Saturday, August 11, 2018

GOPalooza: US budget deficit totals $76.9 billion in July

Mod: For as long as I can remember the Republicans have wailed about the consequences of the national debt, and how increased spending is a very bad thing. But now that they have control of both the White House and Congress? Govt. spending and the national debt are exploding at a pace only rarely seen in the past. 

US budget deficit totals $76.9 billion in July (Associated Press link): The federal government racked up a $76.9 billion deficit in July, with increased government spending and tax cuts keeping the country on track to record its biggest annual deficit in years. 

The Treasury Department reported Friday that in the first 10 months of this budget year, the deficit totaled $684 billion, up 20.8 percent from the same period last year. Revenues are up only 1 percent this year, the increase held back by a big drop in corporate tax payments. Spending is up 4.4 percent, reflecting a big boost Congress approved earlier this year for domestic and military programs and the rising costs of financing the debt. 

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.

Fabulous. Interest on the national debt was up $50 billion. (only a small percentage of that interest income goes to non-wealthy Americans, so no, we aren't "paying ourselves." )

The headline is kind of understated. The real excitement is in the article itself:

* in the first 10 months of this budget year, the deficit totaled $684 billion, up 20.8 percent from the same period last year.

* a big drop in corporate tax payments (who would have ever thought?)

* 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 (and then double when the economy crashes.)

The biggest creature in the swamp? Wilbur Ross (Boston Globe link): Few Americans have probably ever heard of Wilbur Ross, the octogenarian former businessman who is now US Commerce secretary.

It’s a shame, because Ross’s record of public corruption and grifting deserves far more attention than it’s received. That more Americans are not aware of his fulsome body of work in this area is yet one more example of how deeply Trump’s public corruption has taken hold in Washington.

Over the last several months, Forbes investigative reporter Dan Alexander has laid out one astounding story after another detailing the depths of Ross’s venality and corruption.

In June, he reported that while in office, Ross had kept financial stakes in companies “co-owned by the Chinese government, a shipping firm tied to Vladimir Putin’s inner circle (and) a Cypriot bank reportedly caught up in the Robert Mueller investigation.”

Forbes also found that Ross lied when he submitted a sworn statement to federal officials promising to divest himself of these key financial holdings. Most amazing of all, Forbes discovered that when news stories first emerged last fall showing Ross’s connection to the Putin-connected shipping firm, he shorted the company’s stock, on the assumption that its price would drop (which it modestly did, earning him a small profit).

In July, Alexander reported that during Ross’s first few months in office, the secretary repeatedly held meetings with companies that had direct connections to his personal financial holdings.

He met with officials in Greece, “while holding an interest in a major Greek bank.” He sat down with Brazilian officials while maintaining “investments in a Brazilian auto parts company.” He broke bread with the heads of “state-controlled funds from Qatar, Japan and Singapore, all of whom had invested money in his private equity firm.”

Then earlier this week, Forbes revealed that Ross is not just a greedy, ethically corrupt liar . . . he’s also a world-class grifter.

According to Forbes, Ross is alleged to have siphoned or stolen more than $120 million from business partners and customers. Forbes recounted accusations against Ross that included “taking handfuls of Sweet ’N Low packets from a nearby restaurant, so he didn’t have to go out and buy some for himself,” and not paying workers who had done work at his house in the Hamptons.

Mod: More about this swamper at the link.

sierramadretattler.blogspot.com

72 comments:

  1. You could not be more on point.

    I don't hear any conservatives screaming about the deficit all of the sudden, no one is screaming shut down the government except for our president who is doing it as a hissy fit.....

    It kind of shows a certain lack of principle on the part of Republicans, doesn't it?

    ReplyDelete
    Replies
    1. Their only principle is personal and corporate profit. Been that way for decades. Total sham cloaked in a flag wrapped around a fake bible

      Delete
    2. Don’t forget that they also love socializing costs.

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    3. The Trump Regime, a subsidiary of Putin International, is the most corrupt in US history.

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    4. If all this appalls you, like it does me, join a group and help get the sleazy Republicans out of office - Rohrbacher in Orance County, Knight in Palmdale/Lancaster, Nunes up north. I'm canvassing for Katie Hill against Steve Knight.

      Delete
  2. It is starting to hit home.

    McCaskill says Trump tariffs could affect business beyond farm, even price of beer
    https://www.kansascity.com/news/politics-government/article216379795.html

    ReplyDelete
    Replies
    1. Beer? That'll get my husband's attention, who thinks Trump is nuts, but loves his policies!

      Delete
  3. Another swampy goes bye bye. Rep. Chris Collins, fighting prosecution, seeks to end reelection bid

    Rep. Chris Collins (R-N.Y.), who was charged this week as part of an insider trading scheme, is suspending his re-election campaign and will attempt to remove his name from the ballot.

    The third-term congressman announced the decision Saturday morning on Twitter, just days after he vowed to clear his name and remain on the ballot.

    Collins is facing multiple counts of securities fraud, as well as charges of wire fraud and lying to investigators. His son and another associate were charged in the scheme as well.

