Posted on 08/25/2016 4:08:47 AM PDT by expat_panama
Red Ink: The Congressional Budget Office says the federal deficit will be 33% higher than last year's. Over the long term, the deficit picture is just as bleak. But on campaign trail, this looming threat gets zero attention from either Hillary Clinton or Donald Trump.
The CBO's updated budget projections show that federal government's fiscal outlook has worsened considerably over the past year.
Red ink in fiscal year 2016, which ends on Sept. 30, will hit $590 billion. That's much worse than the CBO had expected just a few months ago...
...the CBO projects that in 10 years the annual deficit is on track to more than double...
...So what are Clinton and Trump proposing in the face of this increasingly dire outlook? They both want to add more debt.
Clinton's economic plan would, according to an analysis by the American Action Forum, would increase projected deficits by $2.2 trillion over the next decade...
...Clinton promises to expand both Social Security and Medicaid, while spending still more on ObamaCare insurance subsidies.
Trump isn't much better. Earlier this month, the Republican nominee told CNBC that if anything, the government should borrow more. "Interest rates are so low," he said, "that, yes, this is a time to borrow and to borrow long-term."
"Normally you would say you want to reduce your debt, and I like to reduce debt as much as anybody," he said. "The problem is, you have a military problem, you have an infrastructure problem — a tremendous infrastructure problem — and you have other problems."
But if Trump and Hillary have their way, the country will face another, far worse problem: runaway entitlements and growth-choking national debt.
(Excerpt) Read more at investors.com ...
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As with many poor money managers, once the red ink goes beyond the point of no return, they no longer care, and keep spending to satisfy their spending addiction. I know two people just like this.
The big difference is individuals can go bankrupt. What happens to countries?
As with many poor money managers, once the red ink goes beyond the point of no return, they no longer care, and keep spending to satisfy their spending addiction. I know two people just like this.
The big difference is individuals can go bankrupt. What happens to countries?
Blowing Obie like Reggie ...
Logic that will be applied to all:
Over the past 30 years, we were all crying when the budget deficit was $500 billion, $1 trillion, $5 trillion, now approaching $20 trillion. The world hasn’t ended...It’s all noise now...
That is what the uniparty is banking on...
The budget deficit used to be a Republican foundation point to be used in elections...now they barely talk about it anymore because of the above - the world, in the average, short sighted view of a normal American, hasn’t imploded yet....We are still buying fancy cars, homes, cruising, eating out well...
As long as we're not into specifics we may as well say two trillion. Heck, three trillion. Come budget time we'll just tax'n'spend 'cause hey, everyone else lies don't they?
Meanwhile the only 'specific' talk we got is dumping the EPA and the Dept. of Education; that's a couple % while the baseline budg adds ten percent to this spending:
If you're talking 'trillions' then you mean stuff like SSA (Trump Opposes Cutting Social Security From A ‘Moral Standpoint’).
Your article claims that they can cut $600 billion the first year and then identify only a little over $28 billion in cuts. Where will the rest of the savings come from?
Nothing will change until the collapse, hoepfully not in my lifetime. It’s how all Empires end up.
When he tells 90% of the bureaucRATs:
YOU'RE FIRED!
Quantitative easing isn’t even included when counting money spent or debt created during this criminal administration. That is even scarier.
the IRS can be slashed and burned. It loses several hundred billion a year in fraud. It is a fraud. I don’t even know what the hell Health and Human Services does but it’s huge. Social Security is going to have to need ammending. It is what it is. I can only vote. I can’t set policy. I’m certainly not going to vote for Hillary. but you are right. From NAFTA on America has just been fantastic. that’s why every country, including the ones who were supposed to benefit from it so much like China, are into the hundreds of percent of debt-to-gdp.
good point, thx
The article lists less than $30B cuts for FY 2017 while the deficit is more than 15 times that.
That's true. Maybe the hope would be that the major candidates would also stop talking about more borrowing and spending too ---instead of "First of all, you never have to default because you print the money," and Trump: 'Now is the time to borrow'.
Where will the money come from?
BINGO, WE HAVE A WINNER!!!
The DEBT can NEVER BE PAID, for to pay it would remove ALL Federal Reserve Notes and Credits from the WORLD.
FYI, The DEBT and Interest on the Debt, can ONLY be paid through the Blood and Sweat of LABOR!!
We used to call this INVOLUNTARY SERVITUDE.
This is exactly correct. The Democrats have internalized the expectation that the house of cards will collapse. They are bent on consolidating power now, and when the collapse comes, they will simply blame it on Republicans and move on. With regard to the out of control spending, they are preempting as large a share of budget resources as possible in order to strengthen their position in the bankruptcy reorganization.
You know, individuals like myself are thinking along those same lines. The situation has terrified me for years, and I am mystified that it goes on and on and on, just snowballing. And I am tired. I'm getting affairs in order and looking out for number one.
Clinton vs. Trump? I didn’t know they, as candidates for the Presidency, had much ado re: purse strings in D.C. And here I thought they only submitted a budget\wish-list. Wow, learn something new every day.
Now, where’s Mr. 10-yr plan? Oh, that’s right, he, and the scrotum from the Senate, gave Zero MORE than he asked for...
I expect a biz man may not know the ins\outs of the Constitution. Those in D.C., and ‘embedded’ for 30+yrs., on the other hand....
I can only hope someone w/ the will and knowledge will sit down and teach Mr. Trump how things *SHOULD* be done and run. Then stand the hell back and watch the BOOM, baby!
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