OtherGround Forums Federal deficit jumps 20% YOY. MAGA!

11 days ago
1/14/07
Posts: 11942
The federal deficit jumped 20 percent in the first 10 months of the 2018 fiscal year, the Congressional Budget Office (CBO) reported Wednesday.

Spending outpaced revenue between the beginning of the fiscal year, on Oct. 1, and July by $682 billion, $116 billion more than over the same period in the last fiscal year.

The rising deficit is largely the result of the tax cuts President Trump signed into law at the end of last year, as well as a bipartisan agreement to boost spending, according to CBO.

Tax revenues from individuals rose, even as revenues from corporate taxes dropped.

The Trump administration has argued that the tax cuts would bring down the deficit, as economic growth led to higher tax revenue. The economy did expand in the second quarter by 4.1 percent.

But economists have argued the growth would have to be much larger to reduce the deficit.

The CBO projects that the deficit will reach $793 billion by the end of the year and approach $1 trillion next year. White House estimates have the deficit surpassing $1 trillion in 2019.

Budget watchers have warned that interest payments - the amount the Treasury has to pay just to service the debt - are slated to become the fastest-growing annual expenditure.

The CBO projects that in 30 years, the government will spend more on servicing debt than on Social Security or defense.

http://thehill.com/policy/finance/400876-federal-deficit-jumps-20-percent-after-tax-cuts-spending-bill?amp&__twitter_impression=true
11 days ago
5/3/07
Posts: 18331
A great victory for dems
11 days ago
1/14/07
Posts: 11943
Luncha Libre - A great victory for dems

A great loss for us all.
11 days ago
8/1/13
Posts: 8581

11 days ago
9/13/08
Posts: 8699
RdotC - The federal deficit jumped 20 percent in the first 10 months of the 2018 fiscal year, the Congressional Budget Office (CBO) reported Wednesday.

Spending outpaced revenue between the beginning of the fiscal year, on Oct. 1, and July by $682 billion, $116 billion more than over the same period in the last fiscal year.

The rising deficit is largely the result of the tax cuts President Trump signed into law at the end of last year, as well as a bipartisan agreement to boost spending, according to CBO.

Tax revenues from individuals rose, even as revenues from corporate taxes dropped.

The Trump administration has argued that the tax cuts would bring down the deficit, as economic growth led to higher tax revenue. The economy did expand in the second quarter by 4.1 percent.

But economists have argued the growth would have to be much larger to reduce the deficit.

The CBO projects that the deficit will reach $793 billion by the end of the year and approach $1 trillion next year. White House estimates have the deficit surpassing $1 trillion in 2019.

Budget watchers have warned that interest payments - the amount the Treasury has to pay just to service the debt - are slated to become the fastest-growing annual expenditure.

The CBO projects that in 30 years, the government will spend more on servicing debt than on Social Security or defense.

http://thehill.com/policy/finance/400876-federal-deficit-jumps-20-percent-after-tax-cuts-spending-bill?amp&__twitter_impression=true

I tkink we need a slightly larger sample size than 2 quarters before we make a judgement..........
11 days ago
7/22/09
Posts: 4920
RdotC -
Luncha Libre - A great victory for dems

A great loss for us all.

Indeed.

11 days ago
1/14/07
Posts: 11944
Billco - 
RdotC - The federal deficit jumped 20 percent in the first 10 months of the 2018 fiscal year, the Congressional Budget Office (CBO) reported Wednesday.

Spending outpaced revenue between the beginning of the fiscal year, on Oct. 1, and July by $682 billion, $116 billion more than over the same period in the last fiscal year.

The rising deficit is largely the result of the tax cuts President Trump signed into law at the end of last year, as well as a bipartisan agreement to boost spending, according to CBO.

Tax revenues from individuals rose, even as revenues from corporate taxes dropped.

The Trump administration has argued that the tax cuts would bring down the deficit, as economic growth led to higher tax revenue. The economy did expand in the second quarter by 4.1 percent.

But economists have argued the growth would have to be much larger to reduce the deficit.

The CBO projects that the deficit will reach $793 billion by the end of the year and approach $1 trillion next year. White House estimates have the deficit surpassing $1 trillion in 2019.

Budget watchers have warned that interest payments - the amount the Treasury has to pay just to service the debt - are slated to become the fastest-growing annual expenditure.

The CBO projects that in 30 years, the government will spend more on servicing debt than on Social Security or defense.

http://thehill.com/policy/finance/400876-federal-deficit-jumps-20-percent-after-tax-cuts-spending-bill?amp&__twitter_impression=true

I tkink we need a slightly larger sample size than 2 quarters before we make a judgement..........

10 months is a pretty good sample size.

You dont solve a deficit by lowering taxes and raising spending. That just logically does not work.

