General Discussion

ffr

(22,670 posts) Tue Sep 11, 2018, 11:45 AM Sep 2018

$1,509,178,553,050.30 more debt since Jan 20, 2017. tЯump eliminating our debt

In case anyone is keeping score on how much debt this White House has poured in to subsidize the U.S. economy, corporate greed and the 1%.

During the 2016 presidential campaign, Republican candidate Donald Tяump promised he would eliminate the nation’s debt in eight years. - The Balance

https://www.treasurydirect.gov/NP/debt/search?startMonth=01&startDay=20&startYear=2017&endMonth=09&endDay=10&endYear=2018

Eliminating U.S. debt, tЯump in two years now owns 7% of U.S Debt since inception. Putting republican trickle down economics on track to own 20% or 1/5th of U.S. debt by the end of 45's first term.

3 replies

= new reply since forum marked as read

Highlight:

$1,509,178,553,050.30 more debt since Jan 20, 2017. tЯump eliminating our debt (Original Post) ffr Sep 2018 OP

Hannity would quote the debt clock like a religion Watchfoxheadexplodes Sep 2018 #1

hannity got his tax cut. democratisphere Sep 2018 #3

Bad news in August, and for the first 11 months of Fiscal Year 2018 progree Sep 2018 #2

Watchfoxheadexplodes

(3,496 posts)

1. Hannity would quote the debt clock like a religion

Reply to ffr (Original post)

Tue Sep 11, 2018, 11:52 AM

Sep 2018

When president Obama was in office.

Zippo in trump world.

democratisphere

(17,235 posts)

3. hannity got his tax cut.

Reply to Watchfoxheadexplodes (Reply #1)

Tue Sep 11, 2018, 12:36 PM

Sep 2018

he no longer cares about the debt!

progree

(10,908 posts)

2. Bad news in August, and for the first 11 months of Fiscal Year 2018

Reply to ffr (Original post)

Tue Sep 11, 2018, 12:31 PM

Sep 2018

In my 4 paragraphs, I'm going to skip the August 2018 vs. August 2017 comparison, because of the timings of weekends and holidays -- the deficit nearly doubled, but when adjusted for the timing of weekends and holidays, its up 19%, still a scary number. But I'm not a big fan of 1 month comparisons, Rather, I'll focus on the 11 months of this fiscal year vs. the first 11 months of the last fiscal year.

U.S. budget deficit widens to fifth-highest ever, CBO Reports, MarketWatch, 9/11/18

... The Treasury Department will report final official numbers on Thursday, and they are usually very similar to the CBO’s.

... 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 (that's a 33% increase -Progree). 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%.

More: https://www.marketwatch.com/story/us-budget-deficit-widens-to-fifth-highest-ever-cbo-reports-2018-09-11?siteid=yhoof2&yptr=yahoo

I highlight the big jump in interest on the debt, since that comes out of revenues, leaving less to spend on programs. More on interest on the debt: https://www.democraticunderground.com/10142154750#post17

Reply to this discussion