Author Topic: Federal deficit soars 32 percent to $895B  (Read 5670 times)

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Offline Once-Ler

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Federal deficit soars 32 percent to $895B
« on: September 11, 2018, 10:03:56 PM »
http://thehill.com/policy/finance/406040-federal-deficit-soars-32-percent-to-895b

Quote
The federal deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of $222 billion, or 32 percent, over the same period the previous year, according to the Congressional Budget Office (CBO).

The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added.

Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.

Trump deficits are the absolute best, most luxurious, deficits.  #MAGA
This is what the LORD Almighty said: ‘Administer true justice; show mercy and compassion to one another.  Do not oppress the widow or the fatherless, the foreigner or the poor. Do not plot evil against each other.

Offline Once-Ler

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Re: Federal deficit soars 32 percent to $895B
« Reply #1 on: September 11, 2018, 10:13:27 PM »


https://twitter.com/stlouisfed/status/1038487321191043072

Quote
St. Louis Fed @stlouisfed

U.S. #trade deficit widened in July to a five-month high of $50.1 billion, an increase of 9.5%—the largest percentage increase since March 2015 http://bit.ly/2MPJ5By

Plus the greatest TRADE deficits #MAGA
This is what the LORD Almighty said: ‘Administer true justice; show mercy and compassion to one another.  Do not oppress the widow or the fatherless, the foreigner or the poor. Do not plot evil against each other.

Offline ABX

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Re: Federal deficit soars 32 percent to $895B
« Reply #2 on: September 11, 2018, 10:26:05 PM »
But it is for the greater good.

Offline montanajoe

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Re: Federal deficit soars 32 percent to $895B
« Reply #3 on: September 11, 2018, 10:30:15 PM »
But it is for the greater good.

Yep...

The government is here to help you... Dims, Gopers, Trumpers never seen a check they could not write... :shrug:

Offline Frank Cannon

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Re: Federal deficit soars 32 percent to $895B
« Reply #4 on: September 11, 2018, 10:42:30 PM »
Anyone tell me how the deficits are effecting them? Theydon't and that is why no one cares.

You panic freaks are the "Peak Oil" and "Global Warming" alarmists wrapped into one. All your predictions never come true.

Offline corbe

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Re: Federal deficit soars 32 percent to $895B
« Reply #5 on: September 11, 2018, 10:56:08 PM »
   We predicted, with great accuracy, that Trump would step on his d1ck all the time, where's the love @Frank Cannon ?
No government in the 6,000 years of modern mankind history has led its people into anything but the history books with a simple lesson, don't let this happen to you.

Offline Once-Ler

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Re: Federal deficit soars 32 percent to $895B
« Reply #6 on: September 11, 2018, 10:56:38 PM »
Anyone tell me how the deficits are effecting them? Theydon't and that is why no one cares.

You panic freaks are the "Peak Oil" and "Global Warming" alarmists wrapped into one. All your predictions never come true.

I screwed up.  I was listening to this idiot...
http://www.trumptwitterarchive.com/archive/Obama%20&&%20deficit/ffff

