The media continues to report the fake news that Trump's tax cuts blew a big hole in the budget

[endicom]

American Thinker
Jack Hellner
Sept. 5, 2018


President Trump has proposed freezing civilian federal workers pay in 2019, but instead of journalists actually reporting on the cost of the raise that has been cancelled and corresponding benefits to the taxpayer they chose to repeat Democrat talking points.  They whine about hurting the bureaucrats and trash Trump. Worse, they retreat to the blatant lie that Trump’s tax cut “for the rich” and big corporations has blown a hole in the deficit. CNN:

That measure, along with a new two-year federal budget and tax cuts heralded by Republicans, have led to accusations Trump is ignoring the federal deficit, despite promising he would address it as president. The tax plan alone is expected to increase the deficit by $1.4 trillion over 10 years, according to a government estimate.

[...]

They truly cannot stand that someone who is the opposite of a dictator and a fascist is trying to transfer the power and purse back to the people as fast as he can, and he actually wants to enforce laws Congress passed.

More... https://www.americanthinker.com/blog/2018/09/the_media_continues_to_report_the_fake_news_that_trumps_tax_cuts_blew_a_big_hole_in_the_budget.html
 

[Concerned]

Well, the deficit for this fiscal year is forecast to be $793T and the Treasury Department indicated they will borrow more the second half of this year than they have since 2008:

The Treasury Department predicted the U.S. government’s borrowing needs in the second half of this year will jump to the most since the financial crisis a decade ago as the nation’s fiscal health deteriorates despite a strong economy.

The department expects to issue $329 billion in net marketable debt from July through September, the fourth-largest total for that quarter on record and higher than the $273 billion estimated in April, Treasury said in a report Monday. The department’s forecast for the October-December quarter is $440 billion, bringing the second-half borrowing estimate to $769 billion, the highest since $1.1 trillion in July-December 2008.

https://www.bloomberg.com/news/articles/2018-07-30/treasury-raises-borrowing-outlook-with-2h-hitting-769-billion

[skeeter]

Well, the deficit for this fiscal year is forecast to be $793T and the Treasury Department indicated they will borrow more the second half of this year than they have since 2008:

https://www.bloomberg.com/news/articles/2018-07-30/treasury-raises-borrowing-outlook-with-2h-hitting-769-billion

Of course if the economy sustains its current trajectory, which Bloomberg of course poo-poos, the deficit will start back in the other direction.

[endicom]

Well, the deficit for this fiscal year is forecast to be $793T and the Treasury Department indicated they will borrow more the second half of this year than they have since 2008:

But why? Tax cuts? Trillion dollar wars? Expanded social services?

[Concerned]

But why? Tax cuts? Trillion dollar wars? Expanded social services?

Why indeed.  Trump has been in office for a year and a half.  This so-called "conservative" administration is engaging in deficit spending and adding trillions to the debt.

[skeeter]

But why? Tax cuts? Trillion dollar wars? Expanded social services?

The CBO is probably assuming governmental income rising at Obama-era growth rates rather than how it will with the current +3% GDP.

[LMAO]

 It appears people wrongly believe we can grow our way out of the deficits and debt.  Perhaps at one time that was true but not anymore. Without across-the-board cuts in government spending including and especially spending in so-called entitlements, our debt and deficit’s are going to continue to grow and grow until the law of economics and mathematics  manifests itself

[Concerned]

It appears people wrongly believe we can grow our way out of the deficits and debt.  Perhaps at one time that was true but not anymore. Without across-the-board cuts in government spending including and especially spending in so-called entitlements, our debt and deficit’s are going to continue to grow and grow until the law of economics and mathematics  manifests itself

I’m of the opinion that we need a multi-pronged approach to attacking the debt:  we need to attack spending, we need entitlement reform, and we need growth (revenues) through responsible tax reform.  I think this Administration could do a whole lot better on all three of these:  Spending has grown under the Trump Administration ($4.1T to $4.4T).  The President has indicated he has no appetite for entitlement reform, and given our rather dire fiscal situation (US debt at $21T and US debt to GDP at 105%), I think cutting the corporate tax rate from 35% to 21% was just a little too aggressive on the revenue side. 

I think we need a truly fiscally conservative budget, with a truly fiscally conservative Congress, and a truly fiscally conservative President, and right now, we have none of that IMO.