| 5/23/2017 3:43:57 PM |
Trump Budget Based on $2 Trillion Math Error |
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citylights01
Annapolis, MD
38, joined Feb. 2013
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http://nymag.com/daily/intelligencer/2017/05/trump-budget-based-on-usd2-trillion-math-error.html?mid=fb-share-di
One of the ways Donald Trump’s budget claims to balance the budget over a decade, without cutting defense or retirement spending, is to assume a $2 trillion increase in revenue through economic growth. This is the magic of the still-to-be-designed Trump tax cuts. But wait — if you recall, the magic of the Trump tax cuts is also supposed to pay for the Trump tax cuts. So the $2 trillion is a double-counting error.
Trump has promised to enact “the biggest tax cut in history.” Trump’s administration has insisted, however, that the largest tax cut in history will not reduce revenue, because it will unleash growth. That is itself a wildly fanciful assumption. But that assumption has already become a baseline of the administration’s budget math. Trump’s budget assumes the historically yuge tax cuts will not lose any revenue for this reason — the added growth it will supposedly generate will make up for all the lost revenue.
Here’s how the White House attempted to explain all of this.
But then the budget assumes $2 trillion in higher revenue from growth in order to achieve balance after ten years. So the $2 trillion from higher growth is a double-count. It pays for the Trump cuts, and then it pays again for balancing the budget. Or, alternatively, Trump could be assuming that his tax cuts will not only pay for themselves but generate $2 trillion in higher revenue. But Trump has not claimed his tax cuts will recoup more than 100 percent of their lost revenue, so it’s simply an embarrassing mistake.
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The Trump Budget Is Really Just a Cynical Ploy
It seems difficult to imagine how this administration could figure out how to design and pass a tax cut that could pay for itself when Ronald Reagan and George W. Bush failed to come anywhere close to doing so. If there is a group of economic minds with the special genius to accomplish this historically unprecedented feat, it is probably not the fiscal minds who just made a $2 trillion basic arithmetic error.
Update: Asked about this absurd mistake, Mulvaney’s explanation does not inspire a great deal of confidence:
David Wessel
?
@davidmwessel
Harwood asks Mnuchin about double-counting gimmick: "This is a preliminary document that will be refined" #FiscalSummit
10:35 AM - 23 May 2017
This is apparently the best defense they could come up with: eh, we’ll fix it later. It’s only the budget for the federal government of the United States of America.
[Edited 5/23/2017 3:44:21 PM ]
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| 5/23/2017 3:54:08 PM |
Trump Budget Based on $2 Trillion Math Error |
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61falcon
New Hope, PA
76, joined Feb. 2008
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The Budget a preliminary document the tax proposal one page broad outline.Transparency is not the cornerstone of the Dirty Donald administration.Hide and glide and let it slide is their motto.
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| 5/23/2017 4:06:41 PM |
Trump Budget Based on $2 Trillion Math Error |
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lobo_corazon
Orleans, ON
48, joined May. 2008
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As I understand it, the key bit missing from the budget is the $5.5 Trillion tax cut itself. So they cut revenue by $5.5 Trillion, and claimed that would leave them $2 Trillion ahead instead of $5.5 Trillion behind.
A $7.5 trillion math error! (That's $7.5 million millions, for those of us who can't fully conceive of how big a $trillion is, which would be all of us basically.)
Highlights of the budget to date:
- Slashes Medicare
- Slashes Farm subsidies (uh oh - Those midwest folks who were gulled by Trump aren't going to be happy!)
- Slashes Social Security disability (uh oh - Red states are the biggest beneficiary!)
- Slashes Food Stamps
- Slashes a whole bunch more stuff
- $5.5 Trillion in tax cuts, mostly for himself and the rest of the 1%
- Counts a fire sale of the country's property, like the oil in the Strategic Petroleum Reserve, as "balancing" those revenue cuts. This is like figuring you can afford the mortgage on a bigger house by selling all your furniture. It might work kindof OK for the first month, but then the next month you just have another bill you can't pay and no furniture in your house!
