Hmm. A critical thinking person might wonder why payroll tax revenue would only be .4% higher YTD when Trump has added SO MANY new jobs and the unemployment rate is SO LOW. If millions of new jobs have been added and those with jobs have gotten 2.9% raises, how could payroll taxes be virtually flat 10 months into the fiscal year? I must be missing something. I’m sure the Trump narrative of the best economy ever is true. Budget deficits always soar during economic boom times. Right? Who needs math and facts. Carry on Trumpeteers.
U.S. budget deficit widens to fifth-highest ever, CBO reports
The numbers: The U.S. budget deficit in August was $211 billion, nearly double the gap during the year-ago month, the Congressional Budget Office estimated late Monday.
Adjusted for shifts in the timing of payments that otherwise would have occurred on a weekend of holiday, the deficit would have grown by 19%. The Treasury Department will report final official numbers on Thursday, and they are usually very similar to the CBO’s.
What happened: Excluding timing shifts, outlays grew 8%, as the net interest on public debt jumped 25%, defense spending jumped 10%, outlays for Social Security grew 5%, and outlays for Medicare benefits rose 7%. There also was an Agriculture Department downward adjustment made in the year-ago August. One boost to government finances was an increase in spectrum payments to the Federal Communications Commission.
Receipts fell by 3%, with corporate taxes dropping by $5 billion, while revenue from income and payroll taxes rose marginally.
The big picture: The budget deficit is widening in a big way. In the first 11 months of the fiscal year, the deficit was $895 billion, which is $222 billion more than the previous year. Outlays have climbed 7% while revenue rose 1%.
Corporate taxes have plummeted by 30% this fiscal year, both because of the lower rate as well as the expanded ability to immediately deduct the full value of equipment purchases. Individual income and payroll taxes have climbed 4%, as increasing wages — mostly, due to more people having jobs — offset a lower withholding rate.
Spending on Social Security and Medicare have climbed 4% as more baby boomers retire, outlays on net interest on the debt have jumped 19% in part due to a higher rate of inflation triggering more payments to inflation-protected securities holders, and defense spending has jumped 6%.
The smoke and mirrors are present with every administration, democrat or republican. Always has been, always will be. John
And unemployment at 20% + Record # of people on gov aid.
Preach it it Jack and Admin.
All by design…the hollowing out of the U.S. economy before it implodes and the global reset button is pressed.
Not surprising. The Trumpster lifted everything from Reagan, MAGA (https://en.wikipedia.org/wiki/Make_America_Great_Again) and of course Reaganomics which proved to be a complete disaster.
I used to believe Reagan was a fantastic President.
Then I grew up.
When I saw Reagan in attendence at the communist meetings in the 30s. Then I knew.
Goys, Quiet Please!
Trust in Zeee Plan!
At this stage, it’s like steering the Titanic with an oar.
No Tommy, my Gagometer says These MF are lying like dogs and at least Admin is out here calling BS.
Same shit different day.
Same old bureaucrats cooking the books, regardless of the nameplate on the Resolute desk.
Mad- What is that flag you are flying, I don’t see so good?
I ain’t Mike but, I believe it is the Nyberg Battle Flag of the Three Percent 2009
Oath Keepers and III Percent Patriots.
The Oath Keepers spoke at our Family of Families group more than a couple times in OKC. It was an inspiration to meet them.
Tax receipts from withholding are lower because of the tax cuts. The withholding tables provided to employers were modified so that employees are taking home more money even though they didn’t change their W9. The tax cuts also largely explain the increased deficit. That and military and SS and Medicare.
I SAID PAYROLL TAXES!!!!
NOT INCOME TAXES!!!!
They were not cut. They are a true reflection of the jobs market.
Can you explain it now?
Jim, I’m not confused about the two types of taxes. But if income tax revenues are up 4% even with the lower rates, that would be good, right?
I think the data shows that corporate taxes were slashed dramatically and individual income taxes not so much. My income taxes were not cut. If payroll taxes are flat then the increase in income taxes essentially means individual income taxes were barely cut at all. Capeche
Or it could mean that the increases happened for those above the payroll tax cap limit (around $120k, by memory). Which is quite possible, maybe even likely.
Glad to help!
But that couldn’t possibly be. Trump insists his tax cut was for the little guy.
