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Thread: Deficit balloons to $779 billion in Trump's second year

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    Default Deficit balloons to $779 billion in Trump's second year

    Cannot blame it on anyone else , it's all on the republicans

    America's budget deficit ballooned to $779 billion in 2018, the federal government said on Monday, as higher spending and stagnating tax revenue pushed the nation's debt burden higher.

    The approximately 17 percent jump in the federal deficit came despite the strong growth in the overall U.S. economy, an unusual instance in which the economy and the deficit are expanding at the same time. Typically, strong economic growth translates into lower deficits as the government collects more from taxpayers.


    "What's going on is revenues are not rising when they otherwise would be," said Marc Goldwein, senior vice president of the Committee for a Responsible Federal Budget. "The economy is growing by five to six percent, and revenue is basically flat."

    http://www.grandforksherald.com/news...ps-second-year
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    "Without Republicans' tax cuts, war-fighting, and defense build-up since 2001, the federal budget would have been $156 billion in surplus," Sanders said.
    “If we have to have a choice between being dead and pitied, and being alive with a bad image, we’d rather be alive and have the bad image.”

    — Golda Meir

    Zionism is the movement for the self-determination and statehood for the Jewish people in their ancestral homeland, the land of Israel.







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    I thought Trump said he was going to fix that?

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    Treasury Secretary Steven Mnuchin suggested that the rising deficit was the result of “irresponsible and unnecessary spending.” But a separate report released earlier this month by the nonpartisan Congressional Budget Office said the jump was fueled in part by the tax cuts Congress approved last year.

    As for the national debt, it continues to climb at a staggering pace. Right now, it’s more than $21 trillion and literally soaring by the second. To keep track, you almost need a clock. Luckily, there are several operated by various groups that show just how fast the debt is piling up.

    Things haven't always been this bleak. In 2000, the federal government had a surplus of $236 billion and the national debt was less than $6 trillion, according to the Treasury Department.

    More debt and higher deficits not only harm the economy, they dip into the pocketbooks of average Americans, said Maya MacGuineas, president of the nonpartisan Committee for a Response Federal Budget.

    For starters, they drive up interest rates, which leads to slower economic growth. Slower growth leads to lower wages, which results in a lower standard of living for Americans


    https://www.usatoday.com/story/news/...ns/1589889002/
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    Federal budget deficit hits 6-year-high in Donald Trump's first fiscal year as president


    WASHINGTON — The federal budget deficit has surged to $779 billion in fiscal 2018, its highest level in six years, as President Donald Trump's tax cuts caused the government to borrow more heavily in order to cover its expanded spending.

    The Treasury Department said Monday the deficit climbed $113 billion from fiscal 2017. Debt will likely worsen in the coming years with the Trump administration expecting the deficit to top $1 trillion in 2019, nearly matching the $1.1 trillion imbalance from 2012.

    https://www.cbsnews.com/news/federal...-as-president/
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    MAGA tebaggerrs and trumphoons?

    where are the teabaggers now? will they have rally's against this like they did with President Obama?
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    down even more than predicted.....Trump is doing an awesome job.....obama averaged almost twice that........and Trump did it by CUTTING taxes.....

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    Quote Originally Posted by PostmodernProphet View Post
    down even more than predicted.....Trump is doing an awesome job.....obama averaged almost twice that........
    poor dumb goy

    The Treasury Department said Monday the deficit climbed $113 billion from fiscal 2017. Debt will likely worsen in the coming years with the Trump administration expecting the deficit to top $1 trillion in 2019, nearly matching the $1.1 trillion imbalance from 2012.


    William Gale, a senior fellow at the Brookings Institution, noted that the tax cuts are unlikely to generate a long-term bump in economic growth. More importantly, most estimates suggest that the deficit will worsen as spending on Social Security, Medicare and other programs increase with the aging baby boomer population.

    Gale said it's generally better to reduce the deficit when the economy has improved, which can minimize the sting of any changes to spending and prevent steeper cuts to spending in the future.
    “If we have to have a choice between being dead and pitied, and being alive with a bad image, we’d rather be alive and have the bad image.”

    — Golda Meir

    Zionism is the movement for the self-determination and statehood for the Jewish people in their ancestral homeland, the land of Israel.







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    Quote Originally Posted by guno View Post
    poor dumb goy

    The Treasury Department said Monday the deficit climbed $113 billion from fiscal 2017. Debt will likely worsen in the coming years with the Trump administration expecting the deficit to top $1 trillion in 2019, nearly matching the $1.1 trillion imbalance from 2012.


    William Gale, a senior fellow at the Brookings Institution, noted that the tax cuts are unlikely to generate a long-term bump in economic growth. More importantly, most estimates suggest that the deficit will worsen as spending on Social Security, Medicare and other programs increase with the aging baby boomer population.

    Gale said it's generally better to reduce the deficit when the economy has improved, which can minimize the sting of any changes to spending and prevent steeper cuts to spending in the future.
    obama added $10T over eight years.....get someone to do the math for you.....$650 billion a year a year average AND a tax cut is welcome news.....add in more Republican congressmen and cuts in spending and we will really making progress....

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    Quote Originally Posted by PostmodernProphet View Post
    obama added $10T over eight years.....get someone to do the math for you.....$650 billion a year a year average AND a tax cut is welcome news.....add in more Republican congressmen and cuts in spending and we will really making progress....
    Presidents don't dictate the budget, Congress handles that. Too much spending is on Congress, not the President.

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    with the aging baby boomer population.
    not to worry..... I heard from someone we are all dying fast....

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    Quote Originally Posted by Guille View Post
    Presidents don't dictate the budget, Congress handles that. Too much spending is on Congress, not the President.
    as I recall the current budget was approved mostly by demmycrats......

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    Quote Originally Posted by PostmodernProphet View Post
    as I recall the current budget was approved mostly by demmycrats......
    That would explain a lot, we'd be operating with 2010 dollars.

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    Quote Originally Posted by Jack View Post
    I thought Trump said he was going to fix that?
    Did his supporters really believe he was going to fix the deficit by taxing where the money was not(the poor)?

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    Quote Originally Posted by tff View Post
    Did his supporters really believe he was going to fix the deficit by taxing where the money was not(the poor)?
    Probably.

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