U.S. Posts The Biggest Monthly Budget Deficit In American History

[Bengalzona]

https://news.yahoo.com/u-posts-biggest-monthly-budget-030432453.html?ncid=facebook_yahoonewsf_akfmevaatca&fbclid=IwAR3TqVoC5Ve9EFZqQTAUpjlEa7-mlyiDGf46PIj07sjwwRsYlQQKzcgoAgM

Quote:U.S. Posts The Biggest Monthly Budget Deficit In American History

Quote:February’s federal budget deficit was the largest on record, according to figures released by the Treasury Department on Friday. President Donald Trump promised during his campaign that he would balance the budget in eight years.

The total debt surpassed $22 trillion for the first time ever in February — $2 trillion higher than when Trump took office.

The massive shortfall is being attributed to a 20 percent drop in corporate revenue and increased federal spending. The Trump administration slashed corporate taxes in his new 2017 tax law from 35 percent to 21 percent. Trump’s tax-cut package cost the government $1.5 trillion.

“When you pass the most irresponsible tax cut followed by the most irresponsible spending increase, unsurprisingly it leads to the largest deficit numbers,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, told The Washington Post. “Predictably, that’s exactly where we landed.”

The deficit for the first five months of the federal fiscal year is $544.2 billion, up nearly 40 percent from the same period the previous year, according to Treasury figures.

The budget gap was $234 billion in February alone, which surpassed the earlier monthly record of $231.7 billion seven years ago, according to an analysis of data by Bloomberg.

Total spending was $401 billion in February while the government took in just $167 billion.

Corporations have so far this fiscal year paid $59.2 billion in taxes, compared to $87.4 billion at this point ini 2017 before Trump’s tax law was enacted.

Federal Reserve Chairman Jerome Powell warned Congress last month that the federal debt matters — it’s growing faster than the gross domestic product —and the nation must address the issue.

Money owed is eating up an increasing share of the GDP. The budget deficit’s share of the GDP is expected to increase to 5.1 percent this year, up from 3.8 percent a year ago, according to projections from the White House Office of Management and Budget.

At this rate, the national debt could be on track to hit 93 percent of GDP in a decade.

[Vas Deferens]

"At this rate, the national debt could be on track to hit 93 percent of GDP in a decade."

Well that's encouraging.

[Bengalzona]

(03-26-2019, 12:41 PM)Vas Deferens Wrote: "At this rate, the national debt could be on track to hit 93 percent of GDP in a decade."

Well that's encouraging.

Are we "winning" yet? Is America "great again"?

[Vas Deferens]

(03-26-2019, 12:51 PM)Bengalzona Wrote: Are we "winning" yet? Is America "great again"?

Not so much 'WE', although someone is definitely winning.  I'd be willing to bet its people with an exist strategies beyond the means of most, not people with skin in the game long term.

[Belsnickel]

Meh. While I'd like to see us rein it in a bit, this isn't as concerning as people like to think it is. Though the hypocrisy of the party of budget hawks doing this is rather amusing.

[*michaelsean*]

Hey he said eight years, and if he only gets four then he can say he didn't get his eight.

[NATI BENGALS]

I was going to make a post about this. Maybe now that their AG is in place to cover up the Mueller report Republicans can get to the thing the complained about for 8 years before Trump took office.

[*michaelsean*]

(03-26-2019, 01:00 PM)Belsnickel Wrote: Meh. While I'd like to see us rein it in a bit, this isn't as concerning as people like to think it is. Though the hypocrisy of the party of budget hawks doing this is rather amusing.

It matters to me.  While I'm not going to go off one month, it sure as hell is headed in the wrong direction.  

[NATI BENGALS]

We built a lot of debt digging ourselves out of a mess. Now supposedly the economy is roaring. So wtf

[Belsnickel]

(03-26-2019, 01:10 PM)michaelsean Wrote: It matters to me.  While I'm not going to go off one month, it sure as hell is headed in the wrong direction.  

