+- CSNbbs (https://csnbbs.com)
+-- Forum: Active Boards (/forum-769.html)
+--- Forum: Lounge (/forum-564.html)
+---- Forum: The Spin Room (/forum-540.html)
+---- Thread: Federal Budget Deficit up 79% in July 2018 compared to July 2017 (/thread-855818.html)
Pages: 1 2
Federal Budget Deficit up 79% in July 2018 compared to July 2017 - Marc Mensa - 08-20-2018 04:27 PM
#winningoncredit...lotsofcredit
https://www.marketwatch.com/story/federal-budget-deficit-increases-79-in-july-2018-08-10
What happened: Receipts fell 3% compared to last July, with the government getting less money from both corporations and individuals in the wake of the new tax law. Corporate revenues were down 34% as companies enjoyed a reduced 21% tax rate. And individuals continued to send fewer tax dollars to the Treasury, after lower withholding from paychecks took effect in February. President Donald Trump signed the law in December.
Spending, meanwhile, jumped by 10% in July as the government shelled out more for programs across the board. Interest payments on the public debt jumped by 41% in the month.
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - thespiritof1976 - 08-20-2018 04:31 PM
![[Image: 71K0qH7SBRL._UX679_.jpg]](https://images-na.ssl-images-amazon.com/images/I/71K0qH7SBRL._UX679_.jpg)
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - shere khan - 08-20-2018 05:02 PM
Trump has made democrats hate deficits.
Best President ever.
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - CrimsonPhantom - 08-20-2018 05:07 PM
(08-20-2018 05:02 PM)shere khan Wrote: Trump has made democrats hate deficits.
Best President ever.
Now if he can just get them to hate terrorists, murderers and illegals.
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - green - 08-20-2018 05:13 PM
(08-20-2018 04:27 PM)Marc Mensa Wrote: What happened: Receipts fell 3% compared to last July, with the government getting less money from both corporations and individuals in the wake of the new tax law. Corporate revenues were down 34% as companies enjoyed a reduced 21% tax rate. And individuals continued to send fewer tax dollars to the Treasury, after lower withholding from paychecks took effect in February.
https://twitter.com/TwinTravel2/status/1007273268057952257
FUZZY MATH
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - umbluegray - 08-20-2018 05:16 PM
(08-20-2018 04:27 PM)Marc Mensa Wrote: #winningoncredit...lotsofcredit
https://www.marketwatch.com/story/federal-budget-deficit-increases-79-in-july-2018-08-10
What happened: Receipts fell 3% compared to last July, with the government getting less money from both corporations and individuals in the wake of the new tax law. Corporate revenues were down 34% as companies enjoyed a reduced 21% tax rate. And individuals continued to send fewer tax dollars to the Treasury, after lower withholding from paychecks took effect in February. President Donald Trump signed the law in December.
Spending, meanwhile, jumped by 10% in July as the government shelled out more for programs across the board. Interest payments on the public debt jumped by 41% in the month.
Well, that's what happens when you cut taxes but don't cut spending.
And if I recall Congress didn't want to cut spending.
Here's a really novel idea... STOP SPENDING OUR MONEY!!!!!
Reign it back in. Examine where $$$ is being spent. And make sound financial decisions.
You have to do that in your personal budget.
I have to do that in my personal budget.
We're not allowed to continue to spend, spend, spend -- especially when our income decreases.
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - umbluegray - 08-20-2018 05:17 PM
(08-20-2018 05:13 PM)green Wrote:(08-20-2018 04:27 PM)Marc Mensa Wrote: What happened: Receipts fell 3% compared to last July, with the government getting less money from both corporations and individuals in the wake of the new tax law. Corporate revenues were down 34% as companies enjoyed a reduced 21% tax rate. And individuals continued to send fewer tax dollars to the Treasury, after lower withholding from paychecks took effect in February.
https://twitter.com/TwinTravel2/status/1007273268057952257
FUZZY MATH
Even more indicting...