    Federal prosecutors allege Collins — who sits on the board of an Australian pharmaceutical company — shared non-public details about the failure of a multiple sclerosis drug in clinical trials. Using that information, Collins’ family members were able to sell off shares and avoid more than $760,000 in losses, prosecutors say.

    Collins, the first member of congress to endorse President Donald Trump in 2016, pleaded not guilty to the charges.

    https://www.politico.com/story/2018/08/11/chris-collins-reelection-bid-insider-trading-773514

    ReplyDelete
    Replies
    1. His first supporter. His campaign chairman. His deputy chairman. His national security advisor. His own attorney. All going to jail.
      Trump is the most corrupt ever.

      Delete
    2. The company he keeps.

      Delete
  4. Wages drop despite economic boom

    Wages in the U.S. fell over the past year despite an ongoing economic boom, according to data released by the Bureau of Labor Statistics on Friday.

    In the last 12 months through July, real average hourly earnings dropped 0.4 percent. That figure takes into account seasonal differences, as well as the effects of rising prices.

    An increase in the length of the average workweek was not enough to compensate for the fall, leaving average weekly earnings down 0.1 percent in the same period. Over the past month alone, real hourly wages were flat, while real weekly earnings dropped 0.2 percent.

    The sluggish advance in wages comes amid an economy that, by other measures, is booming. The economy grew at an annualized rate of 4.2 percent in the second quarter, and unemployment dipped below 4 percent in July. The dynamic could prove troublesome for Republicans hoping that a thriving economy will boost them in November's midterm elections.

    http://thehill.com/policy/finance/401341-wages-drop-despite-economic-boom

    ReplyDelete
    Replies
    1. How can this be? The orange baboon tweets everyday about how good things are. Unemployment rate is down due to everyone having to work 2-3 jobs because of the bad wages.

      Delete
  5. Wee, the GOP is spending like their Democrats!

    ReplyDelete
    Replies
    1. Not exactly right. Democrats put money into programs that benefit actual people. Republicans take that money and give it to their corporate cronies. They have different constituencies.

      Delete
    2. And you’re spelling like someone who’s not mature enough to other debating.

      Delete
    3. Can you point out the spelling error, please.

      Delete
    4. "not mature enough to other debating."

      Russian, or retarded person?

      Delete
    5. 8:50 couldn’t even ask a question properly!

      Delete
    6. Apparently 9:01 doesn't intend to answer the question.

      Delete
    7. 8:50 sure ‘their’ should be ‘they’re’

      Delete
    8. What I spotted was not using a ? mark and 'their' when most probably meant 'they are' (or the contraction they're). There are lots of sentence fragments in people's posts which does give rise to misunderstanding of miscommunication.

      Delete
  6. Former NFL Player Burgess Owens, "Why I Stand" Author, good read.

    ReplyDelete
    Replies
    1. Or try his other pandering alt right book: “How to Turn Good Men into Whiners, Weenies and Wimps”

      Delete
    2. I simplified my life. No more #NFL. Saved a bunch of $$ and got more time back.
      Buh-Bye!

      Delete
    3. Nobody is more self-obsessed than Trumpers.

      Delete
  7. Ha, yeah, like the study of Heart Rate from shrimp on a tread wheel, 8:15am.
    Now that's a valuable program!

    ReplyDelete
    Replies
    1. Trump runs on a treadmill? He still looks like a fat f...

      Delete
    2. He makes dimwit Don Jr run for him.

      Delete
  8. The same cronies that create jobs for people, except the "free" government handouts for many "actual people" are counter productive and keep them on welfare.

    ReplyDelete
    Replies
    1. Nobody gets govt handouts like Trump's corporate buddies.

      Delete
  9. Ah, the English marm,, 8:23am, little substance from you, keep turning those pictionary pages.

    ReplyDelete
    Replies
    1. 8:23 has a point. Russian trolls seem to have a hard time with certain words, the letter s, and apostrophes.

      “They’re” troll farm “supervisor’s” should punish them for “there” incompetence.

      Delete
    2. Hahahaha what an idiot... ‘Pictionary’

      If you can’t form a sentence, you can’t form an idea and you can’t form an argument.

      That’s why all you trumptards routinely fail here everyday. Have never won an argument. Just illiterate babble.

      Delete
  10. Newspapers Plan Coordinated Response to Trump

    https://politicalwire.com/2018/08/10/newspapers-plan-coordinated-response-to-trump/

    The Boston Globe is proposing a coordinated editorial response from publications across the U.S. on August 16th to President Trump’s frequent attacks on the news media, the AP reports.

    About 70 outlets had committed to editorials denouncing what the Globe called a “dirty war against the free press,” with the list expected to grow.

    ReplyDelete
    Replies
    1. The GOP will call it collusion!

      Delete
    2. The GOP is too busy slopping at the public trough to notice.

      Delete
    3. Sounds good to me.

      Delete
  11. Cut and paste Socialist Lies, 8:17am.

    ReplyDelete
    Replies
    1. Meaningless name calling and lame brained knee-jerk idiocy from you, 8:57.

