WH: Massive National Debt ‘Comes from Not Raising the Revenues That We Need’ Through Taxes

[mystery-ak]

WH: Massive National Debt ‘Comes from Not Raising the Revenues That We Need’ Through Taxes

Ian Hanchett 19 Jan 2023

On Thursday’s broadcast of MSNBC’s “Katy Tur Reports,” White House Council of Economic Advisers member Jared Bernstein stated that we have a large national debt because there’s “a real reluctance to raise the revenues we need to meet our spending obligations.” And debt “comes from not raising the revenues that we need to meet our obligations.”

Host Katy Tur asked, “We had a balanced budget in the late ’90s. How are we now $31.4 trillion in debt?”

Bernstein responded, “Well, I think one of the things that’s hurt us is just a real reluctance to raise the revenues we need to meet our spending obligations. For years, Republicans in particular were just absolutely unwilling to entertain any revenue increases, especially at the high end of the scale, which is of course where President Biden has focused on raising the revenues we need to meet our spending obligations. In Bidenworld, we pay for our long-lasting programs and we do so by raising revenues at the very top of the scale, above 400,000. That means more tax fairness, it means more after-tax income equality, and it is a value of this President, it’s one of the reasons why we’ve achieved 1.7 trillion in deficit reduction since he’s been in office.”

He added, “The Trump tax cuts added almost 2 trillion to the deficit, Trump Republicans then went on to add another 2-plus trillion on the spending side, all while Republicans, including Kevin McCarthy, voted for three increases in the debt ceiling, all right? So, I think it’s a great question as to why now is different than then. As you’ve mentioned, the debt ceiling has been raised 78 times, I think 49 times with Republicans as president, the rest with Democrats, so that’s sort of a little hypocrisy there.”

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https://www.breitbart.com/clips/2023/01/19/wh-massive-national-debt-comes-from-not-raising-the-revenues-that-we-need-through-taxes/

[Wingnut]

Stop them before they spend again.

[Bigun]

WH: Massive National Debt ‘Comes from Not Raising the Revenues That We Need’ Through Taxes

Exactly 180 degrees from reality.

[Kamaji]

[mountaineer]

Clay Travis
@ClayTravis
Back in 2000 our national debt was just over $5 trillion after over 200 years as a nation. Since then we have added over $25 trillion in debt and we now owe over $31 trillion. How is this remotely sustainable? (Graphic via @wsj).

7:50 PM · Jan 20, 2023

[Hoodat]

No matter where you set the tax rates, government brings in around 19% of GDP.  It was that way in 1960 with a top rate of 91%.  It was that way in 1986 with a 28% top rate.  As long as government spending exceeds 19% of GDP, you are going to incur debt.

[Smokin Joe]

That hose has two ends.

It doesn't matter how much you pour in one end, if the other is wide open.

[Right_in_Virginia]

Chad Pergram
@ChadPergram

Schumer on debt limit: House Republicans have kicked off their new majority by saying yes to brinksmanship. Yes, the hostage taking and yes even to risking default, all because of draconian spending cuts pushed by the hard right.

Schumer: The House Republicans approach to the debt ceiling is dangerous, destabilizing, and the only thing it accomplishes is making a bipartisan solution less likely. If Republicans want to show that they can govern effectively, they're off to a pretty poor start.

Schumer: Republicans say they want spending cuts. Well, does that mean cuts to Social Security or Medicare or child care or Pell Grants or our military or pay raises for our troops or funding police and law enforcement?

Schumer: Many House Republicans are serious about cutting national defense in exchange for raising the debt ceiling. I hope they're not, but many seem to be. Or maybe they're pushing cuts to public health and nurses and hospitals.

5:29 PM · Jan 23, 2023

[Right_in_Virginia]

Chad Pergram
@ChadPergram

McConnell: Funding our federal government and providing for our armed forces before the very last minute basic duties like the appropriations process and the National Defense Authorization Act need more thoughtfulness, more bipartisanship, and more regular order.

McConnell: They must not be shoved into late December after the Senate Democrats waste literally months looking for ways to placate the radical left.

McConnell: The American people elected a bipartisan, divided government. The country voted to change Washington. So this chambers Democratic leadership's needs to change accordingly.

5:22 PM · Jan 23, 2023

[catfish1957]

Not wanting to scare everyone, but what we are facing is the biggest looming financial crisis in this nation's history as a major power.

Chart does not include the '21-'23 Biden disaster, so this is actually to degree understated.  The point is we are over 150% debt to GDP right now......  Unprecedented.  We had this as a national problem post depression/WW II.   BUT, and this can not be over emphasiszed...

Post WW II USA unleashed an industrial machine that fed an economic engine never seen in history. We thrived as an economic super power.  2020's onward?  We are a Service Economy that is being strangled by regulation, taxation, and irresponsible government.  Trying to ramp up taxes under these conditions is exactly like trying to quench a fire with gasoline.

[ChemEngrMBA]

WH: Massive National Debt ‘Comes from Not Raising the Revenues That We Need’ Through Taxes

Ian Hanchett 19 Jan 2023

On Thursday’s broadcast of MSNBC’s “Katy Tur Reports,” White House Council of Economic Advisers member Jared Bernstein stated that we have a large national debt because there’s “a real reluctance to raise the revenues we need to meet our spending obligations.” And debt “comes from not raising the revenues that we need to meet our obligations.”

Host Katy Tur asked, “We had a balanced budget in the late ’90s. How are we now $31.4 trillion in debt?”
For years, Republicans in particular were just absolutely unwilling to entertain any revenue increases, especially at the high end of the scale, which is of course where President Biden has focused on raising the revenues we need to meet our spending obligations.

"Spending obligations" is a perversion of common sense and the Constitution.
Ninety percent of federal spending is unconstitutional, says economist Walter Williams.

[Idiot]

I'm not sure what everyone is worried about.  Just print more money. 

[Hoodat]

Just think of how much revenue they will raise if they increase the tax rate to 100%.

[bilo]

No matter where you set the tax rates, government brings in around 19% of GDP.  It was that way in 1960 with a top rate of 91%.  It was that way in 1986 with a 28% top rate.  As long as government spending exceeds 19% of GDP, you are going to incur debt.

I was just going to post the same thing!

The answer to the problem of deficits is simple, but finding the will to do it is hard. The answer is promote policies that grow the GDP and reduce spending, over time the 19% of a larger GDP will surpass spending.

[Kamaji]

Just think of how much revenue they will raise if they increase the tax rate to 100%.

Amateur!

Raise it to 200%!

[DefiantMassRINO]

They could spend even more if they raised the tax rate to 150% ... for the children.