US deficit soars to $342B in two months

[CaughtInThe]

US deficit soars to $342B in two months | Fox Business

"The federal deficit was $587 billion when President Trump took office in January 2017, and had ballooned to $984 billion in 2019."

Bummer. I hope the President can get this problem fixed by negotiating with Congress.

The national debt is now more than $23.1 trillion, according to usdebtclock.org.

 

[Excast]

Some of us are old enough to remember the massive tea party protests because we dared to have higher spending during a massive recession when the government was trying to help the impoverished and prevent the entire economy from collapsing.

And now? Now we are spending nearly as much as we did back then...and for what? Increased military budgets even though we have a fraction of the number of troops in Iraq and Afghanistan as we had. Taxes slashed on corporations with a few table scraps falling down to workers. All while Trump and the Republicans preach austerity.

When the next downturn comes, as it inevitably will, we are going to be absolutely screwed. Our budget is already so far out of whack thanks to these Republicans there won't be any real measures we can take.

 

[less right]

That's something Trump is going to fix in his second term. Along with unveiling his healthcare plan (that he assumes someone else is writing) and finally showing us his 2015 tax returns.

 

[Drawdown]

Some of us are old enough to remember the massive tea party protests because we dared to have higher spending during a massive recession when the government was trying to help the impoverished and prevent the entire economy from collapsing.

And now? Now we are spending nearly as much as we did back then...and for what? Increased military budgets even though we have a fraction of the number of troops in Iraq and Afghanistan as we had. Taxes slashed on corporations with a few table scraps falling down to workers. All while Trump and the Republicans preach austerity.

When the next downturn comes, as it inevitably will, we are going to be absolutely screwed. Our budget is already so far out of whack thanks to these Republicans there won't be any real measures we can take.

No problem. If Liz can find trillions for free everything, coming up with a few hundred billions in stimulus is just a drop in the bucket. After all, the democrats have such a long history as deficit hawks when they are in power :lamo

 

[Excast]

No problem. If Liz can find trillions for free everything, coming up with a few hundred billions in stimulus is just a drop in the bucket. After all, the democrats have such a long history as deficit hawks when they are in power :lamo

Look at who has been in the White House when deficits have gone down and you might realize you were actually on to something.

US Deficit by President: What Budgets Hide

Let's go back 40 years to Jimmy Carter.

His average deficit stay ed roughly the same throughout his 4 years in office. It averaged roughly $60 billion.

Ronald Reagan takes office and the deficit immediately doubles and more than triples in some cases. There are years it exceeds $200 billion, though by the end it is "only" $153 billion.

George H. W. Bush continues the increasing debt trend under Republicans and has $200+ billion deficits every year of his presidency, going as high as $290 billion.

Bill Clinton is the first Democratic President in 12 years when he takes over in 1993. Now, just remember he inherited 4 years of $200+ billion deficits from his predecessor. Now, what happened under his watch?

FY 1994 - $203 billion.
FY 1995 - $164 billion.
FY 1996 - $107 billion.
FY 1997 - $22 billion.

So, a shrinking deficit every year during his first term. And then what? Hundreds of billions in actual surpluses over his second term. For the first time since 1969, under another Democratic President mind you, the government runs a surplus. And not just for one year, for 4 years in a row.

George w. Bush takes over in 2001. What happens to the years of surpluses? They disappear thanks to the usual nonsensical trickle down economics the GOP always pushes because the rubes are all too eager to lap it up. A $100+ billion surplus turns into a $158 billion deficit in year one. The next year we are at nearly $400 billion. By 2008 we are sitting at $459 in the hole and the final year of the Bush presidency gives us the Great Recession and a $1.16 trillion deficit.

So, now Obama inherits an absolute dumpster fire. Wars and a terrible economy. The first year the deficit is north of $1.5 trillion. And then? It goes down, year by year. By 2015 we are down to $438 billion, basically 1/3 of the yearly deficit Obama inherited from Trump.

So, how where are we under Trump, after years of shrinking deficits under Obama? Well, back on their way up in a hurry of course. Nearly $800 billion in Trump's first year turned into more than a trillion in his second. This year we are expected to be north of $1.1 trillion.

So, who exactly has had success at actually cutting the deficit down somewhat and who just talks a big game and then blows the entire thing up, time after time?

 

[Media_Truth]

US deficit soars to $342B in two months | Fox Business

"The federal deficit was $587 billion when President Trump took office in January 2017, and had ballooned to $984 billion in 2019."

Bummer. I hope the President can get this problem fixed by negotiating with Congress.

