2012: Our $17T national debt and $1T yearly budget deficits are a national security risk of the highest order.
2019: Our $23T national debt and $1T yearly budget deficits are the greatest economy ever. https://t.co/DlSrPtEs9x— Sven Henrich (@NorthmanTrader) November 13, 2019
U.S. budget deficit jumps 34% in October, gap set to top $1 trillion in 2020
The numbers: The federal government’s budget deficit in October rose 34% from a year earlier to $134.5 billion, putting the U.S. on course to top the $1 trillion mark in fiscal 2020 for the first time in eight years.
What happened: Government spending increased 8% in October to $380 billion compared to a year earlier. Federal outlays rose for defense, education, health and Social Security.
The amount of tax receipts the government took in, meanwhile, dipped 3% to $246 billion. Excise taxes fell sharply and income and corporate taxes also declined.
The government collected $7.8 billion in customs duties in October, up from $5.6 billion in the same month a year ago. These duties surged after the Trump administration imposed stiff tariffs on Chinese goods starting in mid-2018.
Big picture: U.S. budget deficits began increasing again in 2016 and have risen four straight years. A combination of large tax cuts in 2017 and higher federal spending is expected to push the deficit above $1 trillion in the current fiscal year that ends next September or nearly 5% of gross domestic product.
It’ll be the first time the deficit has topped the $1 trillion mark since 2012. Deficits topped $1 trillion for four straight years from 2009 to 2012 in the aftermath of the Great Recession.
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Sure … we’re going broke. But at least Trump isn’t Hitlery
My comment was going to be along the same line. He had the option to shut the whole damn thing down yet didn’t. To say that it would have been a disaster without trying it is no better than not trying it. Pay the military and to hell with the rest.
That’s one dumbness comment. You can accept stupidity and corruption if he’s your choice? Think that all the way through. You may be the problem.
I have often wondered just what the actual number of “government” employees are really necessary. I would venture a guess that we could do without 50% of them.
I’d bet the number is closer to 90%
I once watched a Pentagon briefing where some General stated that our debt was the biggest enemy the country faced. There’s coming a time when it all falls apart.
According to Denninger and Martensen, the debt is going to go full “hockey stick” soon enough. If we don’t eventually go full depression, I’m guessing something akin to Japan – 30years of deflation/stagflation.
Going ” JAPAN ” is my bet too as ‘best we can hope for’. The Bank of Japan balance sheet now sits north of 100% of Japan’s annual GDP. BOJ owns half of the JGB government bond issuance too.
The Nikkei stock market fell by half in 1990, in just one year, to 20000 . It now sits at 23000 after 30 years. USA is following the Japanese Way step by step. Collapse of the equity bubble is the next logical step with all other leveraged assets to follow. Central banks fear leveraged asset deflation above all else !!
https://fox59.com/2019/11/13/new-federal-program-project-guardian-aims-to-combat-gun-violence-nationwide/
“Winning”
Hold up Sven!
Our beloved leader just let out a twat saying this is the Greatest economy evha!
Keeping America Great, one dumbass brainwashed cuckservative at a time. What a pied piper!