Federal Deficit Jumps 17 Percent As Tax Cuts Eat Into Government Revenue

[Captain Obvious]

Yup, if "conservatives" here still believe that voting GOP is the conservative thing to do then you're fools. The GOP learned a survival tactic from the dems - just put it on the credit card and let the next generation deal with it, not our problem.

https://www.npr.org/2018/10/16/657790901/federal-deficit-jumps-17-percent-as-tax-cuts-eat-into-government-revenue


The federal deficit ballooned to $779 billion in the just-ended fiscal year — a remarkable tide of red ink for a country not mired in recession or war.
The government is expected to borrow more than a trillion dollars in the coming year, in part to make up for tax receipts that have been slashed by GOP tax cuts.
Corporate tax collections fell by 31 percent in the fiscal year ending Sept. 30, despite robust corporate profits. That's hardly surprising after lawmakers cut the corporate tax rate from 35 percent to 21.
Income taxes withheld from individuals grew by 1 percent. Overall tax receipts were flat. As a share of the economy, tax receipts shrank to 16.5 percent of GDP, from 17.2 percent the previous year.
"The president is very much aware of the realities presented by our national debt," said White House budget director Mick Mulvaney.
He insisted that accelerating economic growth will eventually help fill the deficit hole, though so far there's little evidence that growth is finding its way to government coffers.



Side note - copying text into this forum is a fucking disaster lately, never copies clean anymore.

[DGUtley]

This is bad. Cut spending.

[Chris]

It's the spending.

[Trish]

It's the spending.
It's both.

[Ethereal]

I don't see revenues as the problem, but profligate spending. Particularly spending on militarism and imperialism. A great deal of the expenditures on "national security" are a complete waste of money, the financial equivalent of flushing trillions of dollars down a giant toilet.

[donttread]

Yup, if "conservatives" here still believe that voting GOP is the conservative thing to do then you're fools. The GOP learned a survival tactic from the dems - just put it on the credit card and let the next generation deal with it, not our problem.

https://www.npr.org/2018/10/16/657790901/federal-deficit-jumps-17-percent-as-tax-cuts-eat-into-government-revenue



Side note - copying text into this forum is a fucking disaster lately, never copies clean anymore.


I've been saying to watch the spending and deficit for a long time now. It looks like Trump will break Obama's record as he broke Bush's. I believe I also predicted that

[Captain Obvious]

I don't see revenues as the problem, but profligate spending. Particularly spending on militarism and imperialism. A great deal of the expenditures on "national security" are a complete waste of money, the financial equivalent of flushing trillions of dollars down a giant toilet.

Yup

Bombs and drones are always a priority no matter who's in office.

"You depend on our protection, still they feed us lies from the tablecloth"

[Ethereal]

This is bad. Cut spending.
Sure, let's start with the outrageous waste and corruption that "national security" spending produces year after year after year.

We could cut about $310 billion in "national security" spending right away and we'd still be spending more on the military than any other country in the world.

We can also end the totally unconstitutional, big government "war on drugs" that has cost taxpayers about one trillion dollars in direct expenses, to say nothing of the massive opportunity costs that such a wasteful, corrupt enterprise engenders.

Once we've cut that horrifically wasteful and damaging spending, then perhaps we can look at reforming entitlement programs. But not a second sooner.

[Chris]

It's both.

A smaller government wouldn't need high taxes.

[texan]

Yup, if "conservatives" here still believe that voting GOP is the conservative thing to do then you're fools. The GOP learned a survival tactic from the dems - just put it on the credit card and let the next generation deal with it, not our problem.

https://www.npr.org/2018/10/16/657790901/federal-deficit-jumps-17-percent-as-tax-cuts-eat-into-government-revenue



Side note - copying text into this forum is a $#@!ing disaster lately, never copies clean anymore.
Don’t even pay attention to it anymore. It has been that way since I saw it the first time in 1979. It isn’t going anywhere ever. There will always be debt and people always say it will bring us down. Never once has it happened. I bet that has been yelled for 200 years.

[Captain Obvious]

Don’t even pay attention to it anymore. It has been that way since I saw it the first time in 1979. It isn’t going anywhere ever. There will always be debt and people always say it will bring us down. Never once has it happened. I bet that has been yelled for 200 years.

Greeks probably said the same thing

[Chris]

Sure, let's start with the outrageous waste and corruption that "national security" spending produces year after year after year.

We could cut about $310 billion in "national security" spending right away and we'd still be spending more on the military than any other country in the world.

We can also end the totally unconstitutional, big government "war on drugs" that has cost taxpayers about one trillion dollars in direct expenses, to say nothing of the massive opportunity costs that such a wasteful, corrupt enterprise engenders.

Once we've cut that horrifically wasteful and damaging spending, then perhaps we can look at reforming entitlement programs. But not a second sooner.



As Smedley Butler said, war is a racket. Just another form of corporate welfare. So, sure, cut that, but cut social welfare at the same time. And how about government welfare, cut back on the huge bureaucracy.

[Dr. Who]

Yup, if "conservatives" here still believe that voting GOP is the conservative thing to do then you're fools. The GOP learned a survival tactic from the dems - just put it on the credit card and let the next generation deal with it, not our problem.

https://www.npr.org/2018/10/16/657790901/federal-deficit-jumps-17-percent-as-tax-cuts-eat-into-government-revenue



Side note - copying text into this forum is a fucking disaster lately, never copies clean anymore.
Re copy paste - I thought it was only me that had to put all the paragraph returns back in.

