(H/T Scissorhead Skinny-D)
W$J:
U.S. Budget Gap Tripled to Record $3.1 Trillion in Fiscal 2020, Treasury Says
“The U.S. budget deficit tripled to a record $3.1 trillion in the fiscal year that ended Sept. 30 as the government battled the global coronavirus pandemic that plunged the country into a recession, has taken more than 217,000 American lives and thrown millions out of work.
“As a share of economic output, the budget gap in fiscal year 2020 hit roughly 16.1%, the largest since 1945, the Treasury Department said Friday, when the country was financing massive military operations to help end World War II.
“Federal debt totaled 102% of gross domestic product, the first time it has exceeded the size of the economy for the full fiscal year in more than 70 years, according to estimates from the Committee for a Responsible Federal Budget. That has put the U.S. in a league with Greece, Italy and Japan among the most heavily indebted nations.”
Make no mistake about this: the Republicans know that they are losing the 2020 Goat Rodeo and want to crash the economy. It’s not just that they want to throttle a new Democratic Administration, they want to impose AUSTERITY to kill off the rest of the social safety net. In my lifetime, Republicans have done this every time they lose power.
And the 2020 Democratic trifecta casts its covetous eye to the [b|m]illionaires
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Rolling back the Trump/McConnell tax cut won’t be enough. We’ll need to get tax rates on the wealthy back up to where they were under Reagan or maybe even where they were under Eisenhower. Enough screwing around with the 1%. They made out like bandits through the pandemic while everybody else suffered. Somebody’s got to pay the costs of all this and they shouldn’t be the only ones exempted from the burden.
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Exactly, 753, I was thinking along the Kennedy lines (if not Eisenhower). Although the squealing WOULD be deafening.
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Redoing the Voting Rights Act and adding “legislatures” and “elected officials” to the list of perps who can be charged with jail, penalties and huge fines for ANY malfeasance. Oh after Inpecta Agit is ejected from the FCC, WhoreMedia needs to be accountable for their part in this train wreck. And for fun, perhaps a grilling by (future?) Senator Katie Porter? Oh yes please.
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W$J says “… as the government battled the global coronavirus pandemic…”
Well, some of the state governments did but that, right there, is some shoddy reporting.
And this is how the winners write history. They don’t have to win for long, either, just long enough to erase the truth.
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You watch – deficits are gonna matter, Bigly, and it will be the Rethugs screaming the loudest, and claiming they were well oncourse to eliminate both the Nat’l Debt and the Deficit, and if they had had another 4 years, they would have caused the Trade Deficit to vanish, and they’ll bring out the Bogeyman of “Higher Taxes! He’s raising your taxes! It’s ruining the Economy!”
And if things aren’t a whole lot better in 4 years, then there are more than enough idiots out there to sweep sufficient Rethugs back into office that we’ll be whipsawed every election from now till Eternity.
And for a friendly little side-wager, I’m betting they’ll constantly remind folks that Biden was the Kenyan usurper’s sidekick for those eight awful years they suffered, prior to their Savior’s arrival, and they’ll give us Jr. Mintz as “Son of Savior.”
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“Higher Taxes! He’s raising your taxes! It’s ruining the Economy!”
I seem to remember that whole tRumpian “explode the economy with my My MY tax plan has a built in bomb. As passed, IIRC, the tax break for us peons is set to expire in the first full tax season after LDN loses.
Funny that they could see that coming even then, or, I guess, it was probably one of those side bets where they could either blame the democrats or use it to leverage even more tax cuts for themselves because obviously they need to do another tax plan.
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If Suckface, by hook-or-crook, gets another 4 years, that will stretch out to infinity as the tRump family dictatorship, and we are screwed without a kiss; kiss our democracy “Adios!” My 45 AmRev Patriot ancestors are spinning in their graves.
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Confiscatory tax rates to wring the idle capital out of the soft palms of the 1%.
Come for my earned benefits- I wish a motherfucker would try it!
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Laura, It’s almost like you feel you are entitled to your earned benefits.
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