The Mugging of America

Budget Deficit Jumps Nearly 17% in 2018

Oct. 15, 2018

Treasury Department data show the federal budget deficit rose to $779 billion in fiscal year 2018, an increase of nearly 17 percent year over year. Justin T. Gellerson for The New York Times WASHINGTON —

The federal budget deficit swelled to $779 billion in fiscal year 2018, ****the Treasury Department said on Monday, driven in large part by a sharp decline in corporate tax revenues after the Trump tax cuts took effect.

The deficit rose nearly 17 percent year over year, from $666 billion in 2017. It is now on pace to top $1 trillion a year before the next presidential election, according to forecasts from the Trump administration and outside analysts. The deficit for the 2018 fiscal year, which ended Sept. 30, was the largest since 2012, when the economy and federal revenues were still recovering from the depths of the recession.

Administration officials attributed the deficit’s rise to greater federal spending, including the military and domestic budget increases that President Trump approved this year, not the $1.5 trillion tax cut...


This is what all the recent distractions were all about. Even the First Lady African trip (meaningless and a waste of time and more American dollars) can't hide this bad news. The deficit is just one of Trump's slight of hand moment. The one who paid little or no taxes takes taxes from the people. "Fake News" and "Fake Economic US Growth" are first cousins. America, when will you learn? CM

«13

Comments

  • GaoLuGaoLu Posts: 1,367
    edited October 16

    Clinton and Obama taught us well, so we elected Trump who is now dumping the trash.

    Good grief, when will your fear of America end? That must feel awful.

    Post edited by GaoLu on
  • C_M_C_M_ Posts: 2,440

    @GaoLu said:
    Clinton and Obama taught us well, so we elected Trump who is now dumping the trash.

    Good grief, when will your fear of America end? That must feel awful.

    No, my friend, you are whistling past the graveyard. I'm just holding up a mirror to America.

    "The deficit rose nearly 17 percent year over year, from $666 billion in 2017. It is now on pace to top $1 trillion a year before the next presidential election, according to forecasts from the Trump administration and outside analysts".

    I know you don't like what you see, but it the reality! Remember, avoiding deficits were Republican things. Oh, how this same group is so willing to mortgage their grandchildren's future away. Irresponsible! CM

  • GaoLuGaoLu Posts: 1,367

    I don't live there and don't see it or experience it, so I am unable to judge. I guess you do.

  • C_M_C_M_ Posts: 2,440

    @GaoLu said:
    I don't live there and don't see it or experience it, so I am unable to judge. I guess you do.

    Regardless, the facts remain. :p CM

  • GaoLuGaoLu Posts: 1,367

    How curious to judge people and places you don't know. C_M_, I wouldn't have thought that of you! Sad!

    (Just kidding! I would have thought it.)

  • C_M_C_M_ Posts: 2,440

    America's "deficit rose nearly 17 percent year over year, from $666 billion in 2017...It is now on pace to top $1 trillion a year before the next presidential election".

    This, GaoLu, is the financial sin and shame of any society whether you live there or not. I speak for decency and fairness. Republicans (John Boehner) said deficits are "immoral" and "unsustainable". Tax overhaul, in Trump words, "you all just got richer" shortly after signing the bill. It's immoral to take from the poor to give a tax cut to the rich and cooperations at, the same sending the deficit so high hurting the mid-class in the end. This boy, in an old man's husk, needs to to be put in check, for the American people and the World's economies. CM

  • reformedreformed Posts: 1,885

    @C_M_ said:

    America's "deficit rose nearly 17 percent year over year, from $666 billion in 2017...It is now on pace to top $1 trillion a year before the next presidential election".


    This, GaoLu, is the financial sin and shame of any society whether you live there or not. I speak for decency and fairness. Republicans (John Boehner) said deficits are "immoral" and "unsustainable". Tax overhaul, in Trump words, "you all just got richer" shortly after signing the bill. It's immoral to take from the poor to give a tax cut to the rich and cooperations at, the same sending the deficit so high hurting the mid-class in the end. This boy, in an old man's husk, needs to to be put in check, for the American people and the World's economies. CM

    Um, the poor got a tax cut as well....