I’m above the payroll tax cap limit and my annual income taxes will be going up by about $2,000 under Trump’s tax cut. So I did my part in the income tax increase. I feel so patriotic. MAGA!!!!!!
Fortunately, for me, JQ, I could be completely disabled soon, with you paying my tax share! You know the routine… skip to last line to avoid the ramble. I know you are a busy man.
I am told by my very clever lawyer that I could easily be declared 100 percent service-connected disabled from this medical fiasco. That would make you completely responsible for my share of the tax burden. I appreciate it.
Now, my son is going to help me clean up some problems he saw with this site up there in Mordor. I will finish my little project I emailed a blitz of emails toward you about. I appreciate your commitment to letting people speak. Even if they’ve nothing to say.
I hope my son can resolve my concerns, but if not, there’s always the library. Right Stucky? Stucky got smart.
I don’t Dopple. I learned early in life about Doppler Radar, which is the 2nd radar signal used by the E-3 AWACS. The processing capability the Doppler Range Resolver, which was a big cabinet that was essentially a huge computer algorithm to filter and find target data in huge streams of octal data.
So, eventually that target data got sent into the computer up front were it was parsed out to where it needed to go. Mostly, E-3’s enabled weapons teams to identify targets with pulse doppler radar returns, beyond the horizon pulse radar returns, Identification friend or foe returns and a myriad of other SIGINT gathering tools. Sometimes, a good radar tech knew how to assess and explain those things to a general or two in a way that impressed him or her.
*** last line here***
Thanks JQ for covering my tax burden, should I decide to “become” disabled.. I’ll let you know.
Sorry. Didn’t read it carefully enough. I cannot explain it – except perhaps America is not being made great again as fast as has been reported.
Aside from that one little blip in 2015 (a single day event on 8-24-2015), Ford shares are at 5 year lows.
Ford’s Windsor, Canada operations are in deep trouble. Canada’s inability to navigate the NAFTA negotiations looks like it’s going to be very hard on Ford. Expect a 25% tariff on cars assembled in Canada very soon
“Corporate taxes have plummeted by 30% this fiscal year, both because of the lower rate as well as the expanded ability to immediately deduct the full value of equipment purchases. Individual income and payroll taxes have climbed 4%, as increasing wages — mostly, due to more people having jobs — offset a lower withholding rate.” This part looks pretty solid, with the new tax laws doing exactly what they were intended to do. Cutting spending will have to be next, no question. That should get easier as more people have employment opportunities doing actual productive work.
Click the fucking link and look at the details. Income taxes up but payroll taxes flat. Explain it einstein.
I splained it above. High income earners are getting the cake. As I have been saying around here for years. The top 10 to 20% will get the cream, the next 30% will hang on, and the rest are in shit city.
If the top percentage is getting the cream, then there would be little extra payroll taxes collected due to them being above the cap. The top 6% of workers make above the cap. And guess who have been getting real wage increases in recent years? Hmmm. I wonder.
My scenario fits the data, no?
It doesn’t fit my personal situation, but you are probably right.
At least the massive corporate tax cut is resulting in the largest stock buybacks in history. New investments in plant, equipment, and wages not so much. MAGA!!!!!
I read somewhere the other day that when the next economic decline occurs instead of buying up U.S. treasuries like it had with Q.E., the FED might start buying up shares of securities…
A shell game indeed,….Q.T. selling off U.S. treasuries to add faltering securities to the FEDs massive balance sheet
I am gonna print that out – Admin says I am probably right. What that means is I am absolutely right. When it comes to numbers, that is always the case. I am a fucking savant. Admin is good, too, and I love it when he kicks Star’s ass.
Nice pink conehead avatar you’ve got there, buddy.
Mr. Admin, how do I post a fairly long artical to the site?
Jack
Send me an email at [email protected] and I’ll set you up as a contributor.
Have you seen Trump’s CUTTING SPENDING plan? Any day now. Any day.
Starfcker Harrumphing with Trump in the oval office while they WORK, WORK, WORK, WORK , WORK:
There’s lots of cutting spending plans. Only allowing 16,000 refugees in, instead of a hundred and twenty thousand would be one example. Cutting off aid to the PLO would be another. There’s a good dent in food stamp numbers. There was a briefing yesterday, I just saw a clip of it I don’t know what it was, but the capex numbers were real good, as expected. That should translate into better employment numbers by next year. Takes awhile to tame a beast this size
TRILLION DOLLAR DEFICITS forevah!!!!
