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Utopia Talk / Politics / Deficit Balloons to $779 Billion
Dukhat
Member
Wed Oct 31 10:58:57
http://www...ion-highest-since-2012-2018-10

The US budget deficit ballooned to $779 billion this year, the highest since 2012, driven by Trump's tax law and the massive budget deal

The US federal budget deficit jumped to $779 billion in fiscal year 2018, the highest level since 2012, according to the Treasury Department.

As the GOP tax bill and massive spending agreement took hold, the deficit for fiscal year 2018, which ran from October 2017 through September 2018, was 17% wider than 2017's and totaled 3.9% of GDP.

According to the Treasury, revenue grew by just 0.4% as spending grew by 3.2%.

The increase in the deficit contradicts Trump and other officials promise that the GOP tax bill would "pay for itself."

...

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The next recession is going to be so bad; we won't have any fiscal room to use any kind of stimulus whether it be tax cuts or a surge in spending.

And the lower middle-class (i.e. the cuckservatives) will suffer the most but blame Dems for it because Dems will probably be in charge when the chickens come home to roost.

murder
Member
Wed Oct 31 11:00:59

Don't worry, after the midterms Republicans will attack Social Security and Medicare.

Sam Adams
Member
Wed Oct 31 11:56:38
Lol cuckhat your welfare is getting reduced.
Hrothgar
Member
Fri Nov 02 08:47:44
You'd think the mocking here would be reserved for the GOP, who just absolutely could not stop freaking the hell out about the deficit for the entire 8 Obama years - and now sit on their throne somehow finding a way to actually grow the deficit during a good economy.

Utter, absolute, complete hypocrites, every one. The GOP voters should be outraged. But here the rank and file just prove they treat their favorite political party as a religion, not anything logical.
Hot Rod
Revved Up
Fri Nov 02 08:56:27

And next years will be considerably less. This year's budget still has the funds in it to rebuild the Military.

Hot Rod
Revved Up
Fri Nov 02 09:10:31

I don't recall any Democrats wanting to string up Obama.

patom
Member
Fri Nov 02 09:13:12
Hot Rod, our military budget is bigger than the top ten other countries combined.
Do you think our health care system could use that money a little more?
werewolf dictator
Member
Fri Nov 02 12:18:00
*average gdp growth obama last 6 quarters.. 1.62%

*average gdp growth trump first 6 quarters.. 3.00% [3.13% last 4q]

http://www.bea.gov/system/files/2018-10/gdp3q18_adv.xlsx
[table 1]

in near $20 trillion economy.. growing economy by extra 1.38% is equivalent to adding extra ~$275 billion to gdp

meanwhile deficit increases by $113b.. from $666b fy 2017 to $779b fy 2018

if one is *only* aiming to reduce the debt-to-gdp ratio.. then the benefits of increasing gdp by $275b is greater than the disadvantages of increasing deficit by $113b at any time the debt-to-gdp ratio was already set to be over 0.411 [and it was going to be waaaaay waaaay over that]
Forwyn
Member
Fri Nov 02 14:27:09
"rebuild the Military."

Rebuild from what?

Buy some more useless F-35s?
kargen
Member
Fri Nov 02 14:37:11
"Do you think our health care system could use that money a little more?"

The US government spends more than double what the next highest country spends on healthcare. Doesn't seem to be getting us much in return compared to other countries.

Both should spend less by doing away with wasteful spending, mismanagement and fraud.
Hot Rod
Revved Up
Sat Nov 03 04:43:36

patom - Hot Rod, our military budget is bigger than the top ten other countries combined.
Do you think our health care system could use that money a little more?


The left is always whining about the Third World countries. Who would come to their rescue during natural disasters if not for the US Navy,

Besides, do you want Russia and/or China running the world?

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