Opinion: 2020 Democrats have all the wrong ideas for the budget - PressFrom - US
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Opinion2020 Democrats have all the wrong ideas for the budget

04:00  16 july  2019
04:00  16 july  2019 Source:   washingtonexaminer.com

Pelosi rejects short-term debt ceiling hike as budget talks extend

Pelosi rejects short-term debt ceiling hike as budget talks extend Her move comes as she continues talks on a broader budget deal with Treasury Secretary Steven Mnuchin. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); After days of hashing out their positions over the phone, Pelosi (D-Calif.) and Mnuchin spoke again Monday night, with plans to talk on Tuesday, according to a Pelosi aide.

WASHINGTON — For Democrats , the victories, near wins and stinging losses on Tuesday have intensified a debate in the party about how to retake the White House, with moderates arguing they must find a candidate who can appeal to President Trump’s supporters and historically Republican

Democratic presidential candidates appear to have painted themselves into a corner - abandoning their giant moderate base in order to 'out-left' each other Telling a majority of voters you're all wrong has to be one of the dumbest strategies I've ever encountered. If this is the message Democrats have for

2020 Democrats have all the wrong ideas for the budget© Provided by MediaDC: Washington Newspaper Publishing Company, Inc.

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN or Microsoft.

It’s no secret that the two dozen or so 2020 Democratic presidential candidates are promising a slew of new and expanded government programs that are often “universal” and “free.” Americans should be skeptical when they hear these buzzwords, which are code for “rationed” and “expensive” when Democratic presidential candidates talk about "Medicare for all," the so-called Green New Deal, and free college.

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The 2020 election Democratic field is taking shape, with candidates revealing their intentions on a seemingly everyday basis. Here's a look at the 24 Democrats who have thrown their hats into the ring and announced a campaign. For the latest 2020 election news, check out CNN's full coverage.

The 2020 race is tightening. Rex/Shutterstock (4). In the wake of the first Democratic debates in Miami, it’s clear that the 2020 nominating contest will be just that — a contest — with a talented trio of Elizabeth Warren, Kamala Harris and Bernie Sanders challenging a humbled Joe Biden for the

Democratic presidential candidates will list their new proposals without any pay-for aside from “taxing the 1 percent,” then proceed in the same breath to criticize Republicans for growing the deficit by way of tax cuts. That’s right, 2020 Democrats have the audacity to blame the federal government’s ballooning deficit on the notion of middle-class Americans getting $1,000 on average in tax breaks thanks to the Tax Cuts and Jobs Act of 2017. Not only do Democrats have it wrong on the primary drivers of the deficit, but their argument that Republicans have caused the deficit by cutting taxes is made completely in bad faith.

This week, the Treasury Department reported that the deficit has increased by 23% during the current fiscal year to a burgeoning $747.1 billion, and the fiscal year isn’t even over. But in the same period, federal tax revenue increased 2.7%, while spending grew by 6.6%. That’s right, even with tax cuts, federal tax revenue has grown, while spending continues to grow at a startling rate.

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Call them the announcements that weren’t. Over the past two days, Michael R. Bloomberg, the former New York City mayor; Eric H. Holder Jr., the former United States attorney general; and Senator Jeff Merkley of Oregon officially declared … drumroll

Clearly, the federal government doesn’t have a revenue problem; it has a spending problem.

According to the Congressional Budget Office, federal tax revenues will reach nearly 20% of GDP by 2049. However, because spending growth is expected to far outpace revenues, the deficit will grow to nearly 9% of GDP by the end of the 30-year window reviewed by the CBO, which will crowd out private investment and hamper economic growth, and our debt-to-GDP ratio will hit 144%. Greece began experiencing severe economic problems when its debt-to-GDP ratio exceeded 100%.

Sadly, the grim outlook heralded by the CBO is a best-case scenario. Should the U.S. economy enter a recession, which is, of course, likely at some point with the natural fluctuation of the economy, the deficit and the debt will grow even higher.

