U.S. Posts Largest-Ever Monthly Budget Deficit in February

[Daryl Hunt]

Democrats and Republicans don't want to deal with the deficit, just point the finger. Administration by administration, it has been one disaster after another.

Let's take a fast look. Okay, more jobs are being done. It shows in the unemployment roles. Now, here is the truth.

Only those actively looking are counted on that role. The ones that just gave up and went home are no longer counted.

Yes, there are more jobs. But it's not necessarily being done by more people. We have had a slight decrease in full time employment but a huge increase in part time employment. Walmat used to have 60% full time and 40% part time workers. But right around 2010, they changed to 40 full time and 60 part time. How do I know this? I used to work for that sorry company. Today, the ratio for part time versus full time is even worse in Walmart and many are afraid for their jobs even if they are only working part time. Couples work there so that both of them can have an income equal to a full time job. The part time jobs are counted with the same levy that the full time jobs are on the Employment Listings you keep hearing about doing so well.

More people are working 2 part time jobs or sometimes 3 in a given household.

Those people are also slowly sinking. Even with the minimum wage increases, the cost of living outstrips the COL. Each year, they sink further into being poor. The Middle Class is all but gone.

In the 60s, we didn't count part time work against the employed listings. You had to have a full time job. Mostly, it was the man that worked and the women weren't counted. The reported employment rate was hovering right around 6 percent. Today, the employment rate is listed right around 5 percent give or take. This is for all men and women. Now, let's remove the part time jobs from the count. All of a sudden we are at about a 25% unemployment rate using the same way it used to be reported even with counting women in the figures. The Unemployment rate during the depression before the CCC and WPA was 24%. What is the difference? We, the Sheep are told we are doing better. The Government is lying out of it's ass to prevent panic. That's the only difference between a recession and a depression.

If you are doing better, good for you but the majority of the country is slowly slipping.



And don't bother screaming, "Cite, Cite, Cite" this has already been covered over and over. Each and every point. And that generates more "Jobs" but less taxable income. In otherwords, deficits grow.

Now, lets add some facts to you little fantasy...https://www.advisorperspectives.com...the-ratio-of-part-time-employed-february-2019

View attachment 251912

Question!

Reading your link does not tell us whether the 35 hour cutoff to be considered full time must be achieved in a single job. I ask because I know a number of people with two jobs.

Allow me to add to this. It may not be 35 hours. Each state sets it's own minimum for full time. In the state I am in, it's 32 hours. Other states it's 35 while others are 28 hours.

 

[LordBrownTrout]

Wasn't any big deal to you moonbat asswipes when eight years of deficits under Oboingo doubled the federal debt, so why does it matter now?

spoken like the true Trump sheep that you are.

No, its just that dems didn't care one bit about O blowing out the debt..........now, mysteriously, they do. Their tears are dry.

 

[Darkwind]

The budget deficit keeps getting bigger and bigger as tax revenues continue to fall.

The USA is in a bad place if a recession hits because the government's capability to use fiscal policy to defend against a recession will be severely impaired by the huge budget deficits.

The government debt keeps accumulating and it won't be long before the interest payments are so high the debt is self-sustaining with positive feedback causing acceleration of debt accumulation.

Trump has trashed world trade with his trade war which could have further negative consequences.

Bloomberg - Are you a robot?

U.S. Posts Largest-Ever Monthly Budget Deficit in February
By Katia Dmitrieva , Laura Davison , and Saleha Mohsin
March 23, 2019, 1:00 AM GMT+7 Updated on March 23, 2019, 3:04 AM GMT+7

Shortfall rises 40% to $544b in first 5 months of fiscal year
Corporate, income taxes decline as tariff revenue climbs

