May budget deficit hits record $207.8 billion

Discussion in 'Current Events' started by MrTLegal, Jun 13, 2019.

  1. MrTLegal

    MrTLegal Banned

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    https://finance.yahoo.com/news/may-budget-deficit-hits-record-180025146.html

    Through the first eight months, the budget deficit has grown almost 40% compared to the same eight month period last year. The CBO projects that the total budget deficit for 2019 will be 15% higher than 2018.

    The GOP Tax Cut has ensured that revenue has fallen despite a growing and thriving economy. And no, the GOP tax cut has not resulted in a growth that looks any different from the previous six years.

    Those facts, and others, are why the GOP did not run on their lone legislative accomplishment in 2018 and why the author of the GOP tax cut is finally admitting that the tax cut may not pay for themselves.
     
  2. Cubed

    Cubed Well-Known Member Past Donor

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  3. mdrobster

    mdrobster Well-Known Member

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    Yeah, more draining the swamp. Trump was warned about this.
     
  4. cd8ed

    cd8ed Well-Known Member Donor

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    Where are the fiscal conservatives denouncing this squandering of monetary policy?

    I predict it will become an issue again in two to six years.
     
  5. Irrational thinker

    Irrational thinker Member

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    Freebies for Democrats' voting base illegal immigrants don't come cheap.
     
  6. 9royhobbs

    9royhobbs Well-Known Member

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    Congratulation, you have just lived up to your moniker. Now explain how the immigrants are the cause of the debt in the OP.
     
  7. Quantum Nerd

    Quantum Nerd Well-Known Member

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    Note that this is in ONE MONTH more than 1/3 of Obama's last ANNUAL deficit. Where is the Tea Party?

    Also note that estimated Q2 GDP growth is in the 1.6% (per year) range.

    Where is all that tax cut money going? It seems that it only marginally stimulated the economy in the past year. Now, the sugar "high" (or should I say low) is already over. the fat cats, however, are laughing all the way to the bank, where they'll keep their money instead of investing it - just like in the last two GOP-based tax-cutting dent expansions. The ones who are fueling the current economy are the consumers - by taking on more debt.
     
    Last edited: Jun 13, 2019
  8. Quantum Nerd

    Quantum Nerd Well-Known Member

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    RW talking points is all they have.
     
  9. Quantum Nerd

    Quantum Nerd Well-Known Member

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    Where is McConnell now, speaking up against the deficit?

    Even in his speech, he noted that Obama's deficit was caused by the revenue drop from the great recession (GWB's recession). That didn't stop him to blame Obama for it. GOP hypocrites, all of them....
     
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  10. hawgsalot

    hawgsalot Well-Known Member

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    T doing his Troll thing and the resident lefties foaming at the mouth.

    From the article.

    Most of that increase reflected the impact of calendar quirks that shifted $55 billion in June benefit payments into May.

    Interest on the $22 trillion national debt is one of the fastest growing parts of the budget with net interest payments totaling $268.3 billion, up 15.6 percent from a year ago. That reflects the fact that interest rates have risen and there is now more debt to finance.

    government receipts total $2.27 trillion, an increase of 2.3 percent.
     
    Last edited: Jun 13, 2019
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  11. Egoboy

    Egoboy Well-Known Member Past Donor

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    That's all OK.... our most famous US airplane is getting repainted... Americans will ignore all that money stuff....

    Remember... you cannot spell POTUS without POS....

    On topic?? I got nothing.... Sounds like what most experts predicted... Why do people keep believing that cheese??
     
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  12. Bearack

    Bearack Well-Known Member

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    This fiscal conservative would always advocate for lower taxes. We really don't have a revenue problem, but a spending problem. That is were Trump and I totally go our separate ways.
     
  13. RP12

    RP12 Well-Known Member

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    Spending so far this year totals $3.01 trillion, up 9.3 percent from the same period in 2018, while government receipts total $2.27 trillion, an increase of 2.3 percent.

    What do you not understand about revenues being up?
     
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  14. 9royhobbs

    9royhobbs Well-Known Member

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    I don't know, would you please explain it?
     
  15. Spooky

    Spooky Well-Known Member Donor

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    We spend over a trillion dollars on liberal giveaway programs that don't even include medicare and social security.

    As the population gets larger more people are using these programs so tell us where you think the money is going?
     
  16. MrTLegal

    MrTLegal Banned

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    How much would revenues have increased in the absence of the GOP tax cuts?

    How does that growth in revenue compare once inflation is taken into account?
     
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  17. MrTLegal

    MrTLegal Banned

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    83% of the tax cut benefits go to the top 1%.
     
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  18. MrTLegal

    MrTLegal Banned

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    Surely you can stop foaming and trolling long enough to tell us why a 40% increase to the federal budget deficit is no longer a concern for you.

    Check the OP and see if you can find the first sentence that you chose to include in italics there. Pro-tip: It is the second sentence from the OP.

    Also, interest on the debt is something that Trump has explicitly and repeatedly claimed that he does not care about because the debt balloon will burst long after he leaves office.

    As for the increase in absolute value on the revenue, how would that number compare in the absence of the GOP tax cut? How does it compare once inflation is taken into account?
     
    Last edited: Jun 13, 2019
  19. Bowerbird

    Bowerbird Well-Known Member

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    You mean the give away programs being milked by “Christians” for pet projects like abstinence only education?
     
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  20. Durandal

    Durandal Well-Known Member Past Donor

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    Balance the federal budget 'fairly quickly'
    "It can be done. ... It will take place and it will go relatively quickly. ... If you have the right people, like, in the agencies and the various people that do the balancing ... you can cut the numbers by two pennies and three pennies and balance a budget quickly and have a stronger and better country."
    Sources:
    Interview with Sean Hannity Feb. 22 and April 4, 2016
    https://www.politifact.com/truth-o-...e/1430/balance-federal-budget-fairly-quickly/

    Trump lied again. :(
     
    Last edited: Jun 13, 2019
  21. James Evans

    James Evans Banned

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    Conservatives have no set values at all. They are fiercely tribal, which makes the GOP voting base a given. DEMs have to get the swing vote.

    It does make me chuckle when I think about all those tea party idiots. And it makes me wonder where they are now.

    [​IMG]
     
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  22. RP12

    RP12 Well-Known Member

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    Simple

    We brought in more but spent even more.. Simple enough?
     
  23. RP12

    RP12 Well-Known Member

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    So instead of data you want to discuss a hypothetical?
     
  24. Texas Republican

    Texas Republican Well-Known Member

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    “Deficits aren’t a problem because we owe the money to ourselves”.

    ... the standard liberal position since FDR.
     
  25. Quantum Nerd

    Quantum Nerd Well-Known Member

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    "Deficits don't matter". Guess where this quote comes from?
     
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