Hey all you fiscal conservatives out there. You think voting republican has ever reigned in the deficit? Sure, they say they're going to cut spending, but all they ever do is spend spend spend!!! What say you for this madness? By Kate Davidson WASHINGTON--The federal deficit widened last year amid higher government spending -- including rising interest costs on the debt and increased funding for the military -- and flat revenues following last year's tax cut. The government ran a $779 billion deficit in the fiscal year that ended Sept. 30, the Treasury Department said Monday. That is the largest annual deficit in six years and 17% higher than the $666 billion deficit in fiscal 2017. As a share of gross domestic product, the deficit totaled 3.9%, up from 3.5% a year earlier and the third consecutive increase. The deficit would have been even higher if not for shifts in the timing of certain payments, Treasury said. Government receipts held steady at $3.3 trillion, despite strong economic growth and a robust labor market. The low unemployment rate, which hit 3.7% in September, coupled with rising wages would typically drive government tax revenue higher. But individual withheld income taxes rose just 1% in fiscal 2018, and corporate tax receipts declined 22% -- both reflecting changes implemented as part of the sweeping tax overhaul enacted in December, a senior Treasury official said. Trump administration officials had argued last year the new tax law would generate enough economic growth to offset the costs of a tax cut. Treasury Secretary Steven Mnuchin went further, at times saying the changes would actually help reduce the deficit. Monday's report showed that, so far, that is not happening. More story....U.S. Government Deficit Rises 17% in 2018
I say the good news is in the first paragraph saying tax revenue has been flat after the major tax cuts. The bad news is we're still spending more than we're taking in, a chronic condition. Regarding blaming the GOP for this, you have a point. The only thing that would make it worse is for the Dems to be in charge.
Being that both parties answer to the same donors, do you really believe there would be a difference? And to his credit, Bill Clinton is the only president in my life time that ran a balanced budget while at the same time getting a Lewinski in the Oval Office. That's gangster.
I give Clinton lots of credit for signing a balanced budget put forth by Newt Gingrich and the Republicans. Here's a piece from the Cato Institute written in 1998 before history was revised. No, Bill Clinton Didn't Balance the Budget I do think there is a difference in spending between the two parties. The left spends more for squishy causes and the Right spends more on "defense". Right now they need to spend on building the border wall. There's a new wave of Central Americans gathering to bum rush the border again.
Of course the deficit was going to grow. Trump waved that magic wand and cut taxes to create jobs and stimulate the economy. Worked like a charm and phase one complete. Now, if you pay attention, Trump will announce plans to reduce the deficit. I suspect legal cannabis could be a possible solution. As well as cutting frivolous spending, but good luck getting congress to do that
We still have to pay for the wall, and don;t forget Trumps infrastructure bill, oh, and of course the space force.
But when a progressive wants universal healthcare everybody asks, "How we gonna pay for that?". So dumb.
Oh it’s tempting and oh so easy, but I’ve said my peice and will leave you guys to bitch amongst yourselves. Nobody else seems to pay attention to these posts anyways.
Just never any substance in a debate with you. That’s all. I speciallybin this topic. You’ll quote some ridiculous liberally bias article, I’ll shut it down, you’ll find another. I have better things to spend time on.
Something else you have yet to prove. So many declarations without and substance from you. Go run along and do your better things.
"To preserve our Independence, we must not let our rulers load us with perpetual debt... I am for a government rigorously frugal and simple." Thomas Jefferson. To that end, what spending would you cut first?
Who, me? Corporate subsides, foreign aid, defense, then repeal Bush era tax breaks on the wealthy= balanced budget with surplus.
I'm not really surprised you're implying the Berlin Wall and the Trump Wall are similar. You know they're not but to hell with the truth, eh?