  • C_M_C_M_ Posts: 2,440

    @reformed said:

    @C_M_ said:

    America's "deficit rose nearly 17 percent year over year, from $666 billion in 2017...It is now on pace to top $1 trillion a year before the next presidential election".


    This, GaoLu, is the financial sin and shame of any society whether you live there or not. I speak for decency and fairness. Republicans (John Boehner) said deficits are "immoral" and "unsustainable". Tax overhaul, in Trump words, "you all just got richer" shortly after signing the bill. It's immoral to take from the poor to give a tax cut to the rich and cooperations at, the same sending the deficit so high hurting the mid-class in the end. This boy, in an old man's husk, needs to to be put in check, for the American people and the World's economies. CM

    Um, the poor got a tax cut as well....

    You're either being trollish or you don't understand money, taxes or the value of an American dollar. ;) CM

  • Bill_ColeyBill_Coley Posts: 1,142

    @reformed said:

    Um, the poor got a tax cut as well....

    What happened to "The poor don't pay taxes!" the meme which historically in almost every instance has been conservatives' response to the argument that GOP-endorsed tax cuts disproportionately benefit the wealthy? If you contend that poor got a tax cut, then does that mean you disagree with your fellow conservatives who contend the poor don't benefit from tax cuts because they don't pay taxes?

  • reformedreformed Posts: 1,885

    @Bill_Coley said:

    @reformed said:

    Um, the poor got a tax cut as well....

    What happened to "The poor don't pay taxes!" the meme which historically in almost every instance has been conservatives' response to the argument that GOP-endorsed tax cuts disproportionately benefit the wealthy? If you contend that poor got a tax cut, then does that mean you disagree with your fellow conservatives who contend the poor don't benefit from tax cuts because they don't pay taxes?

    The poorest of the poor don't pay taxes Bill. But other people who are poor by some standards did, in fact, get a tax cut. And people in certain higher tax brackets actually had taxes go up, not down.

  • C_M_C_M_ Posts: 2,440

    A Mugging Is In Progress, but don't worry, The Republicans Are In Charge!!!

    Budget deficit hit the highest level in six years. The old Republicans called it "reckless". They are literally lying now, saying the increase in the deficit is due to the three-big entitlements. There IS no revenue to increases. Republicans are planning to cut entitlements and give another tax cut to the rich.

    This is Legislative robbery with security. The US gov't under this President is mugging the country in full view and telling everyone they are prospering. Mark my words, attempts will be made to cut Social Security, Medicare, and Medicaid. This will affect many of Trump's blind supporters ("White women" [49 %] without a college degree"). CM

  • reformedreformed Posts: 1,885

    @C_M_ said:

    A Mugging Is In Progress, but don't worry, The Republicans Are In Charge!!!

    Budget deficit hit the highest level in six years. The old Republicans called it "reckless". They are literally lying now, saying the increase in the deficit is due to the three-big entitlements. There IS no revenue to increases. Republicans are planning to cut entitlements and give another tax cut to the rich.

    This is Legislative robbery with security. The US gov't under this President is mugging the country in full view and telling everyone they are prospering. Mark my words, attempts will be made to cut Social Security, Medicare, and Medicaid. This will affect many of Trump's blind supporters ("White women" [49 %] without a college degree"). CM

    Um, the deficit doesn't even come close to Obama's deficits during his whole tenure, you realize this right?

  • GaoLuGaoLu Posts: 1,367

    Wow! That tells the story. Those thugs!

  • Bill_ColeyBill_Coley Posts: 1,142

    @reformed said:

    The poorest of the poor don't pay taxes Bill. But other people who are poor by some standards did, in fact, get a tax cut. And people in certain higher tax brackets actually had taxes go up, not down.

    So when you posted that "Um, the poor got a tax cut as well...." what you actually meant to post was "Um, those who by some standards are poor got a tax cut as well...." Okay. I just missed your intended nuance.

    @reformed said:

    Um, the deficit doesn't even come close to Obama's deficits during his whole tenure, you realize this right?

    Another "Um" statement. More nuance must be near.