In theory, the US can never really go broke. We will always be able to pay our creditors, especially since most of the debt is owed to ourselves. It's also a catch-22. Reduce spending and/or increase revenues and the economy will slow, which will freak out the electorate. This is why no one wants to do it. It's a political issue that has no real good answer. For purposes of reality, I am a Keynesian. I believe in reducing spending and increasing revenues on economic upticks and increasing spending and decreasing revenues on downturns. The idea being that it will all balance out because of the cyclical nature of the economy. We only have one side of the equation down, though, because of political viability.

[Bengalzona]

(03-26-2019, 01:29 PM)Belsnickel Wrote: In theory, the US can never really go broke. We will always be able to pay our creditors, especially since most of the debt is owed to ourselves. It's also a catch-22. Reduce spending and/or increase revenues and the economy will slow, which will freak out the electorate. This is why no one wants to do it. It's a political issue that has no real good answer. For purposes of reality, I am a Keynesian. I believe in reducing spending and increasing revenues on economic upticks and increasing spending and decreasing revenues on downturns. The idea being that it will all balance out because of the cyclical nature of the economy. We only have one side of the equation down, though, because of political viability.

It is a measure of how fiscally irresponsible an administration is.

The Republicans told us so.

[Bengalzona]

(03-26-2019, 12:54 PM)Vas Deferens Wrote: Not so much 'WE', although someone is definitely winning.  I'd be willing to bet its people with an exist strategies beyond the means of most, not people with skin in the game long term.

Yes. We continue the march towards a two-class medieval society.

Anyone reading this should prepare. Repeat after me, "Yes, my lord! Yes, my lord!"

'Freedom' never felt so good, eh!

[CJD]

But that Sugar Rush we got from the tax cut was worth it, right?

[jj22]

Unfortunately the only time people care about the debt and deficit is when a Dem is POTUS. Then America holds them accountable. We have to quit holding Dems at higher standards.

Actually we don't have to quit holding Dems at higher standards. We need to demand the high standards for Republicans as well.

[fredtoast]

(03-26-2019, 01:29 PM)Belsnickel Wrote: In theory, the US can never really go broke. We will always be able to pay our creditors, especially since most of the debt is owed to ourselves. It's also a catch-22. Reduce spending and/or increase revenues and the economy will slow, which will freak out the electorate. This is why no one wants to do it. It's a political issue that has no real good answer. For purposes of reality, I am a Keynesian. I believe in reducing spending and increasing revenues on economic upticks and increasing spending and decreasing revenues on downturns. The idea being that it will all balance out because of the cyclical nature of the economy. We only have one side of the equation down, though, because of political viability.

Rep.

Thanks for saving me some typing.

Reducing the deficit means slowing economic growth and no politician is willing to do that.

[Vas Deferens]

(03-26-2019, 01:47 PM)Bengalzona Wrote: Yes. We continue the march towards a two-class medieval society.

Anyone reading this should prepare. Repeat after me, "Yes, my lord! Yes, my lord!"

'Freedom' never felt so good, eh!

I think the leveling of society is closer than we want to admit.  Once the coffers are fully drained and the great american plains are all but inhabitable, the top echelon will no doubt take to the seas on their mega yachts.  Sure, they'll occasionally helicopter to their converted missile silo bunker in Nebraska to sport hunt starving indigent children with drones, but the earth will be far too irradiated to spend any lengthy amount of time there.  For the most part, those that are left will be of one very low class; with genetic mutations that have allowed for survival on paper plant pulp byproduct deposits and oddly evolved mucus membranes that allow for self care of persistent festering skin lesions; but what kind of consolation prize is that?

Anyone reading this should prepare.  Repeat after me, "You're going to need to deal with your own skin lesions sweetie pie.  Corporate America needed cheaper waste repositories and Mommy and Daddy are all out of spit licking each others backs."