(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.

(02-08-2018 11:09 AM)Redwingtom Wrote:  Number had been decreasing for quite awhile. It's now currently increasing.

Muh tax cuts increase revenue...

http://www.usdebtclock.org/

Increased spending doesn't help. Thanks, BHO and establishment politicians.

(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.

(10-15-2018 03:22 PM)umbluegray Wrote:  

(02-08-2018 11:09 AM)Redwingtom Wrote:  Number had been decreasing for quite awhile. It's now currently increasing.

Muh tax cuts increase revenue...

http://www.usdebtclock.org/

Increased spending doesn't help. Thanks, BHO and establishment politicians.

our congress has been on a spending orgy since the advent of the "great society" with no relief in sight.

both parties are to blame.

all the elected presidents are to blame.

I truly hope that when TRex is elected for his second term he will balance the budget. No one who wants to get re-elected will ever do it.

Tom, you are correct, but this is not new, not unexpected, and not the fault of any one person.

We have Obama to thank for Budget Deficit, it's not about revenue, it's about the debt service on the ENORMUS debt Ran up by 44, more debt than all previous presidents combined. Liberals didn't think it was a big deal when interest rates were essentially 0.0% trying to prop up the economy.

(02-08-2018 12:31 PM)GrayBeard Wrote:  You do realize that people and businesses have to receive the impact of the tax cuts before they can then put that $ to work and drive more revenue don't you?

You don't expect it to be magic, do you?

GB, he'd prefer to rape and pilfer

#obvious

(10-15-2018 05:11 PM)Oman Wrote:  

(10-15-2018 03:22 PM)umbluegray Wrote:  

(02-08-2018 11:09 AM)Redwingtom Wrote:  Number had been decreasing for quite awhile. It's now currently increasing.

Muh tax cuts increase revenue...

http://www.usdebtclock.org/

Increased spending doesn't help. Thanks, BHO and establishment politicians.

our congress has been on a spending orgy since the advent of the "great society" with no relief in sight.

both parties are to blame.

all the elected presidents are to blame.

I truly hope that when TRex is elected for his second term he will balance the budget. No one who wants to get re-elected will ever do it.

Tom, you are correct, but this is not new, not unexpected, and not the fault of any one person.

what I don't understand is we've only seen a ~5% increase.....

I'm at a loss wtf you guys are trying to imply....

all I'm hearing is stupid shite....

(02-08-2018 11:09 AM)Redwingtom Wrote:  Number had been decreasing for quite awhile. It's now currently increasing.
Muh tax cuts increase revenue...
http://www.usdebtclock.org/

Yes, but it wasn't forecasted to continue to decrease. Here, for example, are the CBO forecasts in January 2017, before Trump has time to do anything (in $billions):

Year Deficit Debt at FYE (portion held by public)
2017 559 14838
2018 487 15416
2019 601 16092
2020 684 16845
2021 797 17704
2022 959 18721
2023 1000 19776
2024 1027 20858
2025 1165 22078
2026 1297 23430
2027 1408 24893
TOTAL 9426

Source: https://www.cbo.gov/about/products/budget-economic-data

So, the vast majority of that debt and deficit was baked into the cake by Obama.

The $10trillion Obama racked up in 8 years is now over $200billion expenditure each year at the current Fed Funds Rate. Debt wasn't a big deal at just over $50billion the rate was 0.5% when 44 left office. If the Fed Funds rate goes to 4% interest payments on 44's share of the debt grow to $400billion. I seem to remember 44 saying on the campaign trail, budget deficits we un-Amercian.

(02-13-2018 12:18 PM)Old Dominion Wrote:  

(02-13-2018 12:13 PM)bubbapt Wrote:  The country has had a budget surplus of $49 billion in the month since the tax cut. Repatriations should help for a while, but Congress will bed to cut military spending, and the economy needs to hit 3%+ growth:

https://www.marketwatch.com/story/us-run...2018-02-12

FIFU

And why would we need to cut military spending in the current global environment? That's one of the most short-sighted statements I've seen here.

lol, speaking of the tax cuts....

Haha. That OP statement didn't age well.

(10-17-2018 10:52 AM)DFWMINER Wrote:  Haha. That OP statement didn't age well.

Yeah, yet ANOTHER boomerang.

(10-15-2018 05:11 PM)Oman Wrote:  

(10-15-2018 03:22 PM)umbluegray Wrote:  

(02-08-2018 11:09 AM)Redwingtom Wrote:  Number had been decreasing for quite awhile. It's now currently increasing.

Muh tax cuts increase revenue...

http://www.usdebtclock.org/

Increased spending doesn't help. Thanks, BHO and establishment politicians.

our congress has been on a spending orgy since the advent of the "great society" with no relief in sight.

both parties are to blame.

all the elected presidents are to blame.

I truly hope that when TRex is elected for his second term he will balance the budget. No one who wants to get re-elected will ever do it.

Tom, you are correct, but this is not new, not unexpected, and not the fault of any one person.

True.

I singled out BHO for his deficit increase, larger than all other presidents combined, and establishment politicians (both parties) for their drunken sailor spending spree.

(10-17-2018 11:11 AM)umbluegray Wrote:  

(10-15-2018 05:11 PM)Oman Wrote:  

(10-15-2018 03:22 PM)umbluegray Wrote:  

(02-08-2018 11:09 AM)Redwingtom Wrote:  Number had been decreasing for quite awhile. It's now currently increasing.

Muh tax cuts increase revenue...

http://www.usdebtclock.org/

Increased spending doesn't help. Thanks, BHO and establishment politicians.

our congress has been on a spending orgy since the advent of the "great society" with no relief in sight.

both parties are to blame.

all the elected presidents are to blame.

I truly hope that when TRex is elected for his second term he will balance the budget. No one who wants to get re-elected will ever do it.

Tom, you are correct, but this is not new, not unexpected, and not the fault of any one person.

True.

I singled out BHO for his deficit increase, larger than all other presidents combined, and establishment politicians (both parties) for their drunken sailor spending spree.

That spending is a good part of the reason the Republicans lost the House and Senate while W. was president.