(10-15-2018 03:21 PM)UofMstateU Wrote:  

(10-15-2018 03:19 PM)Redwingtom Wrote:  8 months later...national debt now at 21.629 trillion. Up 1.667 trillion under trump. Deficit now at $861 billion and still climbing. Nearing the highest deficit since 2012.

Quote:The deficit rose to $779 billion in fiscal year 2018, up 17% from last year, according to final figures released Monday by the Treasury Department. That's the largest number since 2012, when the country was still spending massively to stimulate an economy struggling to recover.

Government receipts were flat this year from last year. Corporate tax collections fell $76 billion, or 22%, due to the Republican-backed tax cut. But that drop was more than offset by increased revenues from individual and self-employment taxes. The fiscal year ended September 30.

As interest rates rise, servicing that ballooning debt could pose challenging. Treasury spent $522 billion last year paying interest, up 14% from the year before. That's more than Medicaid costs annually.

Deficit balloons to highest level since 2012

Interest rates are up, which means the interest we have to pay to service Obamas 8 years of debt is climbing.

The only potential polish for that turd I’d that a lot of that debt service is paid out to Americans in the form of bond yield. So it potentially is going right back into the economy in one form or another.

Yes, some is going overseas as well, it most stays right here. It helps older folks and others that rely on a fixed income or dividends.

But, bottom line is:

We clearly don’t have a revenue problem, we have a spending problem. Get rid of the ridiculous baseline budgeting. Been a stupid way to do things for faasasr to long.