You also can't get anything of meaning out of the metric you are using because GDP grows at a different rate each year, and it's not static or constant. Spending grows at a different rate each year as well. Revenues grow at a different rate each year because of how closely tied they are to GDP.
Didn't Conservatives staple teabags to their faces because of this very thing?
- Thread starter LV426
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You also can't get anything of meaning out of the metric you are using because GDP grows at a different rate each year, and it's not static or constant. Spending grows at a different rate each year as well. Revenues grow at a different rate each year because of how closely tied they are to GDP.
Oh and of course...
You: Increased household debt has nothing to do with tax cuts that lead to deficits that lead to spending cuts and/or freezes.
Me: If tuition costs more each year but your Pell Grant stays the same, do you have to borrow more or less to pay tuition?
You: ¯\_(ツ)_/¯
Oh and of course...
You: Increased household debt has nothing to do with tax cuts that lead to deficits that lead to spending cuts and/or freezes.
Me: I mean...Medicaid Expansion Takes A Bite Out Of Medical Debt while Conservatives and Trump propose cutting Medicaid's budget by 5% and citing the deficit.
You: ¯\_(ツ)_/¯
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Callinectes
Proud MAGA Semi-Facist
FUCK BILL CLINTON! The fucking 1990’s called and they want their tech bubble back! Bush said that the economy was doing okay before the election and everyone thought he was out of touch, and 15 minutes after he’s elected, Clinton had the “problem” solved. Fast forward a quarter of a century later and the economy is going gang busters on tax and regulatory reforms alone, and you communist asshats are simultaneously warning about recessions, deficits and debt while calling for tax hikes and spending on an epically stupid scale! WE WILL NEVER TAX AND SPEND OUR WAY OUT OF THIS HOLE! WHY WOULD YOU LET THE DAMN GOVERNMENT HAVE MORE MONEY TO PISS AWAY?
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Growth in the 90's started prior to the Tax Cut-fueled dotcom bubble.
Yes, tax cuts caused the dotcom bubble:
We infer from the findings in this study that the volatility left, after controlling for every known determinant, reflects the influence of the 1997 capital gains tax rate cut. Stock return volatility was substantially greater after 1997. Furthermore, firms most affected by the rate reduction showed the greatest change in volatility. Specifically, non-dividend paying firms had a greater increase in volatility than dividend-paying firms and firms with large unrealized capital losses experienced a greater increase in volatility than firms with small unrealized losses.
https://www.businessinsider.com/heres-why-the-dot-com-bubble-began-and-why-it-popped-2010-12
"The fundamentals of the economy are strong" seems to be the go-to talking point for all Conservatives.
The economy was fine; the dotcom bubble burst in 2000, and 2001 didn't even see a decline in GDP. GDP for 2001 was still positive even with a recession and 9/11. That's how weak that 2001 recession was.
The 2001 recession started in April 2001, 2+ months after Bush was inaugurated.
Furthermore, Bush was handed a record surplus to manage and he squandered it all on tax cuts that caused the collapse of the economy just 6-7 years later.
No it's not.
GDP growth has declined for the last 2 quarters in a row, and will likely decline for a third consecutive quarter once the GDP numbers are released for Q1 2019.
Also, the Trade Deficit is now a record high (thanks to your tariffs), and 2018 was the slowest pace of job creation since 2017, which was the slowest since 2011.
We also had to spend $12B bailing out red state farmers.
None of that is indicative of a strong economy.
GDP growth 2018: 2.85%
GDP growth 2015: 2.88%
Federal deficit shrank by 11% in 2015
Federal deficit grew by 25% in 2018
By those broad metrics, the economy is weaker in 2018 than 2015.
"The fundamentals of the economy are strong"
- John McCain, 2008.
"All the bond bears have been dead wrong in predicting sky-high mortgage rates. So have all the bubbleheads who expect housing-price crashes in Las Vegas or Naples, Florida, to bring down the consumer, the rest of the economy, and the entire stock market."
- Larry Kudlow (Trump's chief economic adviser), 2005.
Nothing you Conservatives have ever predicted about the economy has been correct.
LITERALLY NOTHING.
Getin the ring
Verified User
omg not only are you still babbling, but now you're babbling to yourself
TDS is an affliction
Clinton handed Bush a record surplus that Bush turned into deficits because "when you have a surplus, it means you are overtaxed" and "paying off the debt too soon wouldn't be fair to the bondholders."
Clinton raised taxes and grew spending by 32% over 8 years, and that resulted in surpluses and the largest economic expansion in a generation, possibly ever.
Conservatives said the opposite would happen.
Clinton raised taxes in 1993 and grew spending by 32% over 8 years which resulted in the largest economic expansion in a generation and record budget surpluses.
So we literally did "tax and spend" in the 90's and it worked better than any Conservative economic system or plan that came before it or after it.
You responded to my post.
Or, maybe household debt increased because unemployment is only 3.8% and there are a record number of people working (156.9 million). That means more people are buying homes (2017-2018 were the highest number of home sales since 2007) and vehicles. These purchases are seldom cash and thereby increase household debt. Maybe more are going to college and getting loans.
Everybody does not go into debt because their government benefits do not keep up with inflation.
Again...if your tuition increases but your Pell Grant stays the same, are you having to borrow more or less to pay for tuition?
It's a very simple question that answers exactly why so many people went into debt during Bush the Dumber's tax cut, deregulated economy. Tuition costs rose -on average- 3-4% each year during Bush the Dumber. For three straight years, Pell Grant spending was frozen. During that period, household debt skyrocketed (we know because we saw it in the chart). So why were so many people going into debt despite the second largest tax cut ever? There are two prevailing answers; Medical debt and education debt. Medical Debt even moreso as it was responsible for 2 of every 3 bankruptcies. Now, when Medicaid is expanded, it takes a bite out of medical debt.
Again, you: ¯\_(ツ)_/¯
Read that sentence back to yourself, out loud, and ask yourself if it makes any sense.
So people went into debt because they had jobs?
What happened in 2007?
Why are they taking out loans to go to college?
Because tuition is expensive and increases every year.
So if you get a Pell Grant that doesn't cover your whole tuition (which is the case for most people), what do you have to do? TAKE OUT A LOAN. Now, if your Pell Grant was substantially more and covered your entire tuition, do you still have to take out a loan to pay your tuition?
This whole conversation has been you gradually coming to my position.