Deficit set to soar like an eagle. Thanks to con artist.

[someoneyouknow]

The CBO has been crunching the numbers and no matter much it tries, the results ain't good. Using current projections, the federal deficit, the difference between the amount of money the government spends and the amount of money it brings in, is set to hit $1 trillion (yes, the 't' is correct) in two years. That is two years earlier than previously projected.

What happened? Trickle down economics. By substantially reducing the amount of revenue the government receives while simultaneously increasing its spending, the con artist is living up to his reputation and bravado as the King of Debt.

This year alone the deficit should rise to at least $800 billion which is 17% more than last year's deficit. In addition, rising interest rates will add their hammer blows to the worsening financial condition.

Needless to say, Republicans are fuming over this unbiased report, claiming the numbers weren't fudged enough to compensate for the massive increase in growth they always say will happen when revenue is cut.

The only bit of good news is the CBO is projecting a 3 percent rate of growth this year before slumping back to around 2 percent over the next decade, with a 1.8 percent growth rate by the 2020 election.

https://www.cbsnews.com/news/federal-deficit-likely-to-hit-1-trillion-earlier-than-expected/

http://thehill.com/policy/finance/382309-budget-deficit-to-hit-804b-after-tax-cuts-spending-hikes

http://thehill.com/policy/finance/382319-gop-tax-law-will-add-19-trillion-to-debt-cbo

 

[Hypoxia]

"Total debt held by the public — a reflection of cumulative deficits over the years — would reach about 105% of GDP by the end of 2028."

National debt larger than the national economy. Can you say 'Greece'? Tromp and the Gups are Commies! Go figure.

 

[Blue]

I love how the republicans (and some democrats) act like you didn't literally just try the economic model of trickle down for the 3rd time under Bush with disasteruous consequences.

I wonder when the rest of the world is going to get the message that the US doesn't take care of their economy enough to be relied on as the global trading currency. A fourth enormous economic crash caused by US deregulation and trickle down voodoo?

 

[sharingfantasies]

Nothing new here. There is a difference between not knowing and not caring. Even kids know that if you get a certain amount of money and spend more than you have, you have a deficit. As soon as the government chose to cut taxes, the deficit was going to grow.

 

[BotanyBoy]

The CBO has been crunching the numbers and no matter much it tries, the results ain't good.

Deficit a problem all of a sudden?

SAY IT AIN'T SO!!!!

 

[BotanyBoy]

I love how the republicans (and some democrats) act like you didn't literally just try the economic model of trickle down for the 3rd time under Bush with disasteruous consequences.

I wonder when the rest of the world is going to get the message that the US doesn't take care of their economy enough to be relied on as the global trading currency. A fourth enormous economic crash caused by US deregulation and trickle down voodoo?

It's not deregulation that's the problem....our government regulates like a mother fucker. Every bill we pass federal and state has like 800,000 fucking pages of "regulations".

We've got so many regulations we have entire alphabet agencies with thousands of people across the country that have no fucking clue what their job is.

The US doesn't have a lack of regulation, it has an overabundance of GARBAGE regulation.