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Economy
See other Economy Articles

Title: KEENAN: Rand Paul Is Wrong About The Deficit
Source: thehayride.com
URL Source: https://thehayride.com/2018/02/keen ... ul-is-wrong-about-the-deficit/
Published: Feb 11, 2018
Author: Charles Keenan
Post Date: 2018-02-13 07:40:30 by Gatlin
Keywords: None
Views: 170
Comments: 13

Study the chart below, math whizzes:
2% growth: $1.2T deficit
3% growth: $900B deficit
4% growth: $600B deficit
5% growth: $300B deficit
6% growth: $0 deficit, balanced budget
1% economic growth = $300 Billion of federal revenue.

Let me be the first to say it, the new spending measure by Trump & the GOP may BALANCE THE BUDGET.

Rand Paul kept the Senate wide awake on Thursday night, grandstanding to lament what he called a $1.2 Trillion annual deficit predicted by this new bi-partisan spending measure. But who predicts the deficit? The CBO.

The CBO has based its revenue projection off their usual static scoring, presuming a pessimistic 2% growth (apparently for the upcoming millennium).

Conservatives, like Rand Paul, have complained about the CBO’s “static scoring” for years, which refuses to take into account how economic factors can increase growth, and with it revenue to federal coffers. You know…. like the greatest tax cut in America since 1986.

Liberals used the same faulty CBO projection and static scoring, a few months ago, to proclaim the Trump Tax Cut would add $1.5 Trillion of debt to our nation over the upcoming decade. Rand Paul knew better then. He voted for the tax cut.

Each 1% of economic growth provides about $300 Billion in federal revenue. Americans are enjoying 5% GROWTH in the first quarter of 2018.

But Rand Paul, and his allies in the Freedom Caucus, are pretending that the anemic 2% growth of the Obama years will remain the norm. Apparently, CBO scores are only adhered to at the convenience of the politician.

Did the new spending measure increase domestic spending unnecessarily? Of course! Conservatives have a legitimate argument there. President Trump conceded this problem in a tweet supporting the bill:

But the hard truth is, you cannot provide three week long funding measures to a U.S. Military in desperate need of equipment overhauls. General Mattis is winning in Iraq and Syria. When is the last time you heard about ISIS on the news? That’s because they barely exist. New threats are on the horizon.

Don’t expect Trump or Mattis to show their cards on their future plans either. That reminds me, have you seen the Winter Olympics?

Republicans also needed to take the “budget shutdown” threat off the table from a crafty Chuck Schumer and Nancy Pelosi. The GOP was lucky to win the messaging war on the DACA shutdown in January. The Democrats picked the wrong issue to bargain with. Now, Republicans can get through the midterms without shutdown games. Conservatives should celebrate.

Immigration reform is next up. A huge win on that for Trump will weigh heavy in November. The Wall matters. The Democrats are now forced to vote on immigration legislation, for grown ups, without being able to hold the budgeting process hostage. That cost Americans $68 Billion – the cost of 60 votes in the Senate. Making sausage is ugly, but Republicans are getting better at it.

The deficit was $660 Billion last year. The safe bet is that the new budget will cause the deficit to almost certainly go down. (see chart above)

If 5% growth continues for 2018, the deficit would be “cut in half”. You’ll see that on political flyers from Freedom Caucus Members in November. Mark my words.

As far as Democrats go, where were all these budget hawks on the Left when Obama and gang clocked in a total of $2.8 Trillion in deficits in just TWO YEARS (2009, 2010)? They were probably out picking cherries.

Any notion of this new spending bill creating a trillion dollar deficit is just absurd. Cherry picking CBO scores to match a political narrative should be a tactic left to Democrats. Senator Paul is a good American, but he should know better.

Poster Comment: “We have met the enemy....and the enemy is us.”

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#1. To: Gatlin (#0)

Yawn, Rand Paul was right. He may be the only honorable man in the Senate.

A K A Stone  posted on  2018-02-13   7:46:27 ET  Reply   Trace   Private Reply  


#2. To: A K A Stone (#1)

Yawn, Rand Paul was right. He may be the only honorable man in the Senate.

Parsons appears to be on another anti-Rand Paul jihad for the past several days now.

He's even got one where he uses Chuckie Schumer's quotes to slam Senator Paul.

“Truth is treason in the empire of lies.” - Ron Paul

Those who most loudly denounce Fake News are typically those most aggressively disseminating it.

Deckard  posted on  2018-02-13   8:22:49 ET  Reply   Trace   Private Reply  


#3. To: Gatlin (#0)

So THIS time, the budget is finally balanced, so anyone drawing attention to it is wasting the country's time.

That's good to know. I hope it's true, but I'll believe it when I see it.

Pinguinite  posted on  2018-02-13   8:35:32 ET  Reply   Trace   Private Reply  


#4. To: Pinguinite (#3)

"Balanced" via convolution, NOT printing any further fake money, and holding the line on actual spending. The projection of growth can't be guaranteed beyond the Trump Years.

Would the Dems so readily agree to any budget that is truly "balanced"? I think not.

Smoke and mirrors if you ask me.

