« Reply #4253 on: Tue, 25 February 2025, 08:40:51 »
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"Starting in 2011, the deficits again started to shrink. During Obama’s term the deficit was reduced by $900 Billion before finally in 2015 the GOP managed to wrangle a “reconciliation” bill out of Obama where he again cut corporate taxes, as well as made permanent some of George W. Bush’s original tax cuts. This is the year everything reversed. Before this, under Clinton, Bush and Obama the deficit in almost every year was gradually decreasing. The balance we had of taxes and the economy was bringing the deficit down, the money coming in was slowly catching up with the money going out until 2015. Trump’s subsequent tax cut has continued the new trend even after the rest of Bush’s cuts have since expired. Obama had an average GDP of 2.3%, with 11.6 million jobs created and unemployment peaking at 10% in 2009, then falling to 4.3% in 2016. If we had continued on that downward deficit track, we would have again reached balance and another surplus in 2017-2018.
– Frank V Walton 2025-07-01
