US deficit rises 26% to $984 billion

This topic contains 16 replies, has 6 voices, and was last updated by  missing_kskd 2 weeks, 6 days ago.

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  • #43054

    Vitalogy
    Participant

    The U.S. Treasury on Friday said that the federal deficit for fiscal 2019 was $984 billion, a 26% increase from 2018 but still short of the $1 trillion mark previously forecast by the administration.

    The gap between revenues and spending was the widest it’s been in seven years as expenditures on defense, Medicare and interest payments on the national debt ballooned the shortfall.

    Annual deficits have nearly doubled under President Donald Trump’s tenure notwithstanding an unemployment rate at multidecade lows and better earnings figures. Deficits usually shrink during times of economic growth as higher incomes and Wall Street profits buoy Treasury coffers, while automatic spending on items like food stamps decline.

    Two big bipartisan spending bills, combined with the administration’s landmark tax cuts, however, have defied the typical trends and instead aggravated deficits. The Congressional Budget Office projects the trillion-dollar deficit could come as soon as fiscal 2020.

    https://www.cnbc.com/2019/10/25/federal-deficit-increases-26percent-to-984-billion-for-fiscal-2019.html

    Just imagine what’s going to happen when recession hits.

    #43055

    Andrew
    Participant

    Don’t worry – by the time the next big recession hits, the Democrats will be in control again, and Republicans can blame the huge deficits on them.

    Seriously, it’s a shame that the Democrats won’ try to take over the issue of fiscal responsibility. It would outflank Republicans who have given it up. Instead, most Democrats seem more eager to be quiet about the deficit and keep pushing for bigger government programs – “Medicare for All,” free college, more tax cuts for the middle class, etc. It’s clear that the people supporting these proposals have no clue how awful the US fiscal situation is right now – because no one is talking about it anymore.

    #43056

    Chris_Taylor
    Participant

    I agree, Andrew. My boomer generation is facing a huge fiscal crisis.

    #43063

    missing_kskd
    Participant

    Not one penny of that will actually matter when we begin making investments that have returns.

    M4A will be cheaper.

    Free college will be like the GI Bill. Will result in new 3conomic activity.

    Public works, infrastructure will be like the Interstate highway project.

    All of those things returned more than they cost, and those returns will pay debt down.

    Or… don’t. Keep voting for more endless war and watch the US continue ue to slide into third world status.

    Cuts only, sans real changes in military spending = massive decreases in an already dubious standard of living.

    #43067

    Vitalogy
    Participant

    Bernie will add to the deficit 3x. No plan at all on how to pay for all his promises.

    #43068

    Andy Brown
    Participant

    None of that will get through a GOP led Senate, missing, and you know it. Very little of it will get through a Democratic led Senate, because of the filibuster rule.

    I don’t mind you’re zeal, but you need a reality check and by that I mean you are ignoring a lot of powerful opposition to a far left agenda that equals if not exceeds the youthful unaware of reality contingent you seem to be identifying with.

    It’s going to be a long year. Sanders ain’t going to be the nominee unless Biden dies. Neither is Warren. Biden’s numbers overall are about the same. Warren’s have risen but she won’t keep them if she continues to dodge critical questions. Sanders numbers, like Biden’s, are about the same but he’s double digits behind. It’s just the reality of a broad look at the last 6 months and the average of all the polls. Or you can cherry pick the polls you want that support your position, but that’s silly.

    https://www.realclearpolitics.com/epolls/2020/president/us/2020_democratic_presidential_nomination-6730.html

    #43069

    Vitalogy
    Participant

    Kskd would prefer Trump over Biden. Sad!

    #43071

    Andrew
    Participant

    Vitalogy: “Kskd would prefer Trump over Biden. Sad!”

    I don’t think that’s quite what he said. I think he indicates that there isn’t much difference to him whether Trump or Biden is president – because Democrats haven’t made most of the economic changes he demands and neither would Biden. But…that’s sad too.

    Anyone who wants all of the stuff Sanders is asking for would be wise to work hard to elect ANY Democrat to be president and meanwhile work on electing new members of Congress who support their agenda. Joe Biden may not be in love with Medicare for All, but if both houses of Congress overwhelmingly vote for a practical Medicare for All-type bill (which would be a massive change and take a while and cost a lot), Biden would be hard-pressed NOT to sign it.

    Instead, the “no Democrat but Sanders” crowd wants to do it the other way around: elect Sanders president and then assume Congress will just fall in line and do whatever Sanders wants. Fat chance!

    #43072

    missing_kskd
    Participant

    Frankly, the conversation here suggests, as a party, we deserve Trump.

    Better hope that load of fear, blame and shame works. I do not believe it will at all.

    Electing any Dem got us here. I wont do that again. Ever.

    Happy to elect one who is serious about labor and the middle class.

    Got no time, money, votes otherwise.

    Want the progressive vote? Best come and get it.

    #43079

    Andrew
    Participant

    I take it back then, Missing, if you really do prefer Trump to Biden.

    #43092

    missing_kskd
    Participant

    I am absolutely not going to reward corruption with a vote.

    Make it about ALL Americans, and you will not have to worry about Trump. Leave people out, and you definitely need to worry about Trump.

    Biden is more of the same failure that got us Trump.

    If he gets the nom, we deserve Trump.

    #43093

    edselehr
    Participant

    Missing chooses to make the perfect the enemy of the good.

    Not cool, dude.

    #43094

    missing_kskd
    Participant

    Two things:

    One, there is no perfect in anything I have written here.

    Two, Biden does not represent good for large numbers of people. That is vital to understand.

    He does represent good for you, others. That is easy to understand. Been easy for decades.

    For those same decades, more and more people have not seen good. Incremental change has been worse. Now it is a lot of people. Too damn many to ignore as was done in the past. That is also vital to understand.

    What is in it for them to vote for more of the same?

    That hard question is what this election is about. It is likely to be about that for every election going forward, until that question sees a solid answer too.

    Think I like it? Hell no. But I am not going to be anything other than real about it either.

    And here it is raw, real:

    There has not been one word of concern here, other than my own, for the many people in real need, who are left out of the policy discussion, and the growing number of those people for decades now being a problem.

    It is bat shit to expect downtrodden people to vote for more of the same just so you are not bothered. I care exactly as much as you do about Trump, and if you can’t be bothered, you do not care as much about Trump as you say you do.

    Haven’t seen much concern, so I am not caring much. Get it?

    And that is why we have Trump. It will be why we continue to have Trump too.

    You want me to care about Trump? Show me an answer to that question and I am on board. Otherwise, I am staying with the people who do care, who will fight for better, not just attempt fear, blame and shame.

    Your move. No joke.

    #43095

    Andrew
    Participant

    Missing: “Two, Biden does not represent good for large numbers of people. That is vital to understand.”

    Neither does Bernie Sanders.

    #43096

    missing_kskd
    Participant

    Do tell. I am completely serious.

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