Deficit to top $1 trillion per year by 2020, CBO says

[DonViejo]

Source: The Washington Post




By Jeff Stein April 9 at 2:04 PM

America’s deficit is growing sharply and will surpass $1 trillion per year by 2020, the Congressional Budget Office reported Monday.

The federal deficit will hit $804 billion in fiscal year 2018, a 21 percent increase from 2017’s deficit of $665 billion, CBO said.

President Trump and congressional Republicans in December passed a new tax law projected to cut government revenue by more than $1 trillion over the next 10 years. In March, members of both parties approved a funding measure to increase military and domestic spending by nearly $300 billion over the next two years.

Together, the new measures will add $1.6 trillion to deficits over the next decade, CBO reported.

Read more: https://www.washingtonpost.com/business/economy/deficit-to-top-1-trillion-per-year-by-2020-cbo-says/2018/04/09/93c331d4-3c0e-11e8-a7d1-e4efec6389f0_story.html

[sakabatou]

1. This is what happens when you go super-Reaganism

[jayfish]

2. This Is All By Design.

Just wait until they say they have to take a cleaver to everything, except defense, because... "Surprise,... We're out of money."

[bronxiteforever]

3. +10000 The GOP intentionally wrecked our economy.

[sandensea]

12. Andrew Mellon put it best:

Mellon famously praised the Great Crash as an opportunity to "liquidate everyone," so that
"enterprising people" (i.e. him and his coterie) "will pick up the wrecks from less competent people."

The GOP has never really given up the Mellon Doctrine. The Bush disaster alone is proof of that.

[FakeNoose]

5. They know they won't have to fix this

The greedy bastards are just grabbing everything they can before their asses get burned.

[notdarkyet]

4. The prez and cons are scrambling for a way to cut the new spending bill they just passed, so

They don’t look like wasters and abusers. Of course, they will be cutting democratic parts of the bill that were put there for some relief for the public. Not touching more military, extra, spending on top of their huge increase already. No cuts will be to domestic spending. I thought line item vetos were not allowed, but they have found a way around it. Like cutting fifty billion from this bill will help the deficit. Not. Trump will use it for his wall. Anther opportunity to screw democrats and the American people. We must remove them..

[ProudMNDemocrat]

6. China owns a big chunk of our debt......

Which they can call on to be repaid. That will bankrupt us because r
the super rich will revolt if they are asked to pony up billions in tax cuts.

[politicaljunkie41910]

19. Don't Treasury Notes have a specific "due date" not a pay on demand clause?

It's my understanding of the fact that we have so much of a deficit which keeps growing that we have to keep selling new Treasury Notes each month to pay for the expenses of governing. The Social Security Trust Fund is the biggest purchaser of those Notes followed by several other US Government Agencies and next comes China. China could refuse to continue buying these Notes in the future which could cause the US a major problem, but I don't believe that can call Notes due on demand that haven't reach their maturity date yet.

[sandensea]

7. Try 2019, CBO.

That's the fiscal year Cheeto's top-end tax cuts take effect.

Those, and his military splurge, should push the deficit well above the trillion-dollar mark by FY2019.

[vkkv]

8. Notice how that as soon as Trump became POTUS there was not more talk about deficits?

Notice how that as soon as Trump became POTUS there was not more talk about deficits? Makes one wonder just a little bit if perhaps the GOP aren't the best leaders of our ecenomy.. ya think?

And Ted Nugent just said the other say that every Dem should be shot.. "when you see one, shoot them". Funny that I haven't heard ONE SINGLE Republican come out against what Nugent said..

Can you imagine the Right-Wing-Nut response if Neil Young or Sean Penn said "when you see a Republican, shoot them" ?

[progree]

14. Nor do you hear him talk about "94 million jobless Americans" anymore either

Not In Labor Force (NILF): https://data.bls.gov/timeseries/LNS15000000

which is where his propagandists got that number during the 2016 campaign.

NILF has actually gone up by 971,000 since the inaugural month of January 2017, it's now 95,335,000

[D_Master81]

24. Or "labor participation rate"

this was a big 1 that Rush, et al harped on under Obama. I remember hearing him say once that Labor participation rate was at like 0% which meant that unemployment under Obama was basically 40% which was way higher than during the Great Depression. Now its still below 2000 levels but they talk about how the economy has never been better.

[Achilleaze]

9. Thanks a diaper load "conservative" republicans

what a pack of radically irresponsible whackjobs the republicans are.

[Bengus81]

10. And...the ND (caused by deficits) hit a half TRILLION by about mid-March THIS YEAR.

This ass hat is only about 300B away from a Trillion $$$$ added to the National Debt in 2018. The massive Corporate tax giveaway are already taking a toll. Trump could add 2T to the ND in 2018.

[UpInArms]

11. The GOP is incapable of governing

They are the borrow and spend party of excess

I despise them

[Grins]

13. I don't about you, but I'm hearing "TAX CUT!!"

I don't about you, but I'm hearing "TAX CUT!!"

Because that's the answer to everything for the GOP; and now that Kudlow is economic adviser....!

[Bernardo de La Paz]

15. Funneling money to the 1% and 0.01%. Bloating Defense. Strangling other government expenditures.

Wealth and income inequality is a (dare I use this word?) HUGE problem and the kind of problem that leads to severe social upheaval and sometimes even violent revolutions. Trump will be known for making this worse at exactly the wrong time. Part of his legacy as the worst President ever and going forward in time too.

[sarcasmo]

16. A mess left for the Democratic party to clean up.

[Bengus81]

21. Yeah..this one could be on the order of a 1929 disaster..............

[bluestarone]

22. yea for sure and

The Dems WILL fix it but the public will blame the Dems again!!! Just seems like a republiCON pattern. How the fuck could anybody vote for those assholes EVER AGAIN!!!!!!!!!

[keepleft101]

17. What I find amazing

is you do not really hear Dems at all beating up on Republicans or Trump about this. Yet if a Dem gets elected as the next President you will hear ever Republican conservative screaming about this all so the Dem cant increase spending for social issues.

This is actually a political strategy by GOP. Thom Hartmann talks about it a lot.




https://www.alternet.org/right-wing/two-santa-clauses-or-how-gop-conned-america-nearly-40-yearse


First, when Republicans control the federal government, and particularly the White House, spend money like a drunken sailor and run up the US debt as far and as fast as possible. This produces three results – it stimulates the economy thus making people think that the GOP can produce a good economy, it raises the debt dramatically, and it makes people think that Republicans are the “tax-cut Santa Claus.”

Second, when a Democrat is in the White House, scream about the national debt as loudly and frantically as possible, freaking out about how “our children will have to pay for it!” and “we have to cut spending to solve the crisis!” This will force the Democrats in power to cut their own social safety net programs, thus shooting their welfare-of-the-American-people Santa Claus.

[getagrip_already]

18. a trillion here, a trillion there... n/t

[radliberal]

20. Republican tax cuts just don't pay for themselves you know.....VOTE THEM OUT!!!

VOTE THEM OUT!!!

[muriel_volestrangler]

23. Kick (nt)