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

Gatekeeper of DC Society Sally Quinn Comes Out as Occultist, Used Hex to Kill People

Pew: 77 Percent of Catholic Democrats Support Legal Abortion

51 Far-Left Antifa Anarchists Arrested After Attacking Police

AG Barr: Coronavirus lockdowns “greatest intrusion on civil liberties” since slavery

Pelosi Admits She Attended Mass in San Francisco While the Rest of the State Was Locked Down

Trump says he will nominate a woman to the Supreme Court next week

The Promised Land ... ThaT Slipped Away --- From Obama

Maskless Joe Biden Greets Firefighters After Touting Mask Mandates

Socially-Distanced German Soccer Team Gets Thrashed 37-0 (not satire)

Justice Ruth Bader Ginsburg Dead At 87

"We House-Arrested Some Folks!"

John Oliver ‘honored’ in Connecticut: Mayor names sewer plant after him

FLASHBACK: Johnny Carson Rips Joe Biden for ‘Plagiarism’ 33 YEARS AGO on the ‘Tonight Show’

BLM Activist Accuses CVS Employee Who Reported Shoplifters to Police of Trying to Get Black People Killed

Edward Snowden: Joe Biden Threatened Countries Not To Give Me Asylum

Some Timely Quotes

Vocal protest: Van Morrison rebels against ‘taking our freedom’ in new anti-lockdown songs

CNN (Seriously) Claims That Covid Will Spread At Trump Rallies But Not BLM Protests

JOE BIDEN: “Guess what, if you elect me your taxes are going to be raised not cut.”

The More You Joe - Biden at his finest

‘The View’ segment with Maryland Republican Kimberly Klacik ends abruptly after she says host Joy Behar ‘paraded around in blackface’

“Hail Satan”: After terrorizing churches, BLM witchcraft exposed

Women Know Things That Men Don't.

Cop Fired for Cowering in Fear as Gunman Slaughtered Children Gets Rehired, with Full Back Pay

As Netflix Defends “Cuties” Movie, Netflix Star Arrested for Producing Child Porn

Ex-Arlington officer indicted for killing woman while trying to shoot dog

Coffee shop owner arrested for speaking against harassment caused by Tucson council’s anti-mask “wall of shame”

Thanks, Fox News, for reminding us of the Soros role in creating America's riot-coddling DAs (Fox doesn't want Sorros name sullied by Gingrich)

Black Lives Matter Mob Surround Man's Home, Police Reportedly Arrest Man For 'Brandishing' Gun

Fox News Panel Melts Down After Gingrich Exposes George Soros As Financier Of BLM/Antifa Riots

Trump: ‘Joe Biden Thinks Kamala Harris Is President’

Florida Sheriff's Predictive Policing Program Is Protecting Residents From Unkempt Lawns, Missing Mailbox Numbers

ppeals Court Says Address Mistakes On Warrants Are Mostly Harmless, Not Worth Getting Excited About

Chinese Whistleblower to Tucker Carlson: Coronavirus Was Man-Made And Released Intentionally Matt Vespa Matt Vespa | @mvespa1 | Posted: Sep 16, 2020 6:00 AM Chinese Whistleblower to Tucker Carlson: Coronavirus Was Man-Made And Released Intentionally

Southern Baptists want to change their name to "Great Commission Baptists" because the word "Southern" is triggering (Not satire)

Trump accepts invitation for fourth debate moderated by Joe Rogan

Oregon Homeowners Warn Looters Amid Wildfire: ‘You Loot, We Shoot’

Michael Moore Jumps the Shark

Applied BLM Ideology: Los Angeles County Deputies Shot

Academy Awards: Hold On, We’re Going Completely Woke!

CNN Sets Up Fence to Defend Atlanta HQ While Hosts Carry Water for Rioters

Drunk Idiots Fly Down Highway In Tesla On Autopilot With No One In Driver's Seat

Arson Arrests Being Made Across the West Coast – Multiple Fires Identified as Arson – 27 People Killed, Dozens Missing….

The US & Its Constitution Have 2 Months Left

‘Where we at?’: SWAT Gets Lost, Throws Grenade Into Innocent Elderly Man’s Home as He Watches TV

Pennsylvania restaurant apologizes for offensive sign that sparked protest

Alabama high school football team wins in final seconds after 9 lateral-pass play

PC Quotas for Best Picture Oscar

source of Russian hacking conspiracy garbage ... Hillary wanTed war wiTh Russia so badly --- PuTin won’T leT WesTern queers go To Russia To “adopT” vicTims.

Tom MacDonald - "People So Stupid"


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: 148
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