The national debt is now more than $23.1 trillion, according to usdebtclock.org.

This isn't surprising. Republican presidents have skyrocketed the deficit since 1980.

 

[Drawdown]

Look at who has been in the White House when deficits have gone down and you might realize you were actually on to something.

US Deficit by President: What Budgets Hide

Let's go back 40 years to Jimmy Carter.

His average deficit stay ed roughly the same throughout his 4 years in office. It averaged roughly $60 billion.

Ronald Reagan takes office and the deficit immediately doubles and more than triples in some cases. There are years it exceeds $200 billion, though by the end it is "only" $153 billion.

George H. W. Bush continues the increasing debt trend under Republicans and has $200+ billion deficits every year of his presidency, going as high as $290 billion.

Bill Clinton is the first Democratic President in 12 years when he takes over in 1993. Now, just remember he inherited 4 years of $200+ billion deficits from his predecessor. Now, what happened under his watch?

FY 1994 - $203 billion.
FY 1995 - $164 billion.
FY 1996 - $107 billion.
FY 1997 - $22 billion.

So, a shrinking deficit every year during his first term. And then what? Hundreds of billions in actual surpluses over his second term. For the first time since 1969, under another Democratic President mind you, the government runs a surplus. And not just for one year, for 4 years in a row.

George w. Bush takes over in 2001. What happens to the years of surpluses? They disappear thanks to the usual nonsensical trickle down economics the GOP always pushes because the rubes are all too eager to lap it up. A $100+ billion surplus turns into a $158 billion deficit in year one. The next year we are at nearly $400 billion. By 2008 we are sitting at $459 in the hole and the final year of the Bush presidency gives us the Great Recession and a $1.16 trillion deficit.

So, now Obama inherits an absolute dumpster fire. Wars and a terrible economy. The first year the deficit is north of $1.5 trillion. And then? It goes down, year by year. By 2015 we are down to $438 billion, basically 1/3 of the yearly deficit Obama inherited from Trump.

So, how where are we under Trump, after years of shrinking deficits under Obama? Well, back on their way up in a hurry of course. Nearly $800 billion in Trump's first year turned into more than a trillion in his second. This year we are expected to be north of $1.1 trillion.

So, who exactly has had success at actually cutting the deficit down somewhat and who just talks a big game and then blows the entire thing up, time after time?

The largest driver of the federal debt is intergovernmental holdings. The government has to park its pension, social security and medicare surpluses in treasuries. You cannot have a $15 minimum wage without higher government debt. You cannot remove the FICA caps without higher government debt. A wealthier middle class=a growing debt.

 

[Jay59]

Look at who has been in the White House when deficits have gone down and you might realize you were actually on to something.

US Deficit by President: What Budgets Hide

Let's go back 40 years to Jimmy Carter.

His average deficit stay ed roughly the same throughout his 4 years in office. It averaged roughly $60 billion.

Ronald Reagan takes office and the deficit immediately doubles and more than triples in some cases. There are years it exceeds $200 billion, though by the end it is "only" $153 billion.

George H. W. Bush continues the increasing debt trend under Republicans and has $200+ billion deficits every year of his presidency, going as high as $290 billion.

Bill Clinton is the first Democratic President in 12 years when he takes over in 1993. Now, just remember he inherited 4 years of $200+ billion deficits from his predecessor. Now, what happened under his watch?

FY 1994 - $203 billion.
FY 1995 - $164 billion.
FY 1996 - $107 billion.
FY 1997 - $22 billion.

So, a shrinking deficit every year during his first term. And then what? Hundreds of billions in actual surpluses over his second term. For the first time since 1969, under another Democratic President mind you, the government runs a surplus. And not just for one year, for 4 years in a row.

George w. Bush takes over in 2001. What happens to the years of surpluses? They disappear thanks to the usual nonsensical trickle down economics the GOP always pushes because the rubes are all too eager to lap it up. A $100+ billion surplus turns into a $158 billion deficit in year one. The next year we are at nearly $400 billion. By 2008 we are sitting at $459 in the hole and the final year of the Bush presidency gives us the Great Recession and a $1.16 trillion deficit.

So, now Obama inherits an absolute dumpster fire. Wars and a terrible economy. The first year the deficit is north of $1.5 trillion. And then? It goes down, year by year. By 2015 we are down to $438 billion, basically 1/3 of the yearly deficit Obama inherited from Trump.

