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Federal deficit unexpectedly set to double this year
Axios ^ | Neil Irwin ,

Posted on 09/06/2023 5:59:04 AM PDT by Red Badger

The federal deficit is expected to nearly double this year, from about $1 trillion last year to $2 trillion for the fiscal year ending Sept. 30

Why it matters: There's no precedent for deficits this large, as a share of the economy — outside war, deep recession or pandemic.

The WashPost's Jeff Stein reported Sunday on the stunning projected figure from the Committee for a Responsible Federal Budget. Between the lines: Such huge spending imbalances contribute to high interest rates for consumers — including mortgages — in the short run.

In the long run, it means interest costs will likely squeeze all other federal priorities. What's happening: Bigger interest payments + lower tax receipts, despite strong economic growth.

"A strong economy usually reduces the deficit. Not this time," Stein writes. Reality check: The annual deficit was even higher — $2.8 trillion — in 2021, amid record COVID spending, according to the Congressional Budget Office.

Go deeper: White House urges Congress to avoid shutdown with short-term funding bill


TOPICS: Business/Economy; Government; History; Politics
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To: cgbg

We do know they are all lying, regardless of party, in the real world you can’t fix this situation we are in unless everyone pays more and that includes the very wealthy and even if it’s $1 more, the poor, but the average person has seen their jobs exported, the price of everything skyrocket, to the point they can barely afford to live.

If you want to create real social unrest, keep making the rich richer and the poor poorer until they have nothing left to lose.

It’s not the truly wealthy that are hurting, it’s the average person, Biden is asking for Billions more for Ukraine and tying it to Maui assistance, that is an abomination to equate the two.


61 posted on 09/06/2023 10:21:09 AM PDT by srmanuel ( that )
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To: Red Badger

Last election they hauled out Mondale’s phony deficit issue again.


62 posted on 09/06/2023 12:10:36 PM PDT by Luke21
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To: Red Badger

It can only be unexpected if you thought it was going to triple or quadruple.


63 posted on 09/06/2023 12:13:02 PM PDT by Scott from the Left Coast (“We should not assume civilization is robust”)
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To: srmanuel

was..

you think they won’t hide it? is 50+% not enough for you?


64 posted on 09/06/2023 4:05:31 PM PDT by cableguymn
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To: srmanuel

EVERYONE needs to be paying taxes..

otherwise they will vote for the guy that gives them other people’s tax money.

like we have going on now.

There is TONS of places to cut, we can start with countries that hate his. I have it on good authority they will hate is for free.


65 posted on 09/06/2023 4:07:35 PM PDT by cableguymn
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To: cgbg

The notion that Congress would close those loopholes to any significant degree is laughable on its face.


Bingo. They use those loopholes themselves.


66 posted on 09/06/2023 4:08:38 PM PDT by cableguymn
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To: cableguymn

Ever heard of the carried interest loophole ??

Definition of the loophole

https://ourfinancialsecurity.org/2021/10/close-the-carried-interest-loophole-that-is-a-tax-dodge-for-super-rich-private-equity-executives/

Everyone does need to pay taxes and almost everyone is in one form or another things like federal gas taxes, etc. the notion that some people don’t pay taxes is incorrect, they may pay very little income taxes but overall everyone pays something

A couple of facts I think are true

We have a massively growing federal deficit which is causing huge problems

You need more revenue and lower spending realistically nothing will happen but probably won’t

The truly wealthy can and should pay more

The large and growing wealth inequality in the country will eventually lead to social unrest

During Covid a huge number of new billionaires were created, compared to average citizens who were crushed


67 posted on 09/06/2023 9:58:26 PM PDT by srmanuel ( that )
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To: srmanuel
The truly wealthy can and should pay more

What percent of their earned income would you suggest?

68 posted on 09/06/2023 10:01:36 PM PDT by going hot (Happiness is a Momma Deuce)
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To: going hot

Something more than they are paying now, I could flip the question around, is it right for the wealthy to accelerate their wealth while average Americans get poorer

Also define wealthy to me is it $200,000 per year, 1 million per year or something much higher

Was it right for the truly wealthy to greatly increase during Covid but average Americans to get crushed

The point is this country is in a financial mess we need to curtail spending and raise income, everyone needs to be part of the solution

Honestly I am not hopeful anything will happen but I’m arguing what I think should happen


69 posted on 09/06/2023 10:28:24 PM PDT by srmanuel ( that )
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To: srmanuel
Something more than they are paying now, I could flip the question around, is it right for the wealthy to accelerate their wealth while average Americans get poorer

How do you know how much they are paying?

