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Deficit Soaring in 2018

The Fiscal Times Staff
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    FoxNuwsRTraitors
    All Trump and the GOP have done is temporarily juice the economy by borrowing more to spend while mortgaging our future. This is just an abomination of Keynesian economics - since Keynes said to do such borrowing only during a recession. Tax cuts and increased defense spending have exploded the deficit. Trump inherited a budget deficit of $580B and now the White House OMB projects $1T deficit in FY2019 in their July 17 report. Obama inherited a deficit of $1.2T (CBO pub 41753 dated January 7, 2009, two weeks BEFORE Obama took office) and reduced it to $580B. Bush inherited a nearly balanced budget and left with a $1.2T budget deficit. Anyone see a pattern here?
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    FoxNuwsRTraitors
    Thank you Mr. President for exploding the deficit and the wealth gap with your tax cuts (80% for the wealthy) and your wasteful defense spending increases. In their July 17 report, your own White House OMB projects a $1 trillion deficit in FY2009 - so we have a classic case of short term gain and long term pain. All your regulation changes regarding the environment, energy, banks/credit/debt, health care, and workers are also classic short term gain for long term pain. In every case you are creating or worsening long term problems to make things easier now. You are mortgaging our future.
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    FoxNuwsRTraitors
    Trump's economic growth = Fake economic growth. The economy is juiced due to tax cuts and an increase in defense spending - which are both exploding the deficit - projected by Trump's White House OMB to hit $1 trillion in FY2019 in their July 17 report. So this growth is unsustainable and we will have a Depression when budget cuts to deal with that exploding deficit - along with the exploding wealth gap - both ensure that non-wealthy consumer spending crashes.
  • M
    Matt
    Spending on debt grew because of the interest spending due to doubling in national debt under Obama, the need to rebuild the military and Democrats not going along unless they get 400 billion more for their pet projects. Tax cuts are improving the economic groth to the point that that growth will wipe out the projected cost of the cuts and if things keep growing under Trump, we will see money for infrastructure and other programs long past due. If it keeps going and we get new trade deals that we want, our economy and the worlds will really explode offering improved lives for everyone.
  • W
    WilliamF
    Try doing this personally, borrow one third of your income every year. You could sure live better for a little while - until your debt gets so large you can't pay for it. That is what is happening at the federal level. Borrowing to goose the economy when it is already showing consistent growth and low unemployment is a recipe for disaster. Just wait.
  • M
    Mike
    Shotty tax cut legislation. VOODOO ECONOMICS