[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Utopian Visionaries Who Won’t Leave People Alone

No - no - no Ain'T going To get away with iT

Pete Buttplug's Butt Plugger Trying to Turn Kids into Faggots

Mark Levin: I'm sick and tired of these attacks

Questioning the Big Bang

James Webb Data Contradicts the Big Bang

Pssst! Don't tell the creationists, but scientists don't have a clue how life began

A fine romance: how humans and chimps just couldn't let go

Early humans had sex with chimps

O’Keefe dons bulletproof vest to extract undercover journalist from NGO camp.

Biblical Contradictions (Alleged)

Catholic Church Praising Lucifer

Raising the Knife

One Of The HARDEST Videos I Had To Make..

Houthi rebels' attack severely damages a Belize-flagged ship in key strait leading to the Red Sea (British Ship)

Chinese Illegal Alien. I'm here for the moneuy

Red Tides Plague Gulf Beaches

Tucker Carlson calls out Nikki Haley, Ben Shapiro, and every other person calling for war:

{Are there 7 Deadly Sins?} I’ve heard people refer to the “7 Deadly Sins,” but I haven’t been able to find that sort of list in Scripture.

Abomination of Desolation | THEORY, BIBLE STUDY

Bible Help

Libertysflame Database Updated

Crush EVERYONE with the Alien Gambit!

Vladimir Putin tells Tucker Carlson US should stop arming Ukraine to end war

Putin hints Moscow and Washington in back-channel talks in revealing Tucker Carlson interview

Trump accuses Fulton County DA Fani Willis of lying in court response to Roman's motion

Mandatory anti-white racism at Disney.

Iceland Volcano Erupts For Third Time In 2 Months, State Of Emergency Declared

Tucker Carlson Interview with Vladamir Putin

How will Ar Mageddon / WW III End?

What on EARTH is going on in Acts 16:11? New Discovery!

2023 Hottest in over 120 Million Years

2024 and beyond in prophecy

Questions

This Speech Just Broke the Internet

This AMAZING Math Formula Will Teach You About God!

The GOSPEL of the ALIENS | Fallen Angels | Giants | Anunnaki

The IMAGE of the BEAST Revealed (REV 13) - WARNING: Not for Everyone

WEF Calls for AI to Replace Voters: ‘Why Do We Need Elections?’

The OCCULT Burger king EXPOSED

PANERA BREAD Antichrist message EXPOSED

The OCCULT Cheesecake Factory EXPOSED

Satanist And Witches Encounter The Cross

History and Beliefs of the Waldensians

Rome’s Persecution of the Bible

Evolutionists, You’ve Been Caught Lying About Fossils

Raw Streets of NYC Migrant Crisis that they don't show on Tv

Meet DarkBERT - AI Model Trained On DARK WEB

[NEW!] Jaw-dropping 666 Discovery Utterly Proves the King James Bible is God's Preserved Word

ALERT!!! THE MOST IMPORTANT INFORMATION WILL SOON BE POSTED HERE


Status: Not Logged In; Sign In

United States News
See other United States News Articles

Title: To ‘Make America Great Again’ Trump Added a $1 TRILLION Deficit in 2019—Just Like Obama
Source: Tenth Amendment Center
URL Source: https://tenthamendmentcenter.com/20 ... ficit-over-1-trillion-in-2019/
Published: Jan 14, 2020
Author: Mike Maharrey
Post Date: 2020-01-20 22:23:48 by Deckard
Keywords: None
Views: 920
Comments: 4

The Trump administration ran an Obamaesque budget deficit of over $1 trillion in the 2019 calendar year.

It was the first budget deficit over $1 trillion in any calendar year since 2012.

The budget shortfall from January through December totaled $1.02 trillion, according to the latest report issued by the Treasury Department. That was a 17.1 percent increase over the 2018 deficit, which was a 28.2 percent increase over 2017.

The budget deficit for fiscal 2019 (October 2018-September 2019) came in just under $1 trillion at $984 billion. That represented 4.7 percent of GDP, the highest percentage since 2012. It was the fourth consecutive year in which the deficit increased as a percentage of GDP. The debt-to-GDP ratio is estimated to have increased a hefty 26 percent over last year.

