US Treasury to Borrow More Than $1.3 Trillion in 2018

[Media_Truth]

You obviously didn't read the article and you are selectively citing talking points about personal income tax. As the article shows, the tax cuts to corporate tax rates caused the increased deficit. And Trump himself has claimed that increased spending approved by the GOP on the military, among other things, was responsible for the increase.

But if you are unwilling to read the NYT, here's something perhaps more to your taste that says exactly the same thing:

https://www.foxbusiness.com/markets/us-budget-deficit-hits-highest-level-in-6-years

Incorrect, see above. Federal income tax revenue was basically flat (particularly when adjusted for inflation, which many conservative sources refuse/fail to do), and thus unable to keep up with the GOP approved increased spending. Like Bullseye's citation to personal income taxes, you are cherry picking a stat about GDP growth that ignores the actual revenue data. Because corporate income tax rates were cut, the GDP growth was not ultimately reflected in tax revenues.

Sorry, but I'm not the one ignoring and/or spinning the facts here. I agree it is highly unfortunate good people are so easily indoctrinated, and even worse when they project their indoctrination onto others.

https://www.pgpf.org/blog/2018/10/its-rare-for-revenue-growth-to-be-this-weak

Good link. It's just so simple, that Republicans just can't understand why it doesn't work. From your link:

The deficit worsened because tax revenues are not keeping pace with government spending.

Duh!

 

[Cameron]

Why are you having such a problem understanding that it was entitlement spending, Medicare and SS, along with debt service that caused most of the deficit for 2018? What control does Trump have over that?

Because it wasn't, and even if it was, the GOP had control of all three branches of government. Instead of proposing entitlement reform, they've been giving goodies to their base and wealthy benefactors and attacking a Republican-originated healthcare plan as a demonic attempt to bring communism to America.

Here is your problem federal income tax revenue isn't the only revenue source for the federal govt. and it is a fact that even if flat it is spending that is the problem not revenue.

This is a very weak response. Had revenues maintained traditional annual increases, they would have kept up with spending increases, and the deficit would not have increased. It's not that complicated. The deficit had been going down in Obama's later years despite increased debt servicing and medicare/SS payments.

Can you tell me why Obama with a Democratic Congress added 1 trillion to the debt in 2009, 2010, 2011, and 2012 and that wasn't an issue?

Because, you know, of the worst recession since the Great Depression. And it's a good thing they did, because Trump has benefited tremendously from it.

When the Republicans took control over Congress in 2014 what happened to the deficits? Did both Clinton and Obama propose more spending than the GOP Congress at the time approved? Oh by the way 2013 was sequester year and 2014 the GOP Took the Congress?

Obama and CLinton worked with the GOP to reduce deficits. The GOP abandoned its fiscal conservative stance in both instances as soon as they took the presidency, even though they governed during periods of great economic growth when paying down debt is most important.

 

[Conservative]

Cameron;1069288741]Because it wasn't, and even if it was, the GOP had control of all three branches of government. Instead of proposing entitlement reform, they've been giving goodies to their base and wealthy benefactors and attacking a Republican-originated healthcare plan as a demonic attempt to bring communism to America.

When exactly did the GOP have total control off the TWO Branches of the govt, Legislative(Congress) and Executive(President)? Appeasing their base is what Democrats and Obama did with the 2009 stimulus that led to the trillion dollar deficits you want to ignore

This is a very weak response. Had revenues maintained traditional annual increases, they would have kept up with spending increases, and the deficit would not have increased. It's not that complicated. The deficit had been going down in Obama's later years despite increased debt servicing and medicare/SS payments.

Please learn the taxes you pay and their purpose, Federal Income taxes fund the operating expenses of the U.S. not Medicare and SS. Medicare and SS revenue has increased dramatically as has excise taxes, as has sales taxes for the states. That is what happens when people have more spendable income. Republicans controlled the Congress his latter years and what drove this deficit was the rise in interest rates affecting debt service, 550 billion dollars in fiscal year 2018, Trump's first budget year

Because, you know, of the worst recession since the Great Depression. And it's a good thing they did, because Trump has benefited tremendously from it.