Your spending cuts are a half ounce of piss in the ocean. Maff never was your strong point.
Keep peddling the bullshit. It’s what you do best.
Isn’t this one exactly what you would hope to see from the tax cut ? Isn’t this where a wider prosperity starts from? Llpoh and I have both commented on how key expensing is. We aren’t alone. https://www.economy.com/united-states/private-fixed-investment-nonresidential-equipment-transportation-equipment
People who make over $48,000 a year or so, are figuring out the Obama Care System. Because if they haven’t by now are dumb .
Make below this amount and go off the books. Because if you make over the threshold it doesn’t pay to work and you are doubly dumb.
Sounds similar to those making $20,000 or less a year,
If you work harder you’ll lose those SNAP bennies and healthcare not to mention be away from your family more, so work part time and stay on the dole…
The “social safety net ” continues to entrap more and more…errr….help more and more of us….
Middle class continues to get beat down and will soon be asking for gov’t handouts too
BBBB
Bring back BUSH-BAMA!
Because they are low wage, often part time jobs…That’s the kind of economy we have now, having exported most of our manufacturing…I have taken Lyft a number of times in California, Arizona and Alaska…It’s amazing how many professionals or former executives are driving part time to supplement their income..
The worse things get, the dumber the chief executive. With this kind of curve, we may yet see Bozo elected president. That way, folks will have to admit, he’s doing his best. It can’t simply be a coincidence, Mexico elected the dumb EPN who makes GWB look like Einstein. Meanwhile, his cronies have been super busy skimming taxes and school funds to buy themselves (and their relatives) multiple luxury houses and travel abroad.
https://giphy.com/gifs/camacho-jZaQNXMronmw
Maybe Terry Crews aka President Hector Camacho Savage??
What happened when Trump took office to make the economic statistics and labor market statistics honest and not fraudulent as Trump and others said was the case under Obama?? Did Trump fire all of the workers responsible for analyzing the unemployment rate and other economic data? Did he drain any such swamp in these sectors? I can’t find ANYWHERE where he did this.
So that means that if the economic numbers were faked under Obama and Trump did not correct the problem of falsifying this information, then said information HAS TO STILL BE FALSE!!
During the 2016 campaign, Trump ripped government reports of falling unemployment rates for falsely inflated numbers because so many Americans were not in the labor force. “Our real unemployment rate … is 42 percent,” Trump insanely told Time magazine in August 2016, “because you have 90 million people that aren’t working, 93 million to be exact.” http://time.com/4443598/donald-trump-unemployment-statistics/
Twitter can work for you or against you.
19 times Trump trashed Obama’s jobs numbers as “fake”:
https://theguardiansofdemocracy.com/trump-called-obamas-jobs-numbers-fake-19-times-today-hes-celebrating-julys-jobs-report/
Actually ObMma presided over a depression. Declining living standards. The Government just over reported in favor of Obama and are now making it up by stuffing the Trump boom into the past years.
Hey, 2013-era Trump also said that we should stay out of Syria. And yet 5 short years later here we are.
Did anyone honestly think we would both grow the economy and somehow pay down the debt? I really don’t understand how anyone can be that angry with the way things have gone, again Trump was no savior. I can’t get angry at Trump, b/c he has done as much as I expected, not be Hitlery and maybe slow the implosion down by a couple years. The US won’t pay one dollar down on the debt, and we won’t be running balanced budgets, no fucking way, if anything leftists will be trying to finish things off with some Medicare for all bullshit.
There will be no savior, laziness, moral failings, vested interest in the status quo and unsustainability are all baked into not only this country but all the other messed up nation states. If one of you were President of the US, do you honestly think you could balance the budget and grow the economy somehow? Presidents don’t even have that much power, and the congress and Senate are full of me-1st t ypes, not nationalists anyway. It’s not going to happen. Pretend growth and devaluing the currency are the only things left, the World has overshot debt, population, fresh water, its just a matter of time as the houses of cards collapse. You guys here love your 4th turning cycles, well clearly history shows us that all Nations go through roller coaster rides and collapse sometime. The big difference now is we have 7 billion+ of us and weapons that can wipe out humanity, rather than swords and cannons. Carpe Diem.
Inconvenient Facts
Are inconvenient facts like alternative facts and fake news?
