Make America Broke (Again?)

[djAdvocate]

The federal budget deficit surged to $530 billion in the first eight months of fiscal 2018, which began in October, surpassing last year's deficit over the same period by $97 billion, according to new figures.

The Congressional Budget Office (CBO) said in a report released Thursday that government spending surged 6 percent relative to last year, while revenues only increased 3 percent.

Budget watchers projected that the combination of the GOP tax bill, which slashed tax rates, and the bipartisan agreement to increase government spending would push up the deficit.

Corporate tax revenues, for example, were down $42 billion, about 25 percent, though much of that revenue reflected 2017 taxes, CBO said.

The government spent a whopping $239 billion on interest payments alone, up 15 percent from the same period last year.

CBO has predicted that federal deficits will top $1 trillion in 2020.

thehill.com/policy/finance/391295-us-deficit-surges-to-530-billion-in-may-cbo

the GOP better pray that this does not become a political issue.

[weltschmerz]

His supporters won't care if the deficit reaches eleventy bazillion dollars.

[happyhoix]

McConnell was on the news this weekend talking about how the current president was the most conservative he'd seen in his life time.

Sure, he granted a huge tax cut which jacked up the debt and he's been caught lying about sleeping with porn stars and playboy bunnies, then paying them off.

Apparently, when I wasn't paying attention, the definition of 'conservative' changed.

[thyme4change]

I got such a lecture about the debt from a conservative before the 16 election. I keep waiting for an opening to ask him how he feels now.

[djAdvocate]

and absolute crickets from the conservatives, here.

why is that?

[busymom]

Because they've got nothing to defend this utter failure of an administration.


(We TOLD YOU that trickle down economics doesn't work.  For anyone except the very rich, that is...)  

[Deleted]

Jun 11, 2018 10:10:35 GMT -5 djAdvocate said:

and absolute crickets from the conservatives, here.

why is that?

Crickets from the Trumpians and the new era “borrow and spend” GOP The true fiscal conservatives completely agree.

[dondub]

  Since the sainted Reagan nearly tripled the national debt with round 1 of tinkle down "voodoo economics" the Repos have completely abrogated

their 'fiscal conseratives' stance. They went round 2 under BushCo. and doubled the debt that time coming on the heels of the Clinton era surpluses.

A true fiscal conservative would have continued Clintonian economics and paid off the national debt in a two term presidency. Instead we ended up

with the BushCo. debt and massive deficit growth. Now we have tinkle down round 3 and not a peep out of anyone here that pretends to care about

deficit spending as we once again will be adding trillions on the Repo watch..

 Considering the shit show of family values we have seen from these phonies they have nothing left to stand on. Perhaps that is why so many of the

 'regular' conservative posters here have mostly gone away and we are left with fluxus manuum on a daily basis supporting the creeping fascism of the

Trump administration.

[djAdvocate]

i have not even heard the term "deficit hawk" in the LEEEBRUL MEDIJA since 2016.

[djAdvocate]

Jun 13, 2018 6:34:01 GMT -5 deminmaine said:

Complete financial failure on the part of the GOP.


If times are so good, and MAGA is a thing, why are we not CUTTING the deficit now, and SAVING money for a "rainy day", like we do at the state level.

because that is what RESPONSIBLE leadership does.

you know, like Jerry Brown?

[hurley1980]

What is it exactly that the republicans stand for anymore? I'm asking genuinely....

If its not being fiscally conservative, and if its not the party of family values, I guess all they have left is religion and bring back coal jobs.

(And hating minorities of course)

[kadee79]

Jun 13, 2018 11:46:09 GMT -5 hurley1980 said:

What is it exactly that the republicans stand for anymore? I'm asking genuinely....

If its not being fiscally conservative, and if its not the party of family values, I guess all they have left is religion and bring back coal jobs.

(And hating minorities of course)

And I saw an article the other day where solar is out pacing others in energy production now....gas, oil & wind which I think included nuclear too.

[movingforward]

Jun 13, 2018 11:27:18 GMT -5 alwaysbeoptimizing said:

Jun 13, 2018 6:34:01 GMT -5 deminmaine said:

Complete financial failure on the part of the GOP.


If times are so good, and MAGA is a thing, why are we not CUTTING the deficit now, and SAVING money for a "rainy day", like we do at the state level.