So we have been told and yet this recession affected fewer Americans than any other recession in history

Obama and CLinton worked with the GOP to reduce deficits. The GOP abandoned its fiscal conservative stance in both instances as soon as they took the presidency, even though they governed during periods of great economic growth when paying down debt is most important.

When exactly did Obama work with the GOP to reduce deficits? You want to ignore the Trump budget for 2019, his second budget term, why is that?

 

[Media_Truth]

When exactly did Obama work with the GOP to reduce deficits? You want to ignore the Trump budget for 2019, his second budget term, why is that?

Obama worked with everybody that would work with him. Deficits were reduced substantially. He worked with his Generals, many of whom were Republicans, to gradually withdraw troops from the Bush/Cheney wars.

 

[Conservative]

Obama worked with everybody that would work with him. Deficits were reduced substantially. He worked with his Generals, many of whom were Republicans, to gradually withdraw troops from the Bush/Cheney wars.

You can try and re-write history but you cannot change it, Obama, "I won, you lost" to McCain says it all as does the trillion dollar deficits in 09/10/11/12 then the GOP Congress cutting Obama spending turned things around. As for the war, the Status of Forces Agreement signed in November 2008 ended the Iraq War, was Obama President then?

I cannot believe how poorly informed you are

 

[Bullseye]

Because you are incapable of realizing that you need to adjust the CBO's data for inflation and account for the fact that the CBO data shows a 30%+ decrease in corporate tax revenues. Besides, we both know you didn't pull your opinion on this issue from CBO data in the first instance, whatever you profess. If you were that type of person, you wouldn't have made these types of mistakes.

Didn't make any mistakes. Except, maybe over estimated your economic acumen.

 

[MTAtech]

Trump’s Tax Cut Was Supposed to Change Corporate Behavior. Here’s What Happened.

 

[JoanDavis]

[h=1]The Fiscal Times: US Treasury to Borrow More Than $1.3 Trillion in 2018 [/h]

I will wait for the conservatives here, who railed against Obama for allowing borrowing during the recession (e.g. what economists say you're supposed to do) to now justify massive borrowing at a time of record low unemployment (e.g. what economists say you shouldn't do.)

They can't blame Democrats, who have neither one House of Congress or the White House.

trump and the republicans WILL blame the democrats when they send the country into ANOTHER frigging recession. And then the next democrat president will inherit the mess and will have to fix it without any help from the frigging republicans.

 

[JoanDavis]

What is wrong with that picture? As I asked another poster go to Treasury.org, look at the line items in the revenue stream and you will find that total revenue did indeed grow as did ENTITLEMENT SPENDING AND DEBT SERVICE. Do you understand what that even means? IF Revenue grew with tax cuts how did tax cuts cause the deficit? Only to the left is looking at total revenue the wrong metric because you and the left have never seen a dollar that shouldn't be spent but in reality there is no way that those evil rich people can be taxed enough to fund the liberal spending appetite

Spending increases??? What control does Trump have over entitlement spending and debt service?? One more time you are too partisan to deal with. You don't seem to grasp the line items in the budget and the role entitlement and debt service pay in that budget. Since you are so concerned about the budget deficit are you supporting the Trump budget proposal for 2019 which has cuts in every department?

I agree that we should cut spending on social services. Given the majority of people receiving welfare are trump supporters - I welcome seeing these a-holes living on the streets. They can sleep on park benches and wrap themselves around their confederate flags.

 

[Conservative]

I agree that we should cut spending on social services. Given the majority of people receiving welfare are trump supporters - I welcome seeing these a-holes living on the streets. They can sleep on park benches and wrap themselves around their confederate flags.

Oh my, are you truly this poorly informed the poor are Trump supporters? Give it a rest you seem Clueless but oh by the way I don't see many Trump supporters in California a state that leads the nation in the homeless where people are truly living on the streets.

What on Earth has Trump done to you to create such hatred and vitriol?

