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In other not-news, federal deficit soars
Posted by: pdq
Date: June 13, 2018 02:50PM
Quote

The U.S. government had a $147 billion budget deficit in May, an increase of 66 percent from the same month last year as the ledger took a hit from declining revenue and higher spending, according to Treasury Department data released on Tuesday.

Yeah, this is only one month. But not only are tax revenues down (WHAT a surprise RollingEyesSmiley5) but federal spending is also up significantly. This double-whammy is, of course, expected to continue indefinitely. We should see annual trillion dollar deficits return sooner rather than later.

No doubt we'll hear that uber-responsible policy wonk Paul Ryan howling and wringing his hands non-stop over this terrible turn of events.

smiley-laughing001
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Re: In other not-news, federal deficit soars
Posted by: DeusxMac
Date: June 13, 2018 03:29PM
WASH­ING­TON—The U.S. gov­ern­ment’s bud­get deficit widened in the first eight months of the fis­cal year, re­flect­ing lower rev­enue from cor­po­rate taxes com­bined with ramped-up gov­ern­ment spend­ing.
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Re: In other not-news, federal deficit soars
Posted by: pdq
Date: June 13, 2018 03:40PM
Quote

The Congressional Budget Office predicts the budget deficit will rise from $665 billion in 2017 to approximately $1 trillion in 2019...

...from this article.

And this, from the link in the OP:

Quote

Unadjusted [Federal tax] receipts last month totaled $217 billion, down 10 percent from May 2017, while unadjusted outlays were $364 billion, a rise of 11 percent from the same month a year earlier.

Remember the good old days, when tax cuts always paid for themselves? Ah, we were younger then.



Edited 1 time(s). Last edit at 06/13/2018 03:48PM by pdq.
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Re: In other not-news, federal deficit soars
Posted by: $tevie
Date: June 13, 2018 03:48PM
As long as the GOP is in charge, this does not matter at all. It won't matter until the Democrats are back in power, then it will be whine, whine, whine and calls for cuts to social programs. If there are any left.



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Re: In other not-news, federal deficit soars
Posted by: Acer
Date: June 13, 2018 04:03PM
Yeah, but a hundred privately-held utilities cut their rates by $1 to $4 a month. TOTALLY WORTH IT.
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Re: In other not-news, federal deficit soars
Posted by: billb
Date: June 13, 2018 07:32PM
This wasn't an issue for the eight recent years Democrats had no leader



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Re: In other not-news, federal deficit soars
Posted by: pdq
Date: June 13, 2018 08:15PM
Quote
billb
This wasn't an issue for the eight recent years Democrats had no leader

Perhaps because the federal deficit decreased for six out of those eight years, bill.

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Re: In other not-news, federal deficit soars
Posted by: Carnos Jax
Date: June 13, 2018 08:24PM
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