Trump Administration on Track for $1 Trillion Budget Deficit This Year

https://www.activistpost.com/2018/11/trump-administration-on-track-...

By Michael Maharrey
The Trump administration is on track to post a 2019 fiscal year budget deficit of over $1 trillion. These are the kind of budget deficits we would expect to see during a deep recession, not an “economic boom.”
The government got off to a good start at achieving this illustrious achievement last month. According to the Treasury Department report, the deficit came in at $100.5 billion in October. That represents a 58 percent increase from the $63 billion deficit recorded in October 2017. Spending rose 18 percent year-on-year. Revenues only increased by 7 perceThe month-on-month increase was impacted by a quirk in the calendar. Total outlays were much higher this October compared to last year because Social Security payments for October 2017 went out in September due to Oct. 1 falling on the weekend. Nevertheless, we should have seen a decrease in this year’s September outlays compared to last year and that didn’t happen. The September 2018 deficit was significantly bigger (119.116) than September 2017 ($7.886 billion) even without the October Social Security payments falling in September this year. The bottom line is spending is going up year-over-year.
Spending last month continued the pace of the last fiscal year. The federal government ended 2018 with the largest budget deficit since 2012. Uncle Sam ended 2018 $779 billion in the red, adding to the ballooning national debt. The CBO forecast this year’s deficit will come in close to $1 trillion. The current Treasury Department estimate projects a total fiscal 2019 deficit over the $1 trillion mark, coming in at $1.085 trillion.
The national debt expanded by more than $1 trillion in fiscal 2018. It currently stands at over $21.7 trillion. According to data released by the Treasury Department, fiscal 2018 gave us the sixth-largest fiscal-year debt increase in the history of the United States. (If you’re wondering how the debt can grow by a larger number than the annual deficit, economist Mark Brandly explains here.)
Although the economy is supposedly in the midst of a boom, U.S. government borrowing looks more like we’re in the midst of a deep recession. Long-term US debt sales have risen to a level not seen since the height of the financial crisis. In October alone, the US Treasury sold over $80 billion in public debt. The government spent $32 billion simply paying the interest on outstanding debt. That was roughly a 30 percent increase from a year ago.
Annual interest payments already approach $500 billion. Every uptick in the interest rate increases that number. At the current trajectory, the cost of paying the annual interest on the U.S. debt will equal the annual cost of Social Security within 30 years.

This is not good news for the U.S. economy. Large levels of debt retard economic growth. This explains why despite what is supposed to be a booming economy, revenues to the U.S. Treasury are only up 7 percent year-on-year. Most of that increase came from tariffs and excise taxes. Corporate and individual tax receipts are up around 1 percent.
Several studies have estimated that economic growth slows by about 30 percent when the debt to GDP ratio rises about 90 percent. Most analysts say the U.S. economy is already in the 105 percent range.

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Comment by Doc Vega on November 21, 2018 at 3:26am

On the contrary, I am awake that's why I don't ascribe to Democrat propaganda yet it seems that you do.

Comment by jim on November 21, 2018 at 1:00am

yeah well, every one of those people you mentioned was a conservative Doc Vega. no democrats in there anywhere ? no independents ? I'm not locked in on one Party therefore I am Awake. thanks for playing.

Comment by Doc Vega on November 20, 2018 at 7:15pm

Consult Dan Celia, AFR financial expert, Mark Levin, conservative legal and policy analyst, Larry Elder, conservative radio talk show host, stop watching CNN, MSNBC, NBC, CNBC, ABC, and CBS you could do better listening to dog shit.

Comment by Doc Vega on November 20, 2018 at 7:13pm

Trump emulates the Reagan policies that restored US prestige and economic recovery! Try waking up!

Comment by Doc Vega on November 20, 2018 at 7:11pm

Recently it was reported that due to Trump's fiscal policies the US unexpectedly came up with 28 billion in deficit reduction not to mention that fact that Trump brought 40 billion back from the NATO negotiations to get our international partners to pay their fair share. The trade imbalance with China and other major US international trading partners will also increase US tax and retail revenue. The fact that Trump was forced to approve 700 billion for military expenditures as only 33% of US warplanes were flight worthy, US regimental strength in foot soldiers with tensions increasing with Iran, North Korea, China, and Russia-Obama left the US in a precarious position and you can also attribute 150 billion of that deficit to Obama paying off Iran while giving them the go ahead to continue with their nuclear program while launching missiles that violated UN coalition rules. harassing US Navy shipping, firing rockets at a US aircraft carrier, and shouting "Death to America!" 

If you're going to trash Trump like most "never Trumpers" take a ;look at the big picture! Reagan created 21 million jobs and forced the Soviet Union to collapse while America recovered from the steepest recession since the Great Depression under Jimmy Carter! So, if you're going to demonize the President try putting things into a non Democrat perspective!

Comment by jim on November 20, 2018 at 5:33pm

Economy at 105 range, wow wait until the Tariffs take hold and workers are laid off. companies are already feeling the sting.

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