US budget deficit expands to $779 billion in fiscal 2018

Discussion in 'Political Opinions & Beliefs' started by Lee Atwater, Oct 15, 2018.

  1. Lee Atwater

    Lee Atwater Well-Known Member Past Donor

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    https://www.cnbc.com/2018/10/15/us-...illion-in-fiscal-2018-as-spending-surges.html

    The U.S. federal budget deficit rose in fiscal year 2018 as spending climbed, the Trump administration said Monday.

    The deficit jumped to $779 billion, $113 billion higher than the previous fiscal period, according to a statement from Treasury Secretary Steven Mnuchin and Office of Management and Budget Director Mick Mulvaney. The budget shortfall rose to 3.9 percent of U.S. gross domestic product. The deficit increased by $70 billion less than anticipated in a report published in July, according to the two officials.

    Federal revenues rose only slightly, by $14 billion after Republicans chopped tax rates for corporations and most individuals. Outlays climbed by $127 billion, or 3.2 percent higher. A spike in defense spending, as well as increases for Medicaid, Social Security and disaster relief, contributed to the increase.
    ................................................................................................................
    Remember when a headline like that would have made conservative's head spin?

    What is the responsible thing to do now? Cut defense spending and raise taxes. What does Don want to do? Lower taxes and cut safety net spending?
     
  2. Lee Atwater

    Lee Atwater Well-Known Member Past Donor

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    Getting GDP to increase is made easier when business and consumers are taxed less (the deficit...that's the Dem's problem)........and you (MAIPA) make America an industrial polluter again.
     
  3. Medieval Man

    Medieval Man Well-Known Member

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    This is the key part of your quote.

    While federal revenues recovered for a short time after the Obama administration began massive borrowing (over $10 trillion during his terms, double the deficit he inherited from Bush) revenue began falling again in 2012:

    [​IMG]

    But I happen to agree with you Lee, that this $20 trillion debt is unsustainable. With the Fed raising interest rates this will only become worse as even more federal revenues will have to go towards interest payments on that $20 trillion.

    I'd say cut entitlement and military spending while continuing to allow the economy expand with further tax cuts. But both Democrats and Republicans have made the possibility of any sort of entitlement take-aways a non-starter, as leftists have shaped Americans to expect Fed.gov support in all aspects of their life. And this is expected to become even worse if Democratic Socialists make gains within the Democratic Party, don't you think?

    Eventually, the rest of the world – probably one day sooner than later – will quit accepting the dollar as the world's reserve currency. When that happens cuts will come to all government and individual revenues and without a source to borrow U.S. Treasuries, our federal government will have to drastically shrink.

    But I don't think we'll have the political will to address our deficit or deficit spending before this occurs.
     
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  4. garyd

    garyd Well-Known Member

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    Didn't you just tell us it was a trillion the other day? Now it's a little more than 3/4 of a trillion? As the recovery moves apace which it will do if we can keep the Dems from gaining both houses of congress the deficit will continue to come down provided and all we have to do to continue to reduce the deficit is hold spending to less than the level of growth in GDP an over time the deficit will come down.
     
    Last edited: Oct 15, 2018
  5. Chuck711

    Chuck711 Well-Known Member

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    President Obama deficit was bore on a Great Recession with no revenue in taxes due to shedding of Millions of Jobs.

    With thoughtful decisions President Obama turned around the economy which Trump attempting to take Credit for ...................

    Trumps deficit is bore on the Wealth Shift Legislation for the Rich donors in times of Record profits ................
     
  6. JakeStarkey

    JakeStarkey Well-Known Member

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    budget deficit

    so. much. winning
     
  7. The Centrist

    The Centrist Well-Known Member

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    Fiscal conservatives should be cringing right now. The “deficits don’t matter” faction has struck again.
     
  8. kriman

    kriman Well-Known Member Past Donor

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    I hate deficits. Too bad it did not get this much democratic attention when Obama was president.
     
