Thursday, January 26, 2017

Federal Debt Projected to Grow by Nearly $10 Trillion Over Next Decade

Mod: Interesting article from the New York Times (link). As we have seen in the past, the self-styled party of fiscal responsibility has this remarkable tendency to borrow vast sums of money to float its own tax cuts, then spending it all just as fast as they can. But it has never been quite this bad.

Federal Debt Projected to Grow by Nearly $10 Trillion Over Next Decade (New York Times): After seven years of fitful declines, the federal budget deficit is projected to swell again, adding nearly $10 trillion to the federal debt over the next 10 years, according to projections from the nonpartisan Congressional Budget Office. The numbers reveal the strain that government debt could have on the economy as President Trump presses to slash taxes and ramp up spending.

The deficit figures released Tuesday will be a major challenge to House Republicans, who were swept to power in 2010 on fears of a bloated deficit and who made controlling red ink a major part of their agenda under former President Barack Obama.

Statutory caps imposed in 2011 on domestic and military spending have helped temper the deficit. But those controls are likely to be swamped by health care and Social Security spending that will rise with an aging population.

Now, congressional leaders will have to choose between their fealty to the cause of fiscal prudence and the demands of the new president, who wants $1 trillion in infrastructure work over 10 years, a surge in military spending and large tax cuts for individuals and corporations.

At a confirmation hearing on Tuesday, senators from both parties peppered Representative Mick Mulvaney of South Carolina, Mr. Trump’s choice to be the White House budget director, with questions about how Mr. Trump intended to keep his promise to protect Social Security and Medicare while addressing the budget shortfall.

Mr. Mulvaney said that it would be his role to deliver hard truths to Mr. Trump. One of those truths, he suggested, could be the need to raise the eligibility age for Social Security, a proposal that is sure to be contentious.

“I haven’t been quiet and shy since I’ve been here,” Mr. Mulvaney said. “I have to imagine the president knew what he was getting when he asked me to fill this role. I’d like to think it’s why he hired me.”

He added, “I believe, as a matter of principle, that the debt is a problem that must be addressed sooner rather than later.”

The deficit is expected to shrink this fiscal year and next before increasing in 2019 and beyond. Deficits would cumulatively total $9.4 trillion from 2018 to 2027, the budget office projects. By 2023, the deficit would reach $1 trillion, and in 2027, a projected $1.4 trillion deficit would be equal to 5 percent of the economy.

Most economists believe that deficits are helpful when economies are in recession, but some say that when they are near full employment, as the United States economy is now, deficits should be kept below 3 percent of the economy to avoid a drag on investment — or worse, a financial crisis.

Mod: The rest of this article can be accessed at the link provided above.

Sales of Orwell’s ‘1984’ spike after Kellyanne Conway’s ‘alternative facts’ (Washington Post link): On Sunday’s “Meet the Press,” Kellyanne Conway, counselor to the president, called easily disproved claims made by White House press secretary Sean Spicer “alternative facts.”

A bewildered Chuck Todd responded, “Alternative facts are not facts. They are falsehoods.”

While the phrase “alternative facts” reminded many of the terms “falsehoods,” “lies” and “untruths,” it reminded many others of George Orwell’s dystopian, politically charged novel “1984.” Not only were people inspired to tweet about that, they wanted to purchase a copy. By early Wednesday morning, the novel was the best-selling book on Amazon.com.

“We put through a 75,000 copy reprint this week. That is a substantial reprint and larger than our typical reprint for ‘1984,’” a Penguin spokesman told CNN.

Sales of the novel also enjoyed a marked spike in 2013 — one edition experiencing a 10,000 percent jump in sales — following the leak of NSA documents.

Carl Bernstein: Republican leaders privately questioning Donald Trumps mental state (Palmer Report link): Over the past few days since Donald Trump took the oath of office, his behavior has gone from his usual erraticism to something more objectively disturbing. He now appears to be basing White House policy around his own inability to accept that he had a small inauguration crowd and that he lost the popular vote.

Quite a large number of Americans have been questioning Trump’s mental state on social media. And now it turns out some Republican leaders are privately doing the same.

The bombshell came from legendary Watergate reporter Carl Bernstein, who made an on-air appearance on CNN on Wednesday evening. He revealed that even as Republican leaders gather in Philadelphia for their retreat, they’re privately discussing Donald Trump’s mental state. According to Bernstein, one of the Republican leaders described Trump as “delusional.”

This means the GOP Congress has a real problem, because although anyone with clear eyes could see during the campaign that Trump had psychological issues, the Republicans had been hoping to use his presidency to ram through as much of their legislation as possible. But now it may be a different matter.

sierramadretattler.blogspot.com

81 comments:

  1. 2016 word of the year: surreal
    2017 word: resist

    ReplyDelete
  2. In your guts you know he's nuts.

