has market ever been hotter?

[Descant]

I agree with Joey, more from an overview than personal experience. BUT, personal experience, the increased standard deduction was a better deal by several thousand dollars than collecting all those receipts and I benefited. Like many, my income has been erratic in the last couple of years, but overall, I have benefited significantly from improved economic conditions. As a retiree, I'm pleased to see the Dow go from 18000 to 28000 in last four years.
This may not be accurate, but it makes me worry very little: If I earn $100,000 and have $25,000 in debt, that is acceptable. If I increase my debt by $3 trillion, but I increase the GDP by $4X, that may still be acceptable. (National) Debt is only significant as it relates to income. A stand alone number means little to me.

[FlyingScot]

Originally Posted by Descant

(National) Debt is only significant as it relates to income. A stand alone number means little to me.

Good point! Unfortunately, national debt as a percent of GDP is also climbing, and it's expected to go much higher. Some said that these tax cuts would pay for themselves, but that has not happened

[Descant]

Originally Posted by FlyingScot

Good point! Unfortunately, national debt as a percent of GDP is also climbing, and it's expected to go much higher. Some said that these tax cuts would pay for themselves, but that has not happened

It's a slow process. If we did not ave the Covid interruption, I think the analysis would be more what was expected when the cuts were implemented. Any further comment would border on political, so , 'nuff said.

[FlyingScot]

Originally Posted by Descant

It's a slow process. If we did not ave the Covid interruption, I think the analysis would be more what was expected when the cuts were implemented. Any further comment would border on political, so , 'nuff said.

I wish you'd look at the numbers you directed the rest of us to check. In 2016, the year before the tax cut, the deficit was 3.1% of GDP. In 2017 we went to 3.4%. In 2018, 3.8%. In 2019, 4.6%. We were expected to be 4.8% before COVID-19 hit. So basically our ratio climb 55% (4.8/3.1) pre COVID-19.

I used annual deficit instead of total debt because it's the current budget that we have responsibility for, but the total debt to GDP numbers show exactly the same thing.

[Descant]

Originally Posted by FlyingScot

I wish you'd look at the numbers you directed the rest of us to check. In 2016, the year before the tax cut, the deficit was 3.1% of GDP. In 2017 we went to 3.4%. In 2018, 3.8%. In 2019, 4.6%. We were expected to be 4.8% before COVID-19 hit. So basically our ratio climb 55% (4.8/3.1) pre COVID-19.

I used annual deficit instead of total debt because it's the current budget that we have responsibility for, but the total debt to GDP numbers show exactly the same thing.

Thanks for that info. Probalbly clsoer to accurate than my guesstimate. From my perspective, I am so much better off this year than I was in 2015, facts are hard to accept.
Apologies, but political statement follows: I'm supporting the party who will leave me alone.

[thinkxingu]

Originally Posted by Descant

Thanks for that info. Probalbly clsoer to accurate than my guesstimate. From my perspective, I am so much better off this year than I was in 2015, facts are hard to accept.
Apologies, but political statement follows: I'm supporting the party who will leave me alone.

I've mentioned this before, but I can't help but think this forum has a sizeable amount of sample and confirmation bias. The most active posters, including myself, are people who are doing well in general. We own boats, jetskis, and other watercraft—toys typically purchased after needs are taken care of—and many own second homes. Quite a few here own multiple of both.

That's not the American norm at all. And, in less than ten years—as 06JuicedGTO recently echoed—that dream for many has sailed.

For the sizeable portion of America—my children included—it will undoubtedly be harder to achieve what we have achieved without a systemic change or a leg-up from family. I would never have been able to be where I am in today's system.

I'm voting for the party that lends a hand to those sinking rather than watch them drown, because I was a struggling swimmer once myself.

Sent from my SM-G950U using Winnipesaukee Forum mobile app