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Old 09-14-2018, 12:53 AM   #1
SomeBlackDude
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Arrow The Road to Trillion Dollar Federal Deficit

looking good for the gawd emperor's first full fiscal year. original estimates didn't have us touching 13 figures until 2020.

Quote:
U.S. Budget Deficit Swells to $898 Billion, Topping Forecast

The U.S. budget deficit widened to $898 billion in the 11 months through August, exceeding the Congressional Budget Office’s forecast for the first full fiscal year under the Trump presidency.

The budget deficit rose by a third in the October to August period from $674 billion in the same timeframe a year earlier, the Treasury Department said in a statement on Thursday. Spending rose by 7 percent to $3.88 trillion, outpacing revenue gains of 1 percent to $2.99 trillion. Revenue from corporations fell to $163 billion, down by $71 billion from a year ago.

The U.S. fiscal gap has continued to balloon under President Donald Trump, raising concerns the country’s debt load, now at $21.5 trillion, is growing out of control. A combination of Republican tax cuts enacted this year -- that will add up to about $1.5 trillion over a decade -- and increased government spending are adding to budget strains.

The White House says the tax cuts will pay for themselves by creating more revenue through faster economic growth. The International Monetary Fund has warned the tax reductions risk putting the nation’s debt on an unsustainable path and could cause the economy to overheat.

The 2017 fiscal gap was $666 billion, up from $586 billion a year earlier, according to the Treasury department. The CBO, a non-partisan congressional research body, estimated in April that the budget deficit for the entire fiscal year would increase to $804 billion, before widening to $981 billion in fiscal 2019 and topping $1 trillion in 2020.

Before the CBO incorporated tax cuts and spending hikes into its projections, the group forecast the U.S. deficit would exceed $1 trillion by 2022.

https://www.bloomberg.com/news/artic...pping-forecast

Quote:
US Federal Deficit to Hit $1 Trillion by End of Fiscal Year


The U.S. federal deficit will reach $1 trillion by the end of the fiscal year, the nonpartisan Congressional Budget Office said Tuesday.

The CBO said in previous estimates that it did not expect to hit the milestone until 2020.

Spending rose by $222 billion, or 32 percent, in the first 11 months of fiscal 2018, compared with the same period last year.

In the current period, the deficit has reached $895 billion.

The CBO credited the surge to the new Republican tax law and increased government spending. Expenditures rose by 7 percent, while tax revenue rose by only 1 percent.

great news is the gop is crafting legislation that will add another $3.8 trillion to the deficit

ridiculously over budget, ahead of schedule.

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Old 09-14-2018, 01:06 AM   #2
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Default Re: The Road to Trillion Dollar Federal Deficit

Revenue up 1%. Sounds like we have a spending problem - not a tax revenue problem. Both parties will kick this can down the road indefinitely. Nobody cares about the drificit.
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Old 09-14-2018, 01:13 AM   #3
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Default Re: The Road to Trillion Dollar Federal Deficit

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Originally Posted by Hawker
Nobody cares about the drificit.

*now

i miss the days when a $590 billion deficit was like poison for fiscal conservatives.

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Old 09-14-2018, 01:20 AM   #4
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Default Re: The Road to Trillion Dollar Federal Deficit

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Originally Posted by SomeBlackDude
*now

i miss the days when a $590 billion deficit was like poison for fiscal conservatives.


They faked it. They sit on their hands when they are in power. At the same time, you can't suddenly care about the deficit when you're not in power as a talking point. It's just as disingenuous.
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Old 09-14-2018, 01:20 AM   #5
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Default Re: The Road to Trillion Dollar Federal Deficit



mnuchin (9/28/17): tax plan will cut deficit by $1 Trillion

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Old 09-14-2018, 01:27 AM   #6
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Default Re: The Road to Trillion Dollar Federal Deficit

Quote:
Originally Posted by Hawker
They faked it. They sit on their hands when they are in power. At the same time, you can't suddenly care about the deficit when you're not in power as a talking point. It's just as disingenuous.