    ReplyDelete
    Replies
    1. scary thing is he's not nuts, he's very smart. But he's an extremist and he knows how to easily manipulate those who aren't smart

      Delete
    2. He's a dangerous madman.

      Delete
    3. 6.19

      You can be nuts and smart at the same time.

      Delete
    4. He is also the oldest person ever elected president. His mind could be well past its freshness dating.

      Delete
    5. Yeah like Reagan's. Totally useless second term

      Delete
  3. As a deplorable I am also delusional thinking that many in the GOP and DEMs understand the path President Trump has to take in order to "clean the swamp". They just don't get it. That's because they are a large part of the problem.
    Nothing in Washington D.C. will be the same, no more free lunches for politicians. No more awarded government contracts because "you donated" money for re election.
    It's a new day in Washington, the deal makers in town laying down the law.
    George Orwell would have been please that his book is back in demand and that this instant gratification techno generation hasn't forgotten how to read.

    ReplyDelete
    Replies
    1. He bought the swamp and stocked it with piranha. You're as nuts as Trump.

      Delete
    2. 6:20 - I agree with you on one thing. You are deplorable, and so are your opinions.

      Delete
    3. Two questions:

      Why did you just call yourself delusional?

      Have you gotten a job yet?

      Delete
    4. 6:20AM
      As you stated yourself, you are indeed delusional. Trump has preferentially hired those cabinet members that made the largest donations to his campaign.
      I wish you good luck, you need it.

      Delete
  4. Narcisism is not a good personality trait for leading democratically.

    ReplyDelete
  5. He's going to build the wall, and you're going to pay for it. But you will also be told it was Mexico's money.

    ReplyDelete
    Replies
    1. GOP leaders: Bill to build wall will cost up to $15 billion
      https://www.washingtonpost.com/national/congressional-republicans-prepare-to-hear-from-trump/2017/01/26/5f1cf8aa-e3a1-11e6-a419-eefe8eff0835_story.html

      There you go, American taxpayers. Your bill has just arrived.

      Delete
  6. The Doomsday Clock just moved again. It’s now two-and-a-half minutes to ‘midnight.’
    https://www.washingtonpost.com/news/speaking-of-science/wp/2017/01/26/the-doomsday-clock-just-moved-again-its-now-two-and-a-half-minutes-to-midnight/

    ReplyDelete
  7. As long as the wall is built and by the way, piranha swim in fast moving fresh river water, not swamp. Again, mistepresented opions, at least get your facts straight or are you wearing your "pink knitted cap" as you type? Nutty Trump and I, understand how broken many things have the become in this country. All good things in time and the time is now.

    ReplyDelete
    Replies
    1. Not wearing a pink knitted cap. Though they are made by Americans. Unlike those "Make America Great Again" hats, which are manufactured in Vietnam.

      Delete
    2. Your soul is broken if you support Trump because he supports torture, and racism, and sexism, and nepotism, and corruption.

      His sins are your sins

      Delete
  8. Ever wonder how different 2017 would be if say, cars weren't invented, or cellphones? How about if we didn't ever "invent" debt; the only way to get something was to first have something ready to trade for that something. How different our world would be if the country weren't in debt. What is debt anyway? It will likely grow forever until climate change does us in... just keep adding 0's to the end of the debt number... infinity is a long way off...

    ReplyDelete
    Replies
    1. As part of the capitalist society we live under debt is part of the never ending cycle of growth. During the debates it was clear that Trump agreed his plan would cause even more debt than Hillary yet the corrupt swamp creatures who voted for him didn't seem to mind

      Delete
    2. When Democrats raise the debt ceiling the GOP gets its underoos in a sweaty knot. When Trump does it it's the price of growth.

      Delete
  9. That's another non truth. Resessions and economy. That America is at full employment, LOL. The last administration purposely did not count the permanently un employed because that would have emphasized the lack of available jobs.

    ReplyDelete
    Replies
    1. Why are you laughing? Because others can't work and you don't have to?

      Delete
    2. There are plenty of jobs that cannot be filled because there are not enough qualified potential employees in this country.
      What is disappearing in the US and all over the world is jobs that require low level of education. They are being replaced by robots, who can do this faster and more accurately than humans can, thus bringing down the price for the products we can buy in the shops.
      BTW, permanently unemployed have never been counted in the US. That's not what we do here.

      Delete
    3. Every administration has been doing that since at least the first Bush

      Delete
    4. And, an overwhelming majority of the new jobs created in the past 5-6 years are part-time, entry level, minimum wage jobs. Almost nothing has been done to rack up meaningful jobs. Of course, $100K college degrees in fields such as Gay and Transgender Studies don't go real far in the job market.

      Delete
    5. Explains your unemployment.