So, how where are we under Trump, after years of shrinking deficits under Obama? Well, back on their way up in a hurry of course. Nearly $800 billion in Trump's first year turned into more than a trillion in his second. This year we are expected to be north of $1.1 trillion.

So, who exactly has had success at actually cutting the deficit down somewhat and who just talks a big game and then blows the entire thing up, time after time?

As soon as Newt takes the House, the deficit starts falling. Funny, that.

 

[bradt99]

I told my Economics professor this semester on how I wish we would go back to the 90s economy. It was very good back then. Conservatives will say well it was because of the GOP house. No, it was because of Bill willing to negotiate with a GOP house to achieve that. Right now Pelosi isn't compromising with Trump on anything even if it's bi-partisan. Infrastructure? Nope. Prescription drugs? Nope. Securing our border? Nope. It's pathetic.

 

[Master Debator]

Some of us are old enough to remember the massive tea party protests because we dared to have higher spending during a massive recession when the government was trying to help the impoverished and prevent the entire economy from collapsing.

And now? Now we are spending nearly as much as we did back then...and for what? Increased military budgets even though we have a fraction of the number of troops in Iraq and Afghanistan as we had. Taxes slashed on corporations with a few table scraps falling down to workers. All while Trump and the Republicans preach austerity.

When the next downturn comes, as it inevitably will, we are going to be absolutely screwed. Our budget is already so far out of whack thanks to these Republicans there won't be any real measures we can take.

To be fair it's not just Republicans. The majority are Democrats are right there with them voting for increases in defense spending.

 

[CaughtInThe]

The largest driver of the federal debt is intergovernmental holdings. The government has to park its pension, social security and medicare surpluses in treasuries. You cannot have a $15 minimum wage without higher government debt. You cannot remove the FICA caps without higher government debt. A wealthier middle class=a growing debt.

this post is exactly opposite of what Rush and Sean preached during Obama.

not surprising that honor and integrity are missing under Trump.

 

[Greenbeard]

Right now Pelosi isn't compromising with Trump on anything even if it's bi-partisan. Infrastructure? Nope. Prescription drugs? Nope. Securing our border? Nope. It's pathetic.

Trump’s position during the campaign was that Medicare should negotiate drug prices. He now says he’ll veto legislation that allows this. Trump needs to compromise with himself and get onboard with Pelosi’s legislation.

 

[Divine_Wind]

US deficit soars to $342B in two months | Fox Business

"The federal deficit was $587 billion when President Trump took office in January 2017, and had ballooned to $984 billion in 2019."

Bummer. I hope the President can get this problem fixed by negotiating with Congress.

The national debt is now more than $23.1 trillion, according to usdebtclock.org.

Trump is the problem. Most people over 30 know how to balance their checkbook. Trump does not.

 

[ludin]

US deficit soars to $342B in two months | Fox Business

"The federal deficit was $587 billion when President Trump took office in January 2017, and had ballooned to $984 billion in 2019."

Bummer. I hope the President can get this problem fixed by negotiating with Congress.

The national debt is now more than $23.1 trillion, according to usdebtclock.org.

So why are leftist who are in charge of the budget blowing up the deficit again?

 

[ludin]

Look at who has been in the White House when deficits have gone down and you might realize you were actually on to something.

US Deficit by President: What Budgets Hide

Let's go back 40 years to Jimmy Carter.

His average deficit stay ed roughly the same throughout his 4 years in office. It averaged roughly $60 billion.

Ronald Reagan takes office and the deficit immediately doubles and more than triples in some cases. There are years it exceeds $200 billion, though by the end it is "only" $153 billion.

George H. W. Bush continues the increasing debt trend under Republicans and has $200+ billion deficits every year of his presidency, going as high as $290 billion.

Bill Clinton is the first Democratic President in 12 years when he takes over in 1993. Now, just remember he inherited 4 years of $200+ billion deficits from his predecessor. Now, what happened under his watch?

FY 1994 - $203 billion.
FY 1995 - $164 billion.
FY 1996 - $107 billion.
FY 1997 - $22 billion.

So, a shrinking deficit every year during his first term. And then what? Hundreds of billions in actual surpluses over his second term. For the first time since 1969, under another Democratic President mind you, the government runs a surplus. And not just for one year, for 4 years in a row.

George w. Bush takes over in 2001. What happens to the years of surpluses? They disappear thanks to the usual nonsensical trickle down economics the GOP always pushes because the rubes are all too eager to lap it up. A $100+ billion surplus turns into a $158 billion deficit in year one. The next year we are at nearly $400 billion. By 2008 we are sitting at $459 in the hole and the final year of the Bush presidency gives us the Great Recession and a $1.16 trillion deficit.

