Skip to comments.Treasury Dept.: The real deficit is twice as big – and getting worse
Posted on 02/23/2018 10:03:09 AM PST by huldah1776
The largest financial institution in the world the U.S. government issued its financial statement just a few days ago, and nobody in Washington seems to care that the deficit is almost twice as large as they once thought.
In substance-free Washington, the release of the annual financial statements of the U.S. government isnt a big deal, but it should be. The statements demonstrate that we have gone backward, not forward, with Republicans in charge of all branches of government. According to the annual financial report of the U.S. government published by the Treasury Department, the real deficit for fiscal year 2017 was $1.2 trillion, almost double the official estimate of $666 billion.
Overall, the budget deficit grew by $78.3 billion and the net operating cost grew by $105 billion in fiscal year 2017 as compared to fiscal year 2016. This means that the deficit grew by 13.3 percent when Republicans controlled all of government as compared to Obamas final year. And this is with the economy humming. Its the untold story of the first year in office you wont hear from all those at CPAC, including Vice President Pence, fawning over the vibrancy of the conservative movement.
The worst element of our budget is health care. It accounts for 24 percent of our costs, dwarfing even the cost of the military and surpassing the cost of Social Security.
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How long before interest payments are as much as yearly tax receipts?
We have a Federal Reserve that can print paper money, manipulate interest rates and even monetize debt as needed. And so far, the world must still take our US Dollar.
Under those conditions, why should the American public or any politician, bother to show any restraint or sacrifice on any of our wonderful progressive social-engineering schemes?
An oldie but goodie:
A day before hyperinflation begins. Which is roughly 6 months prior to civil war.
I’m sure Democrats and Republicans alike will insist on cutting spending to fix this problem.
How soon do interest rates go up? It all depends on when the confidence cracks.
You give the freeshit army that long? Along the way we will see a failure to refresh EBT cards and the fun begins. Still, agree with your premise.
The next FOMC meeting is March 20-21. Could be then.
I figure they will be at each others throats for a good 3-4 months. After the dust settles in the inner cities, the more civilized folk will take to shooting one another.
Far more simple than that, just close all public schools nothing important is really being taught there any way.
I understand what you are saying, but I think it goes deflationary pop, not hyper-inflation. And a deflationary pop will be much worst.
“Under those conditions, why should the American public or any politician, bother to show any restraint or sacrifice on any of our wonderful progressive social-engineering schemes?”
Because at the end of the day, even the US Government can’t defy financial gravity forever! The time is not far off where the piper must be paid.
National debt = Neutron bomb on route to our country in a NK rocket. Everything seems fine, until it hits.
Either way its going to be nasty. But if you go back and look at history, it always begins with hyperinflation.
The Wiemar Republic is a classic example. They could not pay the debt.
Try using that as a campaign slogan when MSNBC accuses you of racism and wanting to kill grandma
In Obama’s first year the deficit was attributed to Bush. Now in Trump’s first year it belongs to the sitting president. What gives?
Does it really matter? Didn't Obama get alot of his 'spending' from the gop congress?
“the deficit grew by 13.3 percent when Republicans controlled all of government as compared to Obamas final year. And this is with the economy humming.”
Anyone who thinks most Repuke officials are for smaller government are in denial. There are a number of small government Rs, particularly in the House, but they are a minority of the Republican Senate and House delegations. And heaven forbid if we have “infrastructure” and other “stimulus” programs.
The Fed will move heavan and earth to keep rates low because if they start to go up the problem becomes unmanageable...