Monthly Treasury Statement - June adds $75b to deficit

originally posted by: OccamsRazor04
a reply to: Kharron

It requires both parties to fix. It will never happen, they will walk us over the edge.

Yea, because both parties are controlled by corporate interests. In my opinion, term limits need to be passed and corporate lobbying needs to be addressed. To what extent I don't know, but fixing our nations debt issues is a pipe dream until then.

a reply to: Kharron

Well the tariff war between China and the states is ramping way up, what scares me is that you have America, who might take a little bit of a hit for patriotic reasons, against China, who will literally let people starve in order to win, they have nothing to lose, if the trade war drags on, and on, who will be more angry when things start to get to much, free Americans or practically slave Chinese?

originally posted by: strongfp
a reply to: Kharron

Well the tariff war between China and the states is ramping way up, what scares me is that you have America, who might take a little bit of a hit for patriotic reasons, against China, who will literally let people starve in order to win, they have nothing to lose, if the trade war drags on, and on, who will be more angry when things start to get to much, free Americans or practically slave Chinese?

I think you're overestimating how much their tariffs will hurt us. Our economy is extremely diverse. China's is more than double the dependency on exports that ours is, and we import a larger share of their exports than they do of ours. We have much more room to hurt their economy. We also have more economic partners, so anything they try to hurt us with we can eventually shift to other countries.

Our economy has a much better capacity to withstand a trade war than theirs does. Their willingness to hurt their people doesn't make them immune to economic pressure. They need money like anyone.

a reply to: face23785

But trump is making tariff wars with everyone. And the states is a consumer economy right now. They rely on cheap labor elsewhere to buy back product for profit.
China can easily survive, they have very good agriculture and their people will be more willing to live simple lives than Americans.

a reply to: Kharron

Dept of Treasury isn't part of the US Government,they make money off taxes,they are the IRS,of course they are against lowering taxes,whats new here?,and he aquired a deficit,only time you hear of "deficit" is during elections to pin blame on someone

originally posted by: strongfp
a reply to: face23785

But trump is making tariff wars with everyone. And the states is a consumer economy right now. They rely on cheap labor elsewhere to buy back product for profit.
China can easily survive, they have very good agriculture and their people will be more willing to live simple lives than Americans.

Everyone isn't going to go to trade war with us.

originally posted by: Oldtimer2
a reply to: Kharron

Dept of Treasury isn't part of the US Government,they make money off taxes,they are the IRS,of course they are against lowering taxes,whats new here?,and he aquired a deficit,only time you hear of "deficit" is during elections to pin blame on someone

Oldtimer, I think you may be thinking of or confusing it with something else. Here is what the US Department of Treasury is:

The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. The Department is responsible for a wide range of activities such as advising the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions. The Department of the Treasury operates and maintains systems that are critical to the nation's financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government.

Department of Treasury

They are huge, however, and have many smaller department contained within. It is possible you are thinking of one of their sub-departments?

originally posted by: worldstarcountry
a reply to: Kharron

what were the deficit numbers for 2009-2013??

Here, I compiled all the years listed on those reports from the Treasury, deficit per year:

1998 $3,200,000,000.00
1999 $122,700,000,000.00
2000 $237,000,000,000.00
2001 $127,200,000,000.00
2002 -$158,500,000,000.00
2003 -$374,200,000,000.00
2004 -$412,600,000,000.00
2005 -$318,600,000,000.00
2006 -$248,000,000,000.00
2007 -$162,800,000,000.00
2008 -$454,800,000,000.00
2009 -$1,417,000,000,000.00
2010 -$1,294,000,000,000.00
2011 -$1,299,000,000,000.00
2012 -$1,089,000,000,000.00
2013 -$680,000,000,000.00
2014 -$483,000,000,000.00
2015 -$439,000,000,000.00
2016 -$587,000,000,000.00
2017 -$666,000,000,000.00

So we were good until 2002, when the last downward trend started. This is when the last neocons started a lot of wars and our economy could not support it. The deficit increased by 300% from 2007 to 2008 and the recession hit. Bush did a very large bailout at the end of 2008, and that shows on the 2009 FY. Obama then did two more bailouts in the following two years. Each of those bailouts adds some $700-800b in deficit to each of those years.

That started having an effect on the economy almost right away, and it stabilized by the end of 2011 and in 2012. 2013 was well on the way back. 2014 and 2015 were stable years, although we have never recovered fully and returned to the pre-recession numbers. We are still recovering to this day.

In 2016 things started taking a downward turn again. Many months in 2017 were already a 30-40% increase over the previous year same period. 2018 is not looking good, and we are expecting a 50% increase over 2017. 2019 is expected to be a well over a trillion dollar deficit year.

Important thing to note here is we will hit a trillion dollar deficit in 2018 or 2019 and there are NO $600-800b bailouts in any of those years -- which means our inefficient government did it on their own, without bailing out the too big to fails.

a reply to: Kharron

Keep in mind, the projections for our deficits the next few years are using CBO's absurd projections of 1.8% GDP growth.

originally posted by: face23785
a reply to: Kharron

Keep in mind, the projections for our deficits the next few years are using CBO's absurd projections of 1.8% GDP growth.

