While Cooling Slightly, Inflation Remains Stubbornly High

disciple Clint said:

U.S. budget deficit hits $2.77 trillion in 2021, second highest on record

The Biden administration said Friday that the 2021 deficit, for the budget year that ended Sept. 30 was $360 billion lower than 2020 as a recovering economy boosted revenues, helping to offset government spending from pandemic relief efforts.

www.pbs.org

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disciple Clint said:

"The Congressional Budget Office regularly publishes reports presenting its baseline projections of what the federal budget and the economy would look like..."

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• CBO projects a federal budget deficit of $1.4 trillion for 2023.
• In CBO’s projections, federal outlays total $6.2 trillion, or 23.7 percent of GDP, in 2023. They remain below 24.0 percent through 2028 and grow each year thereafter, totaling 24.9 percent of GDP in 2033.
• In the agency’s projections, deficits generally increase over the coming years; the shortfall in 2033 is $2.7 trillion. The deficit amounts to 5.3 percent of gross domestic product (GDP) in 2023, swells to 6.1 percent of GDP in 2024 and 2025, and then declines in the two years that follow.
• In CBO’s projections, outlays and revenues measured as a percentage of GDP equal or exceed their 50-year averages through 2033. Outlays increase from 23.7 percent of GDP in 2023 (a high level by historical standards) to 24.9 percent in 2033, largely because of rising interest costs and greater spending on programs that provide benefits to elderly people.
• Revenues amount to 18.3 percent of GDP in 2023. They then decline over the next two years before increasing after 2025, when certain provisions of the 2017 tax act expire. Revenues are roughly stable after 2027; they total 18.1 percent of GDP in 2033.
• To combat high inflation, the Federal Reserve sharply increased the target range for the federal funds rate in 2022. In CBO’s projections, inflation gradually slows in 2023 as pressures ease from factors that, since mid-2020, have caused demand to grow more rapidly than supply. Output stagnates and unemployment rises in 2023, partially as a result of tighter monetary policy. After that, inflation slowly returns to the Federal Reserve’s long-run goal of 2 percent
• The agency projects much weaker growth of real GDP for 2023 than it did last May, stronger growth during the 2024–2026 period, and similar rates of growth over the remainder of the projection period.

iluvatar5150 said:

No, I don’t notice this. I didn’t know what sort of “conservative view” you had in mind, so I just searched for “tax cuts spur economic growth”

Result #2:

Reviewing the Impact of Taxes on Economic Growth

With the Biden administration proposing a variety of new taxes, it is worth revisiting the literature on how taxes, particularly on corporate and individual income, can impact economic growth.

taxfoundation.org

11:

U.S. tax cuts boost economy—but for how long?

Did the U.S. tax cuts boost economic activity in 2018? The answer is yes, at least according to the recent empirical literature on the macroeconomic effects of taxes.

www.dallasfed.org

13:

THE BUSH RECORD - FACT SHEET: President Bush Helped Americans Through Tax Relief

georgewbush-whitehouse.archives.gov

14:

The Tax Cuts and Jobs Act

On December 20, Congress passed the first major overhaul of the tax code in more than 30 years, the Tax Cuts and Jobs Act, which will deliver historic tax relief for workers, families

walberg.house.gov

Most of the ones I left out were neutral, not left-leaning. (e.g. investopedia, academic papers)



What you’re communicating to me is that standard practice for conservatives is to throw up a bunch of easily-falsifiable nonsense then play some kind of whiny persecution card when libs call you out on it. Is that about right? I not only read your piece, I understood it better than you did, and I called out several specific points the author made that were absurd. Yes I claimed it was a lousy source, but I showed my work. Nothing you cited “endangered [my] liberal beliefs,” because it was obviously bogus. I’m always happy to re-examine my beliefs; I think doing so interesting. That you were unable to convince me is not indicative of my close-minded, but rather your failure to make anything resembling a compelling case.

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iluvatar5150 said:

You know that FY2021 started under Trump, right? According to that article, 2021 had the second highest deficit, with 2020 (i.e. Trump) being the highest.

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disciple Clint said:

and that is supposed to have any significant value?????

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Do you have anything specific that happened in that 3 month period that would provide an excuse for Biden?

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2021 United States federal budget - Wikipedia

en.wikipedia.org

American Rescue Plan Act of 2021 - Wikipedia

en.wikipedia.org

Gene2memE said:

Yes it does. Why give me Republican talking points, when the CBO provides non-partisan data?

