#budget deficit

[godisarepublican]

The only deal we should make with Biden

He can pay the Ukraine out of any money in the budget surplus.

Too bad there's a deficit, right?

[intelligentchristianlady]

Different Priorities

"Biden’s budget blueprint aims to cut federal budget deficits by nearly $3 trillion over the next decade. As part of the budget, Biden wants to increase the Medicare payroll tax on people making more than $400,000 per year, as well as impose a tax on households worth more than $100 million.

"Biden will release his fiscal 2024 budget plan tomorrow and has faced pressure to cut spending by House Republicans, who have refused to raise the nation’s debt limit – setting up the risk of a national default.

"House Republicans, however, have yet to offer a blueprint to balance the federal budget, but nevertheless are reportedly planning to pursue cuts to the foreign aid budget, as well as health care, food assistance, and housing programs for poor Americans." (x)

[casapazzo]

Opinion by Catherine Rampell and graphics by Youyou Zhou

The White House and Congress recently agreed to claw back more than $20 billion earmarked for the Internal Revenue Service. This deal was, ostensibly, part of a grand bargain to reduce budget deficits.

Unfortunately, it’s likely to have the opposite effect. Every dollar available for auditing taxpayers generates many times that amount for government coffers — and the rate of return is especially astonishing for audits of the wealthiest Americans, according to new research shared exclusively with The Post.

A team of researchers at Harvard University, the University of Sydney and the Treasury Department examined internal IRS data for approximately 710,000 in-person audits from 2010 to 2014. Here’s what they found:

Gift link: https://wapo.st/3NtUKDH

[tomorrowusa]

It’s a vicious circle.

The GOP gives enormous tax breaks to the filthy rich.

Democrats get elected and revoke those tax breaks or let them expire.

The GOP screams about the out of control budget deficit – even though it’s shrinking because the government is getting more revenue.

The GOP gets back in power and gives even more tax breaks to lazy billionaires like Trump. The budget deficit increases. 

You’ll hear a lot more bullshit from Trump Republicans in the next few weeks about the deficit. Bullshit is too nice a word – it’s outright lies.

In a statement, the Treasury Department and White House Office of Management and Budget said the annual deficit plummeted from $2.8 trillion in 2021 to roughly $1.4 trillion in 2022 — a decline driven primarily by the expiration of trillions in pandemic-era emergency spending. The gap between revenue and spending also shrank in part due to stronger-than-expected tax receipts, as a booming U.S. economy and large corporate profits helped bring in additional funds to federal coffers.

Here’s the part the Trumpsters really don’t want people to hear. (emphasis added)

“The federal deficit went up every year in the Trump administration — every single year he was president,” President Biden told reporters, criticizing the GOP tax law of 2017 that added more than $1.5 trillion to the deficit. “On my watch, things have been different — the deficit has come down both years I’ve been in office, and I’ve just signed legislation that will reduce it even more in the decades to come.”

Trump Republicans use disinformation about the deficit as an excuse to cut programs that help middle class and poor Americans. And when they cut such programs the money doesn’t go into reducing the deficit; it goes instead into more tax breaks for the filthy rich who then show their gratitude by making large contributions to the GOP.

Trump Republicans are big on the same sort of economics that recently created chaos in the UK and brought down Prime Minister Liz Truss.

The perception that the GOP is good for the economy is akin to astrology. At best, their economic policies provide a sugar high for a short period before things come crashing down.

Somehow people forget that both the Great Depression and the Great Recession were brought on by GOP administrations. Democrats were then elected and cleaned up the mess created by GOP predecessors.

[dreaminginthedeepsouth]

Coming full circle.  May 6, 2022

Robert B. Hubbell

[Audio version here]

         President Biden gave a speech on budget deficits and the national debt on Wednesday—factors that Republicans claim are driving inflation. Biden’s speech received virtually no coverage in the media. The video is here, YouTube, President Biden Delivers Remarks on Economic Growth, Jobs, and Deficit Reduction. Before discussing the substance of the speech, let’s engage in a thought experiment: Ask yourself, “By what amount has the deficit increased during Biden’s tenure—rounded to the nearest $1 trillion?” [Insert pause here for reflection.]

         That is a trick question. During Biden’s first year in office, the deficit decreased by $350 billion and is on track to decrease by an additional $1.5 trillion by the end of this fiscal year. The latter will be the biggest decline in a single year in American history! And for the first time since 2016, the Treasury Department is planning to pay down debt for the current quarter. The text of the speech is here: Remarks by President Biden On Economic Growth, Jobs, and Deficit Reduction.