    • During Obama's first years in office, the US and global economies were in one of the deepest recessions since the Great Depression of the 1930's. You realize that, right?
    • The federal deficit declined nearly every year of the Obama administration, and has increased in both years of the Trump administration. You realize that, right?
    • The federal deficit is expected to rise in each of the next several years, due significantly to the Trump tax cuts. You realize that, right?
  • reformedreformed Posts: 1,885

    @Bill_Coley said:

    @reformed said:

    The poorest of the poor don't pay taxes Bill. But other people who are poor by some standards did, in fact, get a tax cut. And people in certain higher tax brackets actually had taxes go up, not down.

    So when you posted that "Um, the poor got a tax cut as well...." what you actually meant to post was "Um, those who by some standards are poor got a tax cut as well...." Okay. I just missed your intended nuance.

    @reformed said:

    Um, the deficit doesn't even come close to Obama's deficits during his whole tenure, you realize this right?

    Another "Um" statement. More nuance must be near.

    • During Obama's first years in office, the US and global economies were in one of the deepest recessions since the Great Depression of the 1930's. You realize that, right?

    Yep, caused by Clinton era policies.

    • The federal deficit declined nearly every year of the Obama administration, and has increased in both years of the Trump administration. You realize that, right?

    Yep realize that, but you still need to look at the size of each.

    Yes, if Congress doesn't balance the budget, as they are supposed to, yes that will happen. Unfortunately the budget will never be balanced until both sides agree that is good and proper. I fault both parties for this.

    Do you agree they should be required to balance the budget? That the country should live within its means? That doesn't mean raise taxes. It means cut spending in areas that are not crucial to provide domestic tranquility and the common defense and promote general welfare. If we got back to those principles, man, we would have excess of excess in the coffers. Government, big government, IS the problem.

  • C_M_C_M_ Posts: 2,440

    @reformed said:

    Do you agree they should be required to balance the budget? That the country should live within its means? That doesn't mean raise taxes. It means cut spending in areas that are not crucial to provide domestic tranquility and the common defense and promote general welfare. If we got back to those principles, man, we would have excess of excess in the coffers. Government, big government, IS the problem.

    Oh, please, Reformed! A short response: "Government, big government" with the Trump tax cut "IS the problem". CM

  • Bill_ColeyBill_Coley Posts: 1,142
    • During Obama's first years in office, the US and global economies were in one of the deepest recessions since the Great Depression of the 1930's. You realize that, right?

    @reformed said:
    Yep, caused by Clinton era policies.

    Um, who was president from 2001-2009, the eight years immediately prior to Obama's taking office? What role in the Great Recession of 2008 did THAT president's policies play?

    • The federal deficit declined nearly every year of the Obama administration, and has increased in both years of the Trump administration. You realize that, right?

    Yep realize that, but you still need to look at the size of each.

    Size and trajectory both matter. Under Obama, they started out large and fell consistently over time. Under Trump they started out where Obama left them and are expected to rise consistently over time. You pick your preferred trajectory; I'll pick mine.

    Yes, if Congress doesn't balance the budget, as they are supposed to, yes that will happen. Unfortunately the budget will never be balanced until both sides agree that is good and proper. I fault both parties for this.

    If Congress hadn't passed the Trump tax cuts (which almost NO Republican is running on in these midterms!!) the deficit would be less today, and balancing the budget would be much easier than it's going to be because of the tax cuts. I blame the Republicans for that.

    Do you agree they should be required to balance the budget? That the country should live within its means? That doesn't mean raise taxes. It means cut spending in areas that are not crucial to provide domestic tranquility and the common defense and promote general welfare. If we got back to those principles, man, we would have excess of excess in the coffers. Government, big government, IS the problem.

    No. I disagree with your economic/fiscal philosophy, but don't have the time to unpack mine.

  • reformedreformed Posts: 1,885

    @Bill_Coley said:

    • During Obama's first years in office, the US and global economies were in one of the deepest recessions since the Great Depression of the 1930's. You realize that, right?

    @reformed said:
    Yep, caused by Clinton era policies.

    Um, who was president from 2001-2009, the eight years immediately prior to Obama's taking office? What role in the Great Recession of 2008 did THAT president's policies play?

    Right, but what was the CAUSE of the great recession of 2008? Do some research Bill.