So, now Obama inherits an absolute dumpster fire. Wars and a terrible economy. The first year the deficit is north of $1.5 trillion. And then? It goes down, year by year. By 2015 we are down to $438 billion, basically 1/3 of the yearly deficit Obama inherited from Trump.

So, how where are we under Trump, after years of shrinking deficits under Obama? Well, back on their way up in a hurry of course. Nearly $800 billion in Trump's first year turned into more than a trillion in his second. This year we are expected to be north of $1.1 trillion.

So, who exactly has had success at actually cutting the deficit down somewhat and who just talks a big game and then blows the entire thing up, time after time?

Presidents do not control the budget. Congress controls the budget. Clinton was forced to sign balanced budgets under a Republican controlled congress.

That same republican controlled congress under Bush had the deficit to 220 billion.

The leftist under obama blew the deficit for 3 years to over a trillion dollars. It was the republican house that continued fighting all the spending that put the deficit back down.

Now Democrats are in charge of the budget again and deficits are going up.

History revisionism doesn't work well.

 

[ludin]

Trump is the problem. Most people over 30 know how to balance their checkbook. Trump does not.

Who is in charge of the budget?

 

[bradt99]

Trump’s position during the campaign was that Medicare should negotiate drug prices. He now says he’ll veto legislation that allows this. Trump needs to compromise with himself and get onboard with Pelosi’s legislation.

You mean partisan legislation that only democrats approve right? Yea not going to happen.

 

[Divine_Wind]

Who is in charge of the budget?

Congress but the President either signs it or vetoes it. So far, Trump loves to sign off on every budget the Republican Senate hands him.

Donald Trump Signs Massive $1.3 Trillion Budget Agreement | Breitbart
Trump indicated on Thursday that Republicans could always cut the bloated budget after the 2020 elections.

“Two-year deal gets us past the Election,” he wrote on Twitter. “Go for it Republicans, there is always plenty of time to CUT!”

BTW, anyone who believes Trump will cut the budget for 2022 (2021 will probably be signed before the election) is as big a moron as the Lying Draft-Dodger in Chief.

 

[Craig234]

The largest driver of the federal debt is intergovernmental holdings. The government has to park its pension, social security and medicare surpluses in treasuries. You cannot have a $15 minimum wage without higher government debt. You cannot remove the FICA caps without higher government debt. A wealthier middle class=a growing debt.

So incredibly wrong. The people - the poor and the middle class - going up in wealth HELPS the economy and reduces the debt typically. It's the absurd, criminal tax cuts for the rich that caused the massive deficit. Republicans wrongly think it's 'spending on the people', because of ignorance.

 

[poweRob]

US deficit soars to $342B in two months | Fox Business

"The federal deficit was $587 billion when President Trump took office in January 2017, and had ballooned to $984 billion in 2019."

Bummer. I hope the President can get this problem fixed by negotiating with Congress.

The national debt is now more than $23.1 trillion, according to usdebtclock.org.

Republican deficits don't matter.

 

[Greenbeard]

You mean partisan legislation that only democrats approve right? Yea not going to happen.

Candidate Trump approves.

 

[poweRob]

That's something Trump is going to fix in his second term. Along with unveiling his healthcare plan (that he assumes someone else is writing) and finally showing us his 2015 tax returns.

Don't forget infrastructure week.

 

[Moonglow]

That's something Trump is going to fix in his second term. Along with unveiling his healthcare plan (that he assumes someone else is writing) and finally showing us his 2015 tax returns.

And then the aliens from space will land and give us infinite wisdom...

 

[poweRob]

Trump is the problem. Most people over 30 know how to balance their checkbook. Trump does not.

Sure he does. He balances his checkbooks through regular bankruptcies.

 

[CaughtInThe]

Congress but the President either signs it or vetoes it. So far, Trump loves to sign off on every budget the Republican Senate hands him.

Donald Trump Signs Massive $1.3 Trillion Budget Agreement | Breitbart
Trump indicated on Thursday that Republicans could always cut the bloated budget after the 2020 elections.

“Two-year deal gets us past the Election,” he wrote on Twitter. “Go for it Republicans, there is always plenty of time to CUT!”

BTW, anyone who believes Trump will cut the budget for 2022 (2021 will probably be signed before the election) is as big a moron as the Lying Draft-Dodger in Chief.

Hey, but Trump got himself and his kids a massive tax cut to the tune of more than his supporters make in a year.

Isn't that all that matters?