US budget deficit totals $76.9 billion in July

Discussion in 'Current Events' started by Dont Taz Me Bro, Aug 14, 2018.

  1. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    And here is our fiscally "responsible" Republican Party. What happened to the deficit hawks? What happened to all the wailing and gnashing of teeth about the growing debt when Obama was in office?

    The Trump administration last month sharply revised upward its deficit estimates, projecting annual deficits will once again top $1 trillion next year.

    For the current budget year, which ends Sept. 30, the administration is now projecting a deficit of $890 billion. That would be up 33.7 percent from last year’s deficit of $665.8 billion.

    The administration’s July estimates project that the deficit will top $1 trillion in 2019, climbing to $1.1 trillion that year, and remaining above $1 trillion for three years.


    US budget deficit totals $76.9 billion in July
     
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  2. tyroneweaver
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    tyroneweaver Gold Member

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    As president of the rw's.
    This is the biggest security risk to our nation.
    Because when it comes crashing down. Holy Moly.
     
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  3. BlackFlag
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    BlackFlag Gold Member

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    ^ RINO
     
  4. flacaltenn
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    flacaltenn Senior Mod Staff Member Senior USMB Moderator Gold Supporting Member

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    Revenues are up. You pessimist. :D

    There's a whole story that NO ONE wants to tell. It's like a Code of Silence that every politician and economic commentator will not break. Here's the story. Soc Sec went negative in 2010 -- about 6 to 8 years ahead of schedule. 10,000 folks A DAY retiring. Medicare deficits SKY HIGH.

    The difference in 2012 was instead of raking in a "profit" of $50Billion SS surplus for the govt to put against Treasury debits, they were faced with SHORTFALL of $50Bill. The swing in term of deficit was $100Bill for that year. Because there's nothing of value in the "trust fund" and the Treasury has to book it and raise cash thru deficit spending.

    When you add in the shortfall for Medicare -- it's about $300Bill a year now that adds to the deficit every year. That's 1/3 of the deficit and climbing as the "Baby Boomer" crisis deepens.

    The reason NO ONE wants to mention this is that in order to explain it -- you have to INFORM the public that the Trust Fund is nothing but a sinister accounting farce. And that debt was NEVER BOOKED or turned into liquidity when the govt stole the surplus for all those years.

    Ain't NO ONE wants to bring THAT giant stink bomb up right now with the Nation on the brink of hand to hand fighting in the streets. :scared1:
     
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  5. flacaltenn
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    flacaltenn Senior Mod Staff Member Senior USMB Moderator Gold Supporting Member

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    No USA leadership wants to be the one to break open this monstrous "bad news". Including the 2 past Presidents who had to take the blame for this giant portion of the ACTUAL debt. GW Bush TRIED to use the surplus -- when there still WAS a surplus -- to offset future debt with his plan to exchange slightly lower FICA contributions thru volunteers in exchange for reduced future benefits.

    And the politicians and the media are STILL carrying the lie about SSoc "on track to go broke by 2020 or 2023." It was dead ass broke back in 2010 because the "interest" is part of the accounting fiction.

    Even the SSAdministration in very back of every of annual report carries this statement after they repeat the mantra of the phoney accounting for 10 or 12 pages.

    This is an old one -- there are newer ones.

    http://www.socialsecurity.gov/history/pdf/tr09summary.pdf

    Neither the redemption of trust fund bonds, nor
    interest paid on those bonds, provides any new net income to the Treasury,
    which must finance redemptions and interest payments through
    some combination of increased taxation, reductions in other government spending, or additional borrowing from the public.

    If any of you SEE a brave soul who decides to break the silence -- please tell me. Because it's uncanny that this is a forbidden part of the "debt/deficit" analysis.


    .
     
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    Last edited: Aug 15, 2018
  6. Mousterian
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    Mousterian Gold Member

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    Not the old 'It's O'Bummer's fault' excuse again?
     
  7. S.J.
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    S.J. Platinum Member

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    Which is about half of the deficit under Obama at the same point of his presidency, only without the GDP growth (which, as a percentage, makes the deficit even lower). Therefore, the trend is down.
     
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  8. JakeStarkey
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    JakeStarkey BANNED Supporting Member

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    It is Congress' responsibility, not Clinton or Bush or Obama or Trump.
     
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  9. Natural Citizen
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    Natural Citizen Platinum Member

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    GDP growth is mostly a result of the government spending, though.
     
  10. strollingbones
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    strollingbones Diamond Member

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    so fla you are all for cuts to medicare? which everyone was forced to pay into
     
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