Political Wrinkles  

Go Back   Political Wrinkles > Political Forums > Economics
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

Economics Discuss U.S. expects to hit $1 trillion deficit earlier than planned at the Political Forums; Remember when this was the most important issue of our time back when Obama was in office? I'm sure any ...

Reply
 
Share LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 09-11-2018, 10:53 PM
WallyWager's Avatar
Moderator
 
Join Date: Jan 2011
Location: Michigan
Gender: Male
Posts: 12,062
Thanks: 1,586
Thanked 9,178 Times in 5,873 Posts
Default U.S. expects to hit $1 trillion deficit earlier than planned

Remember when this was the most important issue of our time back when Obama was in office? I'm sure any minute that Tea Party crowd, the Republican fiscal conservatives, are going to hound on Trump over a pretty sharply rising deficit just as they did with Obama even though it was in decline under his tenure.

I guess Trump really is running the country like his businesses.


Quote:
The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.

Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.

https://www.axios.com/deficit-grows-...640349059.html
__________________
"I've known Jeff for 15 years. Terrific guy. He's a lot of fun to be with. It is even said that he likes beautiful women as much as I do, and many of them are on the younger side." - Donald Trump, on pedophile Jeff Epstein.
Reply With Quote
  #2 (permalink)  
Old 09-11-2018, 11:48 PM
cnredd's Avatar
Administrator
 
Join Date: Oct 2007
Location: Philadelphia
Gender: Male
Posts: 56,094
Thanks: 2,324
Thanked 37,016 Times in 20,964 Posts
Default Re: U.S. expects to hit $1 trillion deficit earlier than planned

I've been on board for QUITE awhile saying the spending is bullsh*t and haven't defended Trump or the Republican congress at all...
__________________
"You get the respect that you give" - cnredd
Reply With Quote
The Following 3 Users Say Thank You to cnredd For This Useful Post:
  #3 (permalink)  
Old 09-12-2018, 07:04 AM
GetAClue's Avatar
PW Enlightenment
 
Join Date: Jan 2011
Location: Northern Ohio
Gender: Male
Posts: 6,776
Thanks: 9,668
Thanked 6,966 Times in 3,987 Posts
Default Re: U.S. expects to hit $1 trillion deficit earlier than planned

Quote:
Originally Posted by cnredd View Post
I've been on board for QUITE awhile saying the spending is bullsh*t and haven't defended Trump or the Republican congress at all...
I will second that as I have basically stated the same. Until they quit acting like Democrats and get spending under control, deficits will continue to explode.
__________________
To argue with a person who has renounced the use of reason is like administering medicine to the dead - Thomas Paine

A lie doesn't become truth, a wrong doesn't become right, and Evil doesn't become good, just because it is accepted by the majority. - Booker T Washington
Reply With Quote
  #4 (permalink)  
Old 09-12-2018, 11:53 AM
Conservative Sage
 
Join Date: Mar 2010
Location: Scottsdale, AZ
Posts: 18,898
Thanks: 12,388
Thanked 13,364 Times in 7,786 Posts
Send a message via ICQ to AZRWinger
Default Re: U.S. expects to hit $1 trillion deficit earlier than planned

Quote:
Originally Posted by WallyWager View Post
Remember when this was the most important issue of our time back when Obama was in office? I'm sure any minute that Tea Party crowd, the Republican fiscal conservatives, are going to hound on Trump over a pretty sharply rising deficit just as they did with Obama even though it was in decline under his tenure.

I guess Trump really is running the country like his businesses.
Could you point out where Democrats proposed significant spending cuts besides defense?

Senate Democrats although a minority are able to block any spending cuts proposed and hold the Federal government funding hostage like good little Resistance zealots. Obama is gone but they insist on continuing the same spending orgy that added over $9 trillion to the public debt.

That's not to say spineless Congressional Republicans are blameless for using the Democrats favorite continuing resolution scam and Trump for signing off on it. At least Trump offered a reasonable excuse, rebuilding our military, for endorsing the CR. I won just offered up elections have consequences.
__________________
If Democrats were confident their nominee actually received more than 80 million votes they wouldn't have more troops occupying Washington, DC than Lincoln had defending the city during the Civil War. Not Joe Biden, Kim Jung Biden.
Reply With Quote
  #5 (permalink)  
Old 09-12-2018, 11:46 PM
WallyWager's Avatar
Moderator
 
Join Date: Jan 2011
Location: Michigan
Gender: Male
Posts: 12,062
Thanks: 1,586
Thanked 9,178 Times in 5,873 Posts
Default Re: U.S. expects to hit $1 trillion deficit earlier than planned

Quote:
Originally Posted by cnredd View Post
I've been on board for QUITE awhile saying the spending is bullsh*t and haven't defended Trump or the Republican congress at all...
It's not just the spending. It's also poor tax policy as well. There were zero good reasons to cut taxes at this time, when the economy and the job market were and the stock market were already growing steadily for years prior, and had no need for a temporary stimulus. Republicans for decades have horrendous at fiscal issues.
__________________
"I've known Jeff for 15 years. Terrific guy. He's a lot of fun to be with. It is even said that he likes beautiful women as much as I do, and many of them are on the younger side." - Donald Trump, on pedophile Jeff Epstein.
Reply With Quote
  #6 (permalink)  
Old 09-13-2018, 08:15 AM
GetAClue's Avatar
PW Enlightenment
 