*^chart made before goat maga tax bill. 2018 is the year trillion dollar deficits make a comeback.


we have cut 'our deficits by almost three-quarters,' obama says in state of the union


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Old 09-14-2018, 01:51 AM   #7
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Default Re: The Road to Trillion Dollar Federal Deficit

Revenue is still up despite the tax cut so don't see how it's related. Still a spending issue...not a tax cut issue. Giving more money to the government isn't a good thing. Allowing business and individuals to keep it is always better.

The deficit still existed under Obama so I don't really see how that's a positive. Going down or not...it's still a deficit...and it's growing.There are graphs showing the debt increasing shit tons under Obama. The "percent of GDP" is really a BS number.

Anyway, mainstream keynesian economists say that deficit spending promotes economic growth. Just following their advice.
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Old 09-14-2018, 02:50 AM   #8
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Default Re: The Road to Trillion Dollar Federal Deficit

I agree that the deficit and debt are a really big problem. I wish the democrats would spend 1/100th of their focus on it and how they'll fix it long term instead of racism, sexism, virtue signalling, etc

Again -

Always has me rollin' when these leftists complain about deficit/debt while begging for bigger government. The federal gov't stole $3.32 trillion in 2017 and it is estimated it will steal even more in 2018 and 2019 under Trump's tax plan

FY 2019 - $3.422 trillion, estimated.
FY 2018 - $3.34 trillion, estimated.
FY 2017 - $3.32 trillion.
FY 2016 - $3.27 trillion.

https://www.thebalance.com/current-u...evenue-3305762



@OP

1. Under the new tax plan, the federal gov't will steal more money from the taxpayers. Can you acknowledge this?

2. How much more do you think Trump and the Feds should steal?

3. Do you really think he will spend our money better than we can?

4. Why do you want him to have more money and power?
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Old 09-14-2018, 02:51 AM   #9
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Default Re: The Road to Trillion Dollar Federal Deficit

Quote:
Originally Posted by Hawker
Revenue up 1%. Sounds like we have a spending problem - not a tax revenue problem. Both parties will kick this can down the road indefinitely. Nobody cares about the drificit.
Republicans don't unless there is a Democratic president.
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Old 09-14-2018, 02:57 AM   #10
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Default Re: The Road to Trillion Dollar Federal Deficit

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Originally Posted by Lakers Legend#32
Republicans don't unless there is a Democratic president.

Yep. John McCain helped kill the tea party movement using the IRS. Both parties only care about money and power.

Dems say, "well, if we spend more then good things will happen..."

Republicans keep spending ridiculous amounts of money on social programs we cannot afford because.. if they made any real cuts to spending then they'll get bad publicity and not get re-elected.
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Old 09-14-2018, 04:25 AM   #11
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Default Re: The Road to Trillion Dollar Federal Deficit

It's a common theme under conservative presidents. They are like children running up a credit card. It's ironic isn't it? I though conservatives were supposed to be fiscally responsible.
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Old 09-14-2018, 08:12 AM   #12
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Default Re: The Road to Trillion Dollar Federal Deficit

Quote:
Originally Posted by Hawker
Sounds like we have a spending problem

Yup... many trillions pissed away on bloated military expenses & expedentures (fake wars).


Quote:
Originally Posted by Hawker
not a tax revenue problem.


have that too, now that corporations are paying zilch.
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Old 09-14-2018, 08:54 AM   #13
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Default Re: The Road to Trillion Dollar Federal Deficit

that military parade
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Old 09-14-2018, 09:51 AM   #14
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Default Re: The Road to Trillion Dollar Federal Deficit

There is no such thing as a "fiscal conservative." The Republican presidents that we actually get do two things that make that impossible by on the one hand cutting taxes and on the other hand increasing military spending. You can do one or the other but not both. Any politician that pretends you can spend all of this money while cutting taxes is just a liar. Can't have it both and people are fools to believe that they can.
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Old 09-14-2018, 10:53 AM   #15
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Default Re: The Road to Trillion Dollar Federal Deficit

That’s false. There are fiscal conservatives.

Unfortunately, most of them that label themselves as such are dirty ****ing liars.

The spending is a non partisan issue despite the fact that clowns on both sides point the finger at the other.


This country is going to collapse because of its debt and I literally can’t wait. We will never have a balanced budget until THE PEOPLE change their minds on what the role of government actually should be. And that’s not going to happen... so...

We are sick and it’s time to kick that shit.
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