         In contrast, the deficit increased each year during Trump’s administration, both before and after the pandemic. During Trump’s tenure, the main driver for deficits was the massive tax cut for corporations and millionaires in 2017. Trump cut taxes without identifying corresponding savings and was thus forced to increase deficit spending to make up the difference. Republicans didn’t care about deficit spending under Trump, and they sure as heck don’t want to talk about decreasing deficits under Biden.

         After Biden finished his speech, he said he had time for a few questions. He was immediately asked about sanctions against Russia and the draft of the Supreme Court’s opinion in Dobbs. Biden responded to the questions by saying,

         No one asked about deficits, huh? . . . You want to make sure this doesn’t get covered. Okay. Here we go.

         And therein lies the central problem for Democrats. The popular perception is that increasing deficits have led to inflation. That perception is objectively, demonstrably wrong. If Trump had reduced deficits, he would have spoken of nothing else. I fear that Biden’s understated speech—delivered before a meeting with Olympic athletes—will be the last we will hear from Biden on his singular accomplishment. Better messaging has to come from the top. If it does, loyal supporters will follow. Biden needs to discuss his accomplishments at every opportunity—and from locations other than the East Room of the White House. There is a great big country outside of D.C. desperate for good news.

Belarus’ President admits problems with Putin’s “war” on Ukraine.

         In a sign of Putin’s political debacle in Ukraine, Belarus’ President Alexander Lukashenko said he didn’t expect the Russian “war” on Ukraine to “drag on this way.” See APNews, Belarus President Alexander Lukashenko admits Russia’s war ‘drags on’. Although Lukashenko’s statement seems innocuous, calling the invasion of Ukraine a “war” would result in a 15-year prison term if he were a Russian citizen. The fact that Belarus’ president repeatedly used the term “war” to describe Putin’s invasion of Ukraine demonstrates that Putin is losing the disinformation war.  

         Speaking of the disinformation war, Putin may declare victory on May 9, 2022—no matter how badly his invasion of Ukraine is going. Alternatively, he may officially declare war on Ukraine on that date. (Another thought experiment: Will Putin subject himself to a 15-year prison term for using the word “war” to describe the invasion?) Why May 9th? Because that date commemorates the victory of Russia over Nazi Germany. Putin wants to seize on that symbolism to promote the lie that his war against Ukraine is intended to “de-Nazify” the country. See Business Insider, Putin Likely to Use May 9 to Reveal Plans for Ukraine War: Experts

         If Putin officially declares war on Ukraine, it will signify Russia’s troubles. An official declaration will allow Putin to mobilize millions of reservists and conscripts for the war against Ukraine. That Russia would invoke a national mobilization to fight a vastly smaller and out-gunned neighbor is another sign of Russia’s difficulties. That frustration is leading to ongoing attacks on civilians and non-military targets in Ukraine—all of which are war crimes. Let’s not lose sight of that important fact.

US surpasses 1 million Covid deaths.

         Per an analysis by NBC News, the US has passed 1 million Covid deaths. NBC News, Covid’s toll in U.S. reaches 1 million deaths, a once unfathomable number. Although the number is an arbitrary milestone, it serves as a shocking reminder of the toll that SARS‑CoV‑2 has taken on our nation. Every one of those deaths touched the lives of dozens or hundreds of other Americans. But for the extraordinary actions to limit the spread of the virus and to vaccinate hundreds of millions of Americans, the death toll could have been much higher. Add President Biden’s aggressive vaccination campaign to a list of the ways in which he has helped the American people during his sixteen months in office.

More analysis on Alito’s draft opinion in Dobbs.

         I try (but fail) to keep this newsletter reasonably short (to encourage people to read to the end). Although I have discussed the draft opinion in Dobbs at length this week, there is much more to be said. Tonight, I will refer readers to other commentators who have added their voices to the discussion.

         Philip Rottner writes in his blog about an aspect of the opinion I have not discussed—Alito’s claim that we need not fear erosion of other rights because “abortion is different” than same-sex marriage, contraception, adoption, “inter-racial” marriage, and LBGTQ rights. See Philip Rottner, Alito’s Draft Opinion Threatens Rights Beyond Abortion. Per Rottner, Alito claims that, unlike other privacy-based rights, abortion requires a “balance between the interests of a woman who wants an abortion and the interests of what they termed ‘potential life.’” Rotner continues,

But in the very next breath, Alito casts aside the need for a balancing of the respective interests at stake in Dobbs. Balancing the respective interests of the pregnant woman and the unborn child, Alito tells us, is “a matter for the various states to decide in the political process, not the Supreme Court.”