For example, at 150K annual, a "rich person" if self emplyed, in CA, pays 15.2% fica, graduated federal income from 22-to 36 on the final bucks, 10 % state for TOTAL OF OVER 50%, so this is fair, or they should pay more than 50 per cent of their income annually for the fed to waste away on their bullshit?

Do you know actually how much a "rich person" per your definition pays? Or is it simply a number that is not enough because they have too much money?

Also define wealthy to me is it $200,000 per year, 1 million per year or something much higher

Intresting that you have a amount in your head, of what a wealthy person is, and therefore they should pay more than they are paying.

Was it right for the truly wealthy to greatly increase during Covid but average Americans to get crushed

Is it right or wrong for a person to attempt to increase their holdings, any time, provided it is done in a legal manner,in a capitalistic society? Or should they simply take what they see, if they can? What the heck is wrong with making a buck, any time, regardless if others are better off or worse off, provided you are not the one making them worse off by nefarious deeds of bad business practice?

The point is this country is in a financial mess we need to curtail spending and raise income, everyone needs to be part of the solution.

Hyperbolic bullshit solves nothing.

yes, we need to curtail spending, the primary disorder of this government, but voters like to vote themselves stuff, screw everybody else. See the resemblance?

We do need to raise income, and the way to do that is to allow free enterprise, and those who are able and wish to work hard,be creative, invent stuff and generally persevere, get to keep their earnings, just as those who do not work as hard, and do not set their goals as high. Those that work harder should not be punished for their production by those that work less industriously.

Honestly I am not hopeful anything will happen but I’m arguing what I think should happen.

You might wish to read up on Francisco's "money" speech in atlas shrugged.

Then ask yourself what is the difference between society from the beginning of civilization until and up to the creation of the USA.

Just what exactly is it that makes this country great, and the envy of the whole world.

70 posted on 09/06/2023 11:02:13 PM PDT by going hot (Happiness is a Momma Deuce)
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To: going hot

All that text book answer would be true if we weren’t closing in on 30 trillion in debt with one trillion in interest payments every year into perpetuity we have to get our fiscal house in order, I’m not optimistic

We do need more free enterprise, we need less government spending but we also need more revenue and that means more taxes from the very wealthy

If we keep going we will have nothing left but poverty and the wealthy and that leads to social unrest

BTW, I’ve read Atlas Shrugged 3 times


71 posted on 09/06/2023 11:12:32 PM PDT by srmanuel ( that )
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To: srmanuel
Being well read is a plus.

Surely you are aware that if you confiscated 100 percent of the wealth of the top 5 percent of the wealthy you could run the govt for a couple months,then poof,no more money?

increasing taxes on a segment of the population to pay for increased spending is never the answer,but it is definitely the reason we are here,now.

raising taxes on the rich is a rat ploy,as well as numerous rinos. Any tax raised on ANYONE is merely a tax on the average consumer who ends up paying for the increase. Raise my taxes,i raise my fees to compensate.every business does this.so who ends up supporting the increase?same argument goes for min wage,and forced tips,andother fees placed on the wealthy or business owner. It gets paased on as increased cost,every effin time. Yet people still clamor for raising tax on the rich,yeah those geys,screw them,not us,right? Better get a second job,to pay for that tax hike on the rich that you support.

72 posted on 09/06/2023 11:35:34 PM PDT by going hot (Happiness is a Momma Deuce)
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To: going hot

I’m not totally disagreeing with you and I’m pessimistic the politicians on both sides of the aisle will do anything to resolve our current problems

I’m coming from the point of view that our fiscal problems are out of control and getting worse and it’s crushing average Americans thru inflation and sharply higher interest rates

We do need more free enterprise, how much better would Americans be if gas was $2/gallon instead of $4 or more

It’s not right that Americans who need their social security benefits are taxed on those benefits when social security was a tax to begin with

We desperately need less government but we also need revenue, the biggest problem with higher taxes is instead of using the taxes to shore up the financial situation of the government the politicians in both parties would spend the money

30 trillion in debt and over 1 tillion in annual interest payments with both numbers showing no sign of slowing down is not sustainable

Everything needs to be on the table but I’m not optimistic


73 posted on 09/07/2023 12:28:06 AM PDT by srmanuel ( that )
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To: srmanuel
Good morning,

I’m not totally disagreeing with you and I’m pessimistic the politicians on both sides of the aisle will do anything to resolve our current problems

They will never change from a position of comfort. They need to be make uncomfortable or replaced. Do you know anyone that would accomplish that? If so, help them.

