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Federal deficit estimated at 984 Billion, highest in seven years
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ShrackUAB Offline
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Federal deficit estimated at 984 Billion, highest in seven years
10-07-2019 11:48 PM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
Most of that was built into the Obama budgets. Look at the CBO projections of January 2017, made before Trump took office and not incorporating any Trump proposals. I'm not excusing Trump. He said he was going to balance the budget and he hasn't. But this is the mostly Obama with a bit of Trump added on deficit.
10-08-2019 05:20 AM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
Dems have over $100 trillion in new spending proposals, but want to talk about deficits lol
10-08-2019 06:46 AM
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UofMstateU Offline
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RE: Federal deficit estimated at 984 Billion, highest in seven years
Thanks Obama!

This has been discussed in detail on this forum from the moment your kenyan in chief and dumb*** democratic majority passed legislation that baked in these deficits years ago.

One of the ways they pull this off is to have dumbasses out there who dont understand how they pulled this off.
10-08-2019 08:57 AM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 08:57 AM)UofMstateU Wrote:  Thanks Obama!

This has been discussed in detail on this forum from the moment your kenyan in chief and dumb*** democratic majority passed legislation that baked in these deficits years ago.

One of the ways they pull this off is to have dumbasses out there who dont understand how they pulled this off.

line 1b) all day fk'n long...line 4 is why I'm banned from places I chose to engage...
(This post was last modified: 10-08-2019 10:09 AM by stinkfist.)
10-08-2019 10:06 AM
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BobcatEngineer Offline
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 05:20 AM)Owl 69/70/75 Wrote:  Most of that was built into the Obama budgets. Look at the CBO projections of January 2017, made before Trump took office and not incorporating any Trump proposals. I'm not excusing Trump. He said he was going to balance the budget and he hasn't. But this is the mostly Obama with a bit of Trump added on deficit.

It seems like a lot of the cause in the rising deficit is due to taking care of our aging population. Boomers are hitting retirement and need healthcare which is quite expensive now-a-days. I won't disagree that the increase in the deficit likely stems from Obama era budgets, but I'm wondering if Trump's tax cuts didn't just make it worse. From the CBO's summary circa 2017:

Quote:The projected rise in deficits would be the result of rapid growth in spending for federal retirement and health care programs targeted to older people and to rising interest payments on the government’s debt, accompanied by only moderate growth in revenue collections. Those accumulating deficits would drive up debt held by the public from its already high level to its highest percentage of gross domestic product (GDP) since shortly after World War II....

So when Trump promised to erase the deficit, was he aware that he could do little about it? If so, that's a pretty huge lie to feed to the American public in order to help himself get elected.

If he wasn't aware of this, then I doubt his status as one with "great and unmatched wisdom".
10-08-2019 10:11 AM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 10:11 AM)BobcatEngineer Wrote:  
(10-08-2019 05:20 AM)Owl 69/70/75 Wrote:  Most of that was built into the Obama budgets. Look at the CBO projections of January 2017, made before Trump took office and not incorporating any Trump proposals. I'm not excusing Trump. He said he was going to balance the budget and he hasn't. But this is the mostly Obama with a bit of Trump added on deficit.

It seems like a lot of the cause in the rising deficit is due to taking care of our aging population. Boomers are hitting retirement and need healthcare which is quite expensive now-a-days. I won't disagree that the increase in the deficit likely stems from Obama era budgets, but I'm wondering if Trump's tax cuts didn't just make it worse. From the CBO's summary circa 2017:

Quote:The projected rise in deficits would be the result of rapid growth in spending for federal retirement and health care programs targeted to older people and to rising interest payments on the government’s debt, accompanied by only moderate growth in revenue collections. Those accumulating deficits would drive up debt held by the public from its already high level to its highest percentage of gross domestic product (GDP) since shortly after World War II....

So when Trump promised to erase the deficit, was he aware that he could do little about it? If so, that's a pretty huge lie to feed to the American public in order to help himself get elected.

