Trump could slash deficit $1.4T by reversing these Biden executive actions on day one: report

[hedrick]

Maybe Trump woke up about the debt, and he was all for the money printer in his first term.

His desire to remove the deficit limit in the recent spending bill suggests that this hasn't happened.

 

[Akita Suggagaki]

His desire to remove the deficit limit in the recent spending bill suggests that this hasn't happened.

We can see what happens.
Currently $36.16 T

Fiscal Data Explains the National Debt

Check out @FiscalService Fiscal Data’s new national debt page! #NationalDebt

fiscaldata.treasury.gov

 

[Richard T]

In 2020 the stock market plunged at least 30-40%, tough on retired people like me...
And i saw a floundering leader who thought keeping his hotels open was more important than body bags in freezer trucks, surrounded by medical experts whose anguished horror was evident in every bone of their bodies. As I have said, "if this is how he handles a pandemic, clueless, delusional, in full meltdown how would he handle a war?" Incompetent, irrational....and now four years older.

Our assets have more than recovered. Thanks, President Biden.

Glad you got the great uptick. I sure would be careful going forward though. I'm thinking the biggest crash in the history of the USA, is on the table. Nothing like taking new highs and send things crashing breathtakingly to wean the USA off materialism. It does not escape me either that the most wealthy group in the history of the USA is soon to be in charge.

 

[Laodicean60]

His desire to remove the deficit limit in the recent spending bill suggests that this hasn't happened.

Yes sadly.

 

[o_mlly]

... but the American people are going to have to suffer a lot more "hardship" (In Musk's term) to achieve that worthy goal. As others have noted, the American people have no stomach for that sort of hardship, so this is going nowhere.

Solution: Toughen those stomachs up ... do more sit-ups instead of meltdowns at the prospect of not getting your free "Obama" cell phones and service anymore.

 

[essentialsaltes]

Solution: Toughen those stomachs up ... do more sit-ups instead of meltdowns at the prospect of not getting your free "Obama" cell phones and service anymore.

At current revenue levels, there's no way to balance the budget without cutting into mandatory entitlement spending.

House GOP comes to 'agreement' on $2.5 trillion cut in mandatory spending, sources say​

Mandatory spending includes highly popular entitlement programs like Social Security and Medicare -- which Trump vowed on the campaign trail not to touch.

 

[hedrick]

At current revenue levels, there's no way to balance the budget without cutting into mandatory entitlement spending.

House GOP comes to 'agreement' on $2.5 trillion cut in mandatory spending, sources say​

Mandatory spending includes highly popular entitlement programs like Social Security and Medicare -- which Trump vowed on the campaign trail not to touch.

There actually is another approach. Repeal Trumps tax cuts. Though I think in reality both will be needed.

 

[hedrick]

It’s worth noting that most of the 1.4 T in savings is one time, various types of debt forgiveness. I’m not sure I disagree that those are worth doing, but that’s not the bigg issue.

 

[DaisyDay]

Solution: Toughen those stomachs up ... do more sit-ups instead of meltdowns at the prospect of not getting your free "Obama" cell phones and service anymore.

Who Started the Obama Phone?

"Who started the Obama Phone?" is one of the questions that's asked most frequently about this government program.

www.obamaphone.com

 

[o_mlly]

At current revenue levels, there's no way to balance the budget without cutting into mandatory entitlement spending.

It's a ten-year goal.

The root problems that fuel our debt crisis imo are an indolent electorate coupled with congressmen who know they can buy their votes.

Removing the Congress' incentive to buy votes would be a good beginning. I like Warren Buffett' idea that he could end the deficit by passing a law that says anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection.

Start doing those sit-ups.

 

[BCP1928]

There actually is another approach. Repeal Trumps tax cuts. Though I think in reality both will be needed.

Another is to reduce military spending. No, I'm not talking about reducing military readiness, we're just not getting the bang for the buck in weapons systems procurement.

 

[durangodawood]

It's a ten-year goal.

The root problems that fuel our debt crisis imo are an indolent electorate coupled with congressmen who know they can buy their votes.

Removing the Congress' incentive to buy votes would be a good beginning. I like Warren Buffett' idea that he could end the deficit by passing a law that says anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for reelection.

Start doing those sit-ups.

What congress, D or R, would ever pass that law?

 

[essentialsaltes]

It's a ten-year goal.

Start doing those sit-ups.

Why, when Congress can wait 9 years, and then just fail again?

The whole point of the Trump tax cuts expiring was to make the budget situation not look so bad, AND to dump the pain of raising taxes into someone else's administration. Now that he skipped a term, it's falling due in his term, and his brave plan is to keep those taxes low to appease the masses (particularly the billionaires).

 

[o_mlly]

What congress, D or R, would ever pass that law?

Which congress, D or R, would not pass term limits? Answer: Both.

Manchin and Cruise have proposed legislation to amend the Constitution on the issue of term limits ...we'll see.

Why, when Congress can wait 9 years, and then just fail again?

Because being healthy is intrinsically good.

The whole point of the Trump tax cuts expiring was to make the budget situation not look so bad, AND to dump the pain of raising taxes into someone else's administration.

So, it's a better idea to dump the pain on paying off our debt onto those who are not even born yet?

 

[essentialsaltes]

So, it's a better idea to dump the pain on paying off our debt onto those who are not even born yet?

Not at all. Our opportunity to pay for our own debts right now is to increase taxes to pay for the things we're spending right now (i.e. balance the budget).