 Jul 8, 2011 11:22:30 AM ObamaCare Tragedy Primed to Further Explode the Deficit http://t.co/wRxqlxA And @Obama transferred $500 billion from Medicare to fund it! [Twitter Web Client]
Sep 23, 2011 10:17:21 AM Our deficit spending is China’s gain. @BarackObama is bankrupting our country. [Twitter Web Client]
Oct 17, 2011 03:52:12 PM Late last Friday @BarackObama announced his 2011 budget deficit was $1.299 trillion -- the second largest in US history. [TweetDeck]
Dec 19, 2011 04:25:24 PM With a record deficit and $15 trillion in debt, @BarackObama is spending $4 million of our money on his Hawaii vacation. Just plain wrong. [Twitter Web Client]
Feb 1, 2012 01:57:52 PM His spending is reckless: @BarackObama will set a record fourth year of a $1 trillion budget deficit. http://t.co/P71gzhvm [Twitter Web Client]
Feb 13, 2012 12:36:05 PM This has to stop! @BarackObama loves accruing American debt--he missed his budget deficit goal by over $500 billion. http://t.co/nsPDXFTs [Twitter Web Client]
Feb 14, 2012 11:29:43 AM A day after Greece burned @BarackObama released a $3.8 Trillion budget for 2013 with a $900 Billion deficit.He will turn America into Greece [Twitter Web Client]
Feb 14, 2012 01:21:21 PM A day after @BarackObama released a trillion dollar budget deficit, he is hosting China's future leader VP XiJinping. America's new reality. [Twitter Web Client]
Feb 15, 2012 04:09:18 PM The recession was made worse by @BarackObama. A $900Billion deficit is not getting better. [Twitter Web Client]
Mar 9, 2012 08:59:28 AM BarackObama set a record deficit last February - $229 billion while borrowing 42 cents of every dollar it spent. @BarackObama is reckless. [Twitter Web Client]
Mar 14, 2012 01:07:02 PM The 2012 budget deficit is already $93 billion larger than earlier estimates http://t.co/NHVgThr6 @BarackObama (cont) http://t.co/KZgAG42e [TwitLonger Beta]
Mar 30, 2012 12:55:45 PM Waste! With a $16T debt and $1T budget deficit, @BarackObama is sending $770M overseas "to fight global warming" http://t.co/op9x8BYl [Twitter Web Client]
Apr 24, 2012 09:21:15 AM The Government spends 30% more than it admits http://t.co/AEq8jijt @BarackObama is out of control with his deficit spending. [Twitter Web Client]
May 30, 2012 01:43:01 PM Scary--America would have had to pay all its GDP to the government to cover @BarackObama's real 2011 budget deficit http://t.co/loar8BD6 [Twitter Web Client]
Jun 1, 2012 01:21:12 PM Over $1T in annual deficit spending and adding over $6T to the debt for what? May jobless numbers are horrendous. The great Obama recovery. [Twitter Web Client]
Jun 7, 2012 01:12:10 PM Greece's financial calamity should serve as a warning. @BarackObama's massive deficit spending is unsustainable. [Twitter Web Client]
Jun 13, 2012 02:56:32 PM SCARY-$6T in debt and $1T annual budget deficits later, @BarackObama is asking for more time to fix the economy http://t.co/Wp4ozvQx [Twitter Web Client]
Jun 26, 2012 11:18:50 AM Shock - @BarackObama's DNC Convention has a $27M deficit and events are starting to be canceled. http://t.co/HoOrtf0z [Twitter Web Client]
Jul 25, 2012 03:04:12 PM Congratulations to @BarackObama--he is the first POTUS to run trillion dollar deficits in all four years of his term! [Twitter Web Client]
Jul 31, 2012 08:22:27 AM Reckless--@BarackObama is projecting $1.2T deficit from 2012 budget & a projected $25.4T debt in a decade http://t.co/icpABbJQ [Twitter Web Client]
Aug 1, 2012 03:22:13 PM The deficits under @BarackObama are the highest in America's history. Why is he bankrupting our country? [Twitter Web Client]
Sep 13, 2012 02:30:48 PM Congratulations to Obama and the @DNC. The federal deficit has topped $1T for a fourth year in a row http://t.co/1DK4yTDS Nice work! [Twitter Web Client]
Sep 18, 2012 03:05:13 PM None of Romney's leaked comments change the fact that Obama is a complete disaster. 20% real unemployment and $6T in deficit spending. [Twitter Web Client]
Sep 25, 2012 09:06:55 AM Scary--Obama's budget deficits are so out of control that he has to borrow 40 cents on every dollar he spends. [Twitter Web Client]
Oct 9, 2012 09:04:51 AM Obama projected a 2012 budget deficit of $557B. It is actually double that at $1.1T http://t.co/QR8vZIcP We can't afford four more years. [Twitter Web Client]
Oct 16, 2012 11:21:53 AM Obama just had another trillion dollar budget deficit for the fourth year in a row. At least he is consistent. [Twitter Web Client]
Feb 25, 2013 03:29:48 PM The $85B sequester is just 2% of Obama's $3.5T record deficit spending budget. Our leaders are ruining our children's future. [Twitter Web Client]
Apr 17, 2013 03:17:07 PM Obama’s $1T+ deficit budget expanded welfare & green cronyism & it cut domestic bomb prevention in half http://t.co/JNJRVIMW3B [Twitter Web Client]
Oct 3, 2013 02:01:06 PM Many Red-State Democrats sticking with Obama on deficit spending on the ObamaCare monstrosity will be defeated in 2014. [Twitter Web Client]
Oct 10, 2013 01:33:24 PM Obama is the most profligate deficit & debt spender in our nation’s history. Doubled debt (cont) http://t.co/O4hKAX2iUm [Twitlonger]
Jun 17, 2016 06:20:36 AM People very unhappy with Crooked Hillary and Obama on JOBS and SAFETY! Biggest trade deficit in many years! More attacks will follow Orlando [Twitter for Android]

We can always borrow more from the Chinese and our children's future.  Also USA! USA! USA!

