Biden on Pace to become worse President ever in National Debt one term spending

[Boiler Buck]

The article shows how the claim Trump “approved $8.4 trillion in new debt,” is just more liberal BS.

Accounting for the changes in cash balances at the Treasury, the debt actually rose $6.5 trillion during Trump’s entire term—and is up $7.9 trillion in less than four years of Biden’s tenure.

$6.5 T from Trump is still an astronomical amount, and puts him near the top of worse Presidents ever, but it has a huge COVID asterisk.

Still, it is clear, ol Joe now takes the title of worse President ever.

The Left’s $7 Trillion Lie: Biden Far Outpaces Trump in Racking Up the National Debt

Projection is blaming someone else for your own bad behavior. We saw a classic case of projection in Thursday’s presidential debate, when President Biden—who is overseeing annual budget deficits of $2 trillion—asserted that his predecessor, Donald Trump, added more to the federal debt than...

www.heritage.org

 

[TheGunner]

Thanks! I have been waiting for someone to assess how Trump left Biden $1T in cash in 2021 and how Biden burned thru that in less than a year, then tacked on more spending, with a significant amount tied to interest on debt due to high inflation rates

 

[Boiler Buck]

Thanks! I have been waiting for someone to assess how Trump left Biden $1T in cash in 2021 and how Biden burned thru that in less than a year, then tacked on more spending, with a significant amount tied to interest on debt due to high inflation rates

A Trillion $ in under a year .....nothing to Ol' Joe. This guy is turning out to be the champion of big spenders @ nearly $2 T/ year.

 

[Telling The Truth]

The article shows how the claim Trump “approved $8.4 trillion in new debt,” is just more liberal BS.

Accounting for the changes in cash balances at the Treasury, the debt actually rose $6.5 trillion during Trump’s entire term—and is up $7.9 trillion in less than four years of Biden’s tenure.

$6.5 T from Trump is still an astronomical amount, and puts him near the top of worse Presidents ever, but it has a huge COVID asterisk.

Still, it is clear, ol Joe now takes the title of worse President ever.

The Left’s $7 Trillion Lie: Biden Far Outpaces Trump in Racking Up the National Debt

Projection is blaming someone else for your own bad behavior. We saw a classic case of projection in Thursday’s presidential debate, when President Biden—who is overseeing annual budget deficits of $2 trillion—asserted that his predecessor, Donald Trump, added more to the federal debt than...

www.heritage.org

While either Biden or Trump could have vetoed these bloated, awful budgets, IMO you're not placing blame where it primarily falls; the branch with the spending authority, Congress. Terrible, terrible, terrible fiscal restraint and stewardship - been going on forever and never seems to get better.

 

[Boiler Buck]

While either Biden or Trump could have vetoed these bloated, awful budgets, IMO you're not placing blame where it primarily falls; the branch with the spending authority, Congress. Terrible, terrible, terrible fiscal restraint and stewardship - been going on forever and never seems to get better.

Biden did pass bloated bills, and allowed regulation that caused inflation. This, in turn caused interest rates that are increasing ND. No getting around that.

But to your point, I agree these are all Pelosi budgets that continue on with CRs.

Would love a President, D or R say they aren't signing CRs anymore, and put an end to the continuing poor stewardship you mention.

 

[Telling The Truth]

Biden did pass bloated bills, and allowed regulation that caused inflation. This, in turn caused interest rates that are increasing ND. No getting around that.

But to your point, I agree these are all Pelosi budgets that continue on with CRs.

Would love a President, D or R say they aren't signing CRs anymore, and put an end to the continuing poor stewardship you mention.

Biden did not pass bloated bills - he signed them.
Trump did not pass bloated bills - he signed them.

These are not all Pelosi budgets - she hasn't been speaker for a few years - the current speaker is Johnson, a Republican. Between the House and Senate both parties have controlled each on a regular basis, and both House and Senate need to sign off on appropriations before budgets are sent to a President.

Seems that the last combination that didn't overspend was Gingrich as speaker with Clinton signing off on budgets. However, that was during the internet revolution during which the American economy was so, so extraordinarily good.

Seeing this as a partisan issue is near-sighted; it's a 'both parties pretty much all of the time' issue, though in my opinion the admirable fiscal hawks seem to be a few House Republicans.

 

[TheGunner]

Biden did not pass bloated bills - he signed them.
Trump did not pass bloated bills - he signed them.

These are not all Pelosi budgets - she hasn't been speaker for a few years - the current speaker is Johnson, a Republican. Between the House and Senate both parties have controlled each on a regular basis, and both House and Senate need to sign off on appropriations before budgets are sent to a President.

Seems that the last combination that didn't overspend was Gingrich as speaker with Clinton signing off on budgets. However, that was during the internet revolution during which the American economy was so, so extraordinarily good.

