Tuesday, March 19, 2019

Trump is a fiscal conservative? National debt tops $22 trillion for first time in U.S. history

Mod: He's spending like no president in American in history, in the process saddling America with levels of debt never before imagined. Can't we take this damn fool's credit card away?

National debt tops $22 trillion for first time in U.S. history (CBS News link): The U.S. national debt has topped $22 trillion for the first time in history, according to daily figures released by the Treasury Department on Tuesday. The debt has ballooned by more than $2 trillion in the two years since President Trump took office in January 2017, when the debt stood at $19.9 trillion. It surpassed $21 trillion for the first time in history in March 2018. Under the Obama administration, the national debt grew from $10.6 trillion to $19.9 trillion, an increase that drew sharps criticism from Republicans.

In an interview with the Washington Post in 2016, Mr. Trump vowed to eliminate the national debt "over a period of eight years." Top White House economic adviser Larry Kudlow, who joined the White House after the president said he would eliminate the debt, told CBS News last month Mr. Trump probably didn't mean he would eliminate the debt entirely.

"I don't know, you know, I wasn't there, I read about some of this — I think what he was really referring to was he would stop the upward rise as a burden on the economy," Kudlow said in January. "In other words, to me, the measure is not, what is the deficit or this or that. It's as a share of GDP. That's your burden on the economy. And I would argue that it is and will continue to come down as a burden on the economy."

But the ratio of debt-to-GDP has also increased, something that's unusual in a strong economy. In June 2018, the Congressional Budget Office said in a report that the level of debt as a share of GDP had reached its highest levels since World War II.

Federal deficit up 77 percent so far this budget year (NBC News link): The federal government recorded a budget surplus in January. But so far this budget year, the total deficit is 77 percent higher than the same period a year ago.

The Treasury Department said Tuesday that the deficit for the first four months of this budget year, which began Oct. 1, totaled $310.3 billion. That's up from a deficit of $175.7 billion in the same period a year ago. The surplus in January was $8.7 billion.

The higher deficit reflected greater spending in areas such as Social Security, defense and interest payments on the national debt. Meanwhile, the government collected lower taxes from individuals and corporations, reflecting the impact of the $1.5 trillion tax cut President Donald Trump pushed through Congress in 2017. Individual income taxes withheld from paychecks total $818 billion for the October-January period, down 3 percent from the same period last year. Corporate income taxes total $73 billion over the four-month period, down 23 percent.

Revenue, however, is up is in tariffs — border taxes collected on imports — which totaled $25 billion in the October-January period, up 91 percent from the same period a year ago. This reflects the higher tariffs the Trump administration has imposed on China and other nations in various trade disputes.

Trump trillion-dollar-plus deficits are putting America on a path to fiscal ruin (USA Today link): It became very clear this month that neither the Trump White House nor its allies on Capitol Hill want you to know that the federal budget is already in very bad shape ... and getting worse.

It happened when the Treasury, the official keeper of Washington’s financial results, issued its monthly statement for the first 10 months of fiscal 2018 about federal revenue, spending and, therefore, the budget deficit.

Treasury showed what no president ever wants to admit: The deficit is spiking. The federal government’s red ink this year is already 21 percent above what it was in 2017, and there are few prospects that the bottom line will improve anytime soon.

Except with infrequent and unsubstantiated platitudes about how the situation is going to get better, the Trump White House and Republicans in Congress have been doing everything possible not to talk about the budget this year.

To avoid tough questions and politically embarrassing votes, the House and Senate have even refused to consider a budget even though they are required by law to adopt one. But this year isn’t the real issue. Unlike the trillion dollar budget deficits that occurred during the Obama administration that were temporary and largely the result of the Great Recession, the Trump deficits that will soon reach and exceed $1 trillion are permanent and will only get worse in the years ahead.

