US deficit skyrockets to $898 billion in August

originally posted by: VictorVonDoom
End the Fed. Stop borrowing money at interest from private banks that don't have it to begin with.

Amen!

Why does the US deficit or US spending concern you so much ?

originally posted by: Gothmog
Why does the US deficit or US spending concern you so much ?

Because I live here?

It concerns our own government, when the spending exceeds our GDP growth.

Here is Larry Kudlow, a White House official, commenting on it today.

“We have to be tougher on spending,” White House economic adviser Larry Kudlow said in remarks to the Economic Club of New York, adding that government spending was the reason for the wider budget deficits, not the Republican-led tax cuts activated this year.

Kudlow did not specify where future cuts would be made.

“We’re going to run deficits of about 4 to 5 percent of GDP for the next year or two, OK. I’d rather they were lower but it’s not a catastrophe,” Kudlow said. “Going down the road, of course we’d like to slim that down as much as possible and we’ll work at it.”

What's our GDP growth rate? And what's the deficit growth rate?

Is that sustainable and what went wrong?

White House says it's the overspending, not tax cuts.

Reuters

a reply to: UKTruth

Kharron did call it the Bush Recession - so going by that logic, since Bush had an R for political party, the full 8 years are Bush's fault... Just like the Clinton dot com crash/recession was Bush's fault also.

At least the current deficits have nothing to do with the ADA that was going to save some people trillions of gazillions of dollars... that worked as planned I'm sure...

a reply to: Kharron

been watching the debt grow since 1971 when I was 18 , and thank you for the answer . The congress and senate do not care
about it because it doesn't stop them from being reelected . Start voting them out and it will change .

originally posted by: 10uoutlaw
a reply to: Kharron

been watching the debt grow since 1971 when I was 18 , and thank you for the answer . The congress and senate do not care
about it because it doesn't stop them from being reelected . Start voting them out and it will change .

With such a large chunk of the population that believe this is a partisan issue that will never ever happen.

originally posted by: UKTruth

originally posted by: Kharron

originally posted by: UKTruth
a reply to: Kharron

You might want to add 2009-2012. All those trillion+ Obama deficits.

Why don't you do that?

And along with it it would be fitting to explain why that is so, what the bailouts were about and who did the one that shows up on 2009 deficit?

2009 - 1.413 Trillion
2010 - 1.294 Trillion
2011 - 1.295 Trillion
2012 - 1.087 Trillion

So that would be over $5Trillion in Obama's first term.

High deficits during a recession and high unemployment are one thing. But the US economy is in great shape, high deficits right now are purely because we set taxes too low to actually collect. Deficits should be small or non existant when you have an economy that's running the way the economy in the US currently is.

originally posted by: JasonBillung
a reply to: Kharron

I guess everyone is happy that the tax cuts for the 1% will be costing our grandchildren billions, and they will be in debt forever.

I do OK, so I am actually getting a break. But most US folks are getting screwed. You will pay more in the end so that the 1% can keep more.

So here you are in another thread claiming that you do okay and are getting a break. I am confused. You are getting a break and doing better because of the tax cuts right ?

That means you are part of the 1% right ? Must be nice to be swimming in the dough. I mean to benefit from tax breaks that only benefited the top 1% and you.

Let's not forget those of us "dregs" of American society, you know from the "basket of deplorables", the same people you can "smell at Walmart" that are getting, how much did you say back in our checks?

I believe you said some of us are seeing an extra $24 in our checks. That $24 for some like you guys doing ok in the 1% maybe a crumb but it's our crumb.

For some who are benefiting by just getting a check now that they are employed since it's been awhile since we waited for hope and change. I know for someone like you in the 1% that's no big deal.

You can't have it both ways and claim that the tax Cuts only benefitted the top 1% yet claim that it benefits you, and then claim others are benefiting but not much.

It disproves your whole theory and the Democrat theory all together that tax cuts only benefitted one group. They benefitted a lot of people and business which created more jobs hence lowest unemployment in awhile. Enough nonsense already.

2K? Heh. Like I would even notice that.

You are doing so well that you wouldn't notice an extra 2 grand ?

Amazing, the tax cuts are really doing exactly what Trump claimed. Unless...you really are part of that 1% that you so hate...that you claim are the only ones benefiting from tax cuts.

Seems like you would be cheering for more tax cuts, and I bet you would be if the cuts came during a democrats turn. Let's wait and see how much cheering you do when taxes get raised.

originally posted by: DJMSN
I believe you said some of us are seeing an extra $24 in our checks. That $24 for some like you guys doing ok in the 1% maybe a crumb but it's our crumb.

I make about $400 per day (paid $50/hour), after taxes it works out to about $1460 per paycheck (I'm paid weekly). Tax cuts got me an additional $10/week in my check. Quite a ways off from the $24 others got. It literally goes unnoticed.

I get an extra $520/year now in exchange for massive deficits, and a tax plan that takes that and more away within the next couple years. Small gain now, high cost later.

I'm not happy to see the higher deficit but a large chuck of 2018 so far came from that omnibus Trump signed where the Democrats got some goodies while Trump got his military spending, as well as the tax cuts. It's been acknowledged for a few years now that any attempt to control the overall direction of the national debt would require some extra spending early on to allow for lowered spending long term.

I'm willing to wait another year or so to see the trajectory change.

Trump, Trump, Trump...Congress are the ones that set the budget and spend, the Treasury reports by how much they blow past the budget for the month and at the end of the quarter/year tally up expenditures and incomes to report the National Debt. Trump didn’t do a tax cut, he suggested it. Congress did the tax cut because they hold the purse strings. All part the system of Checks and Balances.

Some people act like Trump drives by your local gas station and changes the price on the sign and pumps.

a reply to: hopenotfeariswhatweneed

just wishful thinking , I'm tired of the B.S. we have now .

originally posted by: Kharron

originally posted by: toysforadults
Obama's was double that.

This is because of the tax cuts.

Tax cuts working.

If Hillary didn't eat babies this wouldn't have happened.

Obama wasn't born in the US.

If Trump didn't go golfing every week.

Ok, well.. there is my prediction for the first 20 responses they will all cover those topics.

That's funny, and likely a good prediction of the replies.

I'll handle that first one, that it was double under Obama -- no, it wasn't... anyone can go back year by year and check. I left a link for that.

The economy stabilized around 2012/2013 after the Bush recession and the deficit was around 40-50% lower following the recession years.

Here are the post recession deficit numbers, from the Treasury statements:

2013 $680b
2014 $483b
2015 $439b
2016 $587b
2017 $666b
2018 $898b so far

Looks like 2016 was already on the way up and that was under Obama, 2017 is starting to look worse but still pretty ok. 2018 sticks out like a sore thumb. 2019 may show recession year numbers 2009-2012, but without the recession, and definitely headed for one.

Too afraid to post 2007-2012?

originally posted by: Kharron

originally posted by: SocratesJohnson
Stop spending money

How about 20 million on a fake Russian collusion scandle. How many schools would that help?

You mean the scandal that just got paid for by $46m in Manafort forfeitures?

You should stop saying that because that witch hunt has now paid for itself for another two years. Imagine if others have to forfeit assets as well, this investigation may not only root out the swamp, it could be very profitable for the government.

You mean money that Manafort made working with the Podesta's and Dems?

Yes, lets keep the investigation going and see where it goes

a reply to: Kharron

If it wasn't as bad under Obama, how did he DOUBLE the national debt in 8 years!?!

originally posted by: pyguy
a reply to: Kharron

If it wasn't as bad under Obama, how did he DOUBLE the national debt in 8 years!?!

He didn't.

Bush Jr did but not Obama.