Seeing this as a partisan issue is near-sighted; it's a 'both parties pretty much all of the time' issue, though in my opinion the admirable fiscal hawks seem to be a few House Republicans.

The “Inflation Reduction Act” was passed by the Democrat controlled House and Senate and signed by a Democrat President. There were additional pandemic spending bills led to the inflation observed in 2022, specifically $1.9T spent from the American Rescue plan.

So Joe and the Dems spent $2.9T in pandemic related relief.

https://home.treasury.gov/news/press-releases/jy0645

 

[Telling The Truth]

The “Inflation Reduction Act” was passed by the Democrat controlled House and Senate and signed by a Democrat President. There were additional pandemic spending bills led to the inflation observed in 2022.m, specifically $1.9T spent from the American Rescue plan.

So Joe and the Dems spend $2.9T in pandemic related relief.

https://home.treasury.gov/news/press-releases/jy0645

There are horrendous spending bills and pork projects from both parties. The Dem led student loan relief? Unconscionable.

When the Republicans get a chance they crush the budget too. Them Repub/Trump era tax cuts were overwhelmingly for the already very wealthy.

They all suck.

 

[Boiler Buck]

Biden did not pass bloated bills - he signed them.
Trump did not pass bloated bills - he signed them.

These are not all Pelosi budgets - she hasn't been speaker for a few years - the current speaker is Johnson, a Republican. Between the House and Senate both parties have controlled each on a regular basis, and both House and Senate need to sign off on appropriations before budgets are sent to a President.

Seems that the last combination that didn't overspend was Gingrich as speaker with Clinton signing off on budgets. However, that was during the internet revolution during which the American economy was so, so extraordinarily good.

Seeing this as a partisan issue is near-sighted; it's a 'both parties pretty much all of the time' issue, though in my opinion the admirable fiscal hawks seem to be a few House Republicans.

Your first paragraph is correct, thank you.

Your 2nd paragraph shows you perhaps should consider further what continuing resolution means.

I am in complete agreement with paragraph 3, and have posted about the uni-party in P4 many times.....but $2.9T was under Dem control (see Gunners post above).

But the blame or credit always goes to the party in the WH.....regardless of P4 or who controls Congress. That's why Clinton gets great credit for lowering the NDebt....even though it was R Congress that forced his hand.

And thus, the point of the thread is Biden Admin policy, coupled with the interest rates, his inflationary policies/regs caused, have made him the new National Debt leader in the clubhouse. Hopefully, you agree with that because it really is hard to dispute.

 

[Boiler Buck]

Them Repub/Trump era tax cuts were overwhelmingly for the already very wealthy.

They all suck.

While alot of what you say is true, the Trump tax cut lie is not.

I got a healthy tax cut under Trump. I, as well as everyone else, also benefited from lower taxes on Corps via lower prices due to lower costs.

I do concur that they all suck though!

 

[Telling The Truth]

While alot of what you say is true, the Trump tax cut lie is not.

I got a healthy tax cut under Trump. I, as well as everyone else, also benefited from lower taxes on Corps via lower prices due to lower costs.

I do concur that they all suck though!

Not sure how wealthy you are, but your "healthy" tax cut may pale in comparison to what high earners got:

2017 Trump Tax Law was skewed to the rich. Households with incomes in the top 1 percent will receive an average tax cut of more than $60,000 in 2025, compared to an average tax cut of less than $500 for households in the bottom 60 percent, according to the Tax Policy Center (TPC).[1] As a share of after-tax income, tax cuts at the top — for both households in the top 1 percent and the top 5 percent — are more than triple the total value of the tax cuts received for people with incomes in the bottom 60 percent.

https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver#_edn2

 

[Boiler Buck]

Not sure how wealthy you are, but your "healthy" tax cut may pale in comparison to what high earners got:

2017 Trump Tax Law was skewed to the rich. Households with incomes in the top 1 percent will receive an average tax cut of more than $60,000 in 2025, compared to an average tax cut of less than $500 for households in the bottom 60 percent, according to the Tax Policy Center (TPC).[1] As a share of after-tax income, tax cuts at the top — for both households in the top 1 percent and the top 5 percent — are more than triple the total value of the tax cuts received for people with incomes in the bottom 60 percent.

https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver#_edn2

Fact....I got a tax cut
Fact....I benefited from lower Corp taxes via lower prices caused by lower costs.

Irrelevant......what someone else's tax cut was. Together the top 1% pay over a Trillion $ in taxes. So obviously they will get more back......geez. For some it's never enough.....but looking into it in some states the rich pay up to 55% of their income in local, county, state and federal taxes. How much is enough for the Govt to steal??

 

[BoilerBiker]

the Rulers in government don't care

an ethical solution will eventually be:
the separation of money and state