This is what the LORD Almighty said: ‘Administer true justice; show mercy and compassion to one another.  Do not oppress the widow or the fatherless, the foreigner or the poor. Do not plot evil against each other.

Offline Frank Cannon

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Re: Federal deficit soars 32 percent to $895B
« Reply #7 on: September 11, 2018, 10:57:34 PM »
   We predicted, with great accuracy, that Trump would step on his d1ck all the time, where's the love @Frank Cannon ?

Is he? He is doing a better job then Reagan turning the economy around.

Offline DB

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Re: Federal deficit soars 32 percent to $895B
« Reply #8 on: September 11, 2018, 10:58:05 PM »
Anyone tell me how the deficits are effecting them? Theydon't and that is why no one cares.

You panic freaks are the "Peak Oil" and "Global Warming" alarmists wrapped into one. All your predictions never come true.

Sorry Frank, but you have to be an idiot to say such a thing. The credit card has limits and consequences. Printing money backed by nothing makes everything more expensive because the value of the money is reduced. Everyone with savings is having their past saved earnings destroyed. Enjoy the good times spending party. What can't continue won't continue. Sticking your head in the sand won't make the consequences go away.

Those "predictions" have come true over and over, country after country, that chose to ignore reality. They are scattered all over the world.

Offline Once-Ler

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Re: Federal deficit soars 32 percent to $895B
« Reply #9 on: September 11, 2018, 11:06:54 PM »
Sorry Frank, but you have to be an idiot to say such a thing. The credit card has limits and consequences. Printing money backed by nothing makes everything more expensive because the value of the money is reduced. Everyone with savings is having their past saved earnings destroyed. Enjoy the good times spending party. What can't continue won't continue. Sticking your head in the sand won't make the consequences go away.

Those "predictions" have come true over and over, country after country, that chose to ignore reality. They are scattered all over the world.

You must have a lot in common with the panic-freak I quoted above http://www.gopbriefingroom.com/index.php/topic,331830.msg1791517.html#msg1791517
This is what the LORD Almighty said: ‘Administer true justice; show mercy and compassion to one another.  Do not oppress the widow or the fatherless, the foreigner or the poor. Do not plot evil against each other.

Offline ABX

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Re: Federal deficit soars 32 percent to $895B
« Reply #10 on: September 11, 2018, 11:18:13 PM »
 Boiling frog syndrome. I don't get into the extreme hyperbole predictions but the affects are widespread and hurt all of us.

One easy to spot example.

How long ago was it that a family could do well on a single breadwinner middle class income, buy a nice house, in a nice neighborhood, send kids to college, and maybe even retire early.

Now, for most it is difficult for a family to get by with two people working, they don't save for retirement, psrsoanl debt is through the roof, and most don't even have a months salary saved.

The inflationary impact of debt in relation to the spending power of the Dollar is one of the most personal examples people can see. Our dollar buys less and it requires more relative hours to earn it. On top of the, more and more is taken away in taxes, direct or indirect. Right now the average person has over 50% of their income go to the government in some manner, income taxes, sales taxes, payroll taxes, property taxes, fees for everything and on everything, increased cost of goods from taxes and tariffs...

Debt is stealing the spending power of hour of your earnings. You are working half your hours just to fund the US debt.
(In 1960 for example, it was only about 2 hours out of a week that went to that).

Offline roamer_1

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Re: Federal deficit soars 32 percent to $895B
« Reply #11 on: September 11, 2018, 11:19:32 PM »
More winning. woohoo.

Offline Once-Ler

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Re: Federal deficit soars 32 percent to $895B
« Reply #12 on: September 11, 2018, 11:23:41 PM »
According to Trump the economy has never been better.  Why are we spending like a depression?
This is what the LORD Almighty said: ‘Administer true justice; show mercy and compassion to one another.  Do not oppress the widow or the fatherless, the foreigner or the poor. Do not plot evil against each other.

