Posted on 07/16/2019 10:00:43 AM PDT by DoodleDawg
The White House projects that the federal deficit will surpass $1 trillion this year, the only time in the nation's history the deficit has exceeded that level, excluding the four-year period following the Great Recession.
"The 2019 deficit has been revised to a projected $1.0 trillion," the White House Office of Management and Budget (OMB) wrote in its midyear review.
As a candidate, President Trump promised to wipe out not only the deficit but the entire federal debt, which has surpassed $22 trillion.
Republicans cast aside projections that their 2017 tax reform law would add $1.9 trillion to the deficit over a decade. Larry Kudlow, the top White House economic adviser, claimed just last week that the tax cuts were on track to pay for themselves.
(Excerpt) Read more at thehill.com ...
In before the snowflakes.
I care about the deficit.
At some point we will not be able to continue to spend tomorrows tax receipts today.
Nobody cares about revenue.
Even Obama didn’t care about his deficit he was racking up.
PRyno’s fault.
The deficit is the one thing I find lacking about the Trump administration.
But he is hardly at fault. The uni-party has had him focusing on rearranging deck chairs.
The deficit has become so big that it’s truly made us Too Big to Fail.
It’s like a game of musical chairs where everybody is afraid to be left without a chair if the music stops. So the music never stops.
From what I see they will be able to get away with this till far beyond the end of any of our lifetimes.
>>>Republicans cast aside projections that their 2017 tax reform law would add $1.9 trillion to the deficit over a decade. Larry Kudlow, the top White House economic adviser, claimed just last week that the tax cuts were on track to pay for themselves<<<
The Tax RATE Cuts have nothing to do with the Deficit. You don’t “pay for” Tax RATE Cuts. Tax Receipts have NOT gone down due to the Tax RATE Cuts, they have increased.
Paying for Tax Cuts is a Left Wing / Democrat talking point with no basis in fact. Kudlow should know better than to say something that feeds their Lie.
DC is planning to continue to inflate the debt away, just as they have been doing. Plan accordingly, and acquire material assets wherever possible.
From what I see they will be able to get away with this till far beyond the end of any of our lifetimes.
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Perhaps. The way I see it is that the USA will suffer a complete moral and social collapse much sooner than a financial one.
The former being far worse and more devastating.
Democrats care about the deficit only when a Republican is in the White House. Republicans care about the deficit only when a Democrat is in the White House.
It’s irresponsible but then many people in the US are irresponsible about their own finances and live in a world of debt ... so no surprise.
“The uni-party has had him focusing on rearranging deck chairs.”
Almost related, and one of the more enjoyable stories, Baker Charles John Joughin literally re-arranged deck chairs on the Titanic, and was the very last survivor to disembark. Yes, alcohol was involved.
https://en.wikipedia.org/wiki/Charles_Joughin
Nobody here really thought anything would be done about debt and overspending did they?
Not at the same rate as spending has. But even had discretionary spending held steady the deficit would still be increasing. We're not going to grow ourselves out of the deficit.
The creditors care about it. But the USG stopped publishing the M6 over a decade ago so the jokes on them.
Translation: If the money supply (M6) expands greater than the rate of inflation and inflation remains greater than the prime rate the national debt becomes easier to repay over time. But yeah, the deficit needs to come down to take advantage of this so, yes, cut government spending.
You mean the people who think you should say and do what you mean and not make promises you can’t (or never could or intended to) keep? Who in their right mind thought we would have a budget surplus -and even be totally out of debt? Smart people knew that was a crock. And if Trump really believed it he really didn’t understand DC. And if you believed it that that’s pretty sad. If he really didn’t believe it and he lied-well-I don’t much care for that either and neither should you.
Not really. I recognized that Trump's campaign promise was impossible when he made it. But I hadn't expected the deficit to climb as fast as it did.
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