The U.S. posted its biggest monthly budget deficit on record last month, amid a 20 percent drop in corporate tax revenue and a boost in spending so far this fiscal year.
The budget gap widened to $234 billion in February, compared with a fiscal gap of $215.2 billion a year earlier. That gap surpassed the previous monthly record of $231.7 billion set seven years ago, according to data compiled by Bloomberg.
February’s shortfall helped push the deficit for the first five months of the government’s fiscal year to $544.2 billion, up almost 40 percent from the same period the previous year, the Treasury Department said in its monthly budget report Friday. The release was delayed a week by the government shutdown earlier this year.
The U.S. posts its biggest monthly budget deficit on record
Receipts dipped less than 1 percent to $1.3 trillion in the October-February period from the previous year, while spending accelerated 9 percent to $1.8 trillion.
The fiscal shortfall is widening following President Donald Trump’s $1.5 trillion tax-cuts package that’s weighing on receipts and raising concerns about the national debt load, which topped a record $22 trillion last month.
Federal Reserve Chairman Jerome Powell reiterated his concern over the government deficit in a press conference Wednesday, saying that the nation’s growing debt pile needs to be addressed. At the same time, there’s a shift among some economists -- led by proponents of Modern Monetary Theory -- on the dangers of a growing deficit, with low inflation and cheap borrowing costs suggesting there’s room for additional spending.
The budget deficit as a share of gross domestic product is expected to widen to 5.1 percent this year, up from 3.8 percent a year ago, according to projections from the White House Office of Management and Budget. The shortfall is expected to be 4.9 percent of GDP in 2020, and further narrow every year through 2024, according to the estimates.
MMT Bursts From Obscurity Helped by Trump Deficits, ‘AOC Factor’
The Treasury data show tax receipts declined for both corporations and individuals in the five-month period, while revenue from customs duties almost doubled, boosted by income from tariffs imposed by the Trump administration.
The 2017 tax law slashed the corporate tax rate from 35 percent to 21 percent.
Corporations have so far this fiscal year paid $59.2 billion, compared to $73.5 billion at the point in 2018, when the tax law was only partially in effect for some corporations. In 2017, however, the year before the law was enacted, corporations had paid $87.4 billion at this point in the year.
In a briefing with reporters on Friday before Treasury released the budget data, officials attributed the drop in corporate tax revenues to the front-loading of accelerated expensing and other such items, and reiterated the administration’s view that the cuts would pay off with faster economic growth.
The officials said the administration has been clear the tax cuts would pay for themselves over time, not immediately.
Individual income tax receipts dropped slightly from this point last year, but have risen compared to some years before the tax law. Despite the law cutting tax rates for most people, rising wages and lower unemployment have spurred higher tax revenue.
“It’s not an accident that this economy is doing so well, it comes in no small part from business tax” reductions, economist Stephen Moore, Trump’s pick to be a Fed governor, said in an interview on Bloomberg TV on Friday. “We’ve just got to get the spending” under control but no party is in the mood for that, he added.
Trump’s 2020 election bid is beginning to ramp up and he’s eager to show that his three-pronged economic agenda of tax cuts, deregulation and new trade deals have spurred growth. However, key indicators, such as business investment in equipment and machinery, haven’t expanded greatly despite tax policies prodding companies to spend more. The Federal Reserve this week acknowledged that interest rates could be on hold for “some time” a sign the central bank is cautious about economic growth potential.

Tax revenue is actually up, but I'm sure you'll have some cherry picked metric.

However, you are correct in that the deficit is a HUGE problem and needs to be dealt with.

Clearly, the government needs to be reduced and spending cut to the point that our outlays don't exceed our income.

Trump has been a failure with regard to the Federal budget being balanced.

 

[Daryl Hunt]

In the 60s, we didn't count part time work against the employed listings. You had to have a full time job. Mostly, it was the man that worked and the women weren't counted. The reported employment rate was hovering right around 6 percent. Today, the employment rate is listed right around 5 percent give or take. This is for all men and women. Now, let's remove the part time jobs from the count. All of a sudden we are at about a 25% unemployment rate using the same way it used to be reported even with counting women in the figures. The Unemployment rate during the depression before the CCC and WPA was 24%. What is the difference? We, the Sheep are told we are doing better. The Government is lying out of it's ass to prevent panic. That's the only difference between a recession and a depressi

Bravo Daryl!

Perspective , especially the broader overall objective , is something most do not have when debating economics

Most are 'point in time' , the (insert potus) administration , offer ludicrous if not misleading accountability

~S~

I was doing a study for a new business when a AT&T study hit my desk in 2000. It was staggering to say the least. It was done by the local radio stations by phone polls locally paid for the AT&T. It covered employment in real time. The study pretty much held up the 10% unemployment rate that was promoted until the report did the breakdown of part time,, full time, those looking for work, those that have given up looking and are not counted, and more. When all figures were considered, that 10% unemployment record ended up becoming 24.9%. That figure has been pretty constant over the last 20 years. But the Government will not report that. I had the rose colored glasses ripped off my face.

 

[Darkwind]

Hmmm. Looks like we need more tax cuts to fix this !

Nope we can fix it the Maduro way. 101% tax on everything including flush handles and cow farts...

We'll be golden! Trust me!

Jo

What’s your solution ?

Cut government until our outlays are less than our income.

