U.S. Government Set to Borrow Nearly $1 Trillion This Year, Increase of 84%

BoatShoes Senior Member
5,991 posts 23 reps Joined Nov 2009
Sun, Feb 4, 2018 2:04 PM

https://www.washingtonpost.com/news/wonk/wp/2018/02/03/the-u-s-government-is-set-to-borrow-nearly-1-trillion-this-year/?utm_term=.a7adf9a4bdaa

The federal government is on track to borrow nearly $1 trillion this fiscal year — Trump's first full year in charge of the budget.

That's almost double what the government borrowed in fiscal year 2017.

 

Caveat, My humble opinion is that the expectation of higher supplies of Treasuries is causally related to the improvements in U.S. and worldwide economic performance (the consumer of the world's goods via trade deficit - The U.S. Private Sector - will have more private sector assets).

With that said I thought it would be fun to post this thread and marvel at the lack of cries of inevitable economic collapse. 

 

 


gut Senior Member
18,369 posts 93 reps Joined Nov 2009
Sun, Feb 4, 2018 2:31 PM

Yeah, if Trump intends to double the debt like his two predecessors he's already falling miserably behind.

 

Otherwise, it's hilarious that your "humble opinion" is directly refuted - in the article you posted - by people who make a very good living knowing those sorts of things.

BoatShoes Senior Member
5,991 posts 23 reps Joined Nov 2009
Sun, Feb 4, 2018 4:53 PM
posted by gut

Yeah, if Trump intends to double the debt like his two predecessors he's already falling miserably behind.

 

Otherwise, it's hilarious that your "humble opinion" is directly refuted - in the article you posted - by people who make a very good living knowing those sorts of things.

It is entertaining how you consider some deficit fear mongering in the Washington Post of all places (Wish you consisgently trash as being revealed to be off the rails with anti-Trumpism but now you like their editorial choices in this case) quoting OPINIONS of deficit fear mongerers like yourself who were consistently wrong for the last decade to be a "direct refutation" lol.

Carry on

Dr Winston O'Boogie Senior Member
3,345 posts 25 reps Joined Oct 2010
Sun, Feb 4, 2018 4:55 PM

It’s Obama’s fault of course. 

BoatShoes Senior Member
5,991 posts 23 reps Joined Nov 2009
Sun, Feb 4, 2018 5:35 PM

Mind you - let's remember how I used to call Gut Dr. Evil when he would post about Obama's "$1 trilllllliiioonn dollar deficits!" and all he wanted was a balanced budget. But what's he say when Trump's in office? Lol. Is that the Gut version of "Blame Bush?"

What is even more entertaining is that the thing threatening to derail Trumpism would be the federal reserve interest rate hikes that Gut has advocated! The stock markets were doing just fine riding the MAGA train until the increase in wages that Trump promised started to materialize which led the markets to expect faster rate hikes like Gut has advocated for (not unlike Martin Feldstein who is quoted in the WaPo article and last year advocated that the stock market would drop unless the Fed hiked rates aggressively - but gee, oh look, it isn't until the markets expected more aggressive rate hikes that the stock markets took a dip!). 

But even more entertaining than MAGA's policy and the GOP's acquiescing to the same showing why would should be thankful they don't follow your advice is the ease with which you will give Trump a pass where you would rail to no end about Obama's failure. 

QuakerOats Senior Member
11,701 posts 55 reps Joined Nov 2009
Mon, Feb 5, 2018 11:26 AM

obama indebted The People to the tune of an extra TEN