HERE'S A ROSY ECONOMIC PICTURE FOR YOU

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HERE'S A ROSY ECONOMIC PICTURE FOR YOU

Explained by Linnster...

"The White House’s midyear budget projections see federal deficits surpassing $1 trillion in 2019. In an annual budget review, the White House’s Office of Management and Budget (OMB) estimated that new legislation enacted since the release of its February budget — alongside new projections on other spending and receipts — would add $101 billion more to the 2019 deficit, pushing it above $1 trillion. That figure would amount to 5.1 percent of the United States's gross domestic product, the nation’s total economic output. The midyear budget review was released quietly on Friday. Estimates from the nonpartisan Congressional Budget Office had forecast the deficit to near $1 trillion in 2019, but not pass it until 2020. Budget watchdogs said that deficits had doubled in recent years as a result of bipartisan spending agreements and the GOP tax-cut law passed in December. “This is a striking acknowledgement following almost two years of claims that economic growth unleashed by these policies will wipe deficits away,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. The budget outlook maintained the rosy economic projections the Trump White House has used in previous forecasts, but seemed to indicate a slight retreat from an earlier promise. Trump officials have regularly argued that the administration’s policies would lead to sustained economic growth of 3 percent over 10 years, well above mainstream projections. In its updated budget outlook, OMB’s average growth rate dropped under 3 percent over the decade, dipping below the target as of 2025. The White House also projected that corporate profits would grow 13 percent over a decade, while employee compensation would surge 68 percent. The Bureau of Labor Statistics estimated that hourly wages have grown just 2.7 percent in the past year, though once inflation was taken into account the number fell to zero." http://thehill.com/homenews/administration/397445-white-house-budget-projects-1-trillion-deficit-in-2019

Top Comment

Depending on how to count



By percent, or by dollar annount



Either way, mostly GOP spends more than Dems.

+665 See / Add Replies

VicZinc VicZinc

Comments

Can we really be upset over a one trillion dollar deficit increase, when it was increased by multiple trillions under the previous administration?

+221 Reply

trooper trooper

In response to “Can we really be upset over a one trillion...

Wasn't the GOP the party that was supposed to fix that problem? Well, as usual, keep blaming Obama because you don't have any other leg to stand on.

+2312 Reply

Linnster Linnster OP

In response to “Wasn't the GOP the party that was supposed to...

If you're standing on a 700 foot mound of shit, don't complain about 1 **** in my yard.

+222 Reply

trooper trooper

In response to “If you're standing on a 700 foot mound of...

We'll see whose standing on that pile.

+222 Reply

Linnster Linnster OP

In response to “Can we really be upset over a one trillion...

Yes, especially if we were one of the people complaining about it during the previous administration.

+221 Reply

ForkNdaRoad ForkNdaRoad

Depending on how to count



By percent, or by dollar annount



Either way, mostly GOP spends more than Dems.

+665 Reply

VicZinc VicZinc

In response to “Depending on how to...

Something for which they excoriated Obama and now find themselves doing. But, we all know that it's only deleterious when the opposite party does it.

+665 Reply

Linnster Linnster OP

In response to “Something for which they excoriated Obama and...

And that's a real shame, because a great many people believed in the **** they spewed for the last 8 years only to discover it was all lies.

+11 Reply

ForkNdaRoad ForkNdaRoad

In response to “And that's a real shame, because a great many...

Correct and, because lying was so advantageous to them, they're still doing it.

+111 Reply

Linnster Linnster OP

In response to “Correct and, because lying was so...

The arrogance will cost them "bigly."

+11 Reply

ForkNdaRoad ForkNdaRoad

In response to “The arrogance will cost them "//bigly//."

I surely hope so.

0 Reply

Linnster Linnster OP

The screams from the tea party for fiscal responsibilty flew out as soon as trump was elected. As i said previously, all the values the right insisted we needed for the us to succeed have been flung to the wind.
Makes me feel as though those words were just code.

