Politicspolitics

Thu Sep 13, 2018, 06:46 PM

The Annual Federal Budget Deficit Grows

According to the Congressional Budget Office we now have a $895 billion annual budget deficit.
Thanks in large part to the tax cuts passed in 2017, the U.S. deficit has grown by $222 billion over the past year to $895 billion. The deficit is on a course to hit $1 trillion by the end of the 2019 fiscal year.

When President Obama left office the deficit was $587 billion.
https://fred.stlouisfed.org/series/FYFSD

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Arrow 28 replies Author Time Post
Reply The Annual Federal Budget Deficit Grows (Original post)
jh4freedom Sep 13 OP
fszwfnj Sep 13 #1
jh4freedom Sep 13 #3
def_con5 Sep 13 #2
jh4freedom Sep 13 #5
def_con5 Sep 13 #9
New Deal Democrat Sep 13 #16
bfox74 Sep 14 #22
def_con5 Sep 14 #25
rampartb Sep 14 #27
def_con5 Sep 14 #28
HermantownHawk Sep 13 #4
jh4freedom Sep 13 #6
HermantownHawk Sep 13 #8
jh4freedom Sep 13 #12
HermantownHawk Sep 13 #17
def_con5 Sep 14 #24
RCW2014 Sep 13 #7
PrescientWon. Sep 13 #10
jh4freedom Sep 13 #13
Grumpy Pickle Sep 13 #11
jh4freedom Sep 13 #14
Oldgeezer Sep 13 #20
Oldgeezer Sep 13 #15
Trumplethinskin Sep 13 #18
Oldgeezer Sep 13 #19
Trumplethinskin Sep 14 #21
bfox74 Sep 14 #23
Oldgeezer Sep 14 #26

Response to jh4freedom (Original post)

Thu Sep 13, 2018, 06:47 PM

1. Spend less money, problem solved.

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Response to fszwfnj (Reply #1)

Thu Sep 13, 2018, 06:50 PM

3. That's not happening

And so the deficit grows.

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Response to jh4freedom (Original post)

Thu Sep 13, 2018, 06:50 PM

2. Sigh, it's not the tax cuts

Revenue is up not down, compared to last year.

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Response to def_con5 (Reply #2)

Thu Sep 13, 2018, 06:53 PM

5. Sigh, and yet

Last year the annual federal budget deficit was at $666 billion and now its up to $895 billion.

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Response to jh4freedom (Reply #5)

Thu Sep 13, 2018, 07:00 PM

9. It's not Trump, it's not Obama

It's the automatic spending programs, 75% of the budget is neither budgeted or appropriated.

AFDC, etc. As long as the populations ages its going to continue to rise. Should level out in about 30 years.

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Response to def_con5 (Reply #9)

Thu Sep 13, 2018, 08:00 PM

16. Tax cuts don't impact deficits because they are sacred.

All hail tax cuts!

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Response to New Deal Democrat (Reply #16)

Fri Sep 14, 2018, 03:48 AM

22. You're finally beginning to understand!

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Response to New Deal Democrat (Reply #16)

Fri Sep 14, 2018, 10:09 AM

25. I never said they were sacred

I merely pointed out that revenue is ahead of last year's pace.

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Response to def_con5 (Reply #9)

Fri Sep 14, 2018, 12:07 PM

27. afdc, of course, involves dependent children

something that should be decreasing as the population ages.

the money is being spent for war, and for subsidies to corporations.

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Response to rampartb (Reply #27)

Fri Sep 14, 2018, 12:48 PM

28. Just one of many

There are a bunch of programs on auto-pilot.

The big three are SS, medicare, and medicaid.

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Response to jh4freedom (Original post)

Thu Sep 13, 2018, 06:51 PM

4. Good Thing....

....President Trump has made significant cuts in the EPA and State Department staffing. Looks like they were needed.

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Response to HermantownHawk (Reply #4)

Thu Sep 13, 2018, 06:55 PM

6. Not enough to lower the deficit.

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Response to jh4freedom (Reply #6)

Thu Sep 13, 2018, 06:59 PM

8. All Cuts....

.....lower the deficit.