In other words, after telling us that “ordered liberty” requires an analysis balancing competing interests, Alito simply refuses to perform one.  

         Lydia O’Connor takes on Alito’s dismissive attitude toward the burdens of pregnancy on women. See HuffPo, The Supreme Court’s Leaked Draft Is Full Of Mystifying Arguments Against Abortion Rights. O’Connor writes that Alito “treats pregnancy and motherhood like no big deal.” Per O’Connor, Alito breezily minimizes the burdens of pregnancy by arguing that

[A]ttitudes about the pregnancy of unmarried women have changed drastically; that federal and state laws ban discrimination on the basis of pregnancy, that leave for pregnancy and childbirth are now guaranteed by law in many cases, that the costs of medical care associated with pregnancy are covered by insurance or government assistance.

         O’Connor responds,

         It would be an appropriate spot to note that the U.S. is one of only six countries in the world without national paid family leave. The rest of the world averages 29 paid weeks. It’s also [disingenuous] to say that pregnancy-related leave from work is promised “in many cases,” as only 10 states and Washington, D.C., have made their own laws mandating paid family leave.

         Alito’s inaccurate description of the burdens of pregnancy is matched by his distorted review of the historical record. Aaron Tang deconstructs Alito’s flawed review of history in The Los Angeles Times, Op-Ed: The Supreme Court flunks abortion history. After reviewing Alito’s claim that there is no “deeply rooted tradition” of allowing abortion in America, Tang writes as follows:

Our nation’s history actually does support a right to abortion for much of early pregnancy. The draft acknowledges that at the time of the founding, people made a “distinction between pre- and post-quickening abortions,” and abortions were criminally punishable only if performed after quickening — the first notable movement of the fetus, which often occurs around 15-16 weeks in pregnancy.

         Two other quick notes about the potential consequences of the Alito’s draft opinion.

         First, Republicans in Louisiana have introduced a bill classifying abortion as homicide—starting from “the moment of fertilization” of the egg. See Forbes, Louisiana Lawmakers Advance Bill Making Abortion Homicide—Even If Roe V. Wade Isn’t Overturned. And, confirming that Republicans in Louisiana have abandoned democracy and yearn for a Soviet-style dictatorship, the bill provides that any state judge who tries to block the bill shall be impeached or removed from office. The bill is extreme in its reach. Many methods of birth control act upon a fertilized egg. There are hundreds of thousands of women of childbearing age in Louisiana, many of whom use birth control. Under the pending bill, most women in Louisiana who use birth control would be deemed “murderers.”

         Second, now that conservatives are confident they have overturned Roe and Casey, they are turning their sights on other civil rights. Conservatives (led by Justice Thomas) have criticized the reasoning in Brown v. Board of Education. Within days of the leaked Dobbs draft opinion, a former editor of The National Review celebrated the forthcoming opinion and tweeted, “Next stop Brown vs. Board!”

Concluding Thoughts.

         I have been overwhelmed by email from readers this week. That is understandable given the strong emotions provoked by the draft opinion in Dobbs. If I didn’t reply to your email, please don’t take it personally! (Reminder to paying subscribers: You can leave comments for me (and all other readers) in the Comments section. Click on the “Comment” icon next to the heart-shaped “Like” icon.) I am still reviewing emails for engagement opportunities for readers and will report back early next week. But I want to highlight two opportunities tonight.

         First, Civic Influencers is conducting a survey directed toward young voters to determine which issues are important to them and what Civic Influencers can do to motivate them to vote. The survey asks young citizens to rank issues that motivate them to vote (including the question of abortion rights). The survey started before the release of Alito’s draft opinion; obtaining responses from young voters after the release of the draft will help shape communications strategies. The survey is here: Civic Influencers Survey. Pass it on to a young person in your life to help Civic Influencers reach youth voters.

         Second, some organizations are planning marches on May 14, 2022, to support reproductive rights. My wife and I will be attending the march in downtown L.A. on May14th. The details are here: May 14th rally—Women’s March Foundation. (Please note, Women’s March Foundation is not affiliated with the controversy-plagued Women’s March Inc.) I searched for other marches across the nation on May 14th and could not find other events. If anyone knows of such an opportunity, please email me or post in the Comments section.

