Crash the train to stop it

[Rajoo]

Its all a matter of who is driving the engine, not the Feds who are to blame.

Ronald Reagan (1981-1989)

President Reagan increased the debt by $1.86 trillion, or by 186%. Reagan's supply-side economics didn't grow the economy enough to offset the lost revenue from its tax cuts. Reagan also increased the defense budget by 35%.4
George W. Bush (2001-2009)

President Bush added $5.85 trillion to the national debt. That's a 101% increase, putting him in fourth. Bush launched the War on Terror in response to the 9/11 attacks, which led to multi-trillion-dollar spending on the War in Afghanistan and the War in Iraq. Bush also dealt with the 2001 recession and the 2008 financial crisis.5
Barack Obama (2009-2017)

Under President Obama, the national debt grew the most in dollar terms ($8.6 trillion) and was fifth by percentage at 74%. Obama fought the Great Recession with an $831 billion economic stimulus package and added $858 billion through tax cuts. Even though the fiscal year 2009 budget was set by President Bush, Obama added to it with the Economic Stimulus Act in 2009.657

Donald Trump

At the end of fiscal year 2020, the debt was $26.9 trillion. Trump added $6.7 trillion to the debt between fiscal year 2017 and fiscal year 2020, a 33.1% increase, largely due to the effects of the coronavirus pandemic and 2020 recession.

And the deficit is set to decline under Biden as Finn has posted.
Follow the spenders, not the gate keepers.

https://www.thebalancemoney.com/us-d...ercent-3306296

[whell]

Originally Posted by Rajoo

Its all a matter of who is driving the engine, not the Feds who are to blame.





And the deficit is set to decline under Biden as Finn has posted.
Follow the spenders, not the gate keepers.

https://www.thebalancemoney.com/us-d...ercent-3306296

Why, when I'm talking about debt, you guys jump over and start talking about the deficit? You do understand that they are two different things, and the a deficit actually increases the debt, right?

[Rajoo]

Originally Posted by whell

Why, when I'm talking about debt, you guys jump over and start talking about the deficit? You do understand that they are two different things, and the a deficit actually increases the debt, right?

Because they are inter related, deficit funding of a government leads to national debt. Perhaps you should talk to yourself and spare us from your diatribes.

Have you ever looked at anything from a middle of the road perspective? In engineering we have a saying, statically the answer is always in the middle and never at the extremes.

[nailer]

Originally Posted by whell

Why, when I'm talking about debt, you guys jump over and start talking about the deficit? You do understand that they are two different things, and the a deficit actually increases the debt, right?

Indeed, spending more than you make will certainly increase one's debt.

[finnbow]

Originally Posted by whell

Why, when I'm talking about debt, you guys jump over and start talking about the deficit? You do understand that they are two different things, and the a deficit actually increases the debt, right?

The debt is the sum total of accumulated deficits. Accordingly, decreasing the deficit slows the increase in the debt. Even a believer in the fiction of supply-side economics should be able to understand this even if it involves math.

[finnbow]

Originally Posted by whell

Yes, they're inter-related, deficit becomes debt, all good. Powell's presumed course of action - increase rates to drive down spending and thus drive down employment thus curb inflation involves increasing rates on debt, and has no short term effect on deficits (except to the extent that budgeted dollars are consumed retiring debt or paying interest on the debt). Which is why I was wondering why you were bringing up deficits.

Interest rates are the only tool in the Fed toolbox. Bitching about them using rate hikes to battle inflation is like criticizing a Marine rifleman for using his rifle.

[whell]

Originally Posted by finnbow

Interest rates are the only tool in the Fed toolbox. Bitching about them using rate hikes to battle inflation is like criticizing a Marine rifleman for using his rifle.

So you’ll have no criticism at all when the recession and high unemployment the Powell is predicting comes to pass. Ok, noted.

https://fortune.com/2022/09/22/jerom...t-landing/amp/

[finnbow]

Originally Posted by whell

So you’ll have no criticism at all when the recession and high unemployment the Powell is predicting comes to pass. Ok, noted.

https://fortune.com/2022/09/22/jerom...t-landing/amp/

Where exactly did I say that? I simply stated that interest rates are the Fed's only weapon, a verifiable fact (something you seemingly have trouble with).

[whell]

Originally Posted by finnbow

Where exactly did I say that? I simply stated that interest rates are the Fed's only weapon, a verifiable fact (something you seemingly have trouble with).

You have memory issues? You said it in post 14:

"Interest rates are the only tool in the Fed toolbox. Bitching about them using rate hikes to battle inflation is like criticizing a Marine rifleman for using his rifle."

So, no bitching or criticism from you.

[Chicks]

Claim: Roughly 25% of the nation's debt was incurred during the Trump Administration.
Rating: True

https://www.snopes.com/fact-check/tr...bt-25-percent/