Offline corbe

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Re: Federal deficit soars 32 percent to $895B
« Reply #13 on: September 11, 2018, 11:24:34 PM »
   People thought the Housing Bubble of 2008 was bad we're about to have the Grocery Store Bubble.

No government in the 6,000 years of modern mankind history has led its people into anything but the history books with a simple lesson, don't let this happen to you.

Offline ABX

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Re: Federal deficit soars 32 percent to $895B
« Reply #14 on: September 11, 2018, 11:30:51 PM »
   People thought the Housing Bubble of 2008 was bad we're about to have the Grocery Store Bubble.



My bet is auto financing will be the next one to pop.

Offline Frank Cannon

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Re: Federal deficit soars 32 percent to $895B
« Reply #15 on: September 11, 2018, 11:33:04 PM »
Sorry Frank, but you have to be an idiot to say such a thing. The credit card has limits and consequences. Printing money backed by nothing makes everything more expensive because the value of the money is reduced. Everyone with savings is having their past saved earnings destroyed. Enjoy the good times spending party. What can't continue won't continue. Sticking your head in the sand won't make the consequences go away.

Those "predictions" have come true over and over, country after country, that chose to ignore reality. They are scattered all over the world.

Once again with the predictions and spin. You sure you are not posting Peak Oil articles over at Zero hedge?

I asked a simple question. How are the deficits effecting you personally? What are people on the streets seeing RIGHT THE EFF NOW that they can see the deficit is ruining their life. 

Offline corbe

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Re: Federal deficit soars 32 percent to $895B
« Reply #16 on: September 11, 2018, 11:38:44 PM »
   Yea, $60,000 Trucks financed for 6 years, what could possibly go wrong with that?    :shrug:

   I brought up the Grocery store thing because I was there today and this inflation is spiraling out of control, week by week, and I'm single.   How a small family makes it today is beyond me.  Bless Them. 
No government in the 6,000 years of modern mankind history has led its people into anything but the history books with a simple lesson, don't let this happen to you.

Offline Chosen Daughter

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Re: Federal deficit soars 32 percent to $895B
« Reply #17 on: September 11, 2018, 11:42:50 PM »
I feel like throwing up.
Donald J. Trump

@realDonaldTrump


....like he’s the King of Israel. They love him like he is the second coming of God...But American Jews don’t know him or like him. They don’t even know what they’re doing or saying anymore. It makes no sense! But that’s OK, if he keeps doing what he’s doing, he’s good for.....
4:34 AM · Aug 21, 2019

2Thessolonians 2:4

New International Version
He will oppose and will exalt himself over everything that is called God or is worshiped, so that he sets himself up in God's temple, proclaiming himself to be God.

Offline InHeavenThereIsNoBeer

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Re: Federal deficit soars 32 percent to $895B
« Reply #18 on: September 11, 2018, 11:54:29 PM »
   People thought the Housing Bubble of 2008 was bad we're about to have the Grocery Store Bubble.



My avatar shows the national debt in stacks of $100 bills.  If you look very closely under the crane you can see the Statue of Liberty.

Offline DB

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Re: Federal deficit soars 32 percent to $895B
« Reply #19 on: September 12, 2018, 12:04:47 AM »
Once again with the predictions and spin. You sure you are not posting Peak Oil articles over at Zero hedge?

I asked a simple question. How are the deficits effecting you personally? What are people on the streets seeing RIGHT THE EFF NOW that they can see the deficit is ruining their life.

Have you been to the grocery store Frank? Notice the prices of things? The price of a new car? The price of a house?

Have any savings Frank? Notice how the cost of things went up but the interest rate paid on your savings was zip?

Offline Hoodat

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Re: Federal deficit soars 32 percent to $895B
« Reply #20 on: September 12, 2018, 12:08:21 AM »
Anyone tell me how the deficits are effecting them?

  • They create a drag on the economy by siphoning off investment capital that would otherwise be used to start, grow, and expand businesses.
  • They create a drain on future budgets by adding the expense of bond payoff plus interest.
  • They empower the Democrat Party by providing a means to offer everything without actually having to pay for it.
  • They raise interest rates for consumers who now have to compete with government for loan dollars
  • And with our current policy of monetizing the debt, every American is faced with a new tax (i.e. inflation) that was never passed by Congress, yet steals the value out of every dollar you earn.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-

Offline Hoodat

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Re: Federal deficit soars 32 percent to $895B
« Reply #21 on: September 12, 2018, 12:10:43 AM »
How long ago was it that a family could do well on a single breadwinner middle class income, buy a nice house, in a nice neighborhood, send kids to college, and maybe even retire early.