Here's the CBO's projections The Budget and Economic Outlook: 2023 to 2033 :

• CBO projects a federal budget deficit of $1.4 trillion for 2023.
• In CBO’s projections, federal outlays total $6.2 trillion, or 23.7 percent of GDP, in 2023. They remain below 24.0 percent through 2028 and grow each year thereafter, totaling 24.9 percent of GDP in 2033.
• In the agency’s projections, deficits generally increase over the coming years; the shortfall in 2033 is $2.7 trillion. The deficit amounts to 5.3 percent of gross domestic product (GDP) in 2023, swells to 6.1 percent of GDP in 2024 and 2025, and then declines in the two years that follow.
• In CBO’s projections, outlays and revenues measured as a percentage of GDP equal or exceed their 50-year averages through 2033. Outlays increase from 23.7 percent of GDP in 2023 (a high level by historical standards) to 24.9 percent in 2033, largely because of rising interest costs and greater spending on programs that provide benefits to elderly people.
• Revenues amount to 18.3 percent of GDP in 2023. They then decline over the next two years before increasing after 2025, when certain provisions of the 2017 tax act expire. Revenues are roughly stable after 2027; they total 18.1 percent of GDP in 2033.
• To combat high inflation, the Federal Reserve sharply increased the target range for the federal funds rate in 2022. In CBO’s projections, inflation gradually slows in 2023 as pressures ease from factors that, since mid-2020, have caused demand to grow more rapidly than supply. Output stagnates and unemployment rises in 2023, partially as a result of tighter monetary policy. After that, inflation slowly returns to the Federal Reserve’s long-run goal of 2 percent
• The agency projects much weaker growth of real GDP for 2023 than it did last May, stronger growth during the 2024–2026 period, and similar rates of growth over the remainder of the projection period.

The biggest single increases in spending are Social Security (+$123 billion), Medicare (+110 billion) and other major Health Care Programmes (+104 billion). Defense and related spending is also up $84 billion. The big increase in the deficit are related to declines in individual income taxes, after there were some big one off payments related to capital gains and deferred payments from the pandemic period made in 2022.

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iluvatar5150 said:

If you’re trying to pin the spending all on Biden, then yes, it has significant value.


Yeah, what happened in those three months was that the budget for the year was developed and passed. The budget was for $6.8 trillion. Biden’s stimulus was for $1.9 trillion.

2021 United States federal budget - Wikipedia

en.wikipedia.org

American Rescue Plan Act of 2021 - Wikipedia

en.wikipedia.org

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disciple Clint said:

The budget was developed after the year started, three months after the year started? and who had control at that time in congress? So again how does that provide any excuse for Biden?

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iluvatar5150 said:

What are you talking about? The budget was developed and enacted before Biden took office and was still in effect while he served out the remainder of that first year.

If you move in with your girlfriend 3 months after she signed a 1 year contract with Comcast, is it right to blame you for spending all that money on cable?

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disciple Clint said:

Well nice attempt but congress makes the funding decisions and congress was controlled by..... you guess it and it was not Trump so who you going to blame?

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iluvatar5150 said:

Speaking of which, yes, Dems had a majority in the House when the FY21 budget passed, but Republicans had both the Senate and White House, which are required for passage.

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Danthemailman said:

The Biden administration and the angry mobs during the summer of 2020 are a much bigger threat to our country than that group of angry protesters on January 6.

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It just blows my mind how certain people are so quick to buy into the leftist narrative and fail to see the big picture. The economy was thriving under Trump and under Biden, we now have record high inflation, but certain people still don't care. Biden can lead America into another great depression and anti-American thugs can burn America to the ground yet these folks will still support Biden and give these criminals a free pass. So sad and pathetic! The Biden administration regime and the elitists who pull their strings are not done with America yet and I think we know what this is all leading up to. As Samuel L Jackson said in the movie Jurassic Park, "hold on to your butts!"

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rocknanchor said:

, , the majority of GOP are deep state and or Dem infiltrators, at best, aka rino darlings. All of which (short of the actual remnant GOP) rely on continued decades-old propping. Stated to distance the delusion.

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Belk said:

So you are trying to convince us that actual republicans are such a small minority they should no longer be allowed such an outsized influence on our electorate?

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Pommer said:

Maybe we should allow “our betters” (since they're the only ones who say that they know how to fix things), run things for a season?
Then we can rebuild from the ashes that they’ll leave?

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Belk said:

So you are trying to convince us that actual republicans are such a small minority they should no longer be allowed such an outsized influence on our electorate?

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rocknanchor said:

Love those complaint-laced questions. But not all bad, for the problem is not in jumping to conclusions, but the inability to disperse just conclusions.

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Belk said:

Can someone help translate this?

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rocknanchor said:

I responded per your comment to help rectify the topic somewhat, let someone else correct if wronged.

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