We need to get that shit under control. And have needed to for quite some time. When interest on the debt is on pace to cost more than social security and medicare, thats a big problem.
11 days ago
1/1/01
Posts: 13845

Without huge spending cuts which nobody will vote for we’re pretty much heading down the toilet, just a question of how fast

11 days ago
12/16/11
Posts: 12661

This deficit increase has absolutely nothing to do with the tax cuts and everything to do with spending.

Tax receipts are up, why do you people lie so much? Lol

11 days ago
12/16/11
Posts: 12662
RdotC -
Billco - 
RdotC - The federal deficit jumped 20 percent in the first 10 months of the 2018 fiscal year, the Congressional Budget Office (CBO) reported Wednesday.

Spending outpaced revenue between the beginning of the fiscal year, on Oct. 1, and July by $682 billion, $116 billion more than over the same period in the last fiscal year.

The rising deficit is largely the result of the tax cuts President Trump signed into law at the end of last year, as well as a bipartisan agreement to boost spending, according to CBO.

Tax revenues from individuals rose, even as revenues from corporate taxes dropped.

The Trump administration has argued that the tax cuts would bring down the deficit, as economic growth led to higher tax revenue. The economy did expand in the second quarter by 4.1 percent.

But economists have argued the growth would have to be much larger to reduce the deficit.

The CBO projects that the deficit will reach $793 billion by the end of the year and approach $1 trillion next year. White House estimates have the deficit surpassing $1 trillion in 2019.

Budget watchers have warned that interest payments - the amount the Treasury has to pay just to service the debt - are slated to become the fastest-growing annual expenditure.

The CBO projects that in 30 years, the government will spend more on servicing debt than on Social Security or defense.

http://thehill.com/policy/finance/400876-federal-deficit-jumps-20-percent-after-tax-cuts-spending-bill?amp&__twitter_impression=true

I tkink we need a slightly larger sample size than 2 quarters before we make a judgement..........

10 months is a pretty good sample size.

You dont solve a deficit by lowering taxes and raising spending. That just logically does not work.

We need to get that shit under control. And have needed to for quite some time. When interest on the debt is on pace to cost more than social security and medicare, thats a big problem.

Tax receipts are up, if you want to discuss spending cuts have at it, blaming it on the tax cuts is disingenuous at best.

11 days ago
9/4/08
Posts: 12568
"You dont solve a deficit by lowering taxes and raising spending. That just logically does not work.

We need to get that shit under control. And have needed to for quite some time. When interest on the debt is on pace to cost more than social security and medicare, thats a big problem."



Agreed, we need to cut spending big time and do away with the Social Security ponzi scheme all together.

Munk
©
11 days ago
1/14/07
Posts: 11945
trobinson21 - 

This deficit increase has absolutely nothing to do with the tax cuts and everything to do with spending.

Tax receipts are up, why do you people lie so much? Lol


Tax receipts from individuals are up.

Tax receipts from corporations are down.
11 days ago
12/16/11
Posts: 12664
RdotC -
trobinson21 - 

This deficit increase has absolutely nothing to do with the tax cuts and everything to do with spending.

Tax receipts are up, why do you people lie so much? Lol


Tax receipts from individuals are up.

Tax receipts from corporations are down.

We have a spending problem, not a revenue problem.

Jobs create an instant spike in individual tax receipts, it takes a little longer for companies investments to bring up receipts.

The well is running dry on social spending, not sure what the answer is to that its a big problem.

Edited: 11 days ago
1/14/07
Posts: 11946
trobinson21 - 
RdotC -
trobinson21 - 

This deficit increase has absolutely nothing to do with the tax cuts and everything to do with spending.

Tax receipts are up, why do you people lie so much? Lol


Tax receipts from individuals are up.

Tax receipts from corporations are down.

We have a spending problem, not a revenue problem.

Jobs create an instant spike in individual tax receipts, it takes a little longer for companies investments to bring up receipts.

The well is running dry on social spending, not sure what the answer is to that its a big problem.


Biggest problem - Military spending.

And by definition, we have both a revenue and spending problem. Until we are at a budget surplus, they both need to be looked at and optimized.
11 days ago
6/13/03
Posts: 17729
RdotC -
trobinson21 - 

This deficit increase has absolutely nothing to do with the tax cuts and everything to do with spending.

Tax receipts are up, why do you people lie so much? Lol


Tax receipts from individuals are up.

Tax receipts from corporations are down.

That would have been from the previous administrations tax plan. Individual filings from the Trump plan wont happen till next year

11 days ago
1/1/01
Posts: 96447

This is out government's biggest failure and it's ongoing

11 days ago
9/13/08
Posts: 8701
RdotC - 
Billco - 
RdotC - The federal deficit jumped 20 percent in the first 10 months of the 2018 fiscal year, the Congressional Budget Office (CBO) reported Wednesday.

Spending outpaced revenue between the beginning of the fiscal year, on Oct. 1, and July by $682 billion, $116 billion more than over the same period in the last fiscal year.