The CBO estimates the budget deficit for fiscal 2020 will eclipse $1 trillion.

These are the kind of budget deficits one would expect to see during a major economic downturn. The federal government has only run deficits over $1 trillion in four fiscal years, all during the Great Recession. We’re approaching that number today, despite having what Trump keeps calling “the greatest economy in the history of America.”

Generally, during economic expansions, government spending on social programs shrinks and tax revenues climb with increased economic activity. Revenues have increased over the last year, but they haven’t kept pace with the increase in government spending.

The spending didn’t slow in the first quarter of fiscal 2020. Through the first three months of the current fiscal year, the deficit ballooned to $356.6 billion. That’s an 11.8 percent increase from a year ago. In just three months, Uncle Sam blew through $1.16 trillion. Spending through the first three months of FY2020 is up 6.5 percent over the spending through the first three months of fiscal 2019.

Meanwhile, the national debt has climbed to $23.2 trillion.

To put that into perspective, last February, the national debt topped $22 trillion. When President Trump took office in January 2017, the debt was at $19.95 trillion. That represented a $2.06 trillion increase in the debt in just over two years. The borrowing pace continues to accelerate. The Treasury borrowed $800 billion in just two months late last summer. (If you’re wondering how the debt can grow by a larger number than the annual deficit, economist Mark Brandly explains here.)

During the presidential campaign, Trump promised to deal with the skyrocketing national debt. In fact, he said he could take care of it “fairly quickly.” But the president hasn’t even played lip-service to reining in spending, instead, calling for more outlays for the military and championing paid parental leave for government employees.

Trump supporters have mostly offered up excuses, shifting the blame for the ballooning national debt to “Democrats in Congress.” This ignores the fact that 2019 spending was approved the previous year when the Republicans controlled both houses of Congress. They also minimize the White House’s role in the budgeting process. In fact, the president has significant power and input in that process

While Congress does ultimately pass spending bills, the president must sign them before they become law. He doesn’t have to sign bills that have spending he doesn’t want. If reining in debt and deficits was a priority, Trump would have vetoed these bills and insisted on spending cuts. Instead, he called for more spending, particularly for the military.

Republicans will argue that increased defense spending is necessary for “national security.” But unsustainable budget deficits pose a significant threat to national security, especially considering China ranks as one of the biggest buyers of U.S. debt.

The executive branch also plays an integral role in the budgeting process. Executive branch departments submit spending requests that Congress uses to set spending levels. The president has complete control over how much money various departments request.

Finally, the president’s near-complete silence on deficits and debt indicates that it’s not a priority. Trump didn’t even mention the national debt during the last State of the Union address.

Congress does in fact bear a great deal of responsibility for Uncle Sam’s fiscal malfeasance, but so does the president. His supporters need to quit making excuses, hold his feet to the fire and insist that he deal with the debt.

The spending trajectory is unsustainable. If we are running $1 trillion deficits now, what will the country’s financial situation look like when the next recession hits? Congress and the president can continue to kick the can down the road, but they are about to run out of pavement.

Post Comment   Private Reply   Ignore Thread  


TopPage UpFull ThreadPage DownBottom/Latest

#1. To: Deckard (#0)

Trump has definitely failed on this score.

Pinguinite  posted on  2020-01-21   3:01:15 ET  Reply   Trace   Private Reply  


#2. To: Deckard (#0)

True. But this time the money is actually going to what has been appropriated. No more theft and slush funds. No more $300 toilet seats.

WWG1WWA  posted on  2020-01-21   4:51:24 ET  Reply   Trace   Private Reply  


#3. To: Deckard (#0)

Revenues have increased over the last year, but they haven’t kept pace with the increase in government spending.

Wait. I think I see the problem.

misterwhite  posted on  2020-01-21   9:34:55 ET  Reply   Trace   Private Reply  


#4. To: Deckard (#0)



Ron Paul - Lake Jackson Texas Values

Hondo68  posted on  2020-01-21   9:57:42 ET  (1 image) Reply   Trace   Private Reply  


TopPage UpFull ThreadPage DownBottom/Latest

[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com