Sent from my SAMSUNG-SM-G930A using Tapatalk

 

[Media_Truth]

You can try and re-write history but you cannot change it, Obama, "I won, you lost" to McCain says it all as does the trillion dollar deficits in 09/10/11/12 then the GOP Congress cutting Obama spending turned things around. As for the war, the Status of Forces Agreement signed in November 2008 ended the Iraq War, was Obama President then?

I cannot believe how poorly informed you are

:lamo:lamo Status of Forces Agreement ended the Iraqi War :lamo:lamo

Sorry but there are still Trillions to spend. The Cheney/Bush war went ON and ON. The most incompetent presidency since the Great Depression strikes again.

https://www.reuters.com/article/us-iraq-war-anniversary-idUSBRE92D0PG20130314


WORLD NEWSMARCH 14, 2013
NEW YORK (Reuters) - The U.S. war in Iraq has cost $1.7 trillion with an additional $490 billion in benefits owed to war veterans, expenses that could grow to more than $6 trillion over the next four decades counting interest, a study released on Thursday said.

You really don't have a clue!!!

 

[Conservative]

:lamo:lamo Status of Forces Agreement ended the Iraqi War :lamo:lamo

Sorry but there are still Trillions to spend. The Cheney/Bush war went ON and ON. The most incompetent presidency since the Great Depression strikes again.

https://www.reuters.com/article/us-iraq-war-anniversary-idUSBRE92D0PG20130314


WORLD NEWSMARCH 14, 2013
NEW YORK (Reuters) - The U.S. war in Iraq has cost $1.7 trillion with an additional $490 billion in benefits owed to war veterans, expenses that could grow to more than $6 trillion over the next four decades counting interest, a study released on Thursday said.

You really don't have a clue!!!

Yes the war was expensive and paid for yearly as part of the debt Bush left Obama(10.6 trillion). You truly have no idea what you are talking about. Independent?? LOL

https://en.wikipedia.org/wiki/U.S.–Iraq_Status_of_Forces_Agreement

Why don't you take a civics class and take a little more pride in yourself as this is truly embarrassing

Oh, by the way I had three family members serve in Iraq, what is your experience there?

 

[upsideguy]

Not like the Democrats would support any decrease in spending.

It's hilarious you all the sudden care about deficits and the debt.... it seems to be something people only care about when they are not in power.

Actually they would, when coupled with targeted tax increases. The question is whether a Republican would actually support targeted tax increases?

 

[celticwar17]

Actually they would, when coupled with targeted tax increases. The question is whether a Republican would actually support targeted tax increases?

BS... never have I ever heard a democrat ask for a spending decrease

 

[Media_Truth]

BS... never have I ever heard a democrat ask for a spending decrease

Selective memory? Clinton was the only president in modern history who created a budget surplus. He worked with a Republican Congress, something that Trump cannot even claim. He also increased the top tier of taxation to over 40%. But Dummy Trump and his merry band of Republicans, decreased top-tier taxation, and increased spending. That formula doesn't work.

 

[celticwar17]

Selective memory? Clinton was the only president in modern history who created a budget surplus. He worked with a Republican Congress, something that Trump cannot even claim. He also increased the top tier of taxation to over 40%. But Dummy Trump and his merry band of Republicans, decreased top-tier taxation, and increased spending. That formula doesn't work.

Clinton didn't do that... it was a republican congress that did. The president doesn't really end up making the contents of the budget.... this is where people get it wrong every... single time. Presidents actually do very little in respect to what congress does.

What was Clintons budget deficits before the republicans took parts of congress?


Like I've said in other posts... this is how it works....

Democrat Congress, Republican President = Lots of Spending
Republican Congress, Republican President= Lots of Spending
Democrat Congress, Democrat President= Massive amount of Spending
Republican Congress, Democrat President= Least amount of spending

Why? Because Republicans only care about spending when a Democrat is president... and Democrats never care about spending.

 

[JoanDavis]

Not like the Democrats would support any decrease in spending.

It's hilarious you all the sudden care about deficits and the debt.... it seems to be something people only care about when they are not in power.

