Posted on 08/25/2016 4:08:47 AM PDT by expat_panama
Red Ink: The Congressional Budget Office says the federal deficit will be 33% higher than last year's. Over the long term, the deficit picture is just as bleak. But on campaign trail, this looming threat gets zero attention from either Hillary Clinton or Donald Trump.
The CBO's updated budget projections show that federal government's fiscal outlook has worsened considerably over the past year.
Red ink in fiscal year 2016, which ends on Sept. 30, will hit $590 billion. That's much worse than the CBO had expected just a few months ago...
...the CBO projects that in 10 years the annual deficit is on track to more than double...
...So what are Clinton and Trump proposing in the face of this increasingly dire outlook? They both want to add more debt.
Clinton's economic plan would, according to an analysis by the American Action Forum, would increase projected deficits by $2.2 trillion over the next decade...
...Clinton promises to expand both Social Security and Medicaid, while spending still more on ObamaCare insurance subsidies.
Trump isn't much better. Earlier this month, the Republican nominee told CNBC that if anything, the government should borrow more. "Interest rates are so low," he said, "that, yes, this is a time to borrow and to borrow long-term."
"Normally you would say you want to reduce your debt, and I like to reduce debt as much as anybody," he said. "The problem is, you have a military problem, you have an infrastructure problem — a tremendous infrastructure problem — and you have other problems."
But if Trump and Hillary have their way, the country will face another, far worse problem: runaway entitlements and growth-choking national debt.
(Excerpt) Read more at investors.com ...
Love that description of Mitch McConnell! LOL!
Slash the un\extra-Constitutional stuffs and I can not only balance the budget, but start paying down the DEBT.
Unfortunately, it’s as ‘useful’ to D.C. as the last given (IIRC, it was the 80+ overlapping programs for housing aide)...Congress shelved it and continued on as usual.
Now, I’ve read that report in the past. It should be mandatory in every high school\college year.
If it doesn’t make you mad, you’re part of the problem.
Why do we have to give Iran 10 billion?
And you’re ignorant as well. If you listened to his whole interview, you would have heard talk about public-private ventures implying that firms doing work for the federal infrastructure could borrow with near zero debt service.
You would have also heard that nearly every federal contractor comes in over budget often by billions and far behind schedule because they don’t know how to build or they want to underperform. Whereas, Trump’s projects come in ahead of schedule and under budget.
You would also have heard that in certain areas such as military and critical infrastructure, there is no other choice but to spend.
And he is correct saying the USA cannot default or declare bankruptcy just as any ‘sovereign’ nation cannot do those things. There are only two options: raise taxes or print money (create electronically). Printing money can induce inflation which is a hidden form of taxation, hence both options are alike in shifting power to the federal government.
So as usual, Donald is telling the truth and is signaling that he will use all the tools at his disposal to MAGA. He will not allow himself to be tied to simpleton campaign slogans of “he said this” and “he said that” thereby allowing Megyn Vagina and the like blast away with months worth of distraction via the leftist media on “how he broke his promises”. He’s smarter than them.
Some relevant questions for the media morons are:
1. How will you ensure the currency is not damaged? Gold standard?
2. How will you and Congress reduce debt over the years?
3. How many years will it take you and Congress to balance the budget?
4. Is it desirable or necessary to balance the budget?
5. How will you get Congress motivated to balance the budget?
In the discussion, the question was raised as to what percentage of GDP would be comfortable for the level of debt. This is a turd packaged in candy wrapping marketed by media morons.
GDP, like CPI and other assorted maligned measures, are not the metrics to be used in gauging the progress of MAGA. They have been politicized and signify nothing but political catcalls.
More relevant metrics apply to measuring a reversal in the trade deficit, playing against China’s currency manipulation, auditing the Fed and disclosing to Americans its duplicity in globalism; for example, transferring billions via Citibank to Mexico’s Banamex (which Citibank owns) to build Ford plants in Veracruz, and the like.
The one takeaway, which can be verified via YouTube videos of old hearings of Donald before Congress, is that he is a master of business, banking, finance, trade, negotiation, and taxes. He is smart, damned smart. He plays to win.
This is not about borrowing or printing money. This about winning.
obama spend taxpayers’ money like a woman at a half-price sale.
Then he prints up more.
Paul Ryan cares. /s
The Republican party, like the Democrat party, needs to be obliterated.
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