[Vision2020] Federal Deficit for February Largest in History--Total debt now $22 trillion

[Tom Hansen]

Yes.

And remember when Trump would complain that Obama spends too much time on the golf course?

For you, Donnie-boy . . .
http://www.tomandrodna.com/songs/Tribute_to_Trump.mp3

Seeya 'round town, Moscow, because . . .

"Moscow Cares" (the most fun you can have with your pants on)
http://www.MoscowCares.com
  
Tom Hansen
Moscow, Idaho


> On Mar 25, 2019, at 10:39 AM, Nicholas Gier <ngier006 at gmail.com> wrote:
> 
> Please note Trump scolding Obama about the budget deficit. Our own Sen. Crapo used to make this his primary focus.
> 
> The monthly deficit has now climbed to 5.1 percent of GDP in contrast to the 3.8 percent at the end of Obama's two terms.
> 
> https://www.huffpost.com/entry/record-february-budget-deficit-trump_n_5c96cc00e4b01ebeef103d01?ncid=newsltushpmgnews__TheMorningEmail__032519
> 
> February’s federal budget deficit was the largest on record, according to figures released by the Treasury Department on Friday. President Donald Trump promised during his campaign that he would balance the budget in eight years.
> 
> The total debt surpassed $22 trillion for the first time ever in February — $2 trillion higher than when Trump took office.
> 
> 
> Donald J. Trump
> ✔
> @realDonaldTrump
> The deficits under @BarackObama are the highest in America's history. Why is he bankrupting our country?
> 
> Donald J. Trump
> ✔
> @realDonaldTrump
> With a record deficit and $15 trillion in debt, @BarackObama is spending $4 million of our money on his Hawaii vacation. Just plain wrong.
> The massive shortfall is being attributed to a 20 percent drop in corporate revenue and increased federal spending. The Trump administration slashed corporate taxes in his new 2017 tax law from 35 percent to 21 percent. Trump’s tax-cut package cost the government $1.5 trillion.
> “When you pass the most irresponsible tax cut followed by the most irresponsible spending increase, unsurprisingly it leads to the largest deficit numbers,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, told The Washington Post. “Predictably, that’s exactly where we landed.”
> 
> The deficit for the first five months of the federal fiscal year is $544.2 billion, up nearly 40 percent from the same period the previous year, according to Treasury figures. 
> 
> The budget gap was $234 billion in February alone, which surpassed the earlier monthly record of $231.7 billion seven years ago, according to an analysis of data by Bloomberg.
> 
> Total spending was $401 billion in February while the government took in just $167 billion.
> 
> Corporations have so far this fiscal year paid $59.2 billion in taxes, compared to $87.4 billion at this point ini 2017 before Trump’s tax law was enacted.
> 
> Federal Reserve Chairman Jerome Powell warned Congress last month that the federal debt matters — it’s growing faster than the gross domestic product —and the nation must address the issue.
> 
> Money owed is eating up an increasing share of the GDP. The budget deficit’s share of the GDP is expected to increase to 5.1 percent this year, up from 3.8 percent a year ago, according to projections from the White House Office of Management and Budget.
> 
> At this rate, the national debt could be on track to hit 93 percent of GDP in a decade.
> 
> 
> -- 
> A society grows great when old men plant trees whose shade they know they shall never sit in. 
> 
> -Greek proverb
> 
> “Enlightenment is man’s emergence from his self-imposed immaturity. Immaturity is the inability to use one’s understanding without guidance from another. This immaturity is self- imposed when its cause lies not in lack of understanding, but in lack of resolve and courage to use it without guidance from another. Sapere Aude! ‘Have courage to use your own understand-ing!—that is the motto of enlightenment.
> 
> --Immanuel Kant
> 
> 
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