U.S. government posts widest deficit since 2012

[sggatecl]

https://www.reuters.com/article/us-...posts-widest-deficit-since-2012-idUSKCN1MP28I

WASHINGTON (Reuters) - The U.S. government closed the 2018 fiscal year $779 billion in the red, its highest deficit in six years, as Republican-led tax cuts pinched revenues and expenses rose on a growing national debt, according to data released on Monday by the Treasury Department.

New government spending also expanded the federal deficit for the 12 months through September, the first full annual budget on the watch of U.S. President Donald Trump. It was the largest deficit since 2012.

The data also showed a $119 billion budget surplus in September, which was larger than expected and a record for the month. A senior Treasury official said the monthly surplus was smaller when adjusted for calendar shifts.

Economists generally view the corporate and individual tax cuts passed by the Republican-controlled U.S. Congress late last year and an increase in government spending agreed in early February as likely to balloon the nation?s deficit.

Trump and his fellow Republicans have touted the tax cuts as a boost to growth and jobs.

?America?s booming economy will create increased government revenues ? an important step toward long-term fiscal sustainability,? Office of Management and Budget Director Mick Mulvaney said in a statement accompanying the data.

The deficit in the 12 months through September was $113 billion - or 17 percent - bigger than in the same period a year earlier. Adjusting for calendar effects, the gap was even larger, the Treasury official said.

The Bipartisan Policy Center called the report ?a wake up call? for policymakers to turn things around. ?The fact that our government is closing in on trillion-dollar deficits in the midst of an economic expansion should be a serious issue for voters and candidates,? William Hoagland, its senior vice president, said of next month?s U.S. congressional elections.

 

[JScottWriter]

Conservatives are not so conservative.

 

[tigermud]

https://www.wsj.com/articles/u-s-government-debt-rises-17-in-fiscal-2018-1539626598

Multiple factors

 

[biggunsbob]

Just think of a democratic president had those numbers. The Gop are such hypocrites.

 

[Mitchrapp]

One thing I learned when I was small.. The deficit will keep going up, a little some years - a lot other years and at the end of the day we're not paying it off. I guess I really don't see the catastrophic that is our national debt.

Yes, it can effect things like inflation and the housing market etc. but even when the debt is in slightly better shape I still have to pay way too much on bananas. We owe China more than a trillion dollars - I can't even fathom that. When I was 10 I thought Trillion was a fake word.

We could become Greece and cut back on spending and the country will revolt. People don't like their taxes going up.

 

[Mitchrapp]

Debt goes up so does our GDP. Anyone know what the debt to GDP is at the moment? Curious.

 

[tomdalton22]

Debt goes up so does our GDP. Anyone know what the debt to GDP is at the moment? Curious.

I googled it.

The GDP figure in the second quarter of 2018 was $5.103 trillion

 

[Mitchrapp]

Thanks.

 

[Spartanmack]

Just think of a democratic president had those numbers. The Gop are such hypocrites.

did you read the headline of the OP - it says worst deficit since 2012. Remember who was in the White House in 2012? Are you catching up? A Democrat DID have those deficit numbers, and worse. Imagine if a leftist partisan hack blinded by Republican Derangement Syndrome thought before opening his mouth...

 

[Gulo Blue]

We're trending up again. Made a lot of progress after the TARP set us back, but things started creeping up again in the last couple years of his 2nd term.

2007 1.11
2008 3.12
2009 9.80
2010 8.65
2011 8.37
2012 6.73
2013 4.07
2014 2.78
2015 2.42
2016 3.14
2017 3.43
2018 3.89

 

[tigermud]

Gerald Celente, of TrendsResearch.com, describes what’s ahead as the Federal Reserve is crashing the debt & real estate bubble it created worldwide.

As President Trump said, China is already entering a “Great Depression”-era decline.

What does it mean for the economy & war?

https://www.infowars.com/celente-global-bubble-bursting-fed-holding-the-pin/

 

[tigermud]

Worth it

https://www.wsj.com/articles/u-s-is...economy-for-first-time-in-a-decade-1539727213

 

[Sbee]

Conservatives are not so conservative.

Being fiscally conservative doesnt mean balanced budgets and low deficits, it used to in the 90's but now being fiscally conservative means lowering taxes on corporations and the wealthy without offsetting spending cuts.

Sent from my SM-G960U using Tapatalk

 

[sggatecl]

Worth it

https://www.wsj.com/articles/u-s-is...economy-for-first-time-in-a-decade-1539727213

Can you quote the article? It has a paywall.

 

[JScottWriter]

Being fiscally conservative doesnt mean balanced budgets and low deficits, it used to in the 90's but now being fiscally conservative means lowering taxes on corporations and the wealthy without offsetting spending cuts.

Sent from my SM-G960U using Tapatalk

I think it only matters when the president is a Democrat. When was the last time a Republican president had a balanced budget? I get that the president doesn't create the budget but when the Republicans controlled Congress with a Republican president it still doesn't happen.

 

[Spartanmack]

I'm trying to be patient. It's tough to push tax and spending cuts all at once - Rome wasn't built in a day.