But Democrats still think we aren’t taxed enough, nor is the government spending enough. Mandatory spending in the form of entitlement programs, as well as interest on the publicly held debt, are the two primary drivers of our ballooning deficit, yet 2020 Democrats want to expand entitlement programs and raise taxes, regardless of the long-term outlook.

Debt Limit Deal Hinges on Pelosi Review of Spending Cut Options

Debt Limit Deal Hinges on Pelosi Review of Spending Cut Options The White House late Thursday sent House Speaker Nancy Pelosi a proposed list of spending cuts to give her options for a budget agreement that she wants to include in a deal to raise the debt ceiling, according to two people familiar with the proposal. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); The Trump administration is giving Democrats a menu of savings equaling at least $574 billion to offset the costs of a two-year budget cap agreement.

From the very first day of the 2020 presidential race, when Senator Elizabeth Warren of Massachusetts blamed “ generations of discrimination ” for black families earning far less than white households, Democratic hopefuls have broadly emphasized racial justice and closing the wealth gap in their

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Just a slight change in interest rates, such as during a recession, would have a severe impact on long-term fiscal sustainability by pushing the deficit and debt even higher. Lower interest rates would also lead to reduced investment as more Americans buy treasury bonds in an attempt to salvage their savings, resulting in economic contraction. At the same time, low economic growth would see tax revenue decline, further increasing the deficit. It’s a vicious cycle that is lurking just around the corner so long as entitlement spending and interest on the debt are left unaddressed. But Democrats, and unfortunately many Republicans, don’t seem to care.

For all the 2020 Democratic candidates’ talk of raising corporate and top marginal tax rates, the history of federal tax revenue tells us this would be an exercise in futility. Even during the mid-20th century, when the top marginal income tax rate was 96%, federal tax receipts never eclipsed 20% of GDP. If we’re on course for revenue that nears 20% of GDP with low taxes, I don’t think Americans see the need for a left-of-Bernie Sanders tax hike.

Emerging budget deal likely to include few or no actual spending cuts, while lifting debt limit for two years

Emerging budget deal likely to include few or no actual spending cuts, while lifting debt limit for two years The agreement appeared likely to mark a retreat for White House officials who had demanded major spending cuts in exchange for a new budget deal. But the process remained in limbo while negotiators awaited final approval late Sunday from President Trump. The pending deal would seek to extend the debt ceiling and set new spending levels for two years, ratcheting back the budget brinkmanship that led to a record-long government shutdown earlier this year.

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For Democrats vying to unseat President Trump, acknowledging climate change is easy. Deciding what to do about it is the hard part. Among the 18 declared candidates , there is no broad consensus on taxing polluters on their carbon emissions — a measure most experts say is needed to slow global

But what if rather than ignoring the deficit crisis, we just came out and said it wasn’t a problem altogether? That’s what proponents of modern monetary theory are saying when they advocate for controlling our budget by printing more money. Rising stars among House Democrats who suggest something so outlandish as modern monetary theory might want to take a prolonged vacation to Venezuela rather than read a Voxplainer on the issue.

Not only are Democrats lying about the current state of the economy, the fact that they are proposing massive increases in spending demonstrates their profound ignorance of why we are saddled with a looming fiscal sustainability crisis. Interest on the debt and out-of-control spending are the primary drivers of a ballooning budget deficit, not widespread tax cuts for hard-working people. There’s no remedy for the deficit crisis other than to get our fiscal house in order by addressing the primary source of the problem.

This starts with acknowledging what is to blame: spending. So far, none of the 2020 Democratic presidential candidates have done just that. Will they? Don’t hold your breath.

Adam Brandon (@adam_brandon) is a contributor to the Washington Examiner's Beltway Confidential blog. He is president and CEO of FreedomWorks.

Conservatives balk at proposed debt limit, budget deal.
House Republicans won’t vote for a proposed bipartisan deal to suspend the nation’s borrowing limit until 2021 and raise spending caps by $320 billion over two years, a top GOP lawmaker said Monday. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); “I have communicated consistently there will be a large number of conservatives in the House who will not be able to vote for the deal, if these are indeed the terms,” Rep. Mike Johnson, R-La.

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