US budget deficit to break $1 trillion in fiscal 2020, CBO says

US budget deficit to break $1 trillion in fiscal 2020, CBO says

Inexcusable.

 

It is better to minimize the expenditures and maximize earnings, why can't we make our own produce and circulate it than buying from abroad, we have an edge about technology and quality we could use our products domestically and sell it abroad as well.

 

Where do you get NAFTA was a D thing? Care to source it? From what I've read, it was a Reagan brainchild early on.
The private sector courtesy of free trade deals like NAFTA.
D's were against it, publicly anyway, until Clinton caved to Gingrich. Sold out America Middle Class.
But the deal provide job retraining. Because it was known NAFTA will Shaftya. Look that one up.

 

We are about to find out why you don't cut taxes when growth is up. I expect the deficit to be at least 1.5 to 2 trillion. we are ****ed.

 

We will be lucky to come in under 2.3-2.5 Trillion

 

Why do you voters put up with it?

 

When will we find out that we have way too much government and that we should cut it down to size?

 

A lot of us still 'care', Jkca1, but a great many more of us don't.... As an 'unaffiliated independent voter', I can suggest that after going through nineteen, long, tortured years since "9/11", with Idiot "W" Bush, Idiot Obama, and lately, Wall Street Trump, we are now a fundamentally changed people.

Put simply, each faction of us wants what we want, and we also want somebody ELSE to pay for it. When NOBODY else pays for anything, we simply put it "on the tab" with all the other mounting debt, and forget about it. Believe this if nothing else -- nobody cares the slightest bit about "a balanced budget" anymore -- NOBODY!

Fundamental to all these dysfunctions is the U. S. Tax Code, which has surely produced the most unfair system for taxation in the First-World. Because it is 'packed-and-stacked' with tax loopholes, tax shelters, exclusions, exemptions, deductions, "carried interest", and dozens more ways for wealthy people to get out of paying their mythical "fair share", the rich among us pay little, or NOTHING... and certainly they pay nothing even approximating a "fair share" based on real income.

The poor, so many of whom became so during the "Great Recession" and afterward, are exempted from paying ANYTHING in income taxes. But, never expect a real change to this hideous 'tax code' -- because both "Fat Cat" Republicans and "Limousine Liberal" Democrats like it just exactly as it is, and they maintain large staffs of tax attorneys and tax accountants to take every advantage of it themselves that they possibly can....

Our various administrations have doled out tax cut after tax cut for years, and so the nation is starved of tax revenue. People go on wanting and needing "stuff" and "services", so, we just say "Charge it!"... and the fun, and our trade imbalances continue.

And, the "Great Enabler", the Federal Reserve central banking system, just goes on 'printing' more imaginary money, buying "bonds" and other crap that often turns out to be near-worthless 'toxic paper', while slashing interest rates to make certain that people borrow lots and lots and lots of money (which they may never be able to repay). Thus, on paper at least, money continues to be spent, and the requisite 'velocity' of this whole fiscal insanity is maintained. People buy tons of crap they can't really afford, but it keeps many businesses from going bankrupt, so, this is now the "new normal"....

Welcome to the Forum. I've been here since September 2008. It's been QUITE a 'ride', and it ain't over yet! But the edge of that mythical "cliff" grows clearer and nearer every day....

 

The deficit this year was forecast to be roughly 1.2 Trillion. Now this is bad and the voter should not put up with this.

The extra is due to extra ordinary circumstances - Schumer wants 750 Billion to combat corona - and revenue is going to be much lower than expected. 600 Billion in the 2009 deficit was from revenue dropping from 2.7 Trillion down to 2.1 Trillion due to the crash.

 

you are still confused. The claim was trump was reducing spending. That is false, he increased it. The claim of a balanced budget assumes 5%+ GDP growth for the next 10 years. Trump hasn't been able to crack 3% yet, so it's a pipe dream.

 

you can't address the data and refutations I give you, so you run away. That is the definition of a white flag. I acknowledge your second one, and accept it.

 

Read the link

 

Sorry, there is no excuse for it. The government should reverse the trend or the people in it should be replaced. I can't do it. The voters need to do it.

 

Honestly, the story could have been at least plausible decades ago, but not now, and probably not ever in the lifetimes of anyone living today. It would not be possible with Republicans, Democrats, Socialist-Democrats, or any other political 'mash-up' party.

We've got too many people demanding too many things and services from the government, too few people actually (really) paying what they're supposed to be paying in income taxes, and nobody giving a damn -- not people on the Left, or the Right (not anymore), and the people in the Muddled-Middle are so exhausted from being screwed by everybody else that they're completely inured to the whole damn thing....

. "Am I the only dumb bastard who actually WORKS and pays TAXES anymore...?!"

 

It is pointless to try and have a discussion with you as you will merely claim you have already refuted anything posted, as you demonstrate regularly, and refuse to answer direct questions to you as you recently did again. Your history of obfuscation well documented.

And of course your claims of white flags, no white flag offered. So don't fallaciously claim one as that seems to be your only goal on this board.

 

I did, it's how I was able to refute you.

 

third white flag noted and accepted.

 

Apparently you did not

"
The Trump budget plan was released Monday afternoon. It calls for $4.4 trillion in spending cuts.


The proposal sees the deficit falling below $1 trillion at the end of fiscal year 2021. It would fall to $200 billion at the end of 10 years and hit balance five years later."


Once again, you have been refuted.

 

and again, the data refutes your premise. his budget is 4.8 trillion for fiscal 2021. That is the highest budget on record in US history. As I said, he INCREASED spending, not cut it. Second, the balanced budget and deficit reduction assumes a 5% GDP growth sustained for 10 years. He has not been able to crack 3% in his first term.

You remain refuted.

 

I turned one in too.
Mine didn't pass either.

 

it calls for 4.4 cut...and balances the budget...you have been refuted and clearly didn't read the link.

Refuted

 

Hard to get any Dem on board with cutting spending and balancing the budget....

 

I think you need to jump this to at least 2 TRILLION now and possibly more.

 

Why do we "put up with it"...? There's a variety of reasons:

1. We've seen the rich get away with not paying anywhere CLOSE to being a "fair-share" of the taxes they're supposed to have been paying because of all their special 'goodies' in the U. S. Tax Code.
2. We've seen the poor, both the really-poor and the scammers and fraudsters get away with getting on the government 'gravy-train' and collecting numerous kinds of handout welfare, subsidies, and other giveaway's while the rest of us are working, paying every penny in taxes we owe, and generally being totally ignored by the very people we elected to represent US (they're too busy kissing the asses of both the rich, and the poor....)

After you've done that for a while, you just get weary of the whole damn thing and don't even care any more.

3. Yeah, there's one other reason -- our public "schools" have turned out one generation after another of dumbed-down kids who really know almost NOTHING about the real world, and how to succeed in it... and that includes any understanding of the way government actually works -- except that they, too, see that neither rich nor poor have to do anything but kick back, take it easy, and live the good life.... Few are smart enough, or lucky enough to be able to avoid having to work, so, they want the government to give them everything.

 

Not the way Spanky wants to do it.