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Orange Blooded [3389]
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Joined: 10/22/07
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MAGA
Sep 11, 2018, 1:13 PM
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http://thehill.com/policy/finance/406040-federal-deficit-soars-32-percent-to-895b
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The federal deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of $222 billion, or 32 percent, over the same period the previous year, according to the Congressional Budget Office (CBO).
The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added.
Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.
The August statistics were somewhat inflated, however, due to a timing shift for certain payments, putting the deficit measure through August slightly out of sync with the previous year, the CBO noted. Had it not been for the timing shift, the deficit would have increased $154 billion instead of $222 billion.
Earlier analysis from CBO projected that deficits would near $1 trillion in 2019 and surpass that amount the following year.
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Oculus Spirit [97717]
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Joined: 7/13/02
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I just love what's NOT reported.
Sep 11, 2018, 1:25 PM
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Federal government spend an additional $140 billion paying just the interest on our national debt since the fed made that massive move on the federal lending rate from 1.75 to 2.25%. Same time period. Left completely out of your post. We went from $300 billion spent to well over $400 billion since Trump took office. Now calculate this moderate economic improvement out at a consistent level and it doesn't take long to see a big problem.
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Legend [15749]
TigerPulse: 100%
Posts: 17371
Joined: 2/1/99
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Bottom line, we remain undisciplined in spending,
Sep 11, 2018, 2:03 PM
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and until that’s fixed, we’re screwed.
Every year we kick the can increases the pain of the fix.
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Oculus Spirit [97717]
TigerPulse: 100%
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Joined: 7/13/02
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Just love how our debt is ignored when the metrics
Sep 11, 2018, 2:09 PM
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of economic improvement spell disaster for our government.
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110%er [6101]
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Joined: 11/1/11
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Legend [15749]
TigerPulse: 100%
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Joined: 2/1/99
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No, I’m pretty sure that’s the bottom line.
Sep 11, 2018, 5:15 PM
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Yep...yeeeeep...the federal government spends more than it brings in.
There’s the line. Right at the bottom.
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Legend [15492]
TigerPulse: 100%
Posts: 18413
Joined: 12/10/14
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Re: MAGA
Sep 11, 2018, 1:39 PM
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Budget shmudet... Trump's in office, 401k's doing good. 1% have seen huge tax windfalls, corporations engaged in massive stock by backs...
This is Republican heaven.
Not to worry, grandkids will pay it all off, whooopeee!
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110%er [6101]
TigerPulse: 85%
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Joined: 11/1/11
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The fiscal genius setting is all straight.***
Sep 11, 2018, 2:36 PM
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Oculus Spirit [93668]
TigerPulse: 100%
Posts: 95419
Joined: 12/25/09
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We should immediately start printing money again.
Sep 11, 2018, 1:56 PM
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If we print 20 Trillion this time instead of pecking around the edges a trillion at a time we can finish this by putting ourselves out of our misery quickly and painlessly. File bankruptcy and split into five countries.
To hail with it, nobody is happy now. The NE could be one with the SE, Mid West, North West, Cal and just give AZ and NM back to mexico and those who want a wall can build it themselves. Those who don't can run their own government however they please.
J/k, we need to start reducing gov spending starting by ending our efforts to control and defend the free world with military power. We are the world's bank. As long as they don't have to defend themselves we will continue to struggle against their economies and our deficit spending.
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Oculus Spirit [97717]
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Joined: 7/13/02
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Regarding your "solution"
Sep 11, 2018, 2:20 PM
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The interest payment on our debt is already 2/3 the entire cost of defense. We only spend $600 billion on defense. We spend more on Social Security. And more again on Medicaid/care. Over half are spent on those two entitlements alone. Next is defense. Next is interest on our debt. Then that leaves about 1/3 to spend on all the other crap.
Cut defense spending to zero, and aside from us being invaded, we still won't balance our budget, much less pay off any debt.
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Hall of Famer [24767]
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"Spend more on S.S."...? I always thought that was deducted
Sep 11, 2018, 7:19 PM
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from the paycheck. Where did it actually go? Geez... these "entitlements".
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110%er [6101]
TigerPulse: 85%
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Joined: 11/1/11
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Re: We should immediately start printing money again.
Sep 11, 2018, 2:38 PM
[ in reply to We should immediately start printing money again. ] |
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Gotta love how a private bank prints money for us, then charges us interest on it, when we could print it ourselves.
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Oculus Spirit [83116]
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Joined: 11/29/99
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Where’s xtiger and bengaline who used to cry about the debt
Sep 11, 2018, 5:31 PM
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everyday under Barry?
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Oculus Spirit [83116]
TigerPulse: 100%
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Joined: 11/29/99
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Need some people with courage now to start talking about
Sep 11, 2018, 5:37 PM
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capping Medicare, Medicaid, defense, and raising the SS age again.
Also, put into effect the FMAW Law. At age 80, you get free marlboros and whiskey. If you aren’t dead by 85, the govt. kills you.
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Legend [19944]
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Joined: 9/23/07
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It's pronounced "Eff 'em awl"***
Sep 11, 2018, 8:26 PM
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