax rate from 28% to 39.6% in 1993.

Actually that was proposed by Clinton and passed by a Democrat controlled Congress. Newt famously predicted wrongly that it would lead to a recession. The next year Republicans won control of Congress for the first time in 40 years.

 

[UnionStrong]

Correct, Newt was instrumental in raising the Fed tax rate from 28% to 39.6% in 1993.

Wrong

 

[IVE GOTTA PACKAGE 4U]

 

[Up In Smoke]

Tax revenues rose 62% ( 1.26-2.03T) under Clinton/Newt and GDP rose 21% (10.63-13.13T) in the same time period. Can't help but conclude it was more about the taxes raised and less about the cuts made.

 

[Up In Smoke]

The Omnibus Budget Reconciliation Act of 1993 was Clinton's signature bill that jump started the path to a balanced budget.

 

[bbsam]

The Omnibus Budget Reconciliation Act of 1993 was Clinton's signature bill that jump started the path to a balanced budget.

Pretty sure Newt Gingrich signed that bill into law.