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"A combination of the 2017 tax cuts and a surge in new spending has pushed the deficit wider. This year would mark the first time since 2012 that the deficit breached $1 trillion, a threshold that has alarmed some budget experts because deficits typically contract — not expand — during periods of sustained economic growth.
Overall, the CBO projected that the federal government will spend $4.6 trillion in the fiscal year that ends Sept. 30 and bring in $3.6 trillion in tax revenue."
King of Debt at work. What the heck is gonna happen when we go into another downturn?
"The deficit in 2016, President Barack Obama’s last full year in office, was $585 billion. CBO now projects that the deficit will be at least $1 trillion each year in perpetuity unless policymakers make changes."
1st since 2012....not true
the average deficit of Obama...1.06 trillion.....6 out of 8 years with trillion+ deficit, including his last full year FY16
deficits didn't drop under Obama....6 out of 8 years with trillion dollars deficits including his LAST YEAR
10/01/2009................................ 11,920,519,164,319.42
09/30/2010................................ 13,561,623,030,891.79
difference of 1,641,103,866,572............................1.6 trillion deficit fy10
10/01/2012.................................16,159,487,01 3,300.35
09/30/2013.................................16,738,183,52 6,697.32
578,696,513,397..............................578 billion deficit fy13......the only one of two full years under one trillion
10/01/2014................................. 17,824,071,380,733.82
09/30/2015................................. 18,150,617,666,484.33
326,546,285,750.51..............................32 6 billion deficit fy15...the second less than trillion
"A combination of the 2017 tax cuts and a surge in new spending has pushed the deficit wider. This year would mark the first time since 2012 that the deficit breached $1 trillion, a threshold that has alarmed some budget experts because deficits typically contract — not expand — during periods of sustained economic growth.
Overall, the CBO projected that the federal government will spend $4.6 trillion in the fiscal year that ends Sept. 30 and bring in $3.6 trillion in tax revenue."
King of Debt at work. What the heck is gonna happen when we go into another downturn?
"The deficit in 2016, President Barack Obama’s last full year in office, was $585 billion. CBO now projects that the deficit will be at least $1 trillion each year in perpetuity unless policymakers make changes."
Receipts from individual income taxes, the largest source of revenues, rose by $34 billion
(or 2 percent).
Quote:
Receipts from corporate income taxes, the third-largest source of revenues, increased by
$26 billion (or 12 percent) in 2019, rising from 1.0 percent of GDP to 1.1 percent.
Not sure how the tax cuts caused this.
Too much is being spent and I agree President Trump seems to like spending although not as much as the congress.
Receipts from individual income taxes, the largest source of revenues, rose by $34 billion Receipts from corporate income taxes, the third-largest source of revenues, increased by $26 billion
Using CBO's numbers 2017 vs 2019:
Revenue up $146 billion
Deficits up $319 billion
In other words, under the Trump tax cuts we borrow $2.18 to raise income by $1.00. Now, I don't know about you, but if I borrowed $21,800 every time I needed $10,000 in my checking account, I would be bankrupt faster than a Trump casino.
Of course Kudlow and Mnuchin all told us back when those tax cuts were passed that they would pay for themselves. They've been proven dead wrong.
Repeat after me: Trickle down economics don't work and will never work. I don't know why conservative politicians keep doing it over and over to the same failed result, every time.
The Trump tax cuts are in effect a rich-get-richer federal subsidy program that is funded by public borrowing.
Dems hold the purse! Tell the Democrats to end the spending!!!
Quote:
Originally Posted by ZUMAN
Nanzi Pelosi likes to spend money like a drunk sailor. There's no chance of getting federal spending under control as long as Nanzi and the DIMs control the House.
Repubs own the Senate, why don't they send the bill back asking for less spending? And beside I don't recall spending going down when Repubs owned the House!
10/01/2012.................................16,159,487,01 3,300.35
09/30/2013.................................16,738,183,52 6,697.32
578,696,513,397..............................578 billion deficit fy13......the only one of two full years under one trillion
10/01/2014................................. 17,824,071,380,733.82
09/30/2015................................. 18,150,617,666,484.33
326,546,285,750.51..............................32 6 billion deficit fy15...the second less than trillion
Because a LAW was passed by the GOP that is in effect until 2025 and they have already stated they are going to extend it.....that is, if Republicans have control.
You must give credit where it is due. Trump calls himself the King of Debt yet you seem to disagree with him. Why would you disagree with him?
The Democrats cannot do away with the Law because the POTUS would veto it. Simple government process that you should be aware of. Of course, the Senate wouldn't OK it either.
Dems CAN simply let it expire-and be known as the party behind the largest tax increase on US workers in history. Not likely to bother them-that's sort of their thing.
Add to that-the tax cuts have resulted in a booming economy and the highest government revenue in history. Raising taxes will likely plunge us yet again into a recession and result in revenues dropping to Obama-era levels, greatly worsening the deficit.
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