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