Posted on 04/15/2017 3:35:41 PM PDT by Tolerance Sucks Rocks
The U.S. government posted a budget deficit in March that is markedly higher than a year ago, as government spending outpaced revenue for the month.
The budget deficit hit $176.2 billion in March, up from $108 billion the same month last year. The year-to-date deficit is $527 billion, up 14.7 percent from the $479 billion budget deficit in March 2016. Total government revenue fell by 5 percent in March, down to $217 billion from $393 billion in the same month of 2016.
A large part of the deficit increase is due to government officials’ decision to shift $42 billion in benefit payments due in April to March. While shifting some of the payments to March might sound troublesome, Justin Bogie, a senior policy analyst at The Heritage Foundation, says the bigger problem is the overall trend of rising deficits.
The timing shift “isn’t all that concerning as timing shifts happen from time to time,” Bogie told The Daily Caller News Foundation. What is more concerning is that “even when you take out that $42 billion,” the 2017 budget deficit is “still outpacing last year’s deficit by about $25 billion year to date and this month’s total is higher than forecasts.”
Bogie warns the real concern is whether the trend continues. “CBO projected in January that the overall deficit would be smaller this year than last year. At this rate, it does not look like that would be the case. Ultimately, this highlights the bigger problem,” Bogie told TheDCNF. “Regardless of whether or not this is an accounting irregularity, we’re still going to be running a significant deficit this year and CBO projects that they will rise sharply over by the end of the next decade.”
The term budget deficit describes a situation in which total expenditures exceed total revenue. The government budget deficit is often conflated with the national debt. The national debt refers to the total outstanding liabilities of the government.
To mitigate the deficit problem, “Congress should be taking action to reduce spending and tackle entitlement reform so that we can eventually balance the budget and begin to stabilize the national debt,” Bogie told TheDCNF.
Trump’s in office, but we are still screwed at this time.
PING!
Unfortunately, because of the size and scope of the US economy, what is going on today is the result of what went on nearly two years ago. We won’t really see a “Trump effect” until probably about 2019. Possibly sooner if he’ll really get bold. But with the fools he has to deal with in Congress, probably not.
Oh, we’re screwed for ALL time. I’m not sure anyone can do anything more than slow the bleeding at this point.
I just hope I’m dead before the Shiite REALLY hits the fan.
Plan for the worst, hope for the best. :)
That’s roughly $1000 of OVER-spending per working person for ONE MONTH.
Why is it so difficult to telegraph that this is unsustainable?
This is more than just ignorance of large numbers, more than just irresponsible politicians and bureaucrats.
Over spending public funds should carry a penalty of hard labor, but right now I’m so mad a different penalty comes to mind...
Does that work??
Only with Congressional math.
Huge pensions promised by previous politicians prevent possible recovery. All those extravagant promises are going to be broken sooner or later. You can’t ignore reality forever.Same for Welfare , personal and corporate.
Revenue fell 5 percent in March. The difference from 393 to 217 includes the preceding 11 months.
Yep, at least with President Trump we’ll get much better than with HillaryBill Obama Part III Clinton.
God bless President Trump.
It certainly is not 5%. 10% of 393 is 39.3. 5% would be 19.65. 373.35 wold be a 5% drop from 393.
We are still on Obama’s budget. We need a real budget. Come on Ryan and McConnell get with the program.
The government needs to move quicker with the reduction in number of federal employees & contractors. And the reductions need to be HUGE!
We need to start cutting in major ways. The cuts President Trump proposed are a good first step, but we need much more.
"What difference does a budget make? The government is going to spend whatever it wants, regardless. It always has."
Agreed!
*TRUMP BUMP*
Total Debt (not deficit) has gone down by $101 billion since 1/20/17:
O/T. Been looking for you: I found a coleus var. Combat (posted it on the garden thread) that would be a stunning centerpiece to a USM-themed garden, using the colors in this coleus for the other plantings.
I saw that; gorgeous! I finally have some SHADE at my ‘new’ farm (Est. 1906) and I’m excited to do some ‘shade’ gardening for a change!
Of course, the Veggie Garden is in full sun, but the north side of the house, and the deck that has a shady spot needs some help. :)
That’s one part of my Garden Center job that I miss: getting to pick out really cool & unique things to sell. :(
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