CNBC reports that they’re not working out so well for the nation’s bottom line:
The U.S. budget deficit widened another $119.7 billion, good for a 27% increase over a year ago, according to government figures released Monday.
Total outlays increased by 22.8% over last July as receipts grew 11.6%. For the year, receipts were up 3% in the October to July period, totaling $2.86 trillion, while expenditures were at $3.73 trillion, an 8% rise.
That brings the fiscal year deficit through July to $866.8 billion, a little over a year and a half after the Trump administration ushered through a $1.5 trillion tax cut that the White House has vowed would pay for itself. At this point last year, the deficit was $684 billion.
While it’s true that overall tax receipts are up with the strong economy we’ve enjoyed for most of the 2010s, the loss of the federal revenue growth that would have occurred were it not for the Trump tax cuts is directly responsible for a budget deficit headed over one trillion dollars this year–the inevitable result of tax cuts made with no offsetting cuts in spending. Spending cuts are the second act of the conservative “starve the beast” philosophy of deliberate fiscal crisis inducement–the part they don’t want to talk about while passing big tax cuts, but then in recent years has become too politically toxic to carry out as the harm those spending cuts would do to ordinary Americans is quantified.
Have voters seen this shell game played enough times to stop playing in 2020? We’ll have to see if repetition of this same tired tactic overcomes short attention spans. The one thing this situation cannot be called is fiscally responsible, and that’s the one thing Republicans are expected to be. Is it true that “deficits only matter when Democrats are in charge?”
If so, we can cut the proverbial crap.
You must be logged in to post a comment.
BY: notaskinnycook
IN: Friday Open Thread
BY: spaceman2021
IN: Friday Open Thread
BY: spaceman2021
IN: Colorado Dems Hammer Out Major Gun Safety Compromise
BY: Meiner49er
IN: Colorado Dems Hammer Out Major Gun Safety Compromise
BY: JohnNorthofDenver
IN: Colorado Dems Hammer Out Major Gun Safety Compromise
BY: unnamed
IN: Friday Open Thread
BY: ParkHill
IN: Friday Open Thread
BY: harrydoby
IN: Friday Open Thread
BY: 2Jung2Die
IN: Friday Open Thread
BY: notaskinnycook
IN: Pick Your Poison: Which Trump Cabinet Member Concerns You Most?
Subscribe to our monthly newsletter to stay in the loop with regular updates!
If you are a Republican, or get sucked into their shell-game. And the so-called "tax-cuts" are a steaming pile of dog shit.
To Republicans, the following is a feature, not a bug:
It's worth remembering that the last GOP president who paid attention to the debt and deficit was George H.W. Bush. Republicans won't make that mistake again.
So true. I've always credited Daddy Bush with making amends for signing on to Voodoo Economics in '81 with his 1990 tax increase. Between that and Clinton's '93 tax increase, they balanced the budget.
the deficit of $866.8 billion would have been worse, except for the $24.5 billion in added tariff receipts through the first 10 months of the year., about 175% (up $24.5 billion) of FY18's 10 month collection.