The Trump deficits are the result of changes in federal spending and revenue that will continue to be in place until some president and Congress decide to reverse them, that is, to increase taxes and make cuts to popular programs.

sierramadretattler.blogspot.com

49 comments:

  1. Trump and his economic advisors have to be the BIGGEST bunch of CLOWNS EVER.

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  2. US sends specialist Thoughts And Prayers team to New Zealand after novice PM foolishly contemplates real action

    Trump Administration has sent a crack squad of experts to assist the inexperienced New Zealand government deal with the aftermath of a mass shooting after Jacinda Ardern showed early warning signs she might do something practical to stem gun violence.

    The eight-man team was tasked with sharing their country’s grim experience with mass slaughter and has some of the world’s foremost experts in the art of offering thoughts and prayers in this time of national mourning.

    In addition, members of the team are highly accustomed to explaining that this was not the time to discuss legislation and that they are shocked at the cynical attempts to politicise such a tragedy.

    https://newsthump.com/2019/03/18/us-sends-specialist-thoughts-and-prayers-team-to-new-zealand-after-novice-pm-foolishly-contemplates-real-action/|

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  3. Mueller makes history exposing crime spree by former Trump aides

    In a special report, MSNBC Chief Legal Correspondent, Ari Melber, examines how despite claims that the Russia probe is a “witch-hunt”, Bob Mueller has proven to be one of the fastest and most effective Special Counsels in U.S. history, racking up indictments at the fastest pace since Watergate. Melber runs through the numerous achievements in the Russia probe, noting that “it’s a lot” and demonstrates how despite Trump’s relatively short period in office, the Mueller probe has seen “the highest rate of indictments for his aides than any President ever”. Former Chief of Staff to Bob Mueller, John Carlin, tells Ari Melber “we should be proud as Americans, but also alarmed at what he’s been able to show us has occurred”.

    https://www.msnbc.com/the-beat-with-ari/watch/mueller-makes-history-exposing-crime-spree-by-former-trump-aides-1460531779810

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  4. And we are surprised how? Bankruptcy is his specialty and we are just a big wallet to him. It’s going to take years to repair the damage this creature is doing.

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  5. this is the trick of a lifetime....the only way to cut medicare....medicaid and social security....is to put the Federal Government in extreme debt ....this is the pure product of the Reagan economic revolution... and idiots keep listening to the Republican party puke out garbage ....and all the time they have both hands in the pockets of the American public...grabbing all they can...53% of white women.....here is your reward for voting for a tax thief and woman hating old man.

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    Replies
    1. Seek help, you've got some anger issues.

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    2. Just because Trump says something, however, doesn’t automatically mean it’s wrong. The treatment of Trump by special counsel Robert S. Mueller III and other investigators does have characteristics of a witch hunt. This is because Trump has characteristics of a witch.

      So says a leading authority on the history of witchcraft, Thomas J. Rushford, history professor at Northern Virginia Community College in Annandale. In an anthropological sense, Trump “is really quintessentially a witch figure,” the professor tells me, and if what is happening to Trump is a witch hunt, “it is only in a good sense, that is, this is society policing the boundaries that they believe to be ethically and morally right.

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  6. Congress controls spending not the president. Maybr you should study civics.

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    Replies
    1. So the budget Trump submitted is just the funny papers?

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    2. True. Republicans have controlled congress for most of the past two decades.

      Total failure!

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    3. Apparently you missed the first 2 years of the obama presidency.

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  7. Lol, 5:52am, thanks. So in your estimation all women of color that voted for President Trump make up the additional percentages of receiving the reward for their vote; you would be correct and we are going to be a much higher percentage in 2020.

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    Replies
    1. What are you jabbering about?

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    2. 8:11 stopped making sense years ago.

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  8. Whatever it takes to rebuild our Military that the prior guy sitting in the WH tried to tear apart, spend the federal revenue djt, spend.

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    Replies
    1. Sorry. The wall comes first. Trump is taking that money from the military as part of that “emergency” you’ve been hearing so much about.