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Response to HermantownHawk (Reply #8)

Thu Sep 13, 2018, 07:23 PM

12. Not if federal spending is increased in other budget categories

For example: the FY 2018 defense budget grew to $700 billion—an increase of $108 billion, or 18 percent, above the proposed 2017 budget—and the FY 2019 defense budget will grow to $716 billion. This means that since President Trump took office, the defense budget will have grown by $133 billion, or 23 percent.
The reduction at EPA was about $500 million (9%) and at State, $3.4 billin was cut
President Trump PROPOSED huge cuts in those budgets but Congress actually PASSED more modest cuts which Trump then signed into law.
https://resource-recycling.com/recycling/2018/07/24/house-passes-slight-cut-to-epa-budget/
http://thehill.com/policy/finance/379663-spending-deal-cuts-34-billion-from-state-and-foreign-operations

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Response to jh4freedom (Reply #12)

Thu Sep 13, 2018, 09:02 PM

17. No.....

.....all cuts reduce. All of them.

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Response to jh4freedom (Reply #6)

Fri Sep 14, 2018, 10:01 AM

24. You are 100% correct

You could eliminate all the discretionary spending except for defense (FBI, ICE, EPA, HHS, etc, etc) and you still wouldn't be in balance.
It ain't foreign aid either.

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Response to jh4freedom (Original post)

Thu Sep 13, 2018, 06:58 PM

7. MAGA, MAAAGA, MAAAAAAGA!!!! nt

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Response to jh4freedom (Original post)

Thu Sep 13, 2018, 07:16 PM

10. Obama added nearly 10 TRILLION in debt in 8 years.

fact.

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Response to PrescientWon. (Reply #10)

Thu Sep 13, 2018, 07:38 PM

13. And Trump is right on track to duplicate that mark

If he was to be around for a second term.
The total debt increased the most at 184% over 8 years and at the fastest rate under President Reagan at almost 14% per year. In fact, the three Republican presidents had the fastest growing debt on a yearly basis.
Ronald Reagan
Started Presidency: $965 billion
Ended Presidency: $2.74 trillion
Increased 184% or 13.9% per year
George H.W. Bush
Started Presidency: $2.74 trillion
Ended Presidency: $4.23 trillion
Increased 54% or 11.5% per year (only in office for four years)
Bill Clinton
Started Presidency: $4.23 trillion
Ended Presidency: $5.77 trillion
Increased 36% or 4.0% per year
George W. Bush
Started Presidency: $5.77 trillion
Ended Presidency: $11.1 trillion
Increased 93% or 8.5% per year
Barack Obama
Started Presidency: $11.1 trillion
Ended Presidency: $19.85 trillion
Increased 78% or 7.5% per year
https://www.forbes.com/sites/chuckjones/2018/01/15/obamas-federal-debt-grew-at-a-slower-rate-than-reagan-h-w-bush-or-w-bush/#2566fb061917

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Response to jh4freedom (Original post)

Thu Sep 13, 2018, 07:20 PM

11. Obama doubled the national debt from 2008 to 2016.

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Response to Grumpy Pickle (Reply #11)

Thu Sep 13, 2018, 07:49 PM

14. Barack Obama didn't become president until 2009

And the growth in the debt for his eight years was 78%. Ronald Reagan increased the national debt by more than twice Obama's number, 186% for The Gipper.

The Top Five Contributors by Percent
(1) Franklin D. Roosevelt: Percentage-wise, President Roosevelt increased the debt by the largest amount. Although he only added $236 billion, this was a 1,048-percent increase from the $23 billion debt level left by President Hoover.

Of course, the Great Depression took an enormous bite out of revenues. The New Deal cost billions. But FDR's major contribution to the debt was World War II spending. He added $209 billion to the debt between 1942 and 1945.

