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Federal deficit soars 32 percent to $895 Billion
Posted by: Steve G.
Date: September 11, 2018 01:02PM
An unfinanced Trillion bucks to the rich really sparks things up, doesn't it? (Until tomorrow)

Federal deficit soars 32 percent to $895 Billion
[thehill.com]
The federal deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of $222 billion, or 32 percent, over the same period the previous year, according to the Congressional Budget Office (CBO).

The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added.

Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.

The August statistics were somewhat inflated, however, due to a timing shift for certain payments, putting the deficit measure through August slightly out of sync with the previous year, the CBO noted. Had it not been for the timing shift, the deficit would have increased $154 billion instead of $222 billion.

Earlier analysis from CBO projected that deficits would near $1 trillion in 2019 and surpass that amount the following year.
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Re: Federal deficit soars 32 percent to $895 Billion
Posted by: hal
Date: September 11, 2018 01:13PM
Damn those tax and spend demoRATS!
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Re: Federal deficit soars 32 percent to $895 Billion
Posted by: Acer
Date: September 11, 2018 01:27PM
I thought the Laffer curve's great appeal was that the loss in tax revenue from lowering tax rates would be offset by increased tax revenue from increased economic activity.



Edited 2 time(s). Last edit at 09/11/2018 01:30PM by Acer.
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Re: Federal deficit soars 32 percent to $895 Billion
Posted by: JoeH
Date: September 11, 2018 01:48PM
The Laffer curve's real appeal is that it is just a qualitative relationship, he and his followers has never been able to provide a quantitative formula for it. So proponents can do a lot of handwaving to make it fit situations that don't really support their argument for lowering taxes.
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Re: Federal deficit soars 32 percent to $895 Billion
Posted by: J Marston
Date: September 11, 2018 03:11PM
Quote
JoeH
The Laffer curve's real appeal is that it is just a qualitative relationship, he and his followers has never been able to provide a quantitative formula for it. So proponents can do a lot of handwaving to make it fit situations that don't really support their argument for lowering taxes.

Right: at 100% taxation, government revenue is $0; at 0% taxation it's also $0.

But figuring out where on the curve you can maximize revenue while minimizing taxation is just guesswork. In practice, it blows up the deficit. People who don't believe this aren't persuaded by...what's that called?...oh yeah, evidence.
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Re: Federal deficit soars 32 percent to $895 Billion
Posted by: samintx
Date: September 11, 2018 03:59PM
The DEFICIT is left out of the talking points whenever 45 or cohorts start talking "those DEMs" raising your taxes, facts and figures.
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Re: Federal deficit soars 32 percent to $895 Billion
Posted by: Filliam H. Muffman
Date: September 11, 2018 05:37PM
And it starts. Oh noes! We must cut Social Security and Medicare to get the deficit under control. RollingEyesSmiley5



In tha 360. [url=Zee Maps Now requires a subscription/payment to work]MRF User Map[/url]
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Re: Federal deficit soars 32 percent to $895 Billion
Posted by: Speedy
Date: September 11, 2018 10:51PM
Always remember, the debt and deficits only matter when Democrats are in power.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: Federal deficit soars 32 percent to $895 Billion
Posted by: Sarcany
Date: September 11, 2018 11:19PM
Quote
Steve G.
Earlier analysis from CBO projected that deficits would near $1 trillion in 2019 and surpass that amount the following year.

Absolutely the greatest, biggest deficit in history. The most massive. A far bigger deficit than Obama had. I think you’re going to be extremely happy with this deficit.

I said, "Let's get some deficit," and they were like "we’re the schmucks that are paying for the whole thing," and they don’t have sources, they make them up in many cases, and I saw a big deficit and said "we are gonna be like that" and then they did it and the beauty of me is that I'm very rich. Let me tell you, I'm a really smart guy.

Frankly, if Hillary Clinton were to make a deficit, it wouldn't be half as good.



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Re: Federal deficit soars 32 percent to $895 Billion
Posted by: pdq
Date: September 12, 2018 01:48PM
Quote
Filliam H. Muffman
And it starts. Oh noes! We must cut Social Security and Medicare to get the deficit under control. RollingEyesSmiley5

Trump already rolled this one out to screw federal employees.
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