Hahaha
Stop expecting that everything’s going to be fixed quickly. Stop expecting the government statistics are going to get more honest. Any administration inherits what it inherits. And disassembling something like that is quite a project. Do I believe the unemployment numbers? Of course not. But I like the trend lines. I like the trend lines on a lot of things. A lot of things have to be reversed before the debt and deficit come down. There’s no magic bullet. It’s just hard work. Every interest that feeds off that debt is busy lobbying or congressman to keep their snout in the trough. The journey of a thousand miles starts with the first steps. Trump seems focused on the right things, the structural things that are killing us, trade and immigration. There will be time to deal with the debt and deficit.
Don’t be a dope or a dupe. Trump has done fuck all on immigration. He has started a trade war and the trade deficit gets worse every month. Nice trend line you got there. Deficit trend line is awesome. Committing to helping Al Qaeda in Syria is a great trend line. Stop believing narratives and open your fucking eyes. Llpoh and thousands of other small business owners have confirmed their input costs are soaring. Great trend line. Corporate buybacks at all-time high. Great trend line for Ivy League educated MBA CEO pay. The stupid, it burns.
“He has started a trade war .” Thank God. It’s about time. If you don’t like anything else the guy has done that should make him a lock for reelection in 2020
Best deficit Evaah!!!!!
Sven Henrich is incorrect. His “working age population” (not to be confused with labor force) includes boomer retirees, who are leaving the workforce in droves thanks to age. The actual working age population is falling, and has been for a while.
This explains the longterm decade+ decline in employment to population ratio in the US., even as hires have increased continually since 2009, as shown above. See FRED series on this if you doubt.
https://fred.stlouisfed.org/series/EMRATIO
Did you read the chart? Working age definition is 15 to 64. People retiring at 65 and older not included. Sven Henrich is correct. His point is the number of hires. Same as 2000 with a much larger working age population. Try again.
Yes, but look at his wife walking behind him. You know what she’s thinking, yeah I’m tapping that
What she’s thinking is big divorce payoff as soon as he’s out of office.
What she’s thinking is “I only took the job so I could be the next Jackie.”
I thought that was Canelo anticipating his rematch with triple G.
What a dumb bastard Trump must be. He wanted to be president of a fake economy where long-standing, entrenched interests in every gov’t body would try to undermine him. The world’s trade was upside down with regard to the US with exploitation going on everywhere you could look. The deficit stood at $21 trillion and now we find out that another $21 trillion is missing on the gov’t’s own books just in two departments: HUD and DOF. That’s a lot of fake money floating around looking for a home. The entire body of Democrats, which includes Silicon Valley, most major corporate leaders, the unions, the teachers, the bureaucrats, state and local, recipients of gov’t payments, and so on and on want nothing more than more of the same, more immigrants, more war, more, more, and more. Same with Republicans in high places. Then there’s the media with it’s voice as one shouting for Trump’s head. What a dumb bastard.
Or, the dumb bastard has a plan. Him and some good people at the top. Only a dumb bastard would be all about taming the deficit. Only a dumb bastard would not know reduced spending would crash the economy and put us in a depression while the rest of the world could buy our resources and companies for a song. Instead, the dumb bastard is going to spend and spend some more while the spending is good and with much of the spending coming from “money” loaned to the US from foreigners. Oh, well, the plan is to default? Bring back manufacturing to the US? Stop emigration to the US from the poorest most backward countries? Reduce taxes on small business where most new jobs come from? Get people back to work instead of increasing the welfare roles year after year? In other words the dumb bastard wants to crash the system as it now stands and create a new one more like one that actually benefits US citizens while blaming the Fed, Obama, alphabet agencies, and sex trafficking and pedophilia among the elite.
Hard times ahead, but the dumb bastard wants what I want. Could be that the dumb bastards who want above all else to correct the deficit are like the squirrel who watches a bank robbery, sees everything, and understands nothing.
I do agree you are a dumb bastard. How’s your Litecoin doing genius? The stupid, it burns.
Unless we find about $200 trillion new gold or oil in America, this Rat-RINO Socialist government’s financial situation will only get worse (until it crashes). The fake statistics, QE to infinity, market stabilization, Welfare, etc, keeps the American Ponzi Economy going and puts off the inevitable American-Venezuelan crash which will have no recovery. Americans will go from riches to rags and stay that way. Fault Trump all you want; there is no solution, only delaying tactics.