Trump Wants $2 Trillion, Pelosi Wants $1 Trillion, for Next Coronavirus Spending Bill

[KenH]

This has to stop. Since the government forced so much of the economy to close, this last bill is understandable, but we have already exploded the budget deficit to no telling how many trillions of dollars for this fiscal year. I feel sorry for the young people in this country. With all this massive debt being laid on their backs, they are going to have a tremendously rough go in the years ahead. Congress needs to at least stop making the load heavier.

“Early indicators about the efficacy of the CARES Act and federal efforts to prop up the economy are not promising. On Friday, the Small Business Administration (SBA) botched the online rollout of a loan program and early responses to various bailouts are not heartening. In order to maximize payouts from the government, airlines are flying empty planes and the Kennedy Center in Washington, D.C., notoriously fired 100 musicians "just hours after President Trump signed a $25 million taxpayer bailout for the cultural center."

Trump Wants $2 Trillion, Pelosi Wants $1 Trillion, for Next Coronavirus Spending Bill

 

[church mouse guy]

This has to stop. Since the government forced so much of the economy to close, this last bill is understandable, but we have already exploded the budget deficit to no telling how many trillions of dollars for this fiscal year. I feel sorry for the young people in this country. With all this massive debt being laid on their backs, they are going to have a tremendously rough go in the years ahead. Congress needs to at least stop making the load heavier.

“Early indicators about the efficacy of the CARES Act and federal efforts to prop up the economy are not promising. On Friday, the Small Business Administration (SBA) botched the online rollout of a loan program and early responses to various bailouts are not heartening. In order to maximize payouts from the government, airlines are flying empty planes and the Kennedy Center in Washington, D.C., notoriously fired 100 musicians "just hours after President Trump signed a $25 million taxpayer bailout for the cultural center."

Trump Wants $2 Trillion, Pelosi Wants $1 Trillion, for Next Coronavirus Spending Bill

Some people are saying that we could abolish taxation because if the federal government ever needed any money, they could just print some money....

 

[KenH]

Some people are saying that we could abolish taxation because if the federal government ever needed any money, they could just print some money....

That’s pretty much what they are doing now. It is becoming surreal.

 

[Reformed1689]

They aren't even giving the old bill enough time to see if it even helps.

 

[Yeshua1]

This has to stop. Since the government forced so much of the economy to close, this last bill is understandable, but we have already exploded the budget deficit to no telling how many trillions of dollars for this fiscal year. I feel sorry for the young people in this country. With all this massive debt being laid on their backs, they are going to have a tremendously rough go in the years ahead. Congress needs to at least stop making the load heavier.

“Early indicators about the efficacy of the CARES Act and federal efforts to prop up the economy are not promising. On Friday, the Small Business Administration (SBA) botched the online rollout of a loan program and early responses to various bailouts are not heartening. In order to maximize payouts from the government, airlines are flying empty planes and the Kennedy Center in Washington, D.C., notoriously fired 100 musicians "just hours after President Trump signed a $25 million taxpayer bailout for the cultural center."

Trump Wants $2 Trillion, Pelosi Wants $1 Trillion, for Next Coronavirus Spending Bill

Those into big govt are drolling, as can use Covid as means to get big spending now!

 

[HankD]

crank up the Benjamin Press AGAIN!!

 

[InTheLight]

That’s pretty much what they are doing now. It is becoming surreal.

Welcome to Modern Monetary Theory. We're in it right now (and probably have been for a long time.)

 

[InTheLight]

This has to stop. Since the government forced so much of the economy to close, this last bill is understandable, but we have already exploded the budget deficit to no telling how many trillions of dollars for this fiscal year. I feel sorry for the young people in this country. With all this massive debt being laid on their backs, they are going to have a tremendously rough go in the years ahead. Congress needs to at least stop making the load heavier.

I'm starting to wonder if there is any consequences for running up the national debt. I'm a fiscal conservative through-and-through. I've been hearing about the dangers of the escalating national debt for over FIFTY YEARS now. Republicans don't seem to care about the debt unless there is a Democrat in the White House. Then it's a big problem. But when Republicans are in there the spend almost as much as the Democrats.

I remember when George W. Bush became president. One of the first things he did was increase farm subsidies. Then he got the prescription drug benefit passed into law. Also, he signed the No Child Left Behind bill. All of these added to the budget deficit. Simultaneously, he cut taxes across the board. Bush's first budget was for $2 Trillion. Bush's last budget, just eight years later was for $3.5 trillion.

We all know how much Obama increased the debt (from $11 trillion to $19 trillion). Now here is Trump spending because of COVID-19 (debt is now at $23 trillion, before the pandemic spending.). And Trump has already increased military spending and domestic spending and wanted a $1 trillion infrastructure bill.

We're told the national debt increasing will squeeze credit markets, cause interest rates to go up, GDP growth will slow, etc. etc.

Yet, we had low interest rates all through the 2010's and they just went lower. This is supposed to cause an oversupply of money which will lead to inflation. However, inflation has been almost non-existent for 15 years now. It's easy to get low interest loans and has been for 10 years. GDP growth under Trump in some quarters were the highest since the Clinton years. So where is the damaging effects of the debt?