I remember the republicans squawking almost every day about the deficit and debt when President Obama was in office. President Obama was trying to REDUCE the deficit that he inherited but the republicans just kept opposing and complaining.

 

[JoanDavis]

Selective memory? Clinton was the only president in modern history who created a budget surplus. He worked with a Republican Congress, something that Trump cannot even claim. He also increased the top tier of taxation to over 40%. But Dummy Trump and his merry band of Republicans, decreased top-tier taxation, and increased spending. That formula doesn't work.

No wonder trump donated to Bill Clinton's presidential campaign. trump KNEW how good a president Clinton was. Something trump is DEFINITELY NOT.

 

[celticwar17]

I remember the republicans squawking almost every day about the deficit and debt when President Obama was in office. President Obama was trying to REDUCE the deficit that he inherited but the republicans just kept opposing and complaining.

Never happened... Obama had full opertunity to when he controlled congress... all he did was increase spending

 

[Conservative]

Selective memory? Clinton was the only president in modern history who created a budget surplus. He worked with a Republican Congress, something that Trump cannot even claim. He also increased the top tier of taxation to over 40%. But Dummy Trump and his merry band of Republicans, decreased top-tier taxation, and increased spending. That formula doesn't work.

That so called budget surplus came at the expense of SS and Medicare as Clinton added 1.4 trillion to the debt. Clinton also had a Republican Congress approving the spending and legislation, basic civics. Again the line items in the budget seem to be a foreign concept to you as you continue to focus on the bottom line and not context. why don't you tell us exactly what line item in the budget made up the deficits for 2018? Not going to happen but again I will be here to prove you wrong

 

[Conservative]

Never happened... Obama had full opertunity to when he controlled congress... all he did was increase spending

I am sure the loss of taxpaying jobs didn't help either as the Obama stimulus of 842 billion dollars saw employment go down to 138 million. Seems like Democrats in control of Congress are never to blame

 

[Conservative]

I remember the republicans squawking almost every day about the deficit and debt when President Obama was in office. President Obama was trying to REDUCE the deficit that he inherited but the republicans just kept opposing and complaining.

Keep running when challenged with data

Obama's trillion dollar deficits, 2009, 2010, 2011, 2012 and 9.3 trillion added to the debt were never an issue for you, wonder why? Clinton's 1.4 trillion added to the debt wasn't of concern to you either but Reagan's 1.7 trillion apparently was. Partisan opinions by the left always trump official data from treasury

 

[calamity]

[h=1]The Fiscal Times: US Treasury to Borrow More Than $1.3 Trillion in 2018 [/h]

I will wait for the conservatives here, who railed against Obama for allowing borrowing during the recession (e.g. what economists say you're supposed to do) to now justify massive borrowing at a time of record low unemployment (e.g. what economists say you shouldn't do.)

They can't blame Democrats, who have neither one House of Congress or the White House.

MAGA in action--debt-spike

 

[calamity]

Keep running when challenged with data

Obama's trillion dollar deficits, 2009, 2010, 2011, 2012 and 9.3 trillion added to the debt were never an issue for you, wonder why? Clinton's 1.4 trillion added to the debt wasn't of concern to you either but Reagan's 1.7 trillion apparently was. Partisan opinions by the left always trump official data from treasury

:roll:

Though the budget deficit for 2008 was a then-record $458.6 billion, the CBO issued a projection in January 2009, just days before Obama took office that the budget deficit would reach $1.2 trillion that year, before the cost of any new stimulus plan or other legislation was taken into account.

CNN Fact Check: Is the annual deficit under Obama 12 times the deficit under Republicans? ? CNN Political Ticker - CNN.com Blogs

Translation: Thank you, George W. Bush.

 

[calamity]

I am sure the loss of taxpaying jobs didn't help either as the Obama stimulus of 842 billion dollars saw employment go down to 138 million. Seems like Democrats in control of Congress are never to blame

Republicans had total control of the government in 2016, in a booming economy. So, explain to us why the deficit needed to nearly double.