If he wasn't aware of this, then I doubt his status as one with "great and unmatched wisdom".

it's obvious you don't understand population vs. taxation vs. incentive...
(This post was last modified: 10-08-2019 10:43 AM by stinkfist.)
10-08-2019 10:40 AM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 10:11 AM)BobcatEngineer Wrote:  It seems like a lot of the cause in the rising deficit is due to taking care of our aging population. Boomers are hitting retirement and need healthcare which is quite expensive now-a-days. I won't disagree that the increase in the deficit likely stems from Obama era budgets, but I'm wondering if Trump's tax cuts didn't just make it worse.

Fed revenue increased after the tax cut. How does an action that brings in more revenue contribute to this year's deficit?
10-08-2019 11:41 AM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
but but...the great orange business man was going to fix everything! lol
10-08-2019 12:01 PM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 11:41 AM)200yrs2late Wrote:  
(10-08-2019 10:11 AM)BobcatEngineer Wrote:  It seems like a lot of the cause in the rising deficit is due to taking care of our aging population. Boomers are hitting retirement and need healthcare which is quite expensive now-a-days. I won't disagree that the increase in the deficit likely stems from Obama era budgets, but I'm wondering if Trump's tax cuts didn't just make it worse.

Fed revenue increased after the tax cut. How does an action that brings in more revenue contribute to this year's deficit?

You may be right regarding this year's deficit. However, down the road it's looking like the tax cuts will significantly add to the deficit even accounting for the boost to the economy. Per the CBO:

Quote:To construct its baseline budget projections, CBO incorporated the effects of the tax act, taking into account economic feedback—that is, the ways in which the act is likely to affect the economy and in turn affect the budget. Doing so raised the 11-year projection of the cumulative primary deficit (that is, the deficit excluding the costs of servicing the debt) by $1.3 trillion and raised projected debt-service costs by roughly $600 billion. The act therefore increases the total projected deficit over the 2018–2028 period by about $1.9 trillion.

Before taking economic feedback into account, CBO estimated that the tax act would increase the primary deficit by $1.8 trillion and debt-service costs by roughly $450 billion. The feedback is estimated to lower the cumulative primary deficit by about $550 billion, mostly because the act is projected to increase taxable income and thus push tax revenues up. And that feedback raises projected debt-service costs, because even though the reduction in primary deficits means that less borrowing is necessary, the act is expected to result in higher interest rates on debt, which are projected to more than offset the effects on debt-service costs of the smaller debt. On net, economic feedback from the act raises debt-service costs in CBO’s projections by about $100 billion.

https://www.cbo.gov/publication/53787
10-08-2019 12:31 PM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 12:31 PM)BobcatEngineer Wrote:  
(10-08-2019 11:41 AM)200yrs2late Wrote:  
(10-08-2019 10:11 AM)BobcatEngineer Wrote:  It seems like a lot of the cause in the rising deficit is due to taking care of our aging population. Boomers are hitting retirement and need healthcare which is quite expensive now-a-days. I won't disagree that the increase in the deficit likely stems from Obama era budgets, but I'm wondering if Trump's tax cuts didn't just make it worse.

Fed revenue increased after the tax cut. How does an action that brings in more revenue contribute to this year's deficit?

You may be right regarding this year's deficit. However, down the road it's looking like the tax cuts will significantly add to the deficit even accounting for the boost to the economy. Per the CBO:

Quote:To construct its baseline budget projections, CBO incorporated the effects of the tax act, taking into account economic feedback—that is, the ways in which the act is likely to affect the economy and in turn affect the budget. Doing so raised the 11-year projection of the cumulative primary deficit (that is, the deficit excluding the costs of servicing the debt) by $1.3 trillion and raised projected debt-service costs by roughly $600 billion. The act therefore increases the total projected deficit over the 2018–2028 period by about $1.9 trillion.

Before taking economic feedback into account, CBO estimated that the tax act would increase the primary deficit by $1.8 trillion and debt-service costs by roughly $450 billion. The feedback is estimated to lower the cumulative primary deficit by about $550 billion, mostly because the act is projected to increase taxable income and thus push tax revenues up. And that feedback raises projected debt-service costs, because even though the reduction in primary deficits means that less borrowing is necessary, the act is expected to result in higher interest rates on debt, which are projected to more than offset the effects on debt-service costs of the smaller debt. On net, economic feedback from the act raises debt-service costs in CBO’s projections by about $100 billion.

https://www.cbo.gov/publication/53787

I can't figure out why I walked out of econxxx classes with a sadistic laugh coupled with 'da finga'..
10-08-2019 12:40 PM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 12:31 PM)BobcatEngineer Wrote:  
(10-08-2019 11:41 AM)200yrs2late Wrote:  
(10-08-2019 10:11 AM)BobcatEngineer Wrote:  It seems like a lot of the cause in the rising deficit is due to taking care of our aging population. Boomers are hitting retirement and need healthcare which is quite expensive now-a-days. I won't disagree that the increase in the deficit likely stems from Obama era budgets, but I'm wondering if Trump's tax cuts didn't just make it worse.