Now, for most it is difficult for a family to get by with two people working, they don't save for retirement, psrsoanl debt is through the roof, and most don't even have a months salary saved.

The inflationary impact of debt in relation to the spending power of the Dollar is one of the most personal examples people can see. Our dollar buys less and it requires more relative hours to earn it. On top of the, more and more is taken away in taxes, direct or indirect. Right now the average person has over 50% of their income go to the government in some manner, income taxes, sales taxes, payroll taxes, property taxes, fees for everything and on everything, increased cost of goods from taxes and tariffs...

Debt is stealing the spending power of hour of your earnings. You are working half your hours just to fund the US debt.
(In 1960 for example, it was only about 2 hours out of a week that went to that).

Correctamundo!
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-

Offline InHeavenThereIsNoBeer

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Re: Federal deficit soars 32 percent to $895B
« Reply #22 on: September 12, 2018, 12:25:25 AM »
Boiling frog syndrome. I don't get into the extreme hyperbole predictions but the affects are widespread and hurt all of us.

One easy to spot example.

How long ago was it that a family could do well on a single breadwinner middle class income, buy a nice house, in a nice neighborhood, send kids to college, and maybe even retire early.

Now, for most it is difficult for a family to get by with two people working, they don't save for retirement, psrsoanl debt is through the roof, and most don't even have a months salary saved.

The inflationary impact of debt in relation to the spending power of the Dollar is one of the most personal examples people can see. Our dollar buys less and it requires more relative hours to earn it. On top of the, more and more is taken away in taxes, direct or indirect. Right now the average person has over 50% of their income go to the government in some manner, income taxes, sales taxes, payroll taxes, property taxes, fees for everything and on everything, increased cost of goods from taxes and tariffs...

Debt is stealing the spending power of hour of your earnings. You are working half your hours just to fund the US debt.
(In 1960 for example, it was only about 2 hours out of a week that went to that).

I agree for the most part, but how much of the changes are preferences?   Back in the day, we didn't have cell phone bills and internet bills and didn't need daycare, we bought stuff that lasted instead of cheap garbage we have to replace by the time we get it home, etc.  We cooked meals from actual ingredients.  Our houses were comfortable, but smaller and less lavish.

I've speculated that some of the reduction in the LFPR is not that people couldn't find work (eventually), but that they decided they didn't need to go the dual income route.
My avatar shows the national debt in stacks of $100 bills.  If you look very closely under the crane you can see the Statue of Liberty.

Offline Frank Cannon

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Re: Federal deficit soars 32 percent to $895B
« Reply #23 on: September 12, 2018, 12:31:14 AM »
Have you been to the grocery store Frank? Notice the prices of things? The price of a new car? The price of a house?

Have any savings Frank? Notice how the cost of things went up but the interest rate paid on your savings was zip?

The price of shit has been going up in this country for over 100 years. Hasn't effected anyone. It also works in my favor because all my houses and buildings are worth more now then they were 10 or 20 years ago. Awesome investment.

BTW did you think things were so great when interest was almost 20%? Made the cost of a house loan a real awesome thing. How about those great 10% GMAC loans on your '81 Citation. A real cool bargain.

Offline Frank Cannon

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Re: Federal deficit soars 32 percent to $895B
« Reply #24 on: September 12, 2018, 12:34:46 AM »
  • They create a drag on the economy by siphoning off investment capital that would otherwise be used to start, grow, and expand businesses.
  • They create a drain on future budgets by adding the expense of bond payoff plus interest.
  • They empower the Democrat Party by providing a means to offer everything without actually having to pay for it.
  • They raise interest rates for consumers who now have to compete with government for loan dollars
  • And with our current policy of monetizing the debt, every American is faced with a new tax (i.e. inflation) that was never passed by Congress, yet steals the value out of every dollar you earn.

That is mumbo jumbo garbage. Interest is almost zero. We are as close to full employment then I can ever remember. Inflation has been going on forever (the Fed actually likes it). The Rats have been offering the moon for generations yet there is a Repub in the WH.


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