 

[Revmitchell]

The spending needs to stop and a budget needs to be balanced

 

[InTheLight]

The spending needs to stop and a budget needs to be balanced

Yes, I've heard that for 50 years.

And if we don't balance the budget and stop the debt from growing, what will happen? Seriously, I want to know what you think will happen.

 

[Gold Dragon]

Yes, I've heard that for 50 years.

And if we don't balance the budget and stop the debt from growing, what will happen? Seriously, I want to know what you think will happen.

I guess there could be a lot of flow on effects if US treasury bonds lose their triple A rating. Is there any danger in that happening?

 

[Reynolds]

They aren't even giving the old bill enough time to see if it even helps.

The old bill was underfunded. The money is not there to pay for what it committed to do.
We would be much better off if the Government just left us alone and let the free market play out. People should learn to save up money and not live hand to mouth. Bailouts simply teach irresponsibility.

 

[Reynolds]

I guess there could be a lot of flow on effects if US treasury bonds lose their triple A rating. Is there any danger in that happening?

Probably not because the economies of the other nations are worse than ours.

 

[Scott Downey]

Here We Go... Wicked Pelosi Says She Will Include Federally Forced Mail-in Voting in Next Round of Coronavirus Aid (VIDEO)

This time the socialist democrats will insist on mail in ballots for POTUS election?
Even though it was rejected before, they just dont give up do they, not ever, not until they are dead and or gone from office. This would be an opportunity crime against the people, because you know the fraud which would result from this, election results could not be trusted.

In our area of VA, we have a decent system, you fill out the ballot by hand with a pen, then you put it into the machine and your done. No electronic paperless ballots, hanging chads...it is very quickly done at our neighborhood elementary school.

 

[KenH]

And if we don't balance the budget and stop the debt from growing, what will happen? Seriously, I want to know what you think will happen.

Check out Weimar Germany.

 

[Revmitchell]

Yes, I've heard that for 50 years.

And if we don't balance the budget and stop the debt from growing, what will happen? Seriously, I want to know what you think will happen.

Sure, when the economy is flowing high we can pay our debts. When it adjusts (and it always does) then less money comes into the hands of the every day worker to pay taxes on and less money in the coffers of the corps. So what does the government do? Well it prints more money to fix the problem. Eventually the economy is floating on thin air propped up by politicians. Interest rates eventually go up, again, taking money out of American hands.

Fewer dollars in the hands of Americans fewer dollars in the economy. . Take a look at what happened to greece. More away from debt and government means a stronger economy. When we go the opposite direction the opposite happens.

 

[InTheLight]

Check out Weimar Germany.

Not comparable in any way, shape, or form.

Sent from my Pixel 2 XL using Tapatalk

 

[KenH]

Not comparable in any way, shape, or form.

Please explain. TANSTAAFL. There is always a reckoning.

“The rich rules over the poor, and the borrower is the slave of the lender.” - Proverbs‬ ‭22:7‬ ‭ESV‬‬

 

[InTheLight]

Please explain. ‬‬

Sure.

The situation in Weimar Germany is often brought up as a cautionary tale for other nations. The situation in Weimar Germany had so many variables that could never be duplicated making its comparison to any country nowadays illegitimate.

The economic situation in post WWI Germany was terrible. This was due to several factors that cannot apply to any nations current situation.

* The majority of males 18-45 had been killed in the Great War. These are the people needed to supply the manpower to revitalize their industry. The country of Germany had virtually no labor force.

* The war reparations demanded by the Versailles Treaty were onerous and required gold bullion to satisfy payment. Basically the victors stripped the money supply out of Germany. (I think Germany only recently paid up the full amount required by the treaty.)

* The country's infrastructure was destroyed by the war. Factories were in ruins. Transportation via railroads was spotty. Again, no workforce to rebuild the infrastructure.

So add it up--no workforce, no money, and no industry. OF COURSE there will be hyper inflation because there was NOTHING backing their paper currency. So when they printed money, it really was worthless.

Not so in the United States. We have a workforce. We have industry. Our infrastructure is not decimated by war. We have products we can make. We can move those products across the nation and can export these products. Our money may not be backed by gold anymore but neither is any other major nation.

 

[InTheLight]

Sure, when the economy is flowing high we can pay our debts.

Do you mean "we" as being individuals, or governments? Or both?

When it adjusts (and it always does) then less money comes into the hands of the every day worker to pay taxes on and less money in the coffers of the corps.

?? Less money in the coffers of the corps? I don't understand this.

When the economy slows, wages do not increase as much as in good times, yes. The government will collect less in income taxes, yes. Unemployment might increase reducing incomes for families.

So what does the government do? Well it prints more money to fix the problem. Eventually the economy is floating on thin air propped up by politicians. Interest rates eventually go up, again, taking money out of American hands.

None of this has happened in the past 25-30 years of printing money. Interest rates have not been ridiculously high since the early 80's. Inflation has not been a factor for at least 20 years.

Fewer dollars in the hands of Americans fewer dollars in the economy.

Yes, but printing money and having easy credit means more money in the hands of Americans.