Fed revenue increased after the tax cut. How does an action that brings in more revenue contribute to this year's deficit?

You may be right regarding this year's deficit. However, down the road it's looking like the tax cuts will significantly add to the deficit even accounting for the boost to the economy. Per the CBO:

Quote:To construct its baseline budget projections, CBO incorporated the effects of the tax act, taking into account economic feedback—that is, the ways in which the act is likely to affect the economy and in turn affect the budget. Doing so raised the 11-year projection of the cumulative primary deficit (that is, the deficit excluding the costs of servicing the debt) by $1.3 trillion and raised projected debt-service costs by roughly $600 billion. The act therefore increases the total projected deficit over the 2018–2028 period by about $1.9 trillion.

Before taking economic feedback into account, CBO estimated that the tax act would increase the primary deficit by $1.8 trillion and debt-service costs by roughly $450 billion. The feedback is estimated to lower the cumulative primary deficit by about $550 billion, mostly because the act is projected to increase taxable income and thus push tax revenues up. And that feedback raises projected debt-service costs, because even though the reduction in primary deficits means that less borrowing is necessary, the act is expected to result in higher interest rates on debt, which are projected to more than offset the effects on debt-service costs of the smaller debt. On net, economic feedback from the act raises debt-service costs in CBO’s projections by about $100 billion.

https://www.cbo.gov/publication/53787

What Trump has failed to do is significantly cut spending. The citizens of this country are taxed enough whether it be federal, state, and local. Spending has to be cut and the size of the federal government reduced. Until that happens you can tax all you want and it will do nothing to reduce the deficit or debt.
10-08-2019 12:43 PM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 12:43 PM)bearcat65 Wrote:  
(10-08-2019 12:31 PM)BobcatEngineer Wrote:  
(10-08-2019 11:41 AM)200yrs2late Wrote:  
(10-08-2019 10:11 AM)BobcatEngineer Wrote:  It seems like a lot of the cause in the rising deficit is due to taking care of our aging population. Boomers are hitting retirement and need healthcare which is quite expensive now-a-days. I won't disagree that the increase in the deficit likely stems from Obama era budgets, but I'm wondering if Trump's tax cuts didn't just make it worse.

Fed revenue increased after the tax cut. How does an action that brings in more revenue contribute to this year's deficit?

You may be right regarding this year's deficit. However, down the road it's looking like the tax cuts will significantly add to the deficit even accounting for the boost to the economy. Per the CBO:

Quote:To construct its baseline budget projections, CBO incorporated the effects of the tax act, taking into account economic feedback—that is, the ways in which the act is likely to affect the economy and in turn affect the budget. Doing so raised the 11-year projection of the cumulative primary deficit (that is, the deficit excluding the costs of servicing the debt) by $1.3 trillion and raised projected debt-service costs by roughly $600 billion. The act therefore increases the total projected deficit over the 2018–2028 period by about $1.9 trillion.

Before taking economic feedback into account, CBO estimated that the tax act would increase the primary deficit by $1.8 trillion and debt-service costs by roughly $450 billion. The feedback is estimated to lower the cumulative primary deficit by about $550 billion, mostly because the act is projected to increase taxable income and thus push tax revenues up. And that feedback raises projected debt-service costs, because even though the reduction in primary deficits means that less borrowing is necessary, the act is expected to result in higher interest rates on debt, which are projected to more than offset the effects on debt-service costs of the smaller debt. On net, economic feedback from the act raises debt-service costs in CBO’s projections by about $100 billion.

https://www.cbo.gov/publication/53787

What Trump has failed to do is significantly cut spending. The citizens of this country are taxed enough whether it be federal, state, and local. Spending has to be cut and the size of the federal government reduced. Until that happens you can tax all you want and it will do nothing to reduce the deficit or debt.

