Posted on 05/10/2019 3:55:16 PM PDT by detective
The federal government recorded a $160.3 billion surplus in April as revenues for the month jumped to an all-time high. But even with a flood of tax receipts, the deficit so far this year is running 37.7% higher than a year ago. The Treasury Department reported Friday that the deficit for the first seven months of the budget year that began Oct. 1 totals $530.9 billion, compared to a deficit of $385.5 billion for the same period a year ago.
The Trump administration projected in March that this year’s deficit will hit $1.1 trillion, up from last year’s deficit of $779 billion. The administration is projecting the deficit will stay above $1 trillion for four straight years before starting to decline for the rest of the decade.
(Excerpt) Read more at apnews.com ...
True. But that was at a time when the economy was in the toilet. Now we have an economy that stronger than it has been in literally half a century and we're back to trillion dollar deficits. What will deficits be like when there is an economic downturn
Democrats are sabotaging efforts to control spending.
That implies there have been efforts to control spending by Republicans. There hasn't been.
Revenues are up under President Trump. The economy is strong.
And yet the deficit is over one trillion dollars. Why? Because revenue increases are dwarfed by spending increases.
Trump is beginning to turn things around despite being sabotaged at e very turn.
Neither Trump or anyone else in Washington is turning things around where the deficit is concerned.
A POTUS alone can’t solve the debt or deficit spending problem. The electorate and all three branches of government would have to address some tough realities, and the remedies would be extremely unpleasant for many.
Here are some of the steps that would have to be taken.
1. Replace the Federal Reserve with an honest currency system so that fiat money can’t simply be printed out of thin air. The value of Treasury bills, bonds, and other government debt instruments would immediately plunge to zero as people realized the government had no means of repaying the debt. That is the ONLY way to solve the debt problem. Winners: future generations. Losers: anyone holding government debt instruments or receiving entitlements.
2. Eliminate the IRS and replace income taxes with a flat 10% across the board consumption tax.
3. Pass and strictly enforce balanced budget laws. Let congress fight over guns vs. butter decisions and common sense trade policy.
4. Fill the courts with judges and justices who strictly uphold the Constitution.
5. Allow the possibility of state secession. This is the only way to ensure the federal government is subservient to the states and that the union is comprised of WILLING participants.
Do I think any of that will happen? Doubtful. Historically, once great empires have strayed off course, they can never manage course corrections. Instead, they fall and a new empire arises elsewhere. Greatness arises out of suffering - in order to avoid the suffering people are willing to fight and sacrifice - over time and generations when the suffering is forgotten, there is no longer sufficient will or understanding of what must be sacrificed and what must be treasured.
If anyone can inspire this kind of sacrifice it is President Trump, but are there nearly enough people listening?
Wait until the tariff money rolls in. The deficit will continue to be held in check.
MAY
Because they look at it like an actuary with account payable and accounts receivable. Most Freepers are incapable of that smallest bit of analysis.
Dismantle the 80%+ unconstitutional portion of the feds, and your surplus will drive taxes down to where they should be: 10% flat.
- Wealth once again to the average working American citizen, not to corrupt government bureaucrats and officials.
- Individual Freedom and the wealth-creating free-market economy once again running the show.
- America’s Free Constitutional Republic restored!
“So if we have a $1.1 trillion deficit this year and an $800 billion deficit in five years will you cheer the President and call him a deficit hawk?”
He has the best financial people around him. Any movement that changes the upward trend of the deficit is an accomplishment. Especially with a Democrat congress.
This is all Obama’s fault. (deja vu?) Still I believe.
Good-they can give some of mine back...
what do you mean, trillion dollar deficits for five years?
in 2008 obama took office with a 9.7T$ debt.
in 2016, obama left office with a 19.8T$ debt.
that is 10.1T$ over his 8 years in office.
that means Obama ran a 1.2Trillion Dollar average deficit while he was in office.
Your post makes it sound like a 1T$ deficit is unusual, when it was the standard during Obama.
Bingo
>
“A declining deficit is always 5 years away. “
But I trust Trump to do it.
>
It’s been tried by Trump already....he blinked. *TWICE* (”shut-down” & signing the budget bill after being lied to by Ryan/McConnell)
AND, that was w/ his ‘friends’ & party @ the helm.
I know, I know: We just need more “conservatives”...
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
If China doesn't give in by treaty, then they will be contributing over $100 billion per year via tariffs paid to the U.S. Government ... until the trade balance is returned.
BTW, these tariffs are PAID BY THE CHINESE GOVERNMENT, since they own the majority control of all Chinese companies.
They are COMMUNIST, REMEMBER? (Talking to you surrender traders out there.)
Only a small fraction will be paid by U.S. consumers until alternate sources are found--preferably MADE IN THE USA.
But I trust Trump to do it.
No one ever accused the President of being a fiscal conservative. Tax cuts stimulate government revenue as described by the Laffer Curve, but the demand for free government stuff does not enjoy the inverse relationship to that growth in income.
There’s a LOT of red states in the top 20 that take the most.
Yep, totally agree.
The Red States need the money or at least think they need it, and are willing to give up their sovereignty. While the over contributing Blue States could care less about sovereignty and are happy to have the Feds dictate their values on everyone else.
Deficit lags surplus
Always has
Always will
Fiscal conservative has become a meaningless term when used to describe the government spending.
When Reagan was President he was continually accused of creating massive deficits.
Reagan cut taxes, rebuilt the military and attempted to reduce the growth of government spending despite being continually sabotaged by the Democrats.
Reagan’s tax cuts helped to grow the economy and his rebuilding the military helped win the cold war.
Reagan’s attempts to reduce the size of government were sabotaged by Democrats, the media and some liberal Republicans.
Trump has done the same as Reagan. He has grown the economy, rebuilt the military and is trying to reduce the size of government.
The government recorded a surplus but there a big deficit. Note to author of article: are you writing for economists only? or do you want normal people to read your article? Define your terms!
Surplus and deficit appear to be opposites. They aren’t. splain, please!
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