    • The federal deficit declined nearly every year of the Obama administration, and has increased in both years of the Trump administration. You realize that, right?

    Yep realize that, but you still need to look at the size of each.

    Size and trajectory both matter. Under Obama, they started out large and fell consistently over time. Under Trump they started out where Obama left them and are expected to rise consistently over time. You pick your preferred trajectory; I'll pick mine.

    Yes, if Congress doesn't balance the budget, as they are supposed to, yes that will happen. Unfortunately the budget will never be balanced until both sides agree that is good and proper. I fault both parties for this.

    If Congress hadn't passed the Trump tax cuts (which almost NO Republican is running on in these midterms!!) the deficit would be less today, and balancing the budget would be much easier than it's going to be because of the tax cuts. I blame the Republicans for that.

    Do you agree they should be required to balance the budget? That the country should live within its means? That doesn't mean raise taxes. It means cut spending in areas that are not crucial to provide domestic tranquility and the common defense and promote general welfare. If we got back to those principles, man, we would have excess of excess in the coffers. Government, big government, IS the problem.

    No. I disagree with your economic/fiscal philosophy, but don't have the time to unpack mine.

    Do you balance your home budget Bill?

  • Bill_ColeyBill_Coley Posts: 1,142

    @reformed said:

    Right, but what was the CAUSE of the great recession of 2008? Do some research Bill.

    From what I read, two principal causes of the recession were first, the repeal of the Glass Steagal Act in 1999, which deregulated banks' use of deposits, and then the next year, the passage of the Commodity Futures Modernization Act, which deregulated credit default swaps and other derivatives. Both bills were signed by President Clinton, but they were written and led through the legislative process by Republican Senator Phil Gramm of Texas. And the Glass-Steagall repeal passed on House and Senate votes of 362-57 and 90-8, respectively. With such bipartisan support, isn't it hard to call that repeal a strictly Clinton policy?

    And Bush43 was in office seven-plus years before the recession hit. What was HIS policy toward banking deregulation? From the NY Times in September 2008:

    In retrospect, "it would have helped for the Bush administration to empower the folks at Treasury and the Federal Reserve and the comptroller of the currency and the FDIC to look at these issues more closely," said Vince Reinhardt, a former Federal Reserve economist now at the American Enterprise Institute, a conservative-leaning research organization here. Reinhardt said it would also have helped "for Congress to have held hearings."

    Instead, voices inside the administration who favored tougher policing of Wall Street found themselves with few supporters. William Donaldson, a former Wall Street executive with respected Republican credentials who became chairman of the Securities and Exchange Commission under Bush, quit in 2005 after facing resistance from the White House and Republican members of the panel, who criticized his support for stiffer regulations on mutual funds and hedge funds.

    Today, even those sympathetic to Bush say he cannot disentangle himself from a home-lending industry run amok or a banking industry that mortgaged its future on toxic loans.

    "The crisis definitely happened on their watch," said Kenneth Rogoff, a professor of economics at Harvard University who advises the Republican presidential candidate John McCain. "This is eight years into the Bush administration. There was a lot of time to deal with it."

    If laws and policies implemented during the Clinton administration were bad, the Bush 43 administration had seven-plus years to correct them. It did not. Which president's policy was it to leave those laws and policies in effect?

    Do you balance your home budget Bill?

    Financing the federal government is not like financing our home budgets. BUT, if you insist that it is, what condemnation do you have for the growth in the deficit (and therefore, national debt) that has happened during the Trump administration? For nearly two years, the GOP has held the House, the Senate, and the White House, yet deficits are rising rapidly. Whom do you blame?

    You didn't address the budget deficit trajectory issue: Do you prefer a deficit trajectory where deficits start large but fall continuously throughout a president's administration, or a trajectory where deficits start where the previous administration left them, then rise continuously through a president's administration?

  • reformedreformed Posts: 1,885

    @Bill_Coley said:

    @reformed said:

    Right, but what was the CAUSE of the great recession of 2008? Do some research Bill.