how is that going to happen with population increase coupled with lack of incentive whilst absorbing the 'stabbing' to the masses as boomers continue to breathe and their funds are 'absorbed'...

be glad you won't be breathing...

the healthcare lobbyists are fk'n me up my nutsack... it's a simple number in the equation....

remember the "geriatric commercial" comment....
10-08-2019 12:51 PM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
Need to get rid of some of these useless, seditious bureaucrats that the Democrats whine whenever any of them get cut.
10-08-2019 01:00 PM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 05:20 AM)Owl 69/70/75 Wrote:  Most of that was built into the Obama budgets. Look at the CBO projections of January 2017, made before Trump took office and not incorporating any Trump proposals. I'm not excusing Trump. He said he was going to balance the budget and he hasn't. But this is the mostly Obama with a bit of Trump added on deficit.

BS

The recent spike in deficits is due to decreases in revenues. Revenues came in at 16.5% of GDP in 2018. When President Obama left office, they were back up to 18% after being as low as 14.5%. Spending was at 20.8 when Obama left office and its now at 20.3%. These deficit spikes are due to a cut in revenues, not a spike in spending.

https://www.cbo.gov/system/files/2019-05...tdata.xlsx
(This post was last modified: 10-08-2019 01:15 PM by Marc Mensa.)
10-08-2019 01:13 PM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 01:13 PM)Marc Mensa Wrote:  
(10-08-2019 05:20 AM)Owl 69/70/75 Wrote:  Most of that was built into the Obama budgets. Look at the CBO projections of January 2017, made before Trump took office and not incorporating any Trump proposals. I'm not excusing Trump. He said he was going to balance the budget and he hasn't. But this is the mostly Obama with a bit of Trump added on deficit.

BS

The recent spike in deficits is due to decreases in revenues. Revenues came in at 16.5% of GDP in 2018. When President Obama left office, they were back up to 18% after being as low as 14.5%. Spending was at 20.8 when Obama left office and its now at 20.3%. These deficit spikes are due to a cut in revenues, not a spike in spending.

https://www.cbo.gov/system/files/2019-05...tdata.xlsx

REVENUES ARE NOT MEASURED AS A PERCENT OF ANYTHING. REVENUE IS ACTUAL MONEY COMING INTO THE TREASURY. ONLY A COMPLETE ASSHAT JACKOFF BELIEVES OTHERWISE. DONT BE THE JACKOFF.
10-08-2019 01:17 PM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 12:31 PM)BobcatEngineer Wrote:  
(10-08-2019 11:41 AM)200yrs2late Wrote:  
(10-08-2019 10:11 AM)BobcatEngineer Wrote:  It seems like a lot of the cause in the rising deficit is due to taking care of our aging population. Boomers are hitting retirement and need healthcare which is quite expensive now-a-days. I won't disagree that the increase in the deficit likely stems from Obama era budgets, but I'm wondering if Trump's tax cuts didn't just make it worse.

Fed revenue increased after the tax cut. How does an action that brings in more revenue contribute to this year's deficit?

You may be right regarding this year's deficit. However, down the road it's looking like the tax cuts will significantly add to the deficit even accounting for the boost to the economy. Per the CBO:

Quote:To construct its baseline budget projections, CBO incorporated the effects of the tax act, taking into account economic feedback—that is, the ways in which the act is likely to affect the economy and in turn affect the budget. Doing so raised the 11-year projection of the cumulative primary deficit (that is, the deficit excluding the costs of servicing the debt) by $1.3 trillion and raised projected debt-service costs by roughly $600 billion. The act therefore increases the total projected deficit over the 2018–2028 period by about $1.9 trillion.

Before taking economic feedback into account, CBO estimated that the tax act would increase the primary deficit by $1.8 trillion and debt-service costs by roughly $450 billion. The feedback is estimated to lower the cumulative primary deficit by about $550 billion, mostly because the act is projected to increase taxable income and thus push tax revenues up. And that feedback raises projected debt-service costs, because even though the reduction in primary deficits means that less borrowing is necessary, the act is expected to result in higher interest rates on debt, which are projected to more than offset the effects on debt-service costs of the smaller debt. On net, economic feedback from the act raises debt-service costs in CBO’s projections by about $100 billion.

https://www.cbo.gov/publication/53787

The article linked in the OP discusses the 2019 deficit so that's what I limited my response to.

