US budget deficit expands to $779 billion in fiscal 2018

yes

 

The deficit spending has nothing to do with it. Had the Neocons not chosen to again deficit spend the economy would be doing even better.

 

1) Which Neocon's are you referring to - Red or Blue ?
2) Where did you get the idea that I like Neocon's - I rail against that club on a regular basis.

 

So you are claiming that it is Red Congress that is responsible for the massive deficits under Obama ?

 

Really? That's too funny.

1) Trump must be part of the "necons", because he could have vetoed the deficit spending budget. He didn't.
2) We were told that tax cuts pay for themselves, They didn't.
3) Now you are telling us that austerity will benefit the economy? Take a look at Greece.

 

No I'm claiming that the debt would have been even worse had congress been controlled by Democrats as there would have been no sequester and no effective limits on how high the idiots could raise taxes.

 

Who knows. The problem is that you cite no evidence for your claim. The fact of the matter is that Obama was handed a 1.4 Trillion dollar deficit - (based on spending that the Bush Budget proposed) and that deficit was reduced to roughly 550 Billion in the last 3 years.

Since you claim that it was Republicans that were responsible for this Reduction - you are also claiming that it was Republicans who were responsible for spending and massive debt accumulated under Obama.

You can not have your cake and eat it too.

 

1.Of course he could have and then you would have been screaming at him for shutting down the government.
2.Dude it has been a little more than nine months it is a progressive thing and takes time to fully develop.
3. the problem in Greece is that 'Austerity' came far to late in the day and three industries dominate the country fishing government and tourism and government is the largest of the three. What they have simply isn't sustainable. No matter what you do Greece is going to come apart at the seams financially. Austerity is at least an attempt to control the rate of collapse while looking for a workable landing spot.

 

Remember Democrats controlled the congress for the last two years under bush.

 

Austerity is like Sears closing stores and selling off assets to shrink itself to prosperity. Has never worked and never will work.

 

I realize that - which is why I stated that the spending under that Dem Congress was exactly what was proposed in Bush's budget.

Bush's 2009 budget proposed spending of 3.1 Trillion on Revenue of 2.7 Trillion = a 400 Billion dollar deficit. This was how much was spent sans the stimulus spending due to the Crash.

The total spending ended up at 3.5 Trillion... the 400 Billion increase was due to TARP (250 Billion) enacted under Bush (bipartisan) and another 150 Billion in stimulus spending (bipartisan) under Obama.

This is what accounts for 800 Billion of the 2009 Deficit. The other 600 Billion was due to revenue for 2009 decreasing from 2.7 Trillion down to 2.1 Trillion.

 

Hopefully we don't break the record deficit of $1.3 Trillion in 2010!

 

How dare you hit them with facts. They'd rather mindlessly repeat the "Obama spent $10 trillion" line they have been spoonfed by Fox news and RW trash blogs.

 

Or the classic - When a Red President increases deficits its the fault of Blue Congress but when Red Controls congress it is the fault of a Blue President.

It is truly amazing how disingenuous these right wing media sites are in relation to debt and deficit. They know they are lying.

This is a good one from the CATO institute - a hard core libertarian agenda. https://www.cato.org/blog/dont-blame-obama-bushs-2009-deficit

Perhaps the pundits at Fox have never heard of the CATO institute ?? Not !

 

You should try to be more coy with your misleading statements when the actuality is as obvious as the sunrise. He lowered the deficit 6 of his 8 years but that sounds good only because he started with deficits three times higher than ever before. Seven of his 8 deficits were the seven highest deficits ever, and he snuck his 8th under the wire by a piddly $20 billion. He racked up $5 trillion of deficits and increased the debt $6 trillion in his first four years.

 

Sorry, you don't understand. We are not Greece. Only about 20% of our workforce works for the government. Forcing our government to live within its means is scarcely going to have an impact. In Greece it's closer to fifty percent, and focing the government to live within its means puts 20 - 30% of the population out work and there are no other jobs as there tax policies have sent everyone with the means to fo so elsewhere.

 

My statement was not misleading. Obama was handed a 1.4 Trillion dollar deficit and his last full fiscal year ended with a deficit of roughly 550 Billion.

You are the one that is presenting not only misleading but also false information.

The debt in Obama's first 4 fiscal years went from - 11.9 Trillion (2009) to 16.7 Trillion (2013) = 4.8 Trillion .. not 6 Trillion as you state.

https://www.usgovernmentspending.com/federal_debt_chart.html

Your "seven highest deficits ever" comment is as misleading as it gets. Have you never heard of "Constant Dollars" ?

 

Now why did it decrease? And tax cuts had nothing to do with it

 

I explain why the 2009 deficit was what it was and never mentioned "tax cuts" ? Why are you now asking why and then stating "tax cuts had nothing to do with it" ?

 

wow, that still $40 Billion less then Obama's fourth year as President. Good work

 

He reduced it from his own high point.

 

Moreover it didn't get below a trillion until after the GOP took Congress

 

It wasn't his own high point. He was handed a 1.4 Trillion dollar deficit that was not of his making.

 

I understand very well, and the GOP does too, that's why they only force cuts in spending when a Dem president is in office, to make them look bad.

If you cut the government spending from 20% to 19% GDP, that's 1% decrease in economic activity. However, Trump cut taxes without spending, which is about a 1% stimulus. The difference between those scenarios could be 2% GDP growth. That's significant.

 

That 'it's Bush's fault' canard is really getting old an stale, but I'll explain it for the umpteenth time. Obama was handed a continuing resolution for 2009 which would have had a deficit of around $460B. Then Obama got his fix the economy boondoggle bill in January and his brand new 2009 budget in March 2009. The 2009 fiscal deficit was $1.4 trillion dollars. It was money spent while he was president, under his budget, and...... drum roll please..... it is his deficit.
The changes in fiscal debt were:
2009 $1.9T
2010 $1.7T
2011 $1.2T
2012 $1.3T
Total 4 years $6.1T

You don't spend constant dollars. You spend real dollars.

You got the last year deficit about right. 1 out of 3 (or is it 5?) ain't bad.