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| 5/23/2017 4:13:11 PM |
Trump Budget Based on $2 Trillion Math Error |
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w6o6l6f_1
Richmond, VA
39, joined May. 2014
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http://www.dummies.com/personal-finance/personal-finance-taxes/how-does-the-u-s-federal-government-determine-spending/
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| 5/23/2017 4:15:46 PM |
Trump Budget Based on $2 Trillion Math Error |
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cinnamonnhaze
Minneapolis, MN
53, joined Apr. 2014
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Isn't he smart?
I'm so glad the minority of morons elected an idiot to fuk over the country.
Where in that budget does it recoup the cost of Melania's security & every weekend in Florida?
Yay! Another recession is just around the corner!!! I can't wait to be flat broke again.
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| 5/23/2017 4:16:44 PM |
Trump Budget Based on $2 Trillion Math Error |
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scarredandtatto
Oral, SD
52, joined Aug. 2013
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AND THIS C*NT WAS A HOT SHOT NEW YORK REAL ESTATE GENIUS?!
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| 5/23/2017 4:23:25 PM |
Trump Budget Based on $2 Trillion Math Error |
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w6o6l6f_1
Richmond, VA
39, joined May. 2014
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Invest in Waffles.
https://www.nytimes.com/2017/03/04/your-money/the-stock-market-has-gone-so-high-its-a-problem.html?_r=0
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| 5/23/2017 4:28:49 PM |
Trump Budget Based on $2 Trillion Math Error |
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jason_in_tx
Bryan, TX
33, joined Apr. 2013
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Invest in Waffles.
https://www.nytimes.com/2017/03/04/your-money/the-stock-market-has-gone-so-high-its-a-problem.html?_r=0
Are you being paid by the Trump administration? Because every time president moron does something stupid you just try to spin and deflect.
[Edited 5/23/2017 4:30:04 PM ]
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| 5/23/2017 4:31:35 PM |
Trump Budget Based on $2 Trillion Math Error |
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61falcon
New Hope, PA
76, joined Feb. 2008
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Cuts the Food Stamps program by $191Billion over the next ten years.Currently 42 Million Americans receive food stamps.Cuts $95 Billion from states highway formula funding.
Eliminates Student Loan funding.Cuts a total of $3.6 Trillion over the next ten years.Proposes selling off 50% of the strategic petroleum reserves.Severely cuts Social Security Disability payments.Relies heavily upon getting an $800 Billion reduction in taxes on the wealthy which currently pay subsidies for millions receiving ACA health insurance benefits.We will be returning to the days before the ACA when those with preexisting conditions could not buy health insurance.
Enriches the wealthy like Trump, at the expense of the Middle Class and even more severely,the poor.And it will disproportionally hit the Red state voters who put Dirty Donald in office.
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| 5/23/2017 4:34:51 PM |
Trump Budget Based on $2 Trillion Math Error |
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w6o6l6f_1
Richmond, VA
39, joined May. 2014
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Are you being paid by the Trump administration?
÷
I don't get a personal check in mail.
But do reap the benefits from his decisions.
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| 5/23/2017 4:37:50 PM |
Trump Budget Based on $2 Trillion Math Error |
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scarredandtatto
Oral, SD
52, joined Aug. 2013
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 They wants it, the gits it!
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| 5/23/2017 4:39:37 PM |
Trump Budget Based on $2 Trillion Math Error |
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61falcon
New Hope, PA
76, joined Feb. 2008
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If we could see Dirty Donald's Tax Returns, we might know if he benefits financially by selling off the petroleum reserves, or if he is heavy in Defense contractors stocks
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| 5/23/2017 4:41:43 PM |
Trump Budget Based on $2 Trillion Math Error |
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jason_in_tx
Bryan, TX
33, joined Apr. 2013
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Are you being paid by the Trump administration?
÷
I don't get a personal check in mail.
But do reap the benefits from his decisions.
Oh man. You are living in a dream world.
