US deficit is nearly 1 trillion in 2019 thanks to dear leader Trump!

[southernhybrid]

https://www.washingtonpost.com/business/2019/10/25/us-deficit-hit-billion-marking-nearly-percent-increase-during-trump-era/

The U.S. government’s budget deficit ballooned to nearly $1 trillion in 2019, a $205 billion increase from a year earlier, as America’s fiscal imbalance widened for a fourth consecutive year despite a sustained run of economic growth.
The country’s worsening fiscal picture runs in sharp contrast to President Trump’s campaign promise to eliminate the federal debt within eight years. Since taking office, Trump has endorsed big spending increases and steered most Republicans to abandon the deficit obsession they held during the Obama administration.
In 2011, the GOP-controlled House of Representatives pushed to pass a constitutional amendment that would require balanced budgets. And the Obama administration created a deficit commission looking for ways to slow the growth of government debt. But those efforts have all fallen away, and now budget experts believe the country will see trillion-dollar annual deficits far into the future.

But, but, but, I thought conservatives supported decreased government spending and wanted to decrease the deficit. Oh wait. I forgot. That's only when the Democrats are in power. When the Republicans are in power, it's a free for all, if you're a corporation or mega wealthy.

“This is the first time in our history that we are seeing a boom in the economy at the same time deficits are rapidly rising. It’s alarming,” said Marc Goldwein, senior policy director of the Committee for a Responsible Federal Budget, which supports reducing the deficit.

You're doing a hell of a job there Orange man! Of course, if a Democrat become president in 2021, you know what will happen.....

 

[Jimmy Higgins]

Interest is $400 billion, the increases in Medicare and Social Security due to the aging population is another big reason. Interest is starting to become a significant driver, along side Medicare and Social Security. The good news is the GOP fixed the Medicare / Social Security thing back in the '00s when they had the majorities and super-majorities weren't necessary to pass a dedication for a Post Office. Oh wait... they didn't.

I'd say the article is a bit mistaken in that efforts by Obama and the GOP took aim to lower the deficit, which it did by 50%, when in fact it was primarily the tax revenue returning to normal after the economy went to hell.

Looking at 2018 and 2019, tax revenue for individuals went up 2% from 2019 to 2018. Obama's second term, tax revenue increased an average of 8%, though it did dip notably in 2016 to near no increase. Trump's first term, has averaged an increase of 3%.

 

[Elixir]

Pisses me off, it's so sad.

The money that this shithead posing as a president has grifted to his donors, is enough to overhaul the nation's roads, rails and bridges. But that runs counter to the authoritarian model wherein the rabble are kept down and in need. In that model, the government exists to serve Dear Leader, and to make sure the rest of the population serves him too.

Of course, if a Democrat become president in 2021, you know what will happen.....

Yup. There will be a major recession as soon as the artificial props are removed from Trump's economic charade. Dems will be blamed, and they'll be hard-pressed to hold onto any part of government come 2024.
If there's one thing the Rethuglicans are good at, it's blaming others for the damage they do,.

 

[barbos]

Interest is $400 billion, the increases in Medicare and Social Security due to the aging population is another big reason.

So deficit is $260 per month per every person in US. And half of it is interest on debt. Kinda high but not ridiculously high.
Speaking of which, Russian government recently said they have negative (!) debt. Government does not trust itself with money so they don't take debt

 

[Elixir]

Interest is $400 billion, the increases in Medicare and Social Security due to the aging population is another big reason.

So deficit is $260 per month per every person in US. And half of it is interest on debt. Kinda high but not ridiculously high.
Speaking of which, Russian government recently said they have negative (!) debt. Government does not trust itself with money so they don't take debt

Where the government can simply steal from the masses or "borrow" from the beneficiaries of past government theft, debt should never be an issue.
Trump loves that model.

 

[barbos]

Interest is $400 billion, the increases in Medicare and Social Security due to the aging population is another big reason.

So deficit is $260 per month per every person in US. And half of it is interest on debt. Kinda high but not ridiculously high.
Speaking of which, Russian government recently said they have negative (!) debt. Government does not trust itself with money so they don't take debt

Where the government can simply steal from the masses or "borrow" from the beneficiaries of past government theft, debt should never be an issue.
Trump loves that model.

All recent administrations loved debt, including Obama, Bush and Clinton, yes Clinton as well.
Debt is the only way to have "growth".

 

[Horatio Parker]

Interest is $400 billion, the increases in Medicare and Social Security due to the aging population is another big reason.

So deficit is $260 per month per every person in US. And half of it is interest on debt. Kinda high but not ridiculously high.
Speaking of which, Russian government recently said they have negative (!) debt. Government does not trust itself with money so they don't take debt

Russia is a net exporter. Running govt deficits with a trade surplus is an inflation risk.

 

[barbos]

Interest is $400 billion, the increases in Medicare and Social Security due to the aging population is another big reason.

So deficit is $260 per month per every person in US. And half of it is interest on debt. Kinda high but not ridiculously high.
Speaking of which, Russian government recently said they have negative (!) debt. Government does not trust itself with money so they don't take debt

Russia is a net exporter. Running govt deficits with a trade surplus is an inflation risk.