Also from the article...

"Previous Treasury estimates projected the deficit for the year surpassing $1 trillion."

So it appears the deficit is slightly lower (albeit a rounding error) that earlier projected. Again, what has the Trump Tax cuts done to increase the 2019 deficit?
10-08-2019 01:24 PM
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 01:13 PM)Marc Mensa Wrote:  
(10-08-2019 05:20 AM)Owl 69/70/75 Wrote:  Most of that was built into the Obama budgets. Look at the CBO projections of January 2017, made before Trump took office and not incorporating any Trump proposals. I'm not excusing Trump. He said he was going to balance the budget and he hasn't. But this is the mostly Obama with a bit of Trump added on deficit.

BS

The recent spike in deficits is due to decreases in revenues. Revenues came in at 16.5% of GDP in 2018. When President Obama left office, they were back up to 18% after being as low as 14.5%. Spending was at 20.8 when Obama left office and its now at 20.3%. These deficit spikes are due to a cut in revenues, not a spike in spending.

https://www.cbo.gov/system/files/2019-05...tdata.xlsx

Yeah, you can't measure revenue as a percent of GDP and compare it to deficit spending unless you also measure deficit as a percent of GDP.
10-08-2019 01:38 PM
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Marc Mensa Offline
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 01:17 PM)UofMstateU Wrote:  
(10-08-2019 01:13 PM)Marc Mensa Wrote:  
(10-08-2019 05:20 AM)Owl 69/70/75 Wrote:  Most of that was built into the Obama budgets. Look at the CBO projections of January 2017, made before Trump took office and not incorporating any Trump proposals. I'm not excusing Trump. He said he was going to balance the budget and he hasn't. But this is the mostly Obama with a bit of Trump added on deficit.

BS

The recent spike in deficits is due to decreases in revenues. Revenues came in at 16.5% of GDP in 2018. When President Obama left office, they were back up to 18% after being as low as 14.5%. Spending was at 20.8 when Obama left office and its now at 20.3%. These deficit spikes are due to a cut in revenues, not a spike in spending.

https://www.cbo.gov/system/files/2019-05...tdata.xlsx

REVENUES ARE NOT MEASURED AS A PERCENT OF ANYTHING. REVENUE IS ACTUAL MONEY COMING INTO THE TREASURY. ONLY A COMPLETE ASSHAT JACKOFF BELIEVES OTHERWISE. DONT BE THE JACKOFF.

Sure they are... increased production comes with increased costs... increases in population, require increases in expenditures. Economies and budgets are not measured in a vacuum, and gdp is the most accurate means of comparing apples to apples. Surely, you don’t believe $1 in spending in 2019 is equal to $1 in spending in 1979? Surely the most accurate means to compare 1979 to 2019 is through gdp and not dollars.
10-08-2019 01:41 PM
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Marc Mensa Offline
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RE: Federal deficit estimated at 984 Billion, highest in seven years
(10-08-2019 01:38 PM)200yrs2late Wrote:  
(10-08-2019 01:13 PM)Marc Mensa Wrote:  
(10-08-2019 05:20 AM)Owl 69/70/75 Wrote:  Most of that was built into the Obama budgets. Look at the CBO projections of January 2017, made before Trump took office and not incorporating any Trump proposals. I'm not excusing Trump. He said he was going to balance the budget and he hasn't. But this is the mostly Obama with a bit of Trump added on deficit.

BS

The recent spike in deficits is due to decreases in revenues. Revenues came in at 16.5% of GDP in 2018. When President Obama left office, they were back up to 18% after being as low as 14.5%. Spending was at 20.8 when Obama left office and its now at 20.3%. These deficit spikes are due to a cut in revenues, not a spike in spending.

https://www.cbo.gov/system/files/2019-05...tdata.xlsx

Yeah, you can't measure revenue as a percent of GDP and compare it to deficit spending unless you also measure deficit as a percent of GDP.

Just click the link... the deficit has grown from 3.3% of gdp in 2016 to 3.9% in 2018.
(This post was last modified: 10-08-2019 01:49 PM by Marc Mensa.)
10-08-2019 01:42 PM
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