Call for Peace

بسم اللہ الرحمٰن الرحیم

 

In the Name of Allah,

the Most Gracious, and the Most Merciful

Politics

United States of America

 

 

  

History USA

Budget Surplus or Deficit

 

 

Brothers and
Sisters!    

 

Assalam o Alleyykum

    [Peace be Upon You]

Brothers and Sisters! The Politics of the United States of America is based on Democracy. There are two main Political Parties: 

·                
Republican

 

·                   Democrat

 

Republican Party

 

Brothers and Sisters! The Republican Party has a Capitalist Mentality i.e. increase GDP of the USA by enhancing the production of Goods and Services and earn high profits. In other words the Republican Party is Party of the Rich People. When Republican Party is in power, it reduces the tax rates for the Rich People’s sources of earned and unearned income.

 

Democrats

 

Brothers and Sisters! Democrat Party has Liberal mentality. It believes in Equal Distribution of Wealth. When Democrat Party is in power it increase the level of untaxable income and increase the rate of for the Rich People.

 

History of Surplus and Deficit

Brothers and Sisters! The history of Budget Deficit and Surplus is as follows since President Ronald Regan (Republican)

 

President H W Bush – Republican

 

Brothers and Sisters! President H W Bush (Republican) (20 January 1989 – 20 January 1993) inherited Budget Deficit from President Regan as per Google internet:

 

After a year and a half in office, Bush decided to address the long-postponed deficit
problem that he had inherited.

 

President Bill Clinton – Democrat

 

Brothers and Sisters! President Bill Clinton (January 20, 1993 – January 20, 2001$287) inherited Budget deficit of $290 Billion as per Google internet:

 

Clinton inherited major budget deficits left over from the Reagan and Bush administrations; fiscal year 1992 had seen a $290 billion deficit. In order to cut the deficit, Bentsen, Panetta, and Rubin urged Clinton to pursue both tax increases and spending cuts.

 

Brothers and Sisters! President Bill Clinton let Surplus of $237 Billion as per Google internet:

 

Clinton’s second term also saw the first federal budget surpluses since the 1960s. Clinton’s budget surplus was reversed by the overspending of George W. Bush, which led to the current $33 trillion in national debt.

 

President G W Bush – Republican

 

Brothers and Sisters! President G W Bush (20 January 2001 to 20 January 2009) Budget Surplus of $237 Billion.

 

In short, President Bush came into office with the budget projected to produce surpluses of $5.6 trillion over ten years (2002-2011) if he simply maintained its course. But he changed course dramatically, and when President Obama took office, that course had the budget headed toward deficits of $10.6 trillion over ten years (2010-2019).   

 

President Barrack Hussain Obama – Democrat

 

Brothers and Sisters! President Barrack Hussain Obama (20 January 2009 to 20 January 2017) inherited Budget
Deficit of $1.2 trillion as per Google network.

 

 

President Barack Obama’s tax, spending and deficit legacy has long been subject to intense debate. Many liberals portray a president who inherited a daunting $1.2 trillion budget deficit and eventually cut it in half, despite a sluggish economy. They assert that he responsibly raised tax rates on upper-income Americans, expanded health care spending and trimmed the defence budget.

 

Brothers and Sisters! Barrack Hussain Obama left Budget Deficit of $7.8 Trillion as per Google network:

 

Using Treasury Department data, the total public debt, which includes intragovernmental holdings and public debt, increased by approximately $7.8 trillion from the start of Trump’s presidency on Jan. 20, 2017, to when he left office on Jan. 19, 2021. Under Obama, however,
the public debt increased by about $9.3 trillion from when he was inaugurated on Jan. 20, 2009, to when he left office on Jan. 19, 2017.

 

President Donald J Trump – Republican

 

Brothers and Sisters! President Donald J Trump (20 January 2014 to 20 January 2021 inherited budget Deficit of
£ 7.8 trillion from President Obama administration.

 

Brothers and Sisters! President Donald J Trump left Budget Deficit of $27.75 as per google network:

 

Weeks later, COVID-19 erupted and made the financial situation far worse. As of Dec. 31, 2020, the national debt had jumped to $27.75 trillion, up 39% from $19.95 trillion when Trump was sworn in.

 

President Joseph Biden – Democrat

 

Brothers and Sisters! President Joseph Biden (20 January 2021 to date) inherited accumulative Budget Deficit $
as per Google network: $27.75 accumulative which now stands on 03 August 2024 over $35 Trillion

 

CONCLUSION

 

Brothers and Sisters! In short the History of the Budget Deficit and Surplus clearly show that the budget
deficit has been increased by the Republican Party.

 

·      President Ronald Regan and President H W Bush left Budget Deficit when they left office.

 

·      President Bill Clinton was inherited budget Deficit but when he left the Budget Surplus was $238 Billion.

 

·      President G W Bush turned the Budget Surplus in to Budget Deficit.

 

·      President Barrack Hussain Obama wanted to reduce the Budget Deficit by increasing the taxes on the Rich People. But          since year 2010 Republican had majority in both houses: Senate and Congress so he could increase taxes upon rich people.

 

·      President Donald J Trump reduced the top tax rate that benefitted the rich people.

 

Congress without Democratic votes. It reduced tax rates for businesses and individuals, with business tax cuts to be permanent and individual tax cuts set to expire after 2025, and set the penalty associated with the Affordable Care Act‘s individual mandate to $0. The Trump administration claimed that the act would not decrease government revenue, but 2018 revenues
were 7.6 percent lower than projected. 

Despite a campaign promise to eliminate the national debt
in eight years, Trump approved large increases in government spending and the
2017 tax cut. As a result, the federal budget deficit increased by almost 50
percent, to nearly $1 trillion in 2019. Under Trump, the U.S.
national debt increased by 39 percent, reaching $27.75 trillion by the end of his term, and the
U.S. debt-to-GDP
ratio hit a post-World War II high. Trump also failed to deliver
the $1 trillion infrastructure spending plan on which he had campaigned.

Brothers and Sisters! It is apparently clear that unless and until everyone pays his fair share to the Treasury there shall not be Equal Distribution of Wealth and there will be only two sects and there will be little Middle Class:

 

·      
Rich 

·      
Poor

Brothers and Sisters! In the forthcoming Election 2024 if the American People want Equal Distribution of Wealth, then they ought to vote for Democrats who devise the policies to enhance economic growth and end up in lower Budget Deficit or Surplus. Moreover, Democrats must have enough majority in both hoses: Senate and Congress because only then they can increase the higher tax rates.

 

Wass’a’lam

 

Naseer Aziz

 

Principal Call for Peace