STOP SPENDING $$$ YOU DON'T HAVE!!!
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - Marc Mensa - 08-20-2018 05:22 PM
This spike in deficits was 100% avoidable and belongs solely to Trump, Ryan and McConnell.
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - shere khan - 08-20-2018 05:27 PM
(08-20-2018 05:22 PM)Marc Mensa Wrote: This spike in deficits was 100% avoidable and belongs solely to Trump, Ryan and McConnell.
Democrats should run on a balanced budget. I like it.
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - Marc Mensa - 08-20-2018 05:32 PM
(08-20-2018 05:27 PM)shere khan Wrote:(08-20-2018 05:22 PM)Marc Mensa Wrote: This spike in deficits was 100% avoidable and belongs solely to Trump, Ryan and McConnell.
Democrats should run on a balanced budget. I like it.
I agree. The last time it was balanced a Democrat was, indeed, the President.
What they must do is make sure everyone is aware of who owns this #hit sandwich, however. Once the Democrats take control of the House in 2018, the Republicans are going to try and pin their deficits on the new Congress.
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - Chappy - 08-20-2018 05:45 PM
The revenue will come up, takes time. But the spending is way too high.
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - Niner National - 08-20-2018 05:48 PM
(08-20-2018 05:02 PM)shere khan Wrote: Trump has made democrats hate deficits.
Best President ever.
yeah, but he's made the republicans not care, so it all balances out.
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - umbluegray - 08-20-2018 05:59 PM
(08-20-2018 05:22 PM)Marc Mensa Wrote: This spike in deficits was 100% avoidable and belongs solely to Trump, Ryan and McConnell.
Yes, you are SOOOO right!
And Obama is SOLELY responsible for the largest deficit in the history of the country.
Obama's real debt and deficit legacy
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - Marc Mensa - 08-20-2018 06:01 PM
(08-20-2018 05:45 PM)Chappy Wrote: The revenue will come up, takes time. But the spending is way too high.
There is nothing in stone saying revenues will come up. Right now, the economy is doing quite good but revenues are in the crapper. What happens to revenues if the economy begins to recede? What happens to spending if the economy recedes?
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - umbluegray - 08-20-2018 06:04 PM
(08-20-2018 06:01 PM)Marc Mensa Wrote:(08-20-2018 05:45 PM)Chappy Wrote: The revenue will come up, takes time. But the spending is way too high.
There is nothing in stone saying revenues will come up. Right now, the economy is doing quite good but revenues are in the crapper. What happens to revenues if the economy begins to recede? What happens to spending if the economy recedes?
Cut spending across the board. Period.
Do it today. Do it now.
But politicians WON'T do it.
I for one do not want higher taxes. Just because pols refuse to balance the budget & curb spending doesn't mean they have the right to take it from me.
"Taxation with representation isn't so hot, either."
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - Marc Mensa - 08-20-2018 06:17 PM
(08-20-2018 05:59 PM)umbluegray Wrote:(08-20-2018 05:22 PM)Marc Mensa Wrote: This spike in deficits was 100% avoidable and belongs solely to Trump, Ryan and McConnell.
Yes, you are SOOOO right!
And Obama is SOLELY responsible for the largest deficit in the history of the country.
Obama's real debt and deficit legacy
The Obama deficits were the result of the financial crash and its lingering effects on both outlays and revenues... and the deficits began to decline as the economy began to recover. The Reagan deficits were similar in that they were justified during an economic downturn and would begin to balance out as the economy recovered.
This ridiculous spike in debt is different and comes in a time of prolonged economic expansion. I do not recall another time in my lifetime where we've had 9+ consecutive years of economic growth and a sudden spike in deficits. What happens when the economy eventually turns?
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - Marc Mensa - 08-20-2018 06:18 PM
(08-20-2018 06:04 PM)umbluegray Wrote:(08-20-2018 06:01 PM)Marc Mensa Wrote:(08-20-2018 05:45 PM)Chappy Wrote: The revenue will come up, takes time. But the spending is way too high.