Re tax cuts - same thing has been tried by every Republican Government and always resulted in deficits, plus major employers simply used the tax break to return greater dividends to shareholders. It makes a difference in new hires in small business, but has little impact on big business employment spending which is really driven by markets.

[Tahuyaman]

Yup, if "conservatives" here still believe that voting GOP is the conservative thing to do then you're fools. The GOP learned a survival tactic from the dems - just put it on the credit card and let the next generation deal with it, not our problem.

https://www.npr.org/2018/10/16/657790901/federal-deficit-jumps-17-percent-as-tax-cuts-eat-into-government-revenue



Side note - copying text into this forum is a $#@!ing disaster lately, never copies clean anymore.
Tax rate cuts result in greater revenues flowing into government through increased economic activity. Deficits are caused by overspending.

[Captain Obvious]

Tax rate cuts result in greater revenues flowing into government through increased economic activity. Deficits are caused by overspending.

Yeah, that's great.

Tell me when the deficit is going down.

Keep fucking that chicken, gomer

[Captain Obvious]

Reference

https://www.youtube.com/watch?v=X7XbukdoGmM

[Tahuyaman]

Idiots.

[Captain Obvious]

Idiots.

Yup

Thanks for the confirmation.

[Tahuyaman]

What’s worse than someone who doesn’t know? Those who don’t know that they don’t know.

[Captain Obvious]

What’s worse than someone who doesn’t know? Those who don’t know that they don’t know.
https://www.youtube.com/watch?v=-70XZP8y7e8

[Tahuyaman]

Weird dude. Captain Oblivious.

[Captain Obvious]

Weird dude. Captain Oblivious.

Yeah, I know. I get that you don't get it.

Thanks

[Tahuyaman]

Yeah, I know. I get that you don't get it.

Thanksokeedokee....

[DGUtley]

Sure, let's start with the outrageous waste and corruption that "national security" spending produces year after year after year. We could cut about $310 billion in "national security" spending right away and we'd still be spending more on the military than any other country in the world. We can also end the totally unconstitutional, big government "war on drugs" that has cost taxpayers about one trillion dollars in direct expenses, to say nothing of the massive opportunity costs that such a wasteful, corrupt enterprise engenders. Once we've cut that horrifically wasteful and damaging spending, then perhaps we can look at reforming entitlement programs. But not a second sooner.

I generally like how you think on this but I don't concern myself with what others are spending. We shouldn't be spending more than we need to spend. So, yes, examine what we're spending and let's cut where we can and should. Be harsh. On the "unconstitutional, big government "war on drugs"" the notion that it's unconstitutional (while I conceptually agree with you) that ship sailed years ago. I do agree, however, that we should stop the war on drugs and change to a treatment, tax, regulate philosophy to get the cost down, crime out of it, de-tantalize, clean it up, de-stigmatize it. I know it's radical but this isn't working. We also have to look at entitlement reform.

I have said it before: eliminate baseline budgeting. Go to a 3 year budget cycle where every department starts at $0.00 and must ask for and justify dollar one.

[donttread]

A smaller government wouldn't need high taxes.



But unless you find a way to elect Rand Paul or the LP small government ain't gonna happen.

[donttread]

It's both.


You have to match the two. Either more revenue, and trust me there would never be enough, or spending cuts. I recommend spending cuts across the board at 10% except for Medicare and S which is earmarked money separate from the tax stream.
Can anyone name a federal agency or department that couldn't handle a 10% cut ?

[Chris]

But unless you find a way to elect Rand Paul or the LP small government ain't gonna happen.

Then it will bloat and spend till it breaks.

[donttread]

Yup, if "conservatives" here still believe that voting GOP is the conservative thing to do then you're fools. The GOP learned a survival tactic from the dems - just put it on the credit card and let the next generation deal with it, not our problem.

https://www.npr.org/2018/10/16/657790901/federal-deficit-jumps-17-percent-as-tax-cuts-eat-into-government-revenue



Side note - copying text into this forum is a fucking disaster lately, never copies clean anymore.


"Not mired in war"?

[Tahuyaman]

I'm still waiting for someone to explain how something which caused an increase in revenues flowing in to government can be blamed for overspending?


Anyone?

[Captdon]

Sure, let's start with the outrageous waste and corruption that "national security" spending produces year after year after year.

We could cut about $310 billion in "national security" spending right away and we'd still be spending more on the military than any other country in the world.

We can also end the totally unconstitutional, big government "war on drugs" that has cost taxpayers about one trillion dollars in direct expenses, to say nothing of the massive opportunity costs that such a wasteful, corrupt enterprise engenders.

Once we've cut that horrifically wasteful and damaging spending, then perhaps we can look at reforming entitlement programs. But not a second sooner.

You have no credibility. You make things up and call them facts. You don't know how much we need to spend on anything. Zero budgeting is the only way to know.

The federal government need a good overall auditing.

[Tahuyaman]

You have no credibility. You make things up and call them facts.

He's blissfully ignoring you.

[Tahuyaman]

What other nations spend on their national security is irrelevant to our needs.


When people try to use that to defend cutting funding for our national defense, they are exposing that they have no understanding of the issues. It's just a mindless talking point.

[Tahuyaman]

The federal government need a good overall auditing.

In order to know where a budget can be cut, one needs to actually examine that budget. You just can't sit back and make definitive claims with no specific knowledge.

When people say that we can cut 310 billion dollars from this or that without examine the budget itself, that is just their political views doing the talking.