The rising deficit is largely the result of the tax cuts President Trump signed into law at the end of last year, as well as a bipartisan agreement to boost spending, according to CBO.

Tax revenues from individuals rose, even as revenues from corporate taxes dropped.

The Trump administration has argued that the tax cuts would bring down the deficit, as economic growth led to higher tax revenue. The economy did expand in the second quarter by 4.1 percent.

But economists have argued the growth would have to be much larger to reduce the deficit.

The CBO projects that the deficit will reach $793 billion by the end of the year and approach $1 trillion next year. White House estimates have the deficit surpassing $1 trillion in 2019.

Budget watchers have warned that interest payments - the amount the Treasury has to pay just to service the debt - are slated to become the fastest-growing annual expenditure.

The CBO projects that in 30 years, the government will spend more on servicing debt than on Social Security or defense.

http://thehill.com/policy/finance/400876-federal-deficit-jumps-20-percent-after-tax-cuts-spending-bill?amp&__twitter_impression=true

I tkink we need a slightly larger sample size than 2 quarters before we make a judgement..........

10 months is a pretty good sample size.

You dont solve a deficit by lowering taxes and raising spending. That just logically does not work.

We need to get that shit under control. And have needed to for quite some time. When interest on the debt is on pace to cost more than social security and medicare, thats a big problem.

Defintely agree on the spending side. We could stand to spend less for sure.

As far as corporate taxes go, we simply aligned base rates with the rest of the civilized world.
11 days ago
1/1/01
Posts: 21261
Munk - "You dont solve a deficit by lowering taxes and raising spending. That just logically does not work.

We need to get that shit under control. And have needed to for quite some time. When interest on the debt is on pace to cost more than social security and medicare, thats a big problem."



Agreed, we need to cut spending big time and do away with the Social Security ponzi scheme all together.

Munk
©

To be fair, Social Security was fine and completely self-sustainable when it was a trust. In the 90's Congress and Clinton decided it would be a great idea to re-designate it as part of the tax pool.
11 days ago
9/10/07
Posts: 19402

ITT: “the policy that led to the increase has nothing to do with this!!!”

11 days ago
6/13/03
Posts: 17730

If you look back to the end of last year the republicans planned on raising the deficit like this as justification to remove entitlements in next years budget. Reagan did the same thing.

 

https://www.theatlantic.com/politics/archive/2017/12/blowing-up-the-deficit-is-part-of-the-plan/548720/

11 days ago
1/19/12
Posts: 29820
cruedi -

Without huge spending cuts which nobody will vote for we’re pretty much heading down the toilet, just a question of how fast

This

11 days ago
9/4/08
Posts: 12571
amadeus - 
Munk - "You dont solve a deficit by lowering taxes and raising spending. That just logically does not work.

We need to get that shit under control. And have needed to for quite some time. When interest on the debt is on pace to cost more than social security and medicare, thats a big problem."



Agreed, we need to cut spending big time and do away with the Social Security ponzi scheme all together.

Munk
©

To be fair, Social Security was fine and completely self-sustainable when it was a trust. In the 90's Congress and Clinton decided it would be a great idea to re-designate it as part of the tax pool.

That's the thing with government, they can change the rules to get their greasy tentacles in every pot. Still if people want that option it's fine, but I find it ridiculous that government forces men and women to invest their earnings as Gov Co sees fit. We should have the option to go private if we choose...but then the ponzi scheme would fall apart.
Edited: 11 days ago
5/30/09
Posts: 16604
Munk - "You dont solve a deficit by lowering taxes and raising spending. That just logically does not work.

We need to get that shit under control. And have needed to for quite some time. When interest on the debt is on pace to cost more than social security and medicare, thats a big problem."



Agreed, we need to cut spending big time and do away with the Social Security ponzi scheme all together.

Munk
©

And what happens to the hundreds of thousands of dollars that I've put into social security over the last 20 years? I will gladly take my money back right now, with interest of course. 

11 days ago
6/13/03
Posts: 17731
darkness66 -
Munk - "You dont solve a deficit by lowering taxes and raising spending. That just logically does not work.

We need to get that shit under control. And have needed to for quite some time. When interest on the debt is on pace to cost more than social security and medicare, thats a big problem."



Agreed, we need to cut spending big time and do away with the Social Security ponzi scheme all together.

Munk
©

And what happens to the hundreds of thousands of dollars that I've put into social security over the last 20 years? I will gladly take my money back right now, with interest of course. 

It already went to the illegal aliens. Sorry bro

11 days ago
8/1/13
Posts: 8582
trobinson21 -

This deficit increase has absolutely nothing to do with the tax cuts and everything to do with spending.

Tax receipts are up, why do you people lie so much? Lol

Their brains have been forever altered by Trump getting elected. It's almost like PTSD, except its TDS. I'm being completely serious btw.