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The U.S. budget deficit widened to $310 billion in the first four months of the fiscal year, underscoring the revenue hit from Republican tax cuts and an increase in government spending.
The budget gap widened 77 percent compared with the same October-January period a year earlier, according to the Treasury monthly budget report released on Tuesday, which was delayed by the government shutdown. Receipts fell by 2 percent to $1.1 trillion, while spending rose 9 percent to $1.4 trillion.
(1) Trump is fiscally irresponsible. He may as well be a Dick Cheney/AOC deficits don't matter type.
(2) The hidden landmine is that interest rates were suppressed the past decade with QE, which masked the debt being raked by reducing interest payments. If interest rates continue to rise and to historical normal levels, the national debt will start to grow leaps and bounds.
(4) Just like Bush-Obama, there are lots of off-budget expenses masking the true debt even more. For example, Obama and his supporters claimed to be lowering the budget deficit, while off budget expenses soared - Obama's last full Fiscal Year saw the national debt rise by $1.42 Trillion. Look at Trump's last Fiscal Year with the same link. $1.2 Trillion of debt racked up...same gimmicks.
(1) Trump is fiscally irresponsible. He may as well be a Dick Cheney/AOC deficits don't matter type.
Sorry, but no. Trump doesnt decided the budget. That was the Republican House and Senate that have held power recently. Should be interesting to see what a Democrat ran House does.
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(2) The hidden landmine is that interest rates were suppressed the past decade with QE, which masked the debt being raked by reducing interest payments. If interest rates continue to rise and to historical normal levels, the national debt will start to grow leaps and bounds.
More like the hidden nuclear landmine. QE kept interest down a LOT. This is rapidly becoming more expensive as rates rise.
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yes....but is that true if you adjust for inflation?
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(4) Just like Bush-Obama, there are lots of off-budget expenses masking the true debt even more. For example, Obama and his supporters claimed to be lowering the budget deficit, while off budget expenses soared - Obama's last full Fiscal Year saw the national debt rise by $1.42 Trillion. Look at Trump's last Fiscal Year with the same link. $1.2 Trillion of debt racked up...same gimmicks.
Yup. Whats worse is that Trump is doing this during a time when our economy is doing well.....not paying down debt so we can use it when we need it later. Its setting us up for failure in the future.
I am a Trump voter who is not defensive of this or makes excuses for it...It is terrible. We need spending cuts, especially for social programs/welfare, but Republicans don't have the guts to do it. They love tax cuts. What we really needed was a tax increase for the half who pay no income tax (and often get a huge unearned refund). Just making everyone pay a little would help a lot with our debt situation.
The Trump term doing great for the rich and famous but woe to the poor working person. One trillion debt added this year with a projected 8 trillion dollars added to the national debt over Trump's full term. When the crash hits this time is isn't going to be so easy.
Almost all republicans still defending Mr Demented. They are putting party over and above the people they were elected to represent. Why would anyone vote for these bums?
It takes investment to get returns. Cutting taxes was a gamble, but it was needed to get corporate investment BACK from foreign countries and IN THE USA offering jobs and paying taxes instead of us getting 0% of nothing. My fear is that we are too far gone. Too much of our manufacturing has left our country, and as our economy has strengthened we have bought more goods.....which unfortunately are mostly, many only, made in China now. Our trade deficit with China is more than $310 Billion a year!
The thing is, we can't tax our way out of this. We can protect our domestic production or we can keep taxing a reducing tax base until our country goes into a tailspin and crashes. Then when China comes to collect it will be time to learn how to say "yes boss I'll work another 90 hour week for peanuts" in Chinese.
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