Posted on 11/29/2017 12:12:00 PM PST by DCBryan1
With Congress wrestling over a tax reform plan that critics say would explode the government budget deficit, Federal Reserve Chair Janet Yellen said she also is concerned over the surging level of public debt.
A Senate committee passed the GOP-sponsored proposal, which would slash the corporate tax rate and lower individual income rates for many Americans.However, the price tag of the plan is in the area of $1.5 trillion at a time when the Congressional Budget Official already is projecting a deficit of more than $1 trillion in the years ahead and with the total debt level at $20.6 trillion and rising. Of that total, $14.9 trillion is owed by the public.
The Trump administration contends that the lower tax rates would pay for themselves through growth. In her semiannual testimony before Congress, Yellen was asked about a proposal that would trigger tax hikes if economic goals are not met.
The central bank chief did not specifically comment on the trigger plan but said Congress is right to be thinking about the future of the national debt.
"I would simply say that I am very worried about the sustainability of the U.S. debt trajectory," Yellen said. "Our current debt-to-GDP ratio of about 75 percent is not frightening but it's also not low."
"It's the type of thing that should keep people awake at night," she added.
(Excerpt) Read more at cnbc.com ...
You are apart of this, you Obama and clinton
The ‘elites’ aren’t very.
Pathetic creatures.
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Why cant we state that on 1 January 2018 all entitlements and associated taxes are hereby administered by the respective states with a per capita distribution of existing resources.
Federal government will no longer offer, administer, or tax for social programs. The States can offer, administer, or tax as they feel for the same.
1.7-1.8 Trillion returned to the States for administration as they see fit. Cut Fed taxes to 10% flat across the board. No allowance for Federal bailouts of States, Territories, or other local government entities.
Then let those laboratories of democracy demonstrate which approach is actually best.
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1) This does nothing for any other further illegal/extra-constitutional power grab(s) by Fedzilla.
True, it should be done, but by declaring the likes contrary to A1S8, 9th/10th and any # of other Amendments.
2) It would also show the pleebs Fedzilla might not *NEED* to be even as big after the 10% ‘cut’....and we all know we can’t have Fedzilla being shown to be unnecessary /semi-s
3) Just the # of newly unemployed (as if they were ‘working’ to begin) would necessarily cause a great wave in the economy (might not be a bad correction, IMO).
Who was in charge of the House purse strings?
i believe that would be the REPUBLICANS...
Why it doesnt bother a single democrat in the whole country.
Does not seem to bother many Republicans either...they were the majority in the House, after all for how many years??? Eh that would be 6 last years of Obama’s 2 terms...gained the House majority in 2010.
They are very bit as responsible for this as Obama and the Democrats.
“And Congressional spending was once controlled by the Constitution.”
That hasn’t changed. It’s why you see Congress authorizing a raise in the debt limit all the time. So that they can indulge their desire to keep spending more.
on #3 - transfer the employees to the States with the funding.
as to the other - I know, I know....
How do they calculate this 75% debt-to-GDP ratio? Debt is $20 trillion, GDP is $19 trillion. That’s a lot higher that 75%.
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And Congressional spending was once controlled by the Constitution.
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That hasnt changed. Its why you see Congress authorizing a raise in the debt limit all the time. So that they can indulge their desire to keep spending more.
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Sorry, but if the Const. were still followed, there’d be no NEED to raise the debt ceiling....~95+% of the budget doesn’t fall within their authority.
So true and so frustrating!
Voting to raise the debt limit means that they are following the Constitution. You may not agree with what they spend money on but that has nothing to do with whether they are following the proper form.
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Voting to raise the debt limit means that they are following the Constitution. You may not agree with what they spend money on but that has nothing to do with whether they are following the proper form.
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So, they ‘faithfully’ follow the Constitution to increase the ceiling (step 2+ pf the process), by NOT following the same (SKIPPING step 1...their AUTHORITY to spend on XYZ).
BRILLIANT! Yeah, why would I *NOT* agree /s
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