Unemployment at an 18 year low

[Jim in CT]

Originally Posted by Pete F.

So in a growing economy, with a big deficit, we cut taxes with the hope that inflation will increase tax revenue to meet our expenditures.
Did my wife have some involvement in this plan, sometimes she tells me this didn’t cost anything because she saved that much on something else.
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It's amazing when I hear people who supported Obama, suddenly worried about deficits.

Yes, the downside of tax cuts is increased deficits. These tax cuts will have some stimulative effect (Apple alone is paying a one-time tax of 38 billion to bring 250 billion in cash back to the US), but it's unlikely that the cuts will pay for themselves. So we should look to cut wasteful (not vital) spending.

Obama added more to the debt that any POTUS ever, and not one cent of that spending went into my pocket. With Trump's new tax cuts, my net pay increased by about $250 a month. I'm barely upper middle-class, not anywhere near wealthy, so there are a lot of people like me who will similarly benefit.

[Pete F.]

Originally Posted by Jim in CT

It's amazing when I hear people who supported Obama, suddenly worried about deficits.

Yes, the downside of tax cuts is increased deficits. These tax cuts will have some stimulative effect (Apple alone is paying a one-time tax of 38 billion to bring 250 billion in cash back to the US), but it's unlikely that the cuts will pay for themselves. So we should look to cut wasteful (not vital) spending.

Obama added more to the debt that any POTUS ever, and not one cent of that spending went into my pocket. With Trump's new tax cuts, my net pay increased by about $250 a month. I'm barely upper middle-class, not anywhere near wealthy, so there are a lot of people like me who will similarly benefit.

The supply sider deficit that started with Reagan
Continued under Bush
Went down under Clinton(hey, it went up but not as much as anyone else)
Went back up under Bush 2
Continued up under Obama
And now where is it going?

[Jim in CT]

Originally Posted by Pete F.

And now where is it going?

It's going up. But unlike the other guys, at least regular folks are seeing an increase in their paychecks.

Obama spent 750 billion on the stimulus, which he said would keep unemployment under 8%. It went over 10%. Worse, I don't know a single person who benefitted from that spending, not one. I know a lot of people who are benefitting a little, from the GOP tax cut. I know people, like me, whose taxes decreased. I know people who work at Travelers and got bonuses. And we all have heard the stories about the companies giving bonuses to employees, and adding new jobs.

You cannot ever make that wrong. Obama's stimulus added to the deficit, and did nothing. The GOP tax overhaul will add to the stimulus, but at least it's helping people. Lots of regular, middle class people.

[detbuch]

Originally Posted by Pete F.

The supply sider deficit that started with Reagan
Continued under Bush
Went down under Clinton(hey, it went up but not as much as anyone else)
Went back up under Bush 2
Continued up under Obama
And now where is it going?

Government over-spending, regardless of the type of economics (supply side or Keynsian or whatever) results in government deficits.