+442 Reply

Carla Carla

In response to “The screams from the tea party for fiscal...

They weren't code - they were bullfeathers.

+332 Reply

Linnster Linnster OP

In my opinion neither party does enough to curb deficit spending. The GOP get extra points though for being so hypocritical. Ranting and raving about deficits for years, and when given the chance (the control the Legislative and Executive branches) they double-down on unsustainable deficits with their tax cuts.

As far as I know, no tax cut has ever stimulated an economy enough to pay for itself.

+443 Reply

PhilboydStudge PhilboydStudge

In response to “In my opinion neither party does enough to...

Mathematically, it is impossible to lower taxes and increase spending and either whittle down the current deficit or prevent the deficit from increasing.

+332 Reply

Linnster Linnster OP

Of course none of the right wingers will ever believe your facts.....

All the screaming that went on when Obama was president because he took a vacation, have now turned mute. They are fine with Trump spending $3M to fly to Florida on the weekends on taxpayers money. And now he wants to redecorate AirForceOne, evidently the bed isn't to his liking. Maybe he should furnish it out with one of his used mattresses from his hotel....you think.

And I just heard that when he went to Scotland, stayed at his own hotel, he sent the bill to us taxpayers. Wow.... where is all the screaming about that? Ummm

https://www.youtube.com/watch?v=nCt1J1cOTWE

+331 Reply

StarzAbove StarzAbove

From the White House Mid Session Budget Report itself -

"While focusing on the economic health of
the Nation, the Trump Administration continues to work toward getting the Nation’s fiscal house in order

The Administration inherited
a tremendous debt and deficit problem, including an increase in the debt of more than $9 trillion over the eight years of the Obama
Administration, which was clearly on an unsustainable path.

The President’s budgets
have made difficult choices in order to rein in spending, lower the growth of the national debt, and focus Government on its most important job: protecting the Nation

The President supported Congressional efforts to replace Obamacare and his most recent Budget would save nearly $700 billion by
replacing Obamacare with legislation modeled closely after the Graham-Cassidy-Heller-Johnson (GCHJ) bill

Additional reforms within the 2019 budget would help set Government
healthcare spending on a sustainable fiscal
path that leads to a bigger bang for the buck

Addressing Obamacare would have also reduced regulatory burdens for small businesses, some of whom stayed below 50 full-time
workers to avoid penalties while shifting full-time workers to part-time status

In the TCJA, Congress repealed the Obamacare individual
mandate, eliminating the tax penalty for Americans who decided not to buy coverage

The Administration will continue to work with Congress to provide relief from Obamacare’s mandates and increase more affordable and
flexible coverage options

The Mid-Session Review (MSR) provides
updated estimates for changes that have occurred since the President’s budget was released in February

The 2019 deficit has been revised to $1.1 trillion

The increases in the deficit compared with the Budget are almost
entirely related to increases in spending from
the Bipartisan Budget Act of 2018 and the
subsequent Consolidated Appropriations Act,
2018 (Omnibus)

The President signed the
Omnibus to secure a historic and much-needed
funding increase for our military, but he does
not support its unnecessary increases to non-
defense spending

The MSR incorporates the President’s proposal to constrain non-defense
discretionary spending going forward, saving nearly $900 billion compared with current law

Despite the increases from enacted legislation, under the President’s policies to cut spending and grow the economy, the deficit
will fall from 4.4 percent of GDP in 2018 to 1.4
percent of GDP in 2028

The Administration will continue to work with Congress to enact fiscal discipline through spending restraint

End of copied report - Beginning of Budwick comment -

Imagine how much better it could have been if the dems and Rinos would simply cooperate a little bit. And, if the administration didn't have to waste so much time defending itself from bogus accusations!

0 Reply

Budwick Budwick

Evidently, neocons don't care about fiscal responsibility nearly as much as they claim to.

+221 Reply

ForkNdaRoad ForkNdaRoad

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