    From what I read, two principal causes of the recession were first, the repeal of the Glass Steagal Act in 1999, which deregulated banks' use of deposits, and then the next year, the passage of the Commodity Futures Modernization Act, which deregulated credit default swaps and other derivatives. Both bills were signed by President Clinton, but they were written and led through the legislative process by Republican Senator Phil Gramm of Texas. And the Glass-Steagall repeal passed on House and Senate votes of 362-57 and 90-8, respectively. With such bipartisan support, isn't it hard to call that repeal a strictly Clinton policy?

    And Bush43 was in office seven-plus years before the recession hit. What was HIS policy toward banking deregulation? From the NY Times in September 2008:

    In retrospect, "it would have helped for the Bush administration to empower the folks at Treasury and the Federal Reserve and the comptroller of the currency and the FDIC to look at these issues more closely," said Vince Reinhardt, a former Federal Reserve economist now at the American Enterprise Institute, a conservative-leaning research organization here. Reinhardt said it would also have helped "for Congress to have held hearings."

    Instead, voices inside the administration who favored tougher policing of Wall Street found themselves with few supporters. William Donaldson, a former Wall Street executive with respected Republican credentials who became chairman of the Securities and Exchange Commission under Bush, quit in 2005 after facing resistance from the White House and Republican members of the panel, who criticized his support for stiffer regulations on mutual funds and hedge funds.

    Today, even those sympathetic to Bush say he cannot disentangle himself from a home-lending industry run amok or a banking industry that mortgaged its future on toxic loans.

    "The crisis definitely happened on their watch," said Kenneth Rogoff, a professor of economics at Harvard University who advises the Republican presidential candidate John McCain. "This is eight years into the Bush administration. There was a lot of time to deal with it."

    If laws and policies implemented during the Clinton administration were bad, the Bush 43 administration had seven-plus years to correct them. It did not. Which president's policy was it to leave those laws and policies in effect?

    Do you balance your home budget Bill?

    Financing the federal government is not like financing our home budgets. BUT, if you insist that it is, what condemnation do you have for the growth in the deficit (and therefore, national debt) that has happened during the Trump administration? For nearly two years, the GOP has held the House, the Senate, and the White House, yet deficits are rising rapidly. Whom do you blame?

    You didn't address the budget deficit trajectory issue: Do you prefer a deficit trajectory where deficits start large but fall continuously throughout a president's administration, or a trajectory where deficits start where the previous administration left them, then rise continuously through a president's administration?

    Yes, I am upset about the deficits, I'm upset about the debt and I do blame Replublicans for not doing more to address it. But it is hypocritical for liberals to jump all over Trump and the Republicans when their party was just as bad if not worse.

  • Bill_ColeyBill_Coley Posts: 1,142

    @reformed said:

    Yes, I am upset about the deficits, I'm upset about the debt and I do blame Replublicans for not doing more to address it. But it is hypocritical for liberals to jump all over Trump and the Republicans when their party was just as bad if not worse.

    Federal deficits are a bi-partisan "policy" in our country. But if we're to compare the level of hypocrisy, I think it's clearly conservatives, whose battle cry for decades has been to rail against deficits, who have the greater burden. Liberals, historically, have not voiced the same level of consternation and outrage over deficits.

    The reasons we complained about the Trump tax cuts - and perhaps the reasons no Republican in the midterms is running on them!! - is that we knew the economy didn't need them, they weren't the "middle class tax cuts" Trump and the GOP said they were, and that for those reasons, they were not a valid justification to raise the deficit. Polls show that a convincing plurality of the American people believe the tax cuts were not a good idea.

    You didn't respond to the issue I raised about responsibility for the recession of 2008: If laws and policies implemented during the Clinton administration were bad, the Bush 43 administration had seven-plus years to correct them. It did not. Which president's policy was it to leave those laws and policies in effect?

    And you STILL have not responded to my question about deficit trajectories, so I'll ask it a third time: Do you prefer a deficit trajectory where deficits start large but fall continuously throughout a president's administration, or a trajectory where deficits start where the previous administration left them, then rise continuously through a president's administration?

  • C_M_C_M_ Posts: 2,440

    A godly leader will be fair in his rulings and promotions. CM

  • GaoLuGaoLu Posts: 1,367
    edited October 19

    Hi Folks! (posted the wrong place)

    Post edited by GaoLu on
  • C_M_C_M_ Posts: 2,440

    A long story short, the Trump Tax cut is a legislative mugging of America. Period! CM

  • GaoLuGaoLu Posts: 1,367

    You concerned about any other country in which you are not a citizen? Or just America?