I'm looking for the link but I can't find it. I was reading a couple of days ago they already adjusted that projection by .2 or .3. If the additional tariffs are put in, it will slow down the growth even more and they'll have to re-adjust it. The economists making the predictions admitted they were a bit too hopeful in the beginning. I think it was Yahoo Finance, I'm looking.

After my research today, I predict this year to be about $850-860b deficit. Next year, who knows, one year is a long time these days, but $1.2 or $1.3 trillion is not crazy to imagine.

Republicans don't give a damn about the deficit anymore. They only care about worshipping Trump, and hating democrats and immigrants.

If they cared about deficits they wouldn't have passed a giant tax cut for the rich that was completely unnecessary.

originally posted by: Kharron

originally posted by: face23785
a reply to: Kharron

Keep in mind, the projections for our deficits the next few years are using CBO's absurd projections of 1.8% GDP growth.

I'm looking for the link but I can't find it. I was reading a couple of days ago they already adjusted that projection by .2 or .3. If the additional tariffs are put in, it will slow down the growth even more and they'll have to re-adjust it. The economists making the predictions admitted they were a bit too hopeful in the beginning. I think it was Yahoo Finance, I'm looking.

After my research today, I predict this year to be about $850-860b deficit. Next year, who knows, one year is a long time these days, but $1.2 or $1.3 trillion is not crazy to imagine.

1.8% is hopeful? 1.8% is ridiculously low. They projected that would be the average growth over the next 10 years. I challenge anyone to find any 10-year period where our average growth was that low.

originally posted by: CB328
Republicans don't give a damn about the deficit anymore. They only care about worshipping Trump, and hating democrats and immigrants.

If they cared about deficits they wouldn't have passed a giant tax cut for the rich that was completely unnecessary.

Nice lies. Nobody but extreme right wing nuts hate immigrants. Some Republicans aren't fans of illegal immigrants, but most are fine with legal immigrants. You knew that, but it doesn't make a good campaign ad, so you had to lie.

Also, the tax cuts barely contribute to the deficit. You could take them away right now and the deficit would still be up around $700B. Out of control spending is driving the deficit.

Higher taxes lead to more government wasteful spending lower taxes incentivize foreign investment and spending as well as business

ITS A NO BRAINER

originally posted by: face23785

originally posted by: Kharron

originally posted by: face23785
a reply to: Kharron

Keep in mind, the projections for our deficits the next few years are using CBO's absurd projections of 1.8% GDP growth.

I'm looking for the link but I can't find it. I was reading a couple of days ago they already adjusted that projection by .2 or .3. If the additional tariffs are put in, it will slow down the growth even more and they'll have to re-adjust it. The economists making the predictions admitted they were a bit too hopeful in the beginning. I think it was Yahoo Finance, I'm looking.

After my research today, I predict this year to be about $850-860b deficit. Next year, who knows, one year is a long time these days, but $1.2 or $1.3 trillion is not crazy to imagine.

1.8% is hopeful? 1.8% is ridiculously low. They projected that would be the average growth over the next 10 years. I challenge anyone to find any 10-year period where our average growth was that low.

Yeah, 2 to 3% would be better. And they were projecting lower than 1.8%.

So, it's not this article but this is close to what I read the other day. This has a 2022 prediction of under 1.5% growth compared to the previous year; although I have to say I haven't read this whole article nor do I have the time now. The chart looks like a similar projection.

a reply to: toysforadults

Or you know. Bette social structure, and better more maintained infrastructure, better boarder security, better health care, welfare, the list goes on. But who needs bridges and roads and social security if people lose their jobs... ah hell. Why not just take away taxes completely and let people die on the side of the road when they get the flu.

originally posted by: Kharron

originally posted by: face23785

originally posted by: Kharron

originally posted by: face23785
a reply to: Kharron

Keep in mind, the projections for our deficits the next few years are using CBO's absurd projections of 1.8% GDP growth.

I'm looking for the link but I can't find it. I was reading a couple of days ago they already adjusted that projection by .2 or .3. If the additional tariffs are put in, it will slow down the growth even more and they'll have to re-adjust it. The economists making the predictions admitted they were a bit too hopeful in the beginning. I think it was Yahoo Finance, I'm looking.

After my research today, I predict this year to be about $850-860b deficit. Next year, who knows, one year is a long time these days, but $1.2 or $1.3 trillion is not crazy to imagine.

1.8% is hopeful? 1.8% is ridiculously low. They projected that would be the average growth over the next 10 years. I challenge anyone to find any 10-year period where our average growth was that low.

Yeah, 2 to 3% would be better. And they were projecting lower than 1.8%.

So, it's not this article but this is close to what I read the other day. This has a 2022 prediction of under 1.5% growth compared to the previous year; although I have to say I haven't read this whole article nor do I have the time now. The chart looks like a similar projection.

Where are they getting those numbers? When I click on "show source" it wants me to login.

Frankly, they can't even get the GDP projection right one quarter in advance, so telling us what it's gonna be 4 or 5 years from now is just silly. Those projections are always wrong. Nobody can predict all the international events that impact the markets.