 

[Harpy Eagle]

Wasn't any big deal to you moonbat asswipes when eight years of deficits under Oboingo doubled the federal debt, so why does it matter now?

spoken like the true Trump sheep that you are.

No, its just that dems didn't care one bit about O blowing out the debt..........now, mysteriously, they do. Their tears are dry.

You are correct, and the Repubs whined about it daily...now the Repubs do not care one bit about Trump blowing out the debt...their tears are dry?

So, what we have are two sides that are identical to each other, yet hate each other.

 

[LordBrownTrout]

Wasn't any big deal to you moonbat asswipes when eight years of deficits under Oboingo doubled the federal debt, so why does it matter now?

spoken like the true Trump sheep that you are.

No, its just that dems didn't care one bit about O blowing out the debt..........now, mysteriously, they do. Their tears are dry.

You are correct, and the Repubs whined about it daily...now the Repubs do not care one bit about Trump blowing out the debt...their tears are dry?

So, what we have are two sides that are identical to each other, yet hate each other.

Yeah, that's a pretty good assessment.

 

[Harpy Eagle]

Tax revenue is actually up, but I'm sure you'll have some cherry picked metric.
.

How long are you people going to keep parroting this lie?


From the government's own numbers.

Monthly Treasury Statement

The results of the first 12 months of the tax cuts...

Total revenue in CY17: $3,343,634,000,000
Total revenue in CY18: $3,330,470,000,000

That is $13,164,000,000 less in 18 than in 17.

 

[justoffal]

Hmmm. Looks like we need more tax cuts to fix this !

Nope we can fix it the Maduro way. 101% tax on everything including flush handles and cow farts...

We'll be golden! Trust me!

Jo

What’s your solution ?

Cut government until our outlays are less than our income.

Yes....with a 2%/year average reduction most of which can be easily accomplished
By targeting fat and waste. Won't even have to touch social security.

Jo

 

[Harpy Eagle]

Hmmm. Looks like we need more tax cuts to fix this !

Nope we can fix it the Maduro way. 101% tax on everything including flush handles and cow farts...

We'll be golden! Trust me!

Jo

What’s your solution ?

Cut government until our outlays are less than our income.

Yes....with a 2%/year average reduction most of which can be easily accomplished
By targeting fat and waste. Won't even have to touch social security.

Jo

That is the way to go, 2% a year for the next 5 years. Every agency, every department, including the DOD.

After those 5 years we can do more targeted cutting.

 

[justoffal]

Tax revenue is actually up, but I'm sure you'll have some cherry picked metric.
.

How long are you people going to keep parroting this lie?


From the government's own numbers.

Monthly Treasury Statement

The results of the first 12 months of the tax cuts...

Total revenue in CY17: $3,343,634,000,000
Total revenue in CY18: $3,330,470,000,000

That is $13,164,000,000 less in 18 than in 17.

Considering the nearly 100 billion in corporate forgiveness that is an outstanding number reflecting nearly 80 Billion in fresh income sources representing a shadow growth curve that has yet to appear in the right upper quadrant....based on those numbers we should pull even in 2 to 3 years and then begin to reduce.

Jo

 

[Darkwind]

Tax revenue is actually up, but I'm sure you'll have some cherry picked metric.
.

How long are you people going to keep parroting this lie?


From the government's own numbers.

Monthly Treasury Statement

The results of the first 12 months of the tax cuts...

Total revenue in CY17: $3,343,634,000,000
Total revenue in CY18: $3,330,470,000,000

That is $13,164,000,000 less in 18 than in 17.

Get back to Me when you get two more years BEYOND when the tax cuts were enacted. Nothing happens immediately.

 

[justoffal]

Hmmm. Looks like we need more tax cuts to fix this !

Nope we can fix it the Maduro way. 101% tax on everything including flush handles and cow farts...

We'll be golden! Trust me!

Jo

What’s your solution ?

Cut government until our outlays are less than our income.

Yes....with a 2%/year average reduction most of which can be easily accomplished
By targeting fat and waste. Won't even have to touch social security.

Jo

That is the way to go, 2% a year for the next 5 years. Every agency, every department, including the DOD.

After those 5 years we can do more targeted cutting.

If the e-growth continues such as it has been in less than five years we should be seeing Shrinkage in the debt....

Jo

 

[justoffal]

Wasn't any big deal to you moonbat asswipes when eight years of deficits under Oboingo doubled the federal debt, so why does it matter now?

spoken like the true Trump sheep that you are.

No, its just that dems didn't care one bit about O blowing out the debt..........now, mysteriously, they do. Their tears are dry.