Join Date: Jan 2011
Location: Northern Ohio
Gender: Male
Posts: 6,776
Thanks: 9,668
Thanked 6,966 Times in 3,987 Posts
Default Re: U.S. expects to hit $1 trillion deficit earlier than planned

Quote:
Originally Posted by WallyWager View Post
It's not just the spending. It's also poor tax policy as well. There were zero good reasons to cut taxes at this time, when the economy and the job market were and the stock market were already growing steadily for years prior, and had no need for a temporary stimulus. Republicans for decades have horrendous at fiscal issues.
So your contention is that due to the tax cuts, the revenues collected by the Fed gov't are down adding to the problem.

Investors daily would disagree with you:
Quote:
Supply-Side Economics: Democrats scoffed at Republicans who said the Trump tax cuts would at least partially pay for themselves through higher economic growth. But it looks like the GOP had it right all along, as revenues climb.

The latest monthly budget report from the nonpartisan Congressional Budget Office finds that revenues from federal income taxes were $76 billion higher in the first half of this year, compared with the first half of 2017. That's a 9% jump, even though the lower income tax withholding schedules went into effect in February.

The CBO says the gain "largely reflects increases in wages and salaries."

For the fiscal year as a whole — which started last October — all federal revenues are up by $31 billion. That's a 1.2% in increase over last year, the CBO says.

The Treasury Department, which issues a separate monthly report, says it expects federal revenues will continue to exceed last year's for the rest of the 2018 fiscal year.
More at the link
https://www.investors.com/politics/e...onomic-growth/

So tells how increasing the amount of money collected by the Fed Gov't is contributing to the deficit.
__________________
To argue with a person who has renounced the use of reason is like administering medicine to the dead - Thomas Paine

A lie doesn't become truth, a wrong doesn't become right, and Evil doesn't become good, just because it is accepted by the majority. - Booker T Washington
Reply With Quote
The Following User Says Thank You to GetAClue For This Useful Post:
  #7 (permalink)  
Old 09-13-2018, 09:10 AM
Conservative Sage
 
Join Date: Mar 2010
Location: Scottsdale, AZ
Posts: 18,898
Thanks: 12,388
Thanked 13,364 Times in 7,786 Posts
Send a message via ICQ to AZRWinger
Default Re: U.S. expects to hit $1 trillion deficit earlier than planned

Quote:
Originally Posted by WallyWager View Post
It's not just the spending. It's also poor tax policy as well. There were zero good reasons to cut taxes at this time, when the economy and the job market were and the stock market were already growing steadily for years prior, and had no need for a temporary stimulus. Republicans for decades have horrendous at fiscal issues.
For 2016, the last year of Obama's Presidency, the GDP grew at 1.6%. That's the lowest growth rate since 2011. It is even less than the puny new norm of 2% under Obama. That's fogging the glass, not a robust economy.

After the Obama administration added over $9 trillion to the debt including a $1 trillion stimulus sold as providing shovel ready jobs that were in Obama's words not so shovel ready.

Obama and the Democrats keen grasp of fiscal responsibility demanded "clean" debt limit increases with no plan to manage or reduce the debt long term leading to the first ever downgrade of US debt quality rating. But don't worry, this prompted Obama to launch a Federal investigation of the credit rating agency. Shrewd fiscal management indeed.

Although Trump's tax policy and deregulation has succeeded in boosting a torpid economy he has failed to cut Federal spending bloated by Obama's stimulus. Stimulus dollars added to a Federal bureau's budget become part of the new base for future budgets. Trump needs Congressional support to begin cutting back this bloat.
__________________
If Democrats were confident their nominee actually received more than 80 million votes they wouldn't have more troops occupying Washington, DC than Lincoln had defending the city during the Civil War. Not Joe Biden, Kim Jung Biden.
Reply With Quote
The Following User Says Thank You to AZRWinger For This Useful Post:
  #8 (permalink)  
Old 09-13-2018, 12:56 PM
cnredd's Avatar
Administrator
 
Join Date: Oct 2007
Location: Philadelphia
Gender: Male
Posts: 56,094
Thanks: 2,324
Thanked 37,016 Times in 20,964 Posts
Default Re: U.S. expects to hit $1 trillion deficit earlier than planned

Quote:
Originally Posted by WallyWager View Post
It's not just the spending. It's also poor tax policy as well. There were zero good reasons to cut taxes at this time, when the economy and the job market were and the stock market were already growing steadily for years prior, and had no need for a temporary stimulus. Republicans for decades have horrendous at fiscal issues.
From your source in the OP...

Quote:
to revenue growth of only 1%
Even though your source tries to make this look negative, it's still GROWTH...

The tax cuts did not make the government tax receipts go backwards...

Quote:
increase spending, which grew by 7%
And THERE is the problem...If spending only went up 1%, the whole year would've been deficit neutral...
__________________
"You get the respect that you give" - cnredd
Reply With Quote
The Following User Says Thank You to cnredd For This Useful Post:
Reply

Tags
deficit, earlier, expects, hit, planned, than, trillion

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 03:20 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2021, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0