Liberator  posted on  2018-02-13   8:43:36 ET  Reply   Trace   Private Reply  


#5. To: Pinguinite (#3)

I just read that the feds had a surplus of money after the first month of Trump's tax cuts.

A K A Stone  posted on  2018-02-13   8:52:09 ET  Reply   Trace   Private Reply  


#6. To: Gatlin (#0)

1% economic growth = $300 Billion of federal revenue.

Let me be the first to say it, the new spending measure by Trump & the GOP may BALANCE THE BUDGET.

Assuming those numbers are true, then if we obtain a 6% growth we balance the budget.

Does that balanced budget include interest on the current $20T debt? Assuming it does, three percent of $20T comes to $600 billion, so to pay down the debt, we'd need more than 6%. We'd need something like 7% growth to remove just 1.5% of the principle.

Whatever the exact numbers are, the national debt is and will continue to be an issue that needs to be taken seriously, but has not been taken seriously for many decades. I remember when the national debt breached the $1 trillion landmark as though it was a monumental amount, but it never stopped growing after that. Lambasting those who insist in Congress that it be taken seriously is a true disservice.

Pinguinite  posted on  2018-02-13   10:19:39 ET  Reply   Trace   Private Reply  


#7. To: Gatlin (#0)

Paul is right (again).

FACT CHECK: Does The Federal Government Borrow $1 Million Every Minute?

“Truth is treason in the empire of lies.” - Ron Paul

Those who most loudly denounce Fake News are typically those most aggressively disseminating it.

Deckard  posted on  2018-02-13   10:41:49 ET  Reply   Trace   Private Reply  


#8. To: Deckard (#7) (Edited)

Republican Sen. Rand Paul claimed Thursday that the federal government borrows $1 million every minute.

Paul is right (again).

Rand Paul didn’t say anything in order for you to be able to say that he is right.

He only “claimed” something.

Definition of claim:

Assert that something is the case, typically without providing evidence or proof.”

I agree with you, it is right that he Rand Paul only made an unsubstantiated claim.

Gatlin  posted on  2018-02-13   12:16:14 ET  Reply   Trace   Private Reply  


#9. To: Gatlin (#8)

Rand Paul didn’t say anything in order for you to be able to say that he is right.

Paul made the claim multiple times on Thursday, and again on Friday.

Data from the Federal Reserve Bank of St. Louis (FRED) indicate that the federal government’s spending exceeded its revenue by $585 billion in FY 2016. While the Treasury Department does not actually borrow money on a minute-by-minute basis, the deficit averaged out to $1.1 million of new debt every minute.

FRED data show that the deficit increased in FY 2017 to $666 billion, averaging $1.3 million per minute.

“Truth is treason in the empire of lies.” - Ron Paul

Those who most loudly denounce Fake News are typically those most aggressively disseminating it.

Deckard  posted on  2018-02-13   13:01:10 ET  Reply   Trace   Private Reply  


#10. To: Deckard (#9)

If it is true, as it probably is....then why did he only “CLAIM?”

Gatlin  posted on  2018-02-13   13:06:27 ET  Reply   Trace   Private Reply  


#11. To: Deckard (#9)

Some may want to pick the fly specs out of the paper, and claim we are on course for vast wealth & sweeping prosperity. They are delusional !!

I will believe it when I see it !!

Anyone with two brain cells to rub together knows that the US Govt CAN NOT keep borrowing & spending like we are and their be no negative fiscal consequences.

And, besides the fiscal mess the US Govt is in, virtually every state, municipality, county, most school systems are in equally bad positions.

Then one must consider a good number of businesses are in the fiscal hole.

On top of that, most of the citizens are eyeball deep in debt.

And, we have dumbass politicians acting like the govt has all the money in the universe !!

Financially the USA is screwed, !!!! ROYALLY !!!!

Si vis pacem, para bellum

Rebellion to tyrants is obedience to God.

Never Pick A Fight With An Old Man He Will Just Shoot You He Can't Afford To Get Hurt

"If there are no dogs in Heaven, then when I die I want to go where they went." (Will Rogers)

Stoner  posted on  2018-02-14   10:39:19 ET  Reply   Trace   Private Reply  


#12. To: Stoner (#11)

Anyone with two brain cells to rub together knows that the US Govt CAN NOT keep borrowing & spending like we are and their be no negative fiscal consequences.

We got tax cuts - that's great.

But it seems to me that when you do that, you also have to DECREASE spending.

“Truth is treason in the empire of lies.” - Ron Paul

Those who most loudly denounce Fake News are typically those most aggressively disseminating it.

Deckard  posted on  2018-02-14   11:13:41 ET  Reply   Trace   Private Reply  


#13. To: Deckard (#12)

" you also have to DECREASE spending. "

Very true. Problem is that requires common sense. That is greatly lacking in Washington, D.C.

Si vis pacem, para bellum

Rebellion to tyrants is obedience to God.

Never Pick A Fight With An Old Man He Will Just Shoot You He Can't Afford To Get Hurt

"If there are no dogs in Heaven, then when I die I want to go where they went." (Will Rogers)

Stoner  posted on  2018-02-15   9:37:51 ET  Reply   Trace   Private Reply  


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