Posted on 09/28/2016 9:07:06 PM PDT by Lorianne
Donald Trump and Hillary Clinton are likely to recite their varied promises for fresh government spending at Monday’s first presidential debate. One reality they’re unlikely to note: Whoever wins in November will enjoy far less latitude to spend money or cut taxes than any president since World War II.
Not since Harry Truman will a new leader enter office with a higher debt-to-GDP ratio. And for the first time in decades, the new president will face the specter of widening deficits despite a growing economy.
“The next president, no doubt, is going to be very constrained,” said Rep. Charlie Dent, a Pennsylvania Republican who sits on the House appropriations committee and hasn’t endorsed anyone for president.
A President Trump or Clinton could try to barrel ahead anyway, of course. But Mrs. Clinton, in particular, is likely to be checked by the opposing party’s control of at least one chamber of Congress. And that doesn’t take into account what would happen if the U.S. enters another recession, when falling revenue would send deficits even higher. In that scenario, the Federal Reserve and other central banks would have less room to respond if interest rates remain near today’s ultralow levels.
Due to this erosion in the “policy arsenal” available to monetary policy makers, “the burden for any classic Keynesian response would have to fall more on the fiscal side, which is why the political constraints on action are more scary,” said Timothy Geithner,President Barack Obama’s first Treasury secretary.
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If Trump wins it will be the happiest day of my life. I’m on pins and needles until November. Hillary is a communist. If the media, Federal Reserve, democrat party etc . somehow cheat us and Hillary wins this country is over, full communism .
If Trump wins it will be the happiest day of my life. I’m on pins and needles until November. Hillary is a communist. If the media, Federal Reserve, democrat party etc . somehow cheat us and Hillary wins this country is over, full communism .
It all comes down to Florida. And Rubio will be very important.
He’ll win. He’ll win yuge!
Congress is king. Change the law. Cut spending. Send the free loaders home.
Obonzo is leaving one heck of a mess for the next president to have to clean up. The U.S. Government looks like Detroit. You’d think DemocRATS had been in charge or something. ObamaCare has turned into a deplorable basket case.
Spending money to get wealthier is as effective as borrowing to get out of debt.
Correct. Here are some suggestions. Freeze federal spending, and eliminate “base line” budgeting. Freeze federal hiring. Enact an immediate 20% manpower reduction in ALL federal agencies. Abolish the EPA, Energy Dept., Agriculture Dept., Commerce Dept., The Legal Services Corporation (an agency that sued the congress to keep itself in existence), Education Dept., PBS, NPR, eliminate all federal assistance to anyone not a citizen, reduce federal assistance to all welfare recipients by 20% immediately, then by 20% per year until it is abolished. Get some gonads congress, either this or federal default and blood in the streets which will make BLM (black lives matter) look like “midnight basketball.”
“Not since Harry Truman will a new leader enter office with a higher debt-to-GDP ratio.”
Thank you president obama.
I like your list.
In addition, I would add that any future immigrants to the US are forbidden from receiving any public assistance for a minimum of 10 years.
Attract money to expand the economy. CUT CUT CUT wherever you can. That’s about it.
If Trump were smart, he’d cut whole agencies and departments that have taken over local power and that are corrupt. He should cut corporate welfare, corruption and deport illegals and end services to them, and do not import refugees.
He could do all that but it wouldn’t make that much of a dent in the problem.
The problem is out of control entitlement programs, which were out of control before Obamacare showed up ! Obamacare now became one more out-of-control fiscally unsound entitlement program to add to the pile.
The political problem is everyone has at least one entitlement program that they will swear they can’t do without! It’s amazing sometimes how many people who claim to be strong conservatives will find their “inner socialist” when you discuss entitlement programs. It’s entitlement programs are bad for everyone else but not for me!
That’s both the political genius of them and the trap of them. For example I am reading the history of Social Security program, the FDR lackeys new it would eventually become unglued but knew it would be some 70-80 years in the future so not their problem ! Sad thing is the insurance industry at the time warned them and told them how to set up a fiscally sound system. They chose not to listen and we have the rattle-trap system we have now.
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