There is nothing in stone saying revenues will come up. Right now, the economy is doing quite good but revenues are in the crapper. What happens to revenues if the economy begins to recede? What happens to spending if the economy recedes?
Cut spending across the board. Period.
Do it today. Do it now.
But politicians WON'T do it.
I for one do not want higher taxes. Just because pols refuse to balance the budget & curb spending doesn't mean they have the right to take it from me.
"Taxation with representation isn't so hot, either."
The only buckets that can be meaningfully cut to offset the Trump/Ryan deficits are Social Security and Medicare.
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - TigerBlue4Ever - 08-20-2018 06:24 PM
(08-20-2018 06:17 PM)Marc Mensa Wrote:(08-20-2018 05:59 PM)umbluegray Wrote:(08-20-2018 05:22 PM)Marc Mensa Wrote: This spike in deficits was 100% avoidable and belongs solely to Trump, Ryan and McConnell.
Yes, you are SOOOO right!
And Obama is SOLELY responsible for the largest deficit in the history of the country.
Obama's real debt and deficit legacy
The Obama deficits were the result of the financial crash and its lingering effects on both outlays and revenues... and the deficits began to decline as the economy began to recover. The Reagan deficits were similar in that they were justified during an economic downturn and would begin to balance out as the economy recovered.
This ridiculous spike in debt is different and comes in a time of prolonged economic expansion. I do not recall another time in my lifetime where we've had 9+ consecutive years of economic growth and a sudden spike in deficits. What happens when the economy eventually turns?
I don't remember that happening, when was this?
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - olliebaba - 08-20-2018 06:24 PM
(08-20-2018 06:18 PM)Marc Mensa Wrote:(08-20-2018 06:04 PM)umbluegray Wrote:(08-20-2018 06:01 PM)Marc Mensa Wrote:(08-20-2018 05:45 PM)Chappy Wrote: The revenue will come up, takes time. But the spending is way too high.
There is nothing in stone saying revenues will come up. Right now, the economy is doing quite good but revenues are in the crapper. What happens to revenues if the economy begins to recede? What happens to spending if the economy recedes?
Cut spending across the board. Period.
Do it today. Do it now.
But politicians WON'T do it.
I for one do not want higher taxes. Just because pols refuse to balance the budget & curb spending doesn't mean they have the right to take it from me.
"Taxation with representation isn't so hot, either."
The only buckets that can be meaningfully cut to offset the Trump/Ryan deficits are Social Security and Medicare.
What? Did you tear up your Socialist Party card? Why would you want to cut SS and Medicare and then campaign for it, like you know, free everything.
RE: Federal Budget Deficit up 79% in July 2018 compared to July 2017 - TigerBlue4Ever - 08-20-2018 06:28 PM
(08-20-2018 06:24 PM)olliebaba Wrote:(08-20-2018 06:18 PM)Marc Mensa Wrote:(08-20-2018 06:04 PM)umbluegray Wrote:(08-20-2018 06:01 PM)Marc Mensa Wrote:(08-20-2018 05:45 PM)Chappy Wrote: The revenue will come up, takes time. But the spending is way too high.
There is nothing in stone saying revenues will come up. Right now, the economy is doing quite good but revenues are in the crapper. What happens to revenues if the economy begins to recede? What happens to spending if the economy recedes?
Cut spending across the board. Period.
Do it today. Do it now.
But politicians WON'T do it.
I for one do not want higher taxes. Just because pols refuse to balance the budget & curb spending doesn't mean they have the right to take it from me.
"Taxation with representation isn't so hot, either."
The only buckets that can be meaningfully cut to offset the Trump/Ryan deficits are Social Security and Medicare.
What? Did you tear up your Socialist Party card? Why would you want to cut SS and Medicare and then campaign for it, like you know, free everything.
Buckets? That's cute. They are entitlements. There are government welfare programs to which none are entitled that could be cut.
And revenues will come up as unemployment numbers go down.