      Delete
    6. 10:11 AM

      There are 125 of truly meaningful, well-paid jobs right in your neighborhood...

      https://www.indeed.com/jobs?q=cancer+research+%2480%2C000&l=Sierra+Madre%2C+CA

      Delete
    7. You don't know where 10:11 lives. Maybe in Yucaipa.

      Delete
    8. My guess is either Bug Tussle or Hooterville.

      Delete
    9. 1:12PM

      Lots of people drive 2 hours each way to get to their dream jobs. 10:11 can do this, too.

      Delete
  10. Debt is a problem at all levels of government, federal, state and local. They all live for today. Trump and his allies in Congress want to pump a lot of borrowed money into the economy because it will improve their political position, at least in the short run. If it gets them through the 2020 election then they will have achieved their goal.

    ReplyDelete
  11. Mexican president cancels Trump summit
    Source: BBC News
    Mexican President Enrique Pena Nieto cancels trip to Washington for summit with Donald Trump.
    http://www.bbc.com/news/world-us-canada-38760671

    Somebody just got their bluff called.

    ReplyDelete
  12. Can't or won't work? The hatmakers in Vietnam were working making hats and being underpaid while you were knitting. The under paid foreigners have purpose in their work, I still don't understand the purpose(s) of the "Womans"march. Nothing accomplished except a nice day for a walk in the park.
    These foreign hat makers will be reducing their employees as the work will come back to America. So don't loose hope, you too will soon be paid for your knitting.

    ReplyDelete
    Replies
    1. You just hate the idea of Americans expressing their viewpoints in a free and open way. If you like Russia so much, why don't you move there? I hear its quite nice this time of year.

      Delete
  13. The State Department's entire senior management team just resigned
    https://www.washingtonpost.com/news/josh-rogin/wp/2017/01/26/the-state-departments-entire-senior-management-team-just-resigned/

    ReplyDelete
  14. No donations to President Trump's campaign, he paid his own way. Why do you think the Clinton Foundation is drying up? Millionaire's and Billionaire's as cabinet appointments. They all must be doing something right. I'll take my chances with their negotiations for rebuilding this country.
    So "I wish you luck" poster; I hope you have your U.S. citizenship in order and not break any laws or you will be escorted out of this country by all the delusionals.

    ReplyDelete
    Replies
    1. The Lie of Trump's 'Self-Funding' Campaign
      http://www.theatlantic.com/politics/archive/2016/05/trumps-self-funding-lie/482691/

      Delete
  15. 9:18am. "I don't have any solution, but I certainly admire the problem", that you post here, and in America of all places!

    ReplyDelete
    Replies
    1. Here is a solution. Don't increase America's debt by an additional $10 trillion dollars. What do you think? Pretty good, right? Just because Trump doesn't pay his income taxes doesn't mean that swamp full of billionaires he's running should get the same deal.

      Delete
  16. Let the "the juggling " of tackling issues begin. Law makers on both sides are not familiar with hard work, but their constitutes back home, hold the power of the vote.
    No more excuses or long breaks in sessions without passing legislation.

    ReplyDelete
  17. The President of Mexico taking a siesta is alright. When he wakes up, he'll reschedule.

    ReplyDelete
    Replies
    1. No president of that country would stay in office for long if he paid Trump that money.

      Delete
    2. Nice one- racist stereotype

      I so sick of you losers

      Delete
    3. 10:18 is a deplorable. One fully living up to the name.

      Delete
    4. I think Mexico's president is rather handsome .

      Delete
    5. He is also a few decades younger than Ginger Combover.

      Delete
    6. Mexican presidents serve 1 six year term. Lame ducks the day they take office. They never have to worry about running again. They can't.

      Delete
  18. Many of them already have the same deal, 10:11, especially those with real estate holdings.

    We get to subsidize their phantom losses, such as through "depreciation" which they get to write off even if the value of the real property is skyrocketing. When they sell, they minimize or eliminate capital gains taxes by doing a 1031 like kind exchange. Better yet, they bequeath their property to their children. The children get a stepped up basis and--poof--capital gains and therefore capital gains taxes disappear. The cycle then starts fresh with our children's tax payment subsidizing their affluent zygotes.

    Same with borrowing that increases national debt. The rich get the spoils in the form of government payments to their companies or loans that enable them to buy assets; they get to enjoy the resulting wealth; the profits, companies, and assets are then bequeathed to their children; and our children get to pay off the national debt.

    ReplyDelete
    Replies
    1. The kids pay huge inheritance taxes before they get the step up

      Delete
  19. President Trump this morning; just some of the outlines of his speech. "Protecting our civil rights". Illegal criminals be gone!!! The wall of protecting our Sourthern borders is being built, negotiated under the best out come for the Ametican people. The World has taken advantaged of America for years. Ending regulations that have slowed down commerance...lower taxes for the middle class...off of welfare and back to work...protect our Farmers and Ranchers...pursue new trade deals...stand with Men and Women of Law Enforcement and Military and Vets...cut funding of santuary cities..Obama care castropic must be fair for all....New Day, different ways of doing business in Washington D.C. Now the tax payers might have an opportunity to see their taxes at work.

