Federal deficit increases 26% to $984 billion for fiscal 2019, highest in 7 years

[Just AnotherPerson]

See more at the link https://www.cnbc.com/2019/10/25/fede...scal-2019.html

Excerpt:

The U.S. Treasury on Friday said that the federal deficit for fiscal 2019 was $984 billion, a 26% increase from 2018 but still short of the $1 trillion mark previously forecast by the administration.

The gap between revenues and spending was the widest it’s been in seven years as expenditures on defense, Medicare and interest payments on the national debt ballooned the shortfall.

The government said corporate tax revenues totaled $230 billion, up 12%, thanks to a rebound in the second half of the year. Individual tax revenues rose 2% to $1.7 trillion.

Receipts totaled $3.4 trillion, up 4% through September, while federal spending rose 8%, to $4.4 trillion.

The U.S. government also collected nearly $71 billion in customs duties, or tariffs, a 70% increase compared to the year-ago period. As a percentage of U.S. economic output the deficit was 4.6%, 0.8 percentage points higher than the previous year.

[AZ Jim]

Another trump WIN?

[RadioGod]

Funny, I don't see the usual band of Trumpies trying to spin this in a positive light. And in a few days, in some other thread, they will ask you to post proof that Trump is doing us all wrong. LOL.

Whenever I make the argument with the debt clock, https://usdebtclock.org/ , showing how our economic "boom" is a fairy tale, I get so many stupid replies. Let's face the truth, Trump is cutting things out of the budget that conservatives generally like, such as regulatory body funding, school lunch programs, WIC, etc. But, with his other hand, he is increasing our other welfare funding, the corporate welfare kind. All of the big corporations have gotten new lucrative contracts, bigger than ever before. It's "HUGE". We can't afford it, so we borrow and sell bonds. Last time I posted the debt clock, we had just hit 22 Trillion. Now it will hit 23 very shortly.

Knowing how the markets work to a degree, every 3 months, those same corporations will need to post record profits, or at least show contracts that promise more profitability in the short term. This means our subsidies and contracts will have to continue to go up, even from where they are today. If Trump serves another 4 years, we could be at 30 Trillion easily when he leaves office.

We accuse China of heavily subsidizing their businesses to give them an unfair advantage on the world markets. But nobody comes close to the US levels when it comes to corporate welfare. If we got rid of all subsidies, every single fortune 500 company would go bankrupt overnight. I don't think that is a bad thing, considering they are leeches sucking the tax money out of us. We pay so much in taxes already, I wonder at what point it is considered communism? If all of our large companies are state sponsored, I would say we already are communists. Communists pretending to be freedom loving Americans. LOL.