The GOP rediscovers the federal debt.

[Yo_Mama_Been_Loggin]

The fight du jour is no scapegoat for a mounting debt and health crisis

Richard Williams, Opinion Contributor for the Hill

For the first time since World War II, the portion of our national debt that we owe to others, so-called "public debt," has exceeded 100 percent of the national economy (Gross Domestic Product). And the latest projections from the Congressional Budget Office indicate that U.S. debt to GDP will grow to between 115 percent and 120 percent by 2030. In 2009, Greece experienced a debt crisis when its debt reached 115 percent higher than its GDP. The public debt-to-GDP ratio is important because we are obligated to pay off interest on our debt out of GDP. If we cannot pay, the country goes into default.

n part, our ratio is rising because we've been fighting. Under President Bush we were fighting the terrorists; under Obama, the recession; and under Trump, the coronavirus. No matter what the cause, Mercatus Center economist Veronique de Rugy observes, excessive spending - which is the primary cause of high debt-to-GDP ratios - leads to "much higher taxes, lower future incomes, and intergenerational inequity."

Massive spending cuts and increased taxes caused unemployment to soar and incomes to decrease in Greece, which ultimately led to poorer health outcomes. The types of health outcomes affected by income shocks like Greece's are precisely the same ones that have been happening here due to COVID-19 lockdowns. In other words, default health problems could be compounded by our existing situation.

https://www.msn.com/en-us/news/politics/the-fight-du-jour-is-no-scapegoat-for-a-mounting-debt-and-health-crisis/ar-BB1bX3mQ?li=BBnbcA1&ocid=DELLDHP

Three paragraphs of this guy's bullshit is enough.

Since the asshole wants to mention Bush II let's remember he inherited a surplus. The Republicans didn't increase the debt to fight terrorism. They did so to give themselves a big juicy tax cut.

Bush II was the first president to cut taxes during war time.

The Republicans fucked the economy and left Obama with a big pile of shit.

12 years later dotard Donny did the same.

The Republicans are always nostalgic for the 1950s. Maybe we should go back to the 1950s level of taxation?

[elleng]

1. Bush II was the first president to cut taxes during war time.

The Republicans fucked the economy and left Obama with a big pile of shit.

[cos dem]

2. Simple solution. Undo the Dump admin giveaway to rich people.

[AZ8theist]

9. Yup.

My bumper sticker:

[scarletwoman]

3. "Maybe we should go back to the 1950s level of taxation?" Yep, great idea!

[ProudMNDemocrat]

7. 90% for the Millionaire/Billionaire class over a specific amount. Great idea.

The rich will still be rich, just not as rich as before.

[Firestorm49]

5. We could be in much better financial shape if the wealthy paid, at the minimum, their fair share.

If one were to say, tax the living shit out of them, they’d still have more money than they could spend in a lifetime. God bless John F. Kennedy.

[UpInArms]

8. One trick ponies

Destroy the economy... blame the Democrats

Over and over

[Make7]

10. The deficit was increasing under Trump prior to COVID-19.

His unmitigated failure to coordinate an effective response to COVID-19 just ballooned an already growing deficit.

Even though Trump has receded from participating in tackling the pandemic, the crisis is far from over. The government needs to be spending huge amounts of money on this for the next year at the very least.


https://datalab.usaspending.gov/americas-finance-guide/deficit/trends/

[benld74]

11. Repeal the tax cuts

[badboy67]

12. "Deficit!" is what Republicans scream ...

but only when there's a Democrat in the White House.

That's the GOP shtick ...

tired, old, and unserious.

[Beartracks]

13. No worries: The media will parrot the line, wring hands, and clutch pearls.

==============

[JudyM]

14. K&R