Weekend Open Thread

2 thoughts on “Weekend Open Thread”

1. Following standard Reagan Quackonomic theory, Trump's pick for Treasury Secretary is determined to cut taxes for the wealthy until the National Debt is eliminated!

   This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy,” he said then.As of Nov. 8, the national debt stands at $35.94 trillion, with the Trump and Biden administrations having added to it. Trump’s policies added $8.4 trillion to the national debt, and the Biden administration increased the national debt by $4.3 trillion, according to the Committee for a Responsible Federal Budget, a fiscal watchdog. 

   Even as he pushes to lower the national debt by stopping spending, Bessent has backed extending provisions of the Tax Cuts and Jobs Act of 2017, which Trump signed into law in his first year in office. Estimates from various economic analyses of the costs of the various tax cuts range between nearly $6 trillion and $10 trillion over 10 years. Nearly all of the law’s provisions are set to expire in 2025.

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   1. My grandpa used to lecture me about Reaganomics and likely impacts on the debt. Oddly enough, the debt tripled during RR's tenure and he had to raise taxes like 11 times to make ends meet. From his former budget director David Stockman:

      The penitent Stockman says that early on he should have worn a sign saying "Stop me, I'm dangerous." The cynical Stockman describes his position in 1984 as "a dutiful loyalty to nonsense." In the end, for all his penitence, Stockman says, "I never gave up my supply-side ideology. . . . I just put it in my safe, along with other intellectual valuables. It was simply not operationally relevant in the world of democratic fact." In other words, his theory is perfectly correct. It is the facts that are misleading.

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