oldandslow wrote:
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So to sum up:
Reagan did it right.
Bush deficits=bad
Obama deficits=good
Trump deficits=bad
Did you get that from what I wrote? Wow, you have crappy reading comprehension. I'm pretty consistent. Policies that increase the deficit are generally bad (they may be redeemable due to emergency or some other reason). tax cuts during downturns bay be necessary. Policies shouldn't further knock even bigger holes in the deficit. There is exactly one exception, and it is Bush's and Obama's policies (tax cuts and spending increase) in the face of the economic collapse. They aren't "good", they were "terrible, but necessary"., Trump's tax cut AND that latest $200B/year spending increase were both "terrible and completely unnecessary". I've been a "pay as you go" for my entire time here. How about you? What are your opinions of the three signature moments of this Presidency (tax cut plan and budget deal and tariffs)?
To your second part:
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Now, tell me which policies of Obama’s were instituted that brought about the slowest recovery in history? The $400 tax stimulus? Short term reduction of payroll taxes? That’s about all I’ve got.
I'll take steady and long growth any time! I preferred the payroll tax reduction and $400 tax stimulus package vs. other tax reductions which target the wealthy. There were endless policies which assisted a whole lot of folks (QE, 0% rates, TARP, etc.). They all cost money, and Bush/Obama get something of a pass, due to extraordinary circumstances.
Besides these policies, Obama (and most Dems recently) end up constrained by an old-fashioned need to at least partially pay for the programs that cost money. It's totally fair to complain about these policies, but it's better than endlessly undercutting all efforts to pay for anything, but still buying. Again, your thoughts on recent tax cuts and budget increases?
A final thought about slow/fast growth. Reagan/Bush41/Clinton were hugely aided by four factors, the addition of women in the workplace, the baby boomers as prime income earners, credit expansion and the tech revolution. Bush/Obama/Trump are seeing declining to flat labor participation (lower participation rates for women and boomer retirements) a plateauing of job gains due to the tech industry, and a tightening of credit. This matters a lot, and it has no matter who happened to occupy the White House. Trump's plans are the furthest out of line in cavalierly expanding debt during an economic boom. We'll see if it works long-term. As Brownie28 said, if it does work, I will need to rethink my concerns about deficits and spending.
I agree, policies that increase the deficit at generally bad. Im also generally in the camp that believes intervention in the economy tends to exacerbate the highs and lows. I think deficit spending is inherently bad because we never ever pay it back. At some point it is going to consume so much of federal spending (along with entitlements) we’ll be F’d.
Take a good hard look at what brought about Bush and Obama’s extenuating circumstances. Why do they get a pass for extenuating circumstances? Government policies created much of those extenuating circumstances.
You also talk about policies that increase the deficit. This is called spending. Revenues keep increasing. Spending keeps outpacing.
Obama’s fiscal policies were a joke. A one time $400? Please. The payroll tax was mildly helpful, but at what expense? Reducing entitlement funding? This whole BS about tax cuts targeting the wealthy is leftist gibberish. The wealthy pay the taxes. Who else should get a break? People making less than 50K don’t pay any taxes anyway, should we be giving them more of a subsidy?
What has QE done except to further exacerbate the wealth gap? You think printing money like crazy saved us? It softened the blow, but at what future cost? My 401k thanks QE, but there is and will be a big future cost to that.
Zero interest rates...this one is tough. It’s a big lever. Free money for a decade has put everyone on a spending spree. I’m not sure how we unwind this one. When this debt comes due...if we get back to 5% or 6% rates??
Tax cuts: A+. We are taxed too much for half the stupid shit that government funds.
Budget deal: F- a joke. We should wait for the effects of the tax cuts to manifest before we spend like drunken sailors.
Tariffs: wait and see. How much of this is negotiations? We ARE getting screwed by much of the world when it comes to Tariffs. If Trump can level the playing field, gold star for him. I have a hard time believing that we’d end up the loser in trade wars as we are the biggest consumer.
“Bush and Obama’s” tax cuts: extending Bush’s tax cuts doesn’t really count for Obama as a tax cut. Much of the slow growth under Obama’s can be attributed to Obama’s anti growth regulatory policies.
Expanding the debt like this during a boom is asinine.