  • C_M_C_M_ Posts: 2,440

    @GaoLu said:
    You concerned about any other country in which you are not a citizen? Or just America?

    I don't recall saying what country I am a citizen. What's behind your seemingly nebulous questions? No one can be concerned about America, but Americans? Can an American dislike America's ways and practices? You're entitled to your questions, but in the bigger world of common sense, your questions borders on the margin of nonsense. Reason? Because there are Independent Researchers, Observers, International Researchers, Travelers and Think-tanks, Lovers and Haters of America. Which am I? It is no secret or of any interest to many.

    Fairness, decency, morality, and the cause of humanity are limited to geographical locations? Do I have to declare a citizenship to take interest in a nation and the treatment of its people? Are you of the old "KGB", "FBI", "CIA", etc.? I must give up inquiry or interest in America? What shall I do GaoLu? CM

  • GaoLuGaoLu Posts: 1,367
    edited October 22

    @C_M_ said:

    @GaoLu said:
    You concerned about any other country in which you are not a citizen? Or just America?

    I don't recall saying what country I am a citizen.

    I don't recall either that you said in what country you are a citizen. However, you have clearly stated that you are not American. Yet you mock and sneer and deride America and her leaders in the most ungodly way. You are obsessed with her politics. Maybe you just specifically hate America.

    Maybe you really are from UK as you seem to have indicated on another forum (if I recall correctly). I doubt that, but don't know. Or maybe you have another reason. Your fascination with politics is almost exactly like Bill's, but Bill claims to be (and almost certainly is) a pastor from Moline, MN. If he isn't, he is an amazing impersonator. I have long wished to visit his church but haven't been able to yet.

    What's behind your seemingly nebulous questions? No one can be concerned about America, but Americans? Can an American dislike America's ways and practices? You're entitled to your questions, but in the bigger world of common sense, your questions borders on the margin of nonsense. Reason? Because there are Independent Researchers, Observers, International Researchers, Travelers and Think-tanks, Lovers and Haters of America. Which am I? It is no secret or of any interest to many.

    I really don't care in what country you live or in which you are a citizen. I am American traveling much of the time in various countries and occasionally even visit America--for what it is worth, but I have no reason to play games or lie about that.

    My concern is that you have a special interest in American politics and (contradictory to your assertions) you entirely conflate your so-called Christianity with the worst of impure politics in most of your posts. Either that or you are busy tearing down both Christians and American leaders.

    Say something nice. And then say something nice again. C_M_ I am going to win you over yet. I may not make a coffee drinker out of you or a top-surloin eater, but we will find some broccoli, spinach or a smoothie or something over which we can one day fellowship. I could use a LOT more help in these white harvest fields. I would love to work side by side with you one day.

    Fairness, decency, morality, and the cause of humanity are limited to geographical locations?

    Nope.

    Do I have to declare a citizenship to take interest in a nation and the treatment of its people?

    Nope.

    Are you of the old "KGB", "FBI", "CIA", etc.?

    Nope.

    I must give up inquiry or interest in America?

    Nope.

    What shall I do GaoLu? CM

    Seek the Lord your God with all your heart and mind and soul and love your neighbor as yourself.

    Post edited by GaoLu on
  • Bill_ColeyBill_Coley Posts: 1,142

    @GaoLu said:

    .... Your fascination with politics is almost exactly like Bill's, but Bill claims to be (and almost certainly is) a pastor from Moline, MN. If he isn't, he is an amazing impersonator. I have long wished to visit his church but haven't been able to yet.

    Because facts matter:

    1. The church I serve, and have served for the last 33+ years, is in East Moline, not Moline.
    2. That church is in Illinois, not Minnesota.
    3. I am, however, the pastor of the church, so you got at least that much correct.
  • GaoLuGaoLu Posts: 1,367
    edited October 23

    Thanks for clarifying. I apologize for any confusion my error caused.

    High on my list is to come for a visit one of these days. Bill, do you eat steak or drink coffee?

    Post edited by GaoLu on
Sign In or Register to comment.