(2) Woodrow Wilson: President Wilson was the second-largest contributor to the debt percentage-wise. He added $21 billion, which was a 727 percent increase over the $2.9 billion debt of his predecessor. Wilson had to pay for World War I. During his presidency, the Second Liberty Bond Act gave Congress the right to adopt the national debt ceiling.

(3) Ronald Reagan: President Reagan increased the debt by 186 percent. Reaganomics added $1.86 trillion. Reagan's brand of supply-side economics didn't grow the economy enough to offset the lost revenue from its tax cuts. That was partly because Reagan increased the defense budget by 35 percent.

(4) George W. Bush: President Bush added $5.849 trillion, the second-greatest dollar amount. It was the fourth-largest percentage increase. Bush increased the debt by 101 percent from where it started at $5.8 trillion on September 30, 2001. That's the end of FY 2001, which was President Clinton's last budget.

Bush launched the War on Terror in response to the 9/11 attacks. The War on Terror included two wars. The War in Afghanistan cost $1 trillion and the Iraq War cost $807.5 billion. They increased military spending to record levels of $600 billion to $800 billion a year.

President Bush also responded to the 2001 recession by passing the Economic Growth and Tax Relief Reconciliation Act and the Jobs and Growth Tax Relief Reconciliation Act. He approved a $700 billion bailout package for banks to combat the 2008 global financial crisis. Both Presidents Bush and Obama had to contend with higher mandatory spending for Social Security and Medicare.

(5) Barack Obama: Under President Obama, the national debt grew the most dollar-wise. He added $8.588 trillion. This 74 percent increase was the fifth-largest. Obama's budgets included the economic stimulus package. It added $787 billion by cutting taxes, extending unemployment benefits, and funding public works projects.

The Obama tax cuts added $858 billion to the debt in two years. Obama's budget increased defense spending to between $700 billion and $800 billion a year. Federal income was down, thanks to lower tax receipts from the 2008 financial crisis. He also sponsored the Patient Protection and Affordable Care Act. It was designed to reduce the debt by $143 billion over 10 years. But these savings didn't show up until the later years.
https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296

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Response to jh4freedom (Reply #14)

Thu Sep 13, 2018, 09:21 PM

20. "Ronald Reagan increased the national debt by more than twice Obama's number, 186% for The Gipper."

Apples to kumquat comparison....and if you had an honest bone in your body you would admit it.

It's like a batting average....more AB's the harder it is to increase the Batting Avg.

When debt/deficits are small...it doesn't take much to increase the % by big numbers..

Reagan could get a 180% increase by adding LESS than $2t to debt....Obama added $9+Trillion and only added 74%.......it's all about the AB's....or for you bait and switch kiddies...the Math

Oh and for that $2 T...the Soviet Union collapsed

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Response to jh4freedom (Original post)

Thu Sep 13, 2018, 07:58 PM

15. He(obamaa) had 3yrs of $1+ trillion deficits

$9+trillion added debt over his 8yrs in office....avg over a TRILLION/yr...

You try so hard j4...fail so horribly...but it's so fun to watch.

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Response to Oldgeezer (Reply #15)

Thu Sep 13, 2018, 09:04 PM

18. Trump won't have enough years in office

To get 3 $1 trillion debt years.

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Response to Trumplethinskin (Reply #18)

Thu Sep 13, 2018, 09:08 PM

19. Dumpster will have 4yrs...minimum. You will never have the 67 Senate votes to convict

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Response to Oldgeezer (Reply #19)

Fri Sep 14, 2018, 03:21 AM

21. LOL@RIGHTY

Trump won't be impeached. Nancy Pelosi sees him as a very valuable fundraising tool while he remains in office.

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Response to Trumplethinskin (Reply #21)

Fri Sep 14, 2018, 03:51 AM

23. Funny...

since the GOP see's insane Nan as a very valuable fundraising tool.

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Response to Trumplethinskin (Reply #21)

Fri Sep 14, 2018, 11:40 AM

26. Obama had 3 $1t+ deficits in his 1st 4 yrs.....will Dumpster match that.

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