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| 5/23/2017 4:46:26 PM |
Trump Budget Based on $2 Trillion Math Error |
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w6o6l6f_1
Richmond, VA
39, joined May. 2014
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If we could see Dirty Donald's Tax Returns, we might know if he benefits financially by selling off the Uranium reserves, or if he is heavy in Defense contractors stocks
÷
He is a businessman,
Isn't America a business?
How about we release everyone's tax returns to make it fare.
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| 5/23/2017 4:50:10 PM |
Trump Budget Based on $2 Trillion Math Error |
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scarredandtatto
Oral, SD
52, joined Aug. 2013
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If we could see Dirty Donald's Tax Returns, we might know if he benefits financially by selling off the petroleum reserves, or if he is heavy in Defense contractors stocks
No, I don't think that's where the big money is. I think that it has to do with land deals and real estate.
Chrump isn't smart at all but he is greedy. He's going to stick to what he knows. He was steeped in real estate, needed money and the Russians provided it. If he shows his taxes, collusion proven OR, in fairnss, DISproven.
[Edited 5/23/2017 4:50:38 PM ]
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| 5/23/2017 4:53:05 PM |
Trump Budget Based on $2 Trillion Math Error |
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cinnamonnhaze
Minneapolis, MN
53, joined Apr. 2014
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If we could see Dirty Donald's Tax Returns, we might know if he benefits financially by selling off the Uranium reserves, or if he is heavy in Defense contractors stocks
÷
He is a businessman,
Isn't America a business?
How about we release everyone's tax returns to make it fare.
I'd like to see yours to see if it "weekend" from the year before.
Did Donnie learn you how to spell that or did you school yourself all on your own?
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| 5/23/2017 5:06:09 PM |
Trump Budget Based on $2 Trillion Math Error |
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w6o6l6f_1
Richmond, VA
39, joined May. 2014
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I'd like to see yours to see if it "weekend" from the year before.
Did Donnie learn you how to spell that or did you school yourself all on your own?
÷
You don't want to see mine.
I live under the radar.
Even if I won the lottery, would never see a cent.
Am worth more dead than alive.
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| 5/23/2017 5:12:23 PM |
Trump Budget Based on $2 Trillion Math Error |
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cinnamonnhaze
Minneapolis, MN
53, joined Apr. 2014
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I'll 2nd that!
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| 5/23/2017 5:55:23 PM |
Trump Budget Based on $2 Trillion Math Error |
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61falcon
New Hope, PA
76, joined Feb. 2008
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The orange orangutan is of course including some money for his IDIOT wall!!
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| 5/23/2017 6:04:21 PM |
Trump Budget Based on $2 Trillion Math Error |
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cinnamonnhaze
Minneapolis, MN
53, joined Apr. 2014
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The orange orangutan is of course including some money for his IDIOT wall!!
The BBC just reported about chump ripping out the safety net from the most vulnerable.
Yeah, I'm sure he gives millions in donations. He's proven what a big heart he has.
I hope we get to see it explode.
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| 5/23/2017 8:33:40 PM |
Trump Budget Based on $2 Trillion Math Error |
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61falcon
New Hope, PA
76, joined Feb. 2008
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Fortunately it is the congress, from this moment on, that actually control the budget not the irrational president.Hopefully they will restore some sanity to it.
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| 5/23/2017 10:01:37 PM |
Trump Budget Based on $2 Trillion Math Error |
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lobo_corazon
Orleans, ON
48, joined May. 2008
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Are you being paid by the Trump administration?
÷
I don't get a personal check in mail.
But do reap the benefits from his decisions.
For example?
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| 5/23/2017 10:05:32 PM |
Trump Budget Based on $2 Trillion Math Error |
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lobo_corazon
Orleans, ON
48, joined May. 2008
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If we could see Dirty Donald's Tax Returns, we might know if he benefits financially by selling off the Uranium reserves, or if he is heavy in Defense contractors stocks
÷
He is a businessman,
Isn't America a business?
OH MY GOD NO! What on earth would give you the idea that a country is a business?
The key job of a government is to protect the rights and promote the welfare of the citizens. That isn't even on the radar screen for any business - Businesses exist only to make profit for the wealthy.
[Edited 5/23/2017 10:06:08 PM ]
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