You are correct, and the Repubs whined about it daily...now the Repubs do not care one bit about Trump blowing out the debt...their tears are dry?

So, what we have are two sides that are identical to each other, yet hate each other.

There's a difference between growing the debt and reducing the tax burden. One is a parasitic activity the other is a dynamic activity. At first they appear to do the same thing....but it's just an appearance.

Jo

 

[Harpy Eagle]

Tax revenue is actually up, but I'm sure you'll have some cherry picked metric.
.

How long are you people going to keep parroting this lie?


From the government's own numbers.

Monthly Treasury Statement

The results of the first 12 months of the tax cuts...

Total revenue in CY17: $3,343,634,000,000
Total revenue in CY18: $3,330,470,000,000

That is $13,164,000,000 less in 18 than in 17.

Get back to Me when you get two more years BEYOND when the tax cuts were enacted. Nothing happens immediately.

So, you agree that tax revenue was not actually up...even though you lied and said that it was?

 

[Harpy Eagle]

Wasn't any big deal to you moonbat asswipes when eight years of deficits under Oboingo doubled the federal debt, so why does it matter now?

spoken like the true Trump sheep that you are.

No, its just that dems didn't care one bit about O blowing out the debt..........now, mysteriously, they do. Their tears are dry.

You are correct, and the Repubs whined about it daily...now the Repubs do not care one bit about Trump blowing out the debt...their tears are dry?

So, what we have are two sides that are identical to each other, yet hate each other.

There's a difference between growing the debt and reducing the tax burden. One is a parasitic activity the other is a dynamic activity. At first they appear to do the same thing....but it's just an appearance.

Jo

Reducing the tax burden while growing the debt only pushes the problem down the road so that our kids and grandkids will have more of a tax burden to deal with our greed.

 

[Harpy Eagle]

Nope we can fix it the Maduro way. 101% tax on everything including flush handles and cow farts...

We'll be golden! Trust me!

Jo

What’s your solution ?

Cut government until our outlays are less than our income.

Yes....with a 2%/year average reduction most of which can be easily accomplished
By targeting fat and waste. Won't even have to touch social security.

Jo

That is the way to go, 2% a year for the next 5 years. Every agency, every department, including the DOD.

After those 5 years we can do more targeted cutting.

If the e-growth continues such as it has been in less than five years we should be seeing Shrinkage in the debt....

Jo

We do not have revenue problem, we have a spending problem. No amount of revenue can fix that because the more we bring in the more our elected officials will spend.

 

[Darkwind]

Tax revenue is actually up, but I'm sure you'll have some cherry picked metric.
.

How long are you people going to keep parroting this lie?


From the government's own numbers.

Monthly Treasury Statement

The results of the first 12 months of the tax cuts...

Total revenue in CY17: $3,343,634,000,000
Total revenue in CY18: $3,330,470,000,000

That is $13,164,000,000 less in 18 than in 17.

So, we see from this chart that total revenue to the US government is:

Total Direct Revenue
Revenue FY 2014 --> 3,021.5
Revenue FY 2015 --> 3,249.9
Revenue FY 2016 --> 3,268.0
Revenue FY 2017 --> 3,316.2
Revenue FY 2018 --> 3,329.9
Revenue FY 2019 --> 3,437.7


Source: US FY20 Federal Budget Actual Revenue Breakdown - Charts

Sure looks like it increased each year and is estimated to increase the next FY. Which makes sense because the population, both people and business, is growing larger.

 

[Harpy Eagle]

Tax revenue is actually up, but I'm sure you'll have some cherry picked metric.
.

How long are you people going to keep parroting this lie?


From the government's own numbers.

Monthly Treasury Statement

The results of the first 12 months of the tax cuts...

Total revenue in CY17: $3,343,634,000,000
Total revenue in CY18: $3,330,470,000,000

That is $13,164,000,000 less in 18 than in 17.

Considering the nearly 100 billion in corporate forgiveness that is an outstanding number reflecting nearly 80 Billion in fresh income sources representing a shadow growth curve that has yet to appear in the right upper quadrant....based on those numbers we should pull even in 2 to 3 years and then begin to reduce.

Jo

you are dreaming, or stupid I am not sure which.

 

[Flash]

When Trump's defict gets up to Obama's $10 trillion then we will discuss it.

By the way, speaking about spending more money than we take in these stupid Democrats were bitching last month about Trump cutting back on their precious welfare programs.

The filthy ass Democrats don't give a shit about deficits, just paying off the welfare queens to vote for them.