      Delete
    2. Counter his argument with facts or you are worthless

      Delete
    3. Nobody here is ever obliged to honor the demands of fools, 9:37.

      Delete
    4. 9:37 is attempting a little old school McCarthyism. Begone, pest.

      Delete
    5. This should be applied to 9:37.

      Psychologists surveyed hundreds of alt-right supporters. The results are unsettling

      https://www.vox.com/science-and-health/2017/8/15/16144070/psychology-alt-right-unite-the-right

      The survey also asked participants to state how often they engaged in aggressive behaviors, like doxxing, the releasing of private information without a person’s permission. They also asked about how often respondents physically threatened another online, or made offensive statements just to get a rise out of people.

      Here, too, the alt-righters were much more likely to admit to engaging in these behaviors.
      “In the comparison sample, people basically never did those things, or reported [doing them],” Forscher says. But it wasn’t like the alt-righters were uniformly admitting to these behaviors.
      “We found evidence that there’s a much more extreme group of [alt-right] people who are reporting harassing and being offensive intentionally,” he says. He calls them “supremacists.”

      Among the measures where the alt-right and comparison groups don’t look much different in the survey results is closeness and relationships with other people. The alt-righters reported having about equal levels of close friends, which means these aren’t necessarily isolated, lonely people. They’re members of a community.

      Also important: Alt-righters in the sample aren’t all that concerned about the economy. The survey used a common set of Pew question that asks about the current state of the economy, and about whether participants feel like things are going to improve for them. Here, both groups reported about the same levels of confidence in the economy.

      Delete
  12. 8:52am intended to say, the Muller Investigative cronies.

    ReplyDelete
    Replies
    1. Actually I did not. Stop the lying.

      Delete
    2. This idiot can’t even spell his name correctly.

      We need better-quality trolls

      Delete
  13. Bette Midler: "Yes, #Melania’s mother & father became US citizens today. I guess #FLOTUS was too old for her husband to be able to enjoy taking her away from her parents to lock in a cage."

    When did he stop locking her up in a cage?

    ReplyDelete
    Replies
    1. Chain migration!

      Trolls got trumped again!!!

      Delete
  14. They’ll need new federal prisons to hold all the Dump staff.
    Hey all you fool republicans, are you ready now to come clean and admit it that your orange bafoon sucks?

    ReplyDelete
    Replies
    1. Naw- just throw them over the wall.

      Delete
  15. The Orange One makes George W Bush look like a genius.

    ReplyDelete
  16. 9:39am. You intended to say Obama.

    ReplyDelete
    Replies
    1. Uh oh. It's the "blame the black guy" guy.

      Delete
    2. Yeah, his KKK "Take a knee for Vlad" campout this weekend was canceled.

      Delete
    3. Nope I definitely meant the corrupt trump administration.

      Obama’s administration was great. Zero indictments!

      U gonna be posting from beyond the wall too

      Delete
  17. President Obama always began with, da ah, pause.
    Great example of individuals not able to hold a "da"bate!

    ReplyDelete
  18. Sofie said, Bette got off my back. 9:12am.

    ReplyDelete
    Replies
    1. Who's Sofie, comrade? Your local bathtub vodka distiller?

      Delete
  19. University says GOP Florida House candidate faked her diploma: report

    School officials said a Republican candidate running for the GOP nomination in a Florida legislative seat lied about graduating from Miami University and faked her diploma, according to a new report.

    Melissa Howard, who wants a Sarasota-area state House seat, claimed that she earned a Bachelor of Science in Marketing from the Ohio school.

    Florida political news website FLA News Online originally reported that Howard did not earn the degree, but briefly retracted their story after Howard provided a photo posing with a copy of her diploma. But after further investigation and confirmation with the university, FLA News reported Saturday that the diploma was fake.

    Miami University General Counsel Robin Parker confirmed to the outlet that while Howard attended the university, there is no record of her earning a degree in 1994 or 1996, as she previously claimed.

    http://thehill.com/homenews/campaign/401383-university-says-gop-florida-house-candidate-faked-her-diploma-report

    ReplyDelete
    Replies
    1. So many corrupt republicans everywhere. A crime syndicate almost as bad as the Bush and Reagan regimes.

      Delete
    2. The years of claiming they wanted to run a fiscally responsible ethical government are now out the window. Their credibility is destroyed. Groveling traitors and crooks.

      Delete
    3. Just like Susan Henderson in Sierra Madre.

      Delete
  20. 10:43am Sofie Tucker jokes you fool.
    Wher ya been? Rehab?

    ReplyDelete
    Replies
    1. Ain’t nobody can spell on this blog!!

      Delete
  21. No, 1:20pm. The Dems, Socialist, Libs, what ever, LOST THE ELECTION.
    Never had to claim anything, live by example.
    Patience is a virtue, you will see.
    TRUMP in 2020.

    ReplyDelete
    Replies
    1. Yup yup:

      20 years for collusion
      +
      20 years for obstruction

      Trump gonna need patience!!!

      Delete
    2. Dems aren’t really socialists. Hillary slight right of center. Republicans are extremists that think anyone not like them is the enemy. Getting bad like jihadists.

      Delete

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