The Deficit

[elysiantraveller]

Feds notch worst March in budget history; monthly deficit tops $200 billion

For every dollar spent we borrowed fifty cents.

Deficit spending for Q1 was $375 Billion. Only three left to go!

[Tom]

Originally Posted by horses4courses View Post
I predict that within 18 months, and into 2020,
Americans are going to wonder why the hell
they didn't elect HRC. Too bad, so sad........

Here's MY prediction for the next 18 months!

[elysiantraveller]

When in doubt.... *BUMP*

Surprised this was never brought up on here...

U.S. government posts $147 billion deficit in May

Economists caution that the Trump administration’s corporate and individual tax cuts along with an increase in government spending will drive up the country’s deficit despite a robust economy in which the unemployment rate has fallen to an 18-year low.

The deficit for the fiscal year, which began last October, was $532 billion, compared to a deficit of $433 billion in the same period of fiscal 2017. On an adjusted basis, the gap was $584 billion compared with $473 billion in the prior period.

Unadjusted receipts last month totaled $217 billion, down 10 percent from May 2017, while unadjusted outlays were $364 billion, a rise of 11 percent from the same month a year earlier.

[Tom]

Don't be...you just did.

[elysiantraveller]

Originally Posted by Tom

Don't be...you just did.

Somebody's got to since this was a common complaint for 8 previous years I'd figure I'd keep it going.

Gotta remain consistent ya know?

[Tom]

It is still on the list, but it has dropped down due to all the BS issues the left keeps bringing up. Can't fix them all at once, so this one goes to the back burner.

Consider it a cost of having to allow democrats in government.

[elysiantraveller]

Originally Posted by Tom

It is still on the list, but it has dropped down due to all the BS issues the left keeps bringing up. Can't fix them all at once, so this one goes to the back burner.

Consider it a cost of having to allow democrats in government.

So the fact that revenues are down 10% and expenditures up 11% is the Democrats fault?

[Jeff P]

Anybody remember this story from 1986?

LA Times|July 30, 1986|JACK SMITH|
$37 screws, a $7,622 coffee maker, $640 toilet seats; : suppliers to our military just won't be oversold:
http://articles.latimes.com/1986-07-...vw-18804_1_nut

Remember when we found out that the government paid $640 each for plastic toilet seats for military airplanes? Now that was something I could feel that I personally paid for. I pay a good deal more than $640 in taxes every year, and I probably paid for several of those toilet seats. That is a concrete contribution that I can be proud of.

and:

Other items offered in the catalogue include a $285 screwdriver, a $7,622 coffee maker, a $387 flat washer, a $469 wrench, a $214 flashlight, a $437 tape measure, a $2,228 monkey wrench, a $748 pair of duckbill pliers, a $74,165 aluminum ladder, a $659 ashtray and a $240- million airplane.

Pentagon Products may be a fictional company, but these prices are not. They are documented.

I suspect very little has changed in the 32 years since the above story appeared in the LA Times.

If it were up to me: There would be more of a concerted effort towards reigning in runaway government spending and eliminating government waste.


-jp

.

[hcap]

CBO: US Debt Burden Set to Break Record in Early 2030s
http://www.rollcall.com/news/policy/...in-early-2030s

Debt as a share of the United States economy is on track to blow through the previous World War II-era record within two decades and keep rising from there, the Congressional Budget Office said in its annual long-term budget report.

Generally assuming no change in current laws, growing budget deficits would push debt held by the public from the current level of 78 percent of the economy to almost 100 percent of gross domestic product by 2028, and to 152 percent of GDP by 2048, according to the agency.

“That amount would be the highest in the nation’s history by far,” said the report, which estimates the growth of spending and revenue over the next three decades as a share of the economy. The current record for debt as a share of GDP was set in 1946 when it hit 106 percent. Debt as a share of the economy is projected to exceed that level in fiscal 2034 under the latest projections, one year earlier than in last year’s long-term budget outlook.

[PaceAdvantage]

Originally Posted by hcap

CBO: US Debt Burden Set to Break Record in Early 2030s

About the same time Manhattan should be under water, no?

[hcap]

Originally Posted by PaceAdvantage

About the same time Manhattan should be under water, no?

So not only are you a climate change denier, you're a deficit economic ostrich as well?

Not to worry, same emblem works for both.



Btw, We have cut 'our deficits by almost three-quarters,' Obama says in State of the Union

[Tom]

Maybe he is hiding his head to escape your constant panic attacks.

YouTube

[Saratoga_Mike]

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).

http://thehill.com/policy/finance/40...ercent-to-895b

Hmm, in just 11 months, the deficit has increased by over $220 billion, or a little over 1% of nominal GDP. Interestingly enough, GDP growth has picked up by around 1 percentage point.

Under Obama, a much more modest increase would have caused apoplexy* among the current crowd of Trump supporters. Now? Silence. Better yet, this post might elicit a moveon.org reference. Laughable.


*One of Obama's greatest achievements was unintended -- sequestration. It actually controlled spending, much to his chagrin.

[elysiantraveller]

Originally Posted by Saratoga_Mike

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).

http://thehill.com/policy/finance/40...ercent-to-895b

Hmm, in just 11 months, the deficit has increased by over $220 billion, or a little over 1% of nominal GDP. Interestingly enough, GDP growth has picked up by around 1 percentage point.

Under Obama, a much more modest increase would have caused apoplexy* among the current crowd of Trump supporters. Now? Silence. Better yet, this post might elicit a moveon.org reference. Laughable.


*One of Obama's greatest achievements was unintended -- sequestration. It actually controlled spending, much to his chagrin.

Dude where have you been?!?!?

Tax Cut 2.0 is on deck!

[thaskalos]

Originally Posted by Saratoga_Mike

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).

http://thehill.com/policy/finance/40...ercent-to-895b

Hmm, in just 11 months, the deficit has increased by over $220 billion, or a little over 1% of nominal GDP. Interestingly enough, GDP growth has picked up by around 1 percentage point.

Under Obama, a much more modest increase would have caused apoplexy* among the current crowd of Trump supporters. Now? Silence. Better yet, this post might elicit a moveon.org reference. Laughable.


*One of Obama's greatest achievements was unintended -- sequestration. It actually controlled spending, much to his chagrin.

Who cares about the deficit? All that matters is that TRUMP WON!...and whatever else happens in the next 6 years is just icing on the cake!

Why didn't the Obama supporters here think of such a slogan after the Bush presidency? "That's okay...at least there is no more GWB", should have been the rallying cry of the democrats here...whenever Obama got blasted by our conservative brethren.