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    2. Total fake post
      Military is just fine
      Still the largest and exponentially most expensive in the world.

      Too much spent as it is

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  9. The balance of finances will come with the now new terriffs put in place.
    Money coming in instead of just leaving with no returns or plans.

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    Replies
    1. Terriff sheriff

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    2. 8:18 is clueless. Can’t even spell tariff.

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  10. How much tax money has Mueller spent on his witch hunt? And for what?
    Proff of NO COLLUSION does make it worth while, but any sane person knew that before the Democrats began their dog and pony show. .

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    Replies
    1. He sure has caught a lot of witches.

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    2. Where you been? Mueller’s investigation is entirely paid for by the seizure of Manaforts illegal assets.

      Trump golf trips costing millions!!

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    3. That is the irony. It isn’t a witch hunt if you catch witches. And Mueller has caught a bunch.

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    4. 8:21 probably thinks that because the big fat witch hasn’t been hauled before a judge yet nothing has happened. Apparenly the dozens of little Trump witches don’t count.

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    5. Actually, Mueller is engaged in a Putin’s bitch hunt.

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    6. Looks like there may be a few witches in Obama's closet!

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    7. Obama was in office 8 years and no indictments.

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  11. Medicare and Medicaid are scheduled to run out unless the Democrats get to work in the House and change laws, but it looks like work is a dirty word for them, witch hunts are more of their style.

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  12. Idiot Devin Nunes, the "author" of a bill to clamp down on frivolous lawsuits, sues Twitter for $250 million on an evidence-free claim that it's throttling down his dumba** tweets. The triggered snowflake is also suing for $350 million Twitter users Devin Nunes’ Cow and Devin Nunes’ Mom for making fun of him.

    I'd say he's the dumbest American in Congress, but Louie Gohmert takes that prize, so that makes Nunes the dumbest Russian in Congress.

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    Replies
    1. People are saying that Nunes’ lawyers plan a big lawsuit against a Hollywood studio on behalf of Jerry Van Dykes’ estate for calling his mother a car.

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    2. Nunes is being investigated by the Special Prosecuter for treason. Naturally this has made him sensitive about certain criticism from US citzens.

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    3. Perhaps Jerry Van Dykes’ estate should sue the maker of the vehicle that hit him.

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  13. Build that wall, build the wall, build the wall and stop sending all that expensive medical aid, food and care to the " fake emergency" at the border that we all hear about.

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    Replies
    1. Wall is for chump suckers. None of the border states even want it

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  14. May as well submitt a hughe budget to CONGRESS, that group of nincompoops are as bad as those in the House of Represenatives.

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    Replies
    1. Um, aren’t they the same thing?

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  15. 5:52am free markets shoud be opened for medical coverage across state lines, very different from " medicare for all" which is zero medical coverage.

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    Replies
    1. We have free markets now. And they suck.

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    2. Why stop there? Open markets internationally. Let the consumer by medications from Canada- phony repubs blocked that during the crooked Bush regime. Another loser who failed at the general election like trump

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  16. Correction: The Founding fathers believed that those elected to both Houses and Congress would work for the betterment of this Country, not against.

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    Replies
    1. Well at least the white men - not the women or the slaves.

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    2. Hmm, “both Houses and Congress....”

      Guess you slept through US Government at St Petersburg JC.

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    3. Karnak the Tennessean obviously thinks he can identify anonymous commenters.

      He needs to go back to shoveling cow pies.

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  17. Did anyone see Trump’s press conference today? He looked like he was on something mind altering.

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  18. Open Markets Internationally? You are talking about Brexit! And we would all be for the consumer medications across international lines; as was the Bush Administration, if the burden of RESEARCH was shared by all, inorder to keep safeguards on ALL MEDICATIONS AND TREATMENTS.

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    Replies
    1. Uh, yeah, Canada is notorious for its unsafeguarded medicine. Total repub BS

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  19. Yes, have Brazil join NATO so that open trade may work smoothly.

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