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ConservativeOne
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DOES THE FEDERAL GOVERNMENT BORROW $1 MILLION EVERY MINUTE?
02/12/18 at 09:09:39
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By FY 2027, CRFB estimates that the deficit could balloon to $2.1 trillion, or $4 million per minute.


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

Verdict: True

The annual federal deficit has averaged more than $1 million per minute since fiscal year 2016 and is projected to reach around $2 million per minute in FY 2019.

Fact Check:

Congress passed a two-year budget deal early Friday morning. Although lawmakers still have to appropriate specific spending by late-March, the deal addressed spending priorities of both parties by hiking defense and domestic spending caps in addition to allocating $90 billion in disaster relief funding. The deal received bipartisan support in both houses of Congress, and President Donald Trump signed it later that morning.

The budget deal is projected to add $320 billion to the federal deficit over the next decade. Paul, a fiscal hawk, opposed the deal and demanded an amendment to cut federal spending.

“I don’t advocate for shutting the government down, but neither do I advocate for keeping it open and borrowing $1 million a minute. In fact, the statistics this year are closer to $2 million a minute,” Paul claimed. “This is a government that is horribly broken.”

Congress’s budget deal marks a stark departure from the fiscal discipline it had legislated in the Budget Control Act of 2011, which instituted federal spending caps and automatic sequestration if Congress could not agree on spending cuts. Sequestration, in addition to broader economic recovery from the Great Recession, helped reduce annual budget deficits by more than two-thirds from a peak of $1.4 trillion in FY 2009 to $438 billion in FY 2015.

http://checkyourfact.com/2018/02/11/fact-check-does-the-federal-government-borro...
  
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Re: DOES THE FEDERAL GOVERNMENT BORROW $1 MILLION EVERY MINUTE?
Reply #1 - 02/12/18 at 10:09:06
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Yeah! And when Obama was adding more to the National Debt than ALL the presidents from George Washington to George W. Bush - COMBINED - we heard not a peep from the Dems.
  

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Re: DOES THE FEDERAL GOVERNMENT BORROW $1 MILLION EVERY MINUTE?
Reply #2 - 02/12/18 at 10:10:25
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Naturalized-Texan wrote on 02/12/18 at 10:09:06:
Yeah! And when Obama was adding more to the National Debt than ALL the presidents from George Washington to George W. Bush - COMBINED - we heard not a peep from the Dems.


That's true but should we be doing the same thing?
  
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Re: DOES THE FEDERAL GOVERNMENT BORROW $1 MILLION EVERY MINUTE?
Reply #3 - 02/12/18 at 18:03:42
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ConservativeOne wrote on 02/12/18 at 10:10:25:
That's true but should we be doing the same thing?

If warranted, yes!

However, the Dem claims that Trump's tax cuts will increase the deficit is complete and utter nonsense. The Trump tax cuts will actually INCREASE tax revenues because they will INCREASE economic activity which in turn will produce MORE tax revenues.

The Dems made the same claims regarding the Reagan tax cuts. As it turned out, tax revenues nearly doubled as a result of the Reagan tax cuts.
  

"Anthropogenic Global Warming/Climate Change is a massive POLITICAL hoax."
Naturalized-Texan, many times in the past 15 years

"Modern American liberalism, Mussolini's Fascism, and Hitler's Nazism all have their roots in Wilsonian Progressivism."
Naturalized-Texan, 1/7/2009

"The goal of all liberal programs is to produce ever-increasing numbers of poor and ignorant people dependent on government handouts."
Naturalized-Texan, many times in the past 15 years
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Re: DOES THE FEDERAL GOVERNMENT BORROW $1 MILLION EVERY MINUTE?
Reply #4 - 02/12/18 at 18:11:56
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ConservativeOne wrote on 02/12/18 at 18:06:48:
Where have we heard that one before? That's the line we always hear to justify massive spending without accompanying cuts.

I have added the following sentence to the post which you quoted:

"The Dems made the same claims regarding the Reagan tax cuts. As it turned out, tax revenues nearly doubled as a result of the Reagan tax cuts."
  

"Anthropogenic Global Warming/Climate Change is a massive POLITICAL hoax."
Naturalized-Texan, many times in the past 15 years

"Modern American liberalism, Mussolini's Fascism, and Hitler's Nazism all have their roots in Wilsonian Progressivism."
Naturalized-Texan, 1/7/2009

"The goal of all liberal programs is to produce ever-increasing numbers of poor and ignorant people dependent on government handouts."
Naturalized-Texan, many times in the past 15 years
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Re: DOES THE FEDERAL GOVERNMENT BORROW $1 MILLION EVERY MINUTE?
Reply #5 - 02/12/18 at 18:15:39
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Naturalized-Texan wrote on 02/12/18 at 18:10:12:
I have added the following sentence to the post which you quoted:

The Dems made the same claims regarding the Reagan tax cuts. As it turned out, tax revenues nearly [b]doubled as a result of the Reagan tax cuts.[/b]


I actually deleted my comment since I wasn't sure the point you were trying to make. This isn't about Democrats or Republicans. It's about a massive budget without any accompanying spending cuts. The economy is not the same as it was back when Reagan was in office. Obama increased the deficit far beyond what is sustainable. Adding more is not the road we should be traveling down, especially when we just cut tax rates for corporations and individuals. Economists are still debating whether Reaganomics really worked, including it's founder.