I’m coming from the point of view that our fiscal problems are out of control and getting worse and it’s crushing average Americans thru inflation and sharply higher interest rates.

Totally agreed. Don't forget also there is the projected 17 million (six zeros) illegal immigrants, industry crushing regulations, fees, taxes, and decrees.

Then there is the character and soul crushing of perverts controlling the education from kindergarten to college and into the very sec of ed. Then there is the literal sellout of US interests by non other than the CIC of the USA.

Know anybody that can do something about it? help them.

We do need more free enterprise, how much better would Americans be if gas was $2/gallon instead of $4 or more

Was tried and put into place in 2016, the result was literally the hottest economy ever, with all measurement devices and all standards able to see tremendous growth and prosperity.

It was taken from the USA by the very moochers and destroyers we have in place currently. Out of spite? Out of hate? Out of pure power and the need to bathe in it?Out of wishing to destroty this country and everything it stands for just to be fair to the rest of the world?

Do you know anyone they fear, anyone they loathe, anyone who may be able to put together the means to disban and for once tab them in the heart? if you do, help them.

It’s not right that Americans who need their social security benefits are taxed on those benefits when social security was a tax to begin with

It was another means to collect more revenue. You see, they needed it to pay for moochers and takers. (ahem) their programs for those of us who are less fortunate, you see.

We desperately need less government but we also need revenue, the biggest problem with higher taxes is instead of using the taxes to shore up the financial situation of the government the politicians in both parties would spend the money.

With the latter in mind, you think the former is going to help? Sucking more money out of the citizenry to apply to the fed gov will solve this, will lift us out of this quagmire? Really?

30 trillion in debt and over 1 trillion in annual interest payments with both numbers showing no sign of slowing down is not sustainable

Not only unsustainable, but planned, in many areas, exactly for the result predicted.

Everything needs to be on the table but I’m not optimistic

heads need to be on the table, minus bodies. That's the way you do it (ala money for nothing and chicks for free/Dire straits)

74 posted on 09/07/2023 8:23:46 AM PDT by going hot (Happiness is a Momma Deuce)
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To: srmanuel

You sound like a liberal

Good luck with your tax the rich plan.


75 posted on 09/07/2023 8:42:41 AM PDT by cableguymn
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To: cableguymn

You should watch Steve Bannon’s War Room, he’s advocating the same thing and is a member of Trump’s inner circle I never knew he was a liberal


76 posted on 09/07/2023 8:45:22 AM PDT by srmanuel ( that )
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To: srmanuel

The problem is too much idle wealth, people with wealth who did nothing to earn it, nor appreciate how that wealth was created in the first place.

These are the kind of people who give money to causes like Black Lives Matter, Inc.


77 posted on 09/07/2023 8:46:24 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: dfwgator

Instead of raising taxes on the wealthy I would trade that for restructuring the tax code to incentivize the wealthy and corporations to manufacture in this country combined with selective tariffs.

All the Walmart Heirs have become insanely wealthy from selling Chinese junk, yes we might pay more for some things but more Americans with good jobs would be worth the price

Bill Gates is on video talking about his 20 to 1 investment returns on his vaccine investments, the use of charitable foundations by people like Bill Gates and Warren Buffet is one of the biggest tax scams of alll time

All those 20-1 gains Gates was bragging about were made tax free in fact Gates got major tax deductions over the donations to his foundation


78 posted on 09/07/2023 8:57:41 AM PDT by srmanuel ( that )
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To: srmanuel

The problem is, every time something is passed with the intention of “soaking the rich”, it’s the middle class that ends up paying for it.


79 posted on 09/07/2023 8:59:07 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: dfwgator

Because it’s not really soak the rich, it’s rhetoric to get something past

Sort of like Planned Parenthood, it’s not planned or parenthood

The inflation reduction act wasn’t anything of the sort

the left has mastered the art of using language to justify their proposals


80 posted on 09/07/2023 9:05:06 AM PDT by srmanuel ( that )
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