Posted on 02/12/2020 12:37:08 PM PST by Oldeconomybuyer
WASHINGTON -- The U.S. budget deficit through the first four months of this budget year is up 19% from the same period a year ago, putting the country on track to record its first $1 trillion deficit since 2012.
The Treasury Department said Wednesday in its monthly budget report that the deficit from October through January was $389.2 billion, up $78.9 billion from the same period last year.
The deficit reflected government spending that has grown 10.3% this budget year while revenues were up only 6.1%. For January, the deficit totaled $32.6 billion, compared to a surplus a year ago of $8.68 billion.
President Donald Trump sent Congress a new budget blueprint on Monday that projects the deficit will top $1 trillion this year but then will decline over the next decade.
The Congressional Budget Office, however, is projecting that the deficit will top $1 trillion this year and remain above $1 trillion over the next decade.
The actual deficit for the 2019 budget year, which ended Sept. 30, was $984.4 billion, up 26% from the 2018 imbalance. The rising deficits reflect the impact of the $1.5 trillion tax cut Trump pushed through Congress in 2017 and increased spending for military and domestic programs that the president has accepted as part of a budget deal with Democrats.
(Excerpt) Read more at apnews.com ...
If the AP want’s to see deficits elect Bernie Sanders, the days of trillion dollar a year deficits will look downright spend-thrifty.
Tax cuts don’t pay for themselves.
Neither does the massive domestic spending the Democrats demand.
There’s no political party in the US that cares about the deficit.
Well, SOMETHING has to be done. He's made a good dent in bringing back jobs, a cookin' economy, building the wall, stopping the illegal invasion, etc.
If the Dems hadn't thwarted him at every turn, maybe he could've tackled the deficit, too - and I'm hoping he gets on that right out of the chute come November, 2020!
The debt won’t matter if we don’t start removing the fraudulently documented foreigners that are already here.
Building the fence is slowing the flow, but we are already 30 million people down the road to becoming North Mexico.
They will bleed us dry AND take our country.
Let them pay it back.
Won't be the last.
Yeah keep telling yourself that. This is his budget proposal that is racking up the trillion dollar deficits as far as the eye can see. What else do you expect him to do?
A complete lie.
Federal revenue has INCREASED year-over-year since Trump was elected.
FY 2020 $3.64 trillion (budgeted) FY 2019 $3.44 trillion (estimated) FY 2018 $3.33 trillion FY 2017 $3.32 trillion
Why not? Doesn't the increased economic activity increase taxes being paid?
The GDP has grown considerably since 2012 as well as per capita GDP. The debt doesn’t seem to be the huge problem that some people make it out to be, especially when the economy keeps growing. I imagine asset values are much higher now than in 2012, as well.
https://countryeconomy.com/gdp/usa?year=2019
The GDP figure in 2012 was $16,197,000 million, United States is the world’s leading economy with regard to GDP, as can be seen in the ranking of GDP of the 196 countries that we publish. The absolute value of GDP in United States rose $654,400 million with respect to 2011.
The GDP per capita of United States in 2012 was $51,556, $1,730 higher than in 2011, it was $49,826.
The GDP figure in 2019 was $21,429,000 million, United States is the world’s leading economy with regard to GDP, as can be seen in the ranking of GDP of the 196 countries that we publish. The absolute value of GDP in United States rose $848,800 million with respect to 2018.
The GDP per capita of United States in 2019 was $65,462, $2,593 higher than in 2018, it was $62,869.
The only tax cut that pays for itself is the capital gains tax cut.
Tax cuts don’t pay for themselves.
Neither does the massive domestic spending the Democrats demand.
There’s no political party in the US that cares about the deficit.
...
That’s why it’s important to keep the economy growing.
People have been whining about the debt for decades if not centuries, yet the United States is still the best place to be on Earth. We’ve been in much bigger debt in the past. It did not stop us from getting better and better.
Democrats get the House, they go on a spending spree and Trump is willing to try to work with them, and (no) surprise the deficit starts to boom again.
The Republicans spend years coming up with excuses as to why they couldn’t keep their campaign promises and lost the House, even now the get along with Democrats crowd doesn’t know that THEY are the reason they lost. They will insist those who resisted the Democrats, however tepidly, are the problem.
Meanwhile the Democrats have almost NEVER met spending that they didn’t like. For one they know Republican voters will blame Republicans. Also that their own base will never blame them. So the bastards love to manipulate so-called “moderate” Republicans eager to reach across the isle for spending and more government “solutions”.
... if only Republicans in Congress really realized their frenemies are just plain enemies....
... socialist / commie bastards (even when they aren’t crooks) that HUAC was meant to prevent ever gaining power.
Yep. No one has clean hands in this deficit mess. But as Harry Truman famously said, the buck stops at the Oval Office.
It all seems to confirm my theory that money is now 100% a Jedi Mind Trick. We’ll continue to print-and-spend-and-print-and-spend, and nobody in the world will call us out on it.
No, everyone will continue on and pretend it has value, because the alternative is just unthinkable.
With Keystone Keynesians (think Keystone Cops) they are far, far past pump priming or economic stimulus ... they’re more into what I call economic masturbation, spending because spending feels good and yields more power to spend more and feel good again and again and again.
Keystone Keynesians (noun) people who believe bad times demand more spending and good times are an opportunity to spend more. Trend towards functional insanity when in governance. Lather, Rinse and Repeat.
Debt — whether sovereign, corporate, or personal — is manageable with low interest rates. I’m old enough to remember 10% returns on Certificates of Deposit and 15% 30-year mortgages.
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