    ReplyDelete
    Replies
    1. Why do law enforcement and military need so much pampering? They already go so much money and attention. Just stop whining. And do their jobs or find another

      Delete
  20. 10:47am. Anything is possible in America. If you work hard work (not saying you don't) and become a Billionaire that creates jobs for many in this Country; then yes "you" will have a different tax base, inorder to contine creating employment.

    ReplyDelete
    Replies
    1. Trump pays no income tax. He is a cheat.

      Delete
    2. Spoken like someone who failed economics

      Or deemed themselves too mentally elite to go to school

      Delete
    3. 10:47 if you were black you'd know that's a fantasy

      Delete
  21. It' s a 60's revival !!! Protesters in Philadelphia outside of President Trumps speech. Everyone with a different agenda. No worries soon "they"will be able to find a job. Not the paid protesters of George Soros, but real work.
    As humorous as may be, many of the 1960 protesters now hold government jobs. No wonder this country is in a mess.

    ReplyDelete
    Replies
    1. As humorous as it may be, many counterculture types from the '60s are now loudly supporting Trump. Proving for all times that the hippies never did get any smarter, and drugs do cause irreparable brain damage.

      Delete
    2. Trump guy, where are you from?

      Delete
  22. In all the chit chat here I haven't seen mention of the war potential with the new president. Our new president now has the power of the United States military under his control. http://www.businessinsider.com/these-are-the-worlds-20-strongest-militaries-ranked-2015-9/#20-canada-1 Anyone see the problem here?

    ReplyDelete
    Replies
    1. http://bestanimations.com/Military/Explosions/atomic-mushroom-cloud-explosion-2-2.gif

      Delete
  23. He said she said, check out the 10 most, how you are presented with facts and look at the advertising and final message.

    ReplyDelete
    Replies
    1. Can you rewrite this comment, but say it in a way that makes sense? Thanks.

      Delete
  24. Donald Trump Is the Only Recent President Who Didn't Escort His Wife Into the White House
    http://www.marieclaire.com/politics/a25032/donald-trump-inauguration-day-etiquette/

    ReplyDelete
  25. The 60'sthe were cool...
    The styles of fashion, autos from Detroit, the live and let live...

    ReplyDelete
  26. War potential? What are you going on about? Human kind has always had the capacity of war. All of the Worlds Religions write about the struggles of good and evil.
    There's a war being raged on the homeless and mentally ill right now in this country and few coming to their defenses. The war of turning a blind eye.

    ReplyDelete
    Replies
    1. I think the not so subtle difference here is that the next war could end in a nuclear holocaust. That makes pitching spears and catapulting boulders seem quaint.

      Delete
    2. Are you trying to imply to 10:18am. That everyone in Mexico should speak English? Porque en Inglese siesta es nap, so what are you really mad about?

      Delete
  27. 12:53 Whoops, He said she said, check out the 10 most, how you are presented with facts and look at the advertising and final message. http://www.wonderslist.com/10-most-powerful-militaries/

    ReplyDelete
  28. The doomsday clock is ticking

    ReplyDelete
  29. 12:53 posted complete but don't see it yet.

    ReplyDelete
  30. 12:51pm. Try singing that post of he said...she said... to the old song "Yes we have no bananas" or better yet; potato pa tatoe; tomato to matoe, let's call the whole thing off... oh, before your time/ or generation? History repeats its self...funny thing, eh?

    ReplyDelete
  31. Both sides of the political "aisle" and both coasts and all the "flyover states" and the true believers that thought some sort of swamp draining would take place and all the women/mothers/children and men who supported them worldwide on January 21...we are all losers with the megalomaniacal egotistical narcissist in the White House. The world once turned to us for leadership and now will turn away. If we thought worldwide observation of our actions was once done with respect, it will now be with disgust.

    ReplyDelete
  32. From an internet search: "It's not known what causes narcissistic personality disorder. As with other mental disorders, the cause is likely complex. Narcissistic personality disorder may be linked to: Mismatches in parent-child relationships with either excessive pampering or excessive criticism." Sounds like our Boy President #45.

    ReplyDelete
    Replies
    1. The corrupt slimeball tried to force the park service to falsify his inaugural attendance numbers

      So pathetic and corrupt. I'm glad patriotic government workers are resisting his elitist lies

      Delete
    2. You've got to wonder why his parents sent him to military school rather than to one of the numerous elite private schools in Manhattan, Brooklyn, Queens, and Nassau County.

      Delete
  33. Replies
    1. You pay for it.

      Delete
    2. Why can't the wall be a state issue? Why should my taxes go to their infrastructure

      Delete