Nothing like a one month budget deficit of $215 billion to get the stock market to new record highs. The markets yawn at the news, even though we used to run ANNUAL budget deficits below $215 billion before 2009. Interest on the national debt, even with historically low interest rates, will exceed $500 billion this year and will continue to increase exponentially. Annual interest on the debt in 2003 was $300 billion.
Even the horrific budget deficits detailed below are bullshit. They are massaged and adjusted to provide the best view. Even these numbers are trending towards a $1 trillion deficit. Bravo Trump. Go to the national debt page for a real dose of reality.
The national debt has gone up by $700 billion in the first five and a half months to $21 trillion. It is on track to go up by at least $1.4 trillion this year. With rates rising and deficits soaring, interest on the national debt will be over $700 billion per year by the end of Trump’s term. How long can this be sustained? I guess we’ll find out. It’s just maff.
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U.S. February budget report shows first sign of wider deficits to come
The numbers: The U.S. government recorded a monthly budget deficit of $215 billion in February, up 12% from the same month last year due to lower revenue and higher spending. For the first five months of the fiscal year, the government’s deficit is $391 billion, $40 billion more than the shortfall during the same period last year.
What happened: Revenues were down 9% in February from same month last year. Withholding taxes were 2% lower. Spending was $7 billion more than in the same period a year ago. Outlays for net interest on the public debt increased by 9% to $28 billion. The rise in spending was led by gains in defense spending and for the aftermath of last years’ hurricanes.
Big picture: The decrease in withholding during the month is the earliest sign of the effect of the Trump tax cut, analysts said. March could show an even steeper drop. Economists say the changes in taxes and increased federal spending are likely to boost growth in 2018 and into 2019, but the trend is toward a modestly larger deficit. The Trump White House has forecast a $833 billion budget deficit for this year that ends Sept. 30, up from $666 billion in the prior year. Analysts think the deficit could be higher. The Congressional Budget Office is set to release its latest estimate on April 9.
Read: The U.S. is almost guaranteed to have large trade deficits year after year.
What are they saying?: “Between last [month’s] budget deal and December’s tax bill, the country is on a borrowing spree that will lead to the return of trillion-dollar deficits by next year and $2 trillion within a decade or so. We’ve taken fiscal recklessness to a new level and it’s time we begin our recovery,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
Everything is fine.
https://www.marketwatch.com/story/many-older-americans-are-living-a-desperate-nomadic-life-2017-11-06
Completely fine at every level. Don’t look behind the curtain.
Progeny used to take care of their parents in old age. Retirement is a somewhat modern concept. We’ve torn down age old traditions and scorned the family constructs at our own peril. But gee–sure glad you boomers found yourselves.
I’m not so sure the X-ers have done any better (I am one).
We can easily pay off the Federal debt by simply having the United States Treasury issue interest free United States Dollars (as Kennedy did) and pay off all debts and buy back the Federal Reserve system and put it under the ownership of the government and the jurisdiction of Congress.
Wishful thinking there, my greenbacker friend. If you thought the politicians pandered before, wait until they don’t have a banking cartel to at least make them fear for their lives.
So you’re pro Federal Reserve Bank.
Some people seem to think it should be done away with.
And there is nothing but the Treasury dept to take its place, which puts it under control of Congress which has the only Constitutional authority to issue money and establish its value.
I’d rather have crooks we elected than crooks the Rothschilds appointed.
Anonymous and Anonymous ,you ding a lings .You just don’t get .We are heading into a brave New world disorder at the speed of sound or light or something. This is all Planned to bring down the whole of Western civilization with this massive debt Collapse .The scum with suck succed. Anonymous your solution of issuing our own currency debt free is just to simple and good and right to ever be considered.
Withholding taxes are lower even as employment “skyrockets.” LMAO.
Excuse me as I roll my pantlegs up, Chicken Little. Q hasn’t even hinted at record deficits. North Korea is coming under the American umbrella. things are looking up.
Hmm, I recall saying we’d go into NorKo to be that much closer to the Chinese border. HF couldn’t conceive of that. I was channeling Q long before Q hinted at it.
Could it be Q is not the infallible deity Stuck claims it is?
Oh, and I don’t need Q to tell me Japan is re-arming, something we sought to preclude by installing our own military in there. Only another world war can save us now.
I got a lot of down thumbs for saying limited nuclear war is doable. Japan is none the worse for it. Add that to the list of coming attractions. Thanks for voting for him, fuckers, I’m proud of ya.
In unrelated news today, nuke bunkers are making a comeback. I did not see that in the Q-stream.
Anybody here planning to be one of the 50,000 survivors per the Georgia Stones?
Wow! EL Coyote how did you figure out all that without Qew and the Annoys. I thought they were the font of all knowledge – snicker- WWQD
Even a stopped watch eventually becomes predictive.
Trump is gonna Trump. If you don’t do as he says, your gone. His agenda is on the march. Build the wall, batten the hatches, NATO, SEATO, CentCom gone. Yes-men wanted. The Best and the Brightest need not apply.
I reprise: QE to infinity / exponentially increasing deficits/interest burden ’till “the fat lady sings/succumbs”, economic/financial “reset”, civil war, WW3, OR . . . ALL of the afore – in whatever progression/regression/succession/combination One chooses/is forced to endure/tolerate!
Its an albatross. Trump doesn’t have the ability to address it, and to be honest I’m not sure if he realizes just how bad it really is.
The markets dont yawn on the news. What do you think drives the markets? Money borrowed means money printed, which means more money to the 1% which means more money to stocks. $28 billion in interest payments in jsut one month! 70% of that money will go right into the stock market. Who needs buybacks?
Bankster One to Bankster Three, I’ll jerk you if you jerk me.