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Trump Budget Based on $2 Trillion Math Error

Discussion in 'Political Debate & Discussion' started by Crabtownboy, May 23, 2017.

  1. Crabtownboy

    Crabtownboy Well-Known Member
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    One of the ways Donald Trump’s budget claims to balance the budget over a decade, without cutting defense or retirement spending, is to assume a $2 trillion increase in revenue through economic growth. This is the magic of the still-to-be-designed Trump tax cuts. But wait — if you recall, the magic of the Trump tax cuts is also supposed to pay for the Trump tax cuts. So the $2 trillion is a double-counting error.

    Trump has promised to enact “the biggest tax cut in history.” Trump’s administration has insisted, however, that the largest tax cut in history will not reduce revenue, because it will unleash growth. That is itself a wildly fanciful assumption. But that assumption has already become a baseline of the administration’s budget math. Trump’s budget assumes the historically yuge tax cuts will not lose any revenue for this reason — the added growth it will supposedly generate will make up for all the lost revenue.

    But then the budget assumes $2 trillion in higher revenue from growth in order to achieve balance after ten years. So the $2 trillion from higher growth is a double-count. It pays for the Trump cuts, and then it pays again for balancing the budget. Or, alternatively, Trump could be assuming that his tax cuts will not only pay for themselves but generate $2 trillion in higher revenue. But Trump has not claimed his tax cuts will recoup more than 100 percent of their lost revenue, so it’s simply an embarrassing mistake.

    It seems difficult to imagine how this administration could figure out how to design and pass a tax cut that could pay for itself when Ronald Reagan and George W. Bush failed to come anywhere close to doing so. If there is a group of economic minds with the special genius to accomplish this historically unprecedented feat, it is probably not the fiscal minds who just made a $2 trillion basic arithmetic error.


    Trump Budget Based on $2 Trillion Math Error [Updated]
     
  2. Happy

    Happy Well-Known Member
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    "Trump’s administration has insisted, however, that the largest tax cut in history will not reduce revenue, because it will unleash growth. That is itself a wildly fanciful assumption."

    Perhaps a wildly fanciful assumption that people will get off the public dole and actually start earning their own way, "unleashing growth"...

    Cut the handout programs and?

    And? The Liberals whine.
     
  3. Baptist Believer

    Baptist Believer Well-Known Member
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    Yeah, get those sluggards off social security and put them to work. Folks in the 80s and 90s can dig ditches if they want to eat.
     
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  4. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    Or they could prepare for those years without relying on Uncle Sam.
     
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  5. Crabtownboy

    Crabtownboy Well-Known Member
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    Funny how the nay sayers totally ignore the topic of the thread, a 2 trillion dollar math mistake.

    Such mistakes are par for the course for the Trump administration.

    How about you folk address the the math error.
     
  6. InTheLight

    InTheLight Well-Known Member
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    Sorry, I'm not seeing the problem. I'm seeing some reporter claiming this number is being counted twice.

    You started another thread about the sky falling because of spending cuts yet this article makes no mention of spending cuts. Are reductions in future projected spending considered spending cuts? Or are spending cuts actual CUTS? I think Trump's spending cuts are real and will definitely have an effect on moving us toward a balanced budget.

    Sent from my Motorola Droid Turbo.
     
  7. saved41199

    saved41199 Active Member
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    Which president zeroed out the deficit? Which GOP president has substantially reduced the deficit? Please provide references.
     
  8. Happy

    Happy Well-Known Member
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    Don't know about you, but the people I know in their 80's and 90's have worked a greater part of their lives, and sadly had a great portion of their wealth thieved away from them for government whims.

    Obviously you do not comprehend the difference between one who has worked and one who is able bodied, doesn't work and sponges off the government who must first take from the people who do or have worked.
     
  9. Happy

    Happy Well-Known Member
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    The supposed "math" error is irrelevant.

    There is no "Constitution Provision" for a Government "BUDGET".

    The Federal Government was supposed to Operate (be funded) on taxes collected on imports.

    And the amount of money collected on imports was the amount of money the Government could spend for their functioning operations, to do the FEW things LIMITED by the Constitution itself.

    However we have in our corrupt backward Federal Government a whole PAID committee designed to figure, through guesswork and estimations how much they WANT to spend, thus how much they WILL tax the peoples earned income, with little consideration of HOW MUCH the people WILL import through business adventures.

    Since the Government created a BUDGET, it's all guesswork, NOT an exact amount.

    A "math" error would require a clairvoyant who knows exactly what WILL COST what tomorrow and forward and exactly what they WANT to spend tomorrow and forward.
    It's a GUESS!

    1910, entire US Fed "budget" $1.042 billion. A figure arrived at AFTER the fact!
     
    #9 Happy, May 24, 2017
    Last edited: May 24, 2017
  10. Deacon

    Deacon Well-Known Member
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    Compare Trump first year budget proposal with 0bama's first year budget proposal

    ...well that's not fair, 0bama didn't propose a budget for his first 2 years.
    but in '09

    NEW YORK (CNNMoney.com) -- President Obama on Thursday pulled back the curtain on his first detailed vision of the federal budget, revealing an ambitious plan to reform health care and shift tax burdens while vowing to slash the deficit over the long run.

    Obama has said repeatedly that his first fiscal plan would have a two-pronged mission: to reduce the $1 trillion-plus deficit he inherited to $533 billion by 2013 and make big investments in the future.
    How'd that work out?

    Budgets are hopes and dreams - some more than others.

    Rob
     
  11. Happy

    Happy Well-Known Member
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    I think he meant, "big investments in "HIS" future". :Rolleyes

    America simply got the "BILL"...a NINE TRILLION DOLLAR increase.
     
  12. InTheLight

    InTheLight Well-Known Member
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    You are asking about the deficit, not the national debt.

    Therefore in the years since the Federal Reserve was created these Presidents showed a budget surplus:

    Wilson (showed a budget surplus 4 of 8 years)
    Harding (2 of 2 years)
    Coolidge (6 of 6 years)
    Hoover (1 of 4 years)
    Truman (4 of 8 years)
    Eisenhower (3 of 8 years)
    LBJ (1 of 5 years)
    Clinton (4 of 8 years)

    Is the U.S. Deficit Really That Bad?
     
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