Well, if you put it that way. Problem with russian economy is that they choose to have trade surplus and save money at the cost of no growth.
The reason they choose saving money is because of Western sanctions. US is not going to allow any growth in Russia at least as long as Putin in power.

 

[Horatio Parker]

Russia is a net exporter. Running govt deficits with a trade surplus is an inflation risk.

Well, if you put it that way. Problem with russian economy is that they choose to have trade surplus and save money at the cost of no growth.
The reason they choose saving money is because of Western sanctions. US is not going to allow any growth in Russia.

The Russian economy is growing, 2.3% in 2018.

 

[barbos]

Russia is a net exporter. Running govt deficits with a trade surplus is an inflation risk.

Well, if you put it that way. Problem with russian economy is that they choose to have trade surplus and save money at the cost of no growth.
The reason they choose saving money is because of Western sanctions. US is not going to allow any growth in Russia.

The Russian economy is growing, 2.3% in 2018.

that's not growing and even that number is highly doubtful and most likely is a result of oil prices going up.

 

[Horatio Parker]

The Russian economy is growing, 2.3% in 2018.

that's not growing and even that number is highly doubtful and most likely is a result of oil prices going up.

Private debt is increasing, investment is increasing, GDP inreasing, but no growth. Whatever.

 

[barbos]

The Russian economy is growing, 2.3% in 2018.

that's not growing and even that number is highly doubtful and most likely is a result of oil prices going up.

Private debt is increasing, investment is increasing, GDP inreasing, but no growth. Whatever.

Private debt increasing in Russia means people buying Chinese made TVs and phones on credit.
Investment is NOT increasing. It's fluctuates.
GDP increases and then decreases according to prices on oil and other raw materials.

Compared to countries with similar GDP per capita Russia is stagnating.

 

[Horatio Parker]

Private debt is increasing, investment is increasing, GDP inreasing, but no growth. Whatever.

Private debt increasing in Russia means people buying Chinese made TVs and phones on credit.
Investment is NOT increasing. It's fluctuates.
GDP increases and then decreases according to prices on oil and other raw materials.

Compared to countries with similar GDP per capita Russia is stagnating.

And higher wages.

Maybe growth isn't what you'd like, but, unless the internets is all fake news, it's growing.

 

[barbos]

Private debt is increasing, investment is increasing, GDP inreasing, but no growth. Whatever.

Private debt increasing in Russia means people buying Chinese made TVs and phones on credit.
Investment is NOT increasing. It's fluctuates.
GDP increases and then decreases according to prices on oil and other raw materials.

Compared to countries with similar GDP per capita Russia is stagnating.

And higher wages.

Sure, that's why I read about doctors quitting, because of wage increase.

Maybe growth isn't what you'd like, but, unless the internets is all fake news, it's growing.

I read more russian news than you do, you can get directly contradicting economic news in a matter of a day.

 

[Horatio Parker]

And higher wages.

Sure, that's why I read about doctors quitting, because of wage increase.

Maybe growth isn't what you'd like, but, unless the internets is all fake news, it's growing.

I read more russian news than you do, you can get directly contradicting economic news in a matter of a day.

Hmmm second hand Russian news or OECD data, who to believe?

 

[barbos]

Sure, that's why I read about doctors quitting, because of wage increase.

I read more russian news than you do, you can get directly contradicting economic news in a matter of a day.

Hmmm second hand Russian news or OECD data, who to believe?

Compare your 2% to Poland. And in 2019 it's less than 1% so far.

 

[Horatio Parker]

Sure, that's why I read about doctors quitting, because of wage increase.

I read more russian news than you do, you can get directly contradicting economic news in a matter of a day.

Hmmm second hand Russian news or OECD data, who to believe?

Compare your 2% to Poland. And in 2019 it's less than 1% so far.

Yeah I get the deceleration. But it's still growth.

Poland may have some unique circumstances, or maybe they were so far back that even with strong growth they're just catching up. I don't know, I'm just thinking out loud.

 

[Horatio Parker]

Sure, that's why I read about doctors quitting, because of wage increase.

I read more russian news than you do, you can get directly contradicting economic news in a matter of a day.

Hmmm second hand Russian news or OECD data, who to believe?

Compare your 2% to Poland. And in 2019 it's less than 1% so far.

Yeah I get the deceleration. But it's still growth.

Poland may have some unique circumstances, or maybe they were so far back that even with strong growth they're just catching up. I don't know, I'm just thinking out loud.

 

[barbos]

Compare your 2% to Poland. And in 2019 it's less than 1% so far.

Yeah I get the deceleration. But it's still growth.

Poland may have some unique circumstances, or maybe they were so far back that even with strong growth they're just catching up. I don't know, I'm just thinking out loud.

Defending russian economy is supposed to be my job.
And no, compared to Russia Poland is not catching up, Russia should be catching up but they are not doing it well.

 

[T.G.G. Moogly]

Trump and his cronies aren't in it for deficit reduction, they're in it for personal enrichment. Their plan is working.

Any half-bake can come in and stimulate the economy by creating massive deficits.