"President Reagan delivered on each of his four major policy objectives, although not to the extent that he and his supporters had hoped. That's according to William A. Niskanen, a founder of Reaganomics.

Niskanen belonged to Reagan's Council of Economic Advisers from 1981 to 1985. Inflation was tamed, but it was thanks to monetary policy, not fiscal policy. Reagan's tax cuts did end the recession.

But government spending wasn't lowered, just shifted from domestic programs to defense. The result? The federal debt almost tripled, from $997 billion in 1981 to $2.857 trillion in 1989."

https://www.thebalance.com/reaganomics-did-it-work-would-it-today-3305569
  
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Re: DOES THE FEDERAL GOVERNMENT BORROW $1 MILLION EVERY MINUTE?
Reply #6 - 02/12/18 at 18:24:59
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And why did federal spending increase under Reagan?

The answer is simple: A military buildup became necessary after 4 years of neglect under Carter.

The same was true under George W. Bush, but even more so, following 8 years of neglect of the military under BJ Clinton AND the 9/11 terrorist attacks.
« Last Edit: 02/13/18 at 13:48:17 by Naturalized-Texan »  

"Anthropogenic Global Warming/Climate Change is a massive POLITICAL hoax."
Naturalized-Texan, many times in the past 15 years

"Modern American liberalism, Mussolini's Fascism, and Hitler's Nazism all have their roots in Wilsonian Progressivism."
Naturalized-Texan, 1/7/2009

"The goal of all liberal programs is to produce ever-increasing numbers of poor and ignorant people dependent on government handouts."
Naturalized-Texan, many times in the past 15 years
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Re: DOES THE FEDERAL GOVERNMENT BORROW $1 MILLION EVERY MINUTE?
Reply #7 - 02/12/18 at 18:48:08
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Naturalized-Texan wrote on 02/12/18 at 18:24:59:
And why did federal spending increase under Reagan?

The answer is simple: A military buildup became necessary after 4 years of neglect under Carter.

The same was true under George W. Bush, but even more so, following following 8 years of neglect of the military under BJ Clinton AND the 9/11 terrorist attacks.


That's true and a great pivot but not what we were discussing. You pointed towards what Reagan did and I provided you with the comments of Reaganomics creator. Still doesn't mean we should be expecting a different outcome this time on top of the deficits run up by Obama.

________________________________


"Tax cuts reduce the federal budget immediately, and dollar-for-dollar. These same cuts have a multiplier effect on economic growth. Tax cuts put money in consumers' pockets, which they spend. That stimulates business growth and more hiring. The result? A larger tax base.

But the effect that tax cuts have depends on how fast the economy is growing when they are applied. It also depends on the types of taxes and how high they were before the cut. The Laffer Curve shows that cutting taxes only increases government revenue up to a point. Once taxes get low enough, cutting them will decrease revenue instead. Cuts worked during Reagan's presidency because the highest tax rate was 70 percent. They have a much weaker effect when tax rates are below 50 percent."
  
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Re: DOES THE FEDERAL GOVERNMENT BORROW $1 MILLION EVERY MINUTE?
Reply #8 - 02/12/18 at 19:00:41
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Naturalized-Texan wrote on 02/12/18 at 18:24:59:
And why did federal spending increase under Reagan?

The answer is simple: A military buildup became necessary after 4 years of neglect under Carter.

The same was true under George W. Bush, but even more so, following following 8 years of neglect of the military under BJ Clinton AND the 9/11 terrorist attacks.

Actually, the military deficit ran for the whole time Obutthead was prez.  8 years of shortages!

Now we have to make up for it. 

A thought:  What condition are our ICBMs in, after all these years of inattention??  If we "push a button" are they going to respond?

As for the budget, it certainly can't just be cut off.  The affect on the economy would be devastating.  The cuts have to be brought along s-l-o-w-l-y!

Let's see if we see cuts this year.
  

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Re: DOES THE FEDERAL GOVERNMENT BORROW $1 MILLION EVERY MINUTE?
Reply #9 - 02/12/18 at 19:06:07
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A very good article on just that.

U.S. Nuclear Weapons Capability

I think we all agree that we need to improve and update the military and its' capabilities as well as the VA. But we also need to make cuts in areas as well. I don't think anyone is advocating a zero increase in the budget.
  
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