Answer: The "MAGA" goals are tax giveaways to the corps and wealthy, and the bankruptcy of government for everyone else.



"Bankruptcy.  It's what I do, and I do it very well" - DJT  

our two choices are

1. actually fix entitlements.  this will need to include restrictions on end of life costs
2. ignore it all and enjoy the party until the dollar collapses and we can rebuild (painful, but no one on either side wants to do what would be necessary to avoid this)

Agreed but this gets a little sticky and, the bigger challenge, is getting the medical industry on board with this...hospitals, oncologists, pharma companies, etc. make a shit load of money. We also need to give people the right to end their own suffering while they are still sound enough to make that decision.

[weltschmerz]

Jun 13, 2018 12:53:18 GMT -5 movingforward said:

Jun 13, 2018 11:27:18 GMT -5 alwaysbeoptimizing said:

our two choices are

1. actually fix entitlements.  this will need to include restrictions on end of life costs
2. ignore it all and enjoy the party until the dollar collapses and we can rebuild (painful, but no one on either side wants to do what would be necessary to avoid this)

Agreed but this gets a little sticky and, the bigger challenge, is getting the medical industry on board with this...hospitals, oncologists, pharma companies, etc. make a shit load of money. We also need to give people the right to end their own suffering while they are still sound enough to make that decision.

Ah, the dreaded "death panels" that the tea party kept yammering about.

[djAdvocate]

Jun 13, 2018 13:30:48 GMT -5 weltschmerz said:

Jun 13, 2018 12:53:18 GMT -5 movingforward said:

Agreed but this gets a little sticky and, the bigger challenge, is getting the medical industry on board with this...hospitals, oncologists, pharma companies, etc. make a shit load of money. We also need to give people the right to end their own suffering while they are still sound enough to make that decision.

Ah, the dreaded "death panels" that the tea party kept yammering about.

yeah, what they call "death panels" the rest of us call "end of life counseling".  it is vital.  the alternative is "keeping people 'alive' at any social cost" which is way more of an evil than anything that they PRETENDED their vaunted death panels were.

[AgeOfEnlightenmentSCP]

Jun 11, 2018 0:09:58 GMT -5 djAdvocate said:

The federal budget deficit surged to $530 billion in the first eight months of fiscal 2018, which began in October, surpassing last year's deficit over the same period by $97 billion, according to new figures.

The Congressional Budget Office (CBO) said in a report released Thursday that government spending surged 6 percent relative to last year, while revenues only increased 3 percent.

Budget watchers projected that the combination of the GOP tax bill, which slashed tax rates, and the bipartisan agreement to increase government spending would push up the deficit.

Corporate tax revenues, for example, were down $42 billion, about 25 percent, though much of that revenue reflected 2017 taxes, CBO said.

The government spent a whopping $239 billion on interest payments alone, up 15 percent from the same period last year.

CBO has predicted that federal deficits will top $1 trillion in 2020.

thehill.com/policy/finance/391295-us-deficit-surges-to-530-billion-in-may-cbo

the GOP better pray that this does not become a political issue.

Obama doubled the national debt. Of course interest payments are up. 

Once again, spending is the problem. 

In spite of the deceptive focus on "corporate tax revenue", the government is collecting record high personal income tax revenue: 


The United States Treasury collected a record-breaking amount of personal income taxes in May; smashing estimates during the first eight months of the 2018 Fiscal Year with no signs of slowing down.



According to CNS News, the US federal government raked in a whopping $1.1 trillion in personal income taxes, breaking the previous record by over $56 billion.



“The approximately $1,143,141,000,000 in individual income taxes that the Treasury collected in October through May of this fiscal year was $56,273,800,000 more (in constant May 2018 dollars) than the $1,086,867,200,000 (in constant May 2018 dollars) in individual income taxes that the Treasury collected in October through May of fiscal 2016—which was the previous record,” writes CSN.



The strong tax haul comes on the heels of another report that showed the number of Americans receiving food assistance fell to its lowest level in over eight years; yet another sign of a robust US economy under President Trump heading into the 2018 midterm elections.


www.hannity.com/media-room/great-again-us-treasury-takes-in-record-tax-revenue-in-may/