         I hope that there will be a strong turnout in Los Angeles on May14th. It will be a bittersweet event that will bring us full circle. My wife and I attended the Women’s March in Los Angeles on January 21, 2017— the day after Trump’s inauguration. It was a moving, empowering, life-changing event. Indeed, I began writing this newsletter within days of attending the first Women’s March.

         We have come a long way since that day in 2017 (when Republicans controlled the presidency and both chambers of Congress). But the challenges we face have morphed into more insidious, ugly threats to democracy and our personal liberties. Democrats must recapture the sense of determination, energy, and enthusiasm that propelled us to victories in 2018 and 2020.

         Although it may take the demise of Roe and Casey to fully rouse Americans to defend democracy and liberty, it took the election of Donald Trump to turn tens of millions of Americans into political activists. We must now convince the next generation of Americans to join us in the struggle to redeem democracy once again.

         These are challenging times. Rest when you can, spend time with friends and family, and show up for duty on Monday, ready to rejoin the battle!

         Have a good weekend! Talk to you on Monday!

[pressnewsagencyllc]

Italy Won’t Meet EU’s 3% Deficit Target Until at Least 2026

Italy will take until at least 2026 to get its budget deficit below the European Union’s 3% limit, according to people familiar with the matter, potentially earning extended scrutiny from the bloc’s fiscal watchdogs. With the shortfall at 7.2% of GDP last year due to a tax break on home renovations, Premier Giorgia Meloni’s government will take several years to get its finances back onto a…

[thecapitolradar]

After border bill failure, ICE considers mass releases to close budget gap

But, they won't consider deporting prisoners who entered the country illegally, and then committed felony offenses.

Such immigration hardliners!

[heart2heartroses2u]

Bullseye 🎯 yet they love to blame it on the Democrats.. it’s always been there talking point..when they are the cause of every problem we as citizens are going through..

[tessalationstation]

Prism SketchBook Cover Summer 2015

I didn’t love how this cover idea turned out, so I’ll fix it, now that I know how to. I’ll do it digitally however. Oh my goodness… I should have marketed this cover/book design to a company, someone would have bought this… I made this out of construction paper my family had left over. I didn’t want to waste it, and I needed to practice for when I went to back to art school next year. I knew I’d have to draw a lot so I made this. Never finished it, it got impractical, too big, got to the light blue section, got overwhelming. Labor of love. But a smaller, practical version maybe could be fun. If I knew how to bind books as well now as I did than, I would have had a ton of space to work with too. Rebinding it is impractical.

September 3rd, 2023 11:22pm

[financeprozone]

Massive £3.5K Tax Hike Looms for UK! Shocking IFS Report!

UK households are bracing for a substantial tax hike, with an average increase of £3,500 per year anticipated by the next election, marking the most significant fiscal burden over a parliamentary term in over seven decades, according to the Institute for Fiscal Studies (IFS), the country’s foremost economic think tank.

For more visit: financeprozone.com -

[govtshutdown]

Unfortunately, this is looking more plausible each day.

[notayesmanseconomics]

Italy has more worries about its budget deficits

Yesterday brought some news that raised issues for several of our economic themes. This is how it was reported by Bloomberg. Italian premier Giorgia Meloni unveiled a slightly more expansive fiscal outlook for this year, aiming for an extra sliver of economic growth through tax cuts. The euro zone’s third-biggest economy will expand 1% in 2023 under the budget plan unveiled on Tuesday, 0.1…

[intelligentchristianlady]

Lest we forget...

Also: Bush used the surplus he inherited to lower taxes rather than to pay down the debt (which increased during his administration).

[thenewdemocratus]

The Globalist: Bill Hunphrey: The Problem With Billionaires

The Globalist: Opinion: Bill Humphrey: The Problem With Billionaires The New Democrat This idea that what America needs to do is just tax the hell out of millionaires and billionaires and use that money to spend more on War on Poverty programs to help the poor, as if fifty-years later that has worked very well, because the ultra-right as Bill Humphrey likes to say, has so much money that they…

[reportwire]

Biden budget aims to cut deficits nearly $3T over 10 years | Long Island Business News

President Joe Biden’s upcoming budget proposal aims to cut deficits by nearly $3 trillion over the next decade, the White House said Wednesday. That deficit reduction goal is significantly higher than the $2 trillion that Biden had promised in his State of the Union address last month. It also is a sharp contrast with House Republicans, who have called for a path to a balanced budget but have yet…