01-21-2017, 01:31 PM
The right wingers can spend on their pet projects, or reduce taxes on their financiers..
This got it exactly backwards. Now we're close to full employment and the same people who warned that the US was turning into Greece in 2010 are rejoicing in the coming Trump reflation which will hugely increase public deficits.
That should have been done when the economy was in a slump, after the financial crisis, but of course the likes of Ryan were dead set against that warning of impending doom.
Quote:Despite characterizing themselves as the party of fiscal conservatism, Republicans are planning on pushing through a legislative agenda under President-elect Donald Trump that will cause the deficit to balloon. These include an important method for repealing the Affordable Care Act, namely a budget resolution that will add $9 trillion to the debt by 2026. The actual Affordable Care Act repeal will eliminate more than $1 trillion in revenue that had been acquired through taxes included in the bill in order to maintain a balanced budget. Finally, Republicans are considering passage of a spending bill in excess of $1 trillion to complete unfinished Cabinet budgets, one that is expected to include allocations for expensive Trump proposals like a wall on the U.S.-Mexican border. “One of the things that we’re focusing on is getting people back to work, is economic growth,” House Speaker Paul Ryan said to reporters on Tuesday. “You can’t ever balance the budget if you don’t get this economy growing.” In 2011, though, Ryan had said, “The country’s biggest challenge, domestically speaking, no doubt about it, is a debt crisis.”Deficits don’t matter (again)! Paul Ryan promotes Congress’ upcoming spending binge - Salon.com
This got it exactly backwards. Now we're close to full employment and the same people who warned that the US was turning into Greece in 2010 are rejoicing in the coming Trump reflation which will hugely increase public deficits.
That should have been done when the economy was in a slump, after the financial crisis, but of course the likes of Ryan were dead set against that warning of impending doom.