  9. Lee Atwater

    Lee Atwater Well-Known Member Past Donor

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    Nope.

    https://taxfoundation.org/federal-tax-revenue-source-1934-2018/
     
  10. Lee Atwater

    Lee Atwater Well-Known Member Past Donor

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    But............you understand it got nothing but attention during Obama's presidency, right? And that the cause for the deficits were due to the crash of the economy (and subsequent global recession) during Shrub's last year, right? And that without increased deficit spending as a means to stimulate the economy (what Don is doing now) we would have slipped in to a depression, right? And that deficits typically fall when the economy does well, right? Cuz.......it really seems like you don't.
     
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  11. opion8d

    opion8d Well-Known Member Past Donor

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    The is really very, very simple. Oh gee but Obama ......... Let's try to walk the RW through this real slow. The economy crashed into a "recession" that was the worst thing since 1929. Consumption, investment, and government receipts and GDP went with it. What stayed the same? Ta-da, Government spending. Receipts way down, spending the same or more with TARP and guess what? Big deficits. I know. We shoulda' stopped spending. Quote from G.W. Bush, "If this is as bad as it looks, I want to be remembered as FDR, not Hoover."

    The $779 billion is for THIS YEAR only . It'll run up to a trillion by year end, October 2019. Feel better now?

    So what do the massively historically challenged want to do? Oh, I know, let's cut taxes some more because Trump will wave his magic wand, like Reagan and Bush, and all will be well again. I got another idea too, let's store all our excess gas in fire hydrants.
     
    Last edited: Oct 15, 2018
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  12. kriman

    kriman Well-Known Member Past Donor

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    I understand that the democrats thought it was OK. We should not have bailed out the banks. They made their own beds.

    Trump is bailing out the military after Obama's disaster. However, I still do not like deficit spending.
     
  13. RodB

    RodB Well-Known Member Donor

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    You are correct about the problem. I know no actual conservatives who like this any more than they liked Obama's or Bush43's massive deficits, though there are a number of Bushy Establishment Rhinos who are not terribly bothered. But you are upside down about the solution.
     
  14. RodB

    RodB Well-Known Member Donor

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    Who is increasing industrial pollution? I know of no one.
     
  15. ronv

    ronv Well-Known Member

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    The coming year is the trillion dollar year. Last year only had a portion of Trumps actions.
     
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  16. Quantum Nerd

    Quantum Nerd Well-Known Member

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    It's very simple: Trump is buying a good economy through deficit spending (i.e. unpaid for tax cuts). If you don't like deficit spending, then maybe don't rave about the Trump economy when the subject next comes up, and admit that the economy is good because we are partying on the national credit card.
     
    Last edited: Oct 16, 2018
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  17. drluggit

    drluggit Well-Known Member

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    I suppose it depends on where you calculate that from. If you're talking about folks like Tesla, et al, the DRC is getting a pretty good raping right now.
     
  18. Quantum Nerd

    Quantum Nerd Well-Known Member

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    And not a peep from the usual suspects. Where is the Tea party now?
     
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  19. Battle3

    Battle3 Well-Known Member

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    How many times is this exact same item going to be posted?

    And the answer is the same - conservatives are concerned about the deficit and the debt. Unfortunately the solution requires a major restructuring of the govt and thats not going to happen until conservatives have supermajorities in Congress and a conservative in the White House.

    Why? Because Democrats and RINOs will block these changes.
     
  20. Giftedone

    Giftedone Well-Known Member Past Donor

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    Democrats are not the ones parading around claiming to be "Fiscal Conservatives". Further - Obama reduced the deficit nearly every year.

    Reducing the deficit = good Increasing the deficit = bad.

    If you hate deficits then Red is not your party as they spend money like princesses with credit cards - at least since (and including) Reagan.
     
    Last edited: Oct 16, 2018
  21. Giftedone

    Giftedone Well-Known Member Past Donor

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    This is lame on steroids. Red Establishment spends money like princesses with credit cards.
     
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  22. garyd

    garyd Well-Known Member

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    So we are still talking about estimates that are based in guess work based on faulty assumptions.
     
  23. garyd

    garyd Well-Known Member

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    That would be those Neocons you lie so well.
     
  24. Giftedone

    Giftedone Well-Known Member Past Donor

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    Your one sentence response is unintelligible. Did you mean "like so well" ?
     
  25. garyd

    garyd Well-Known Member

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    Which would not have happened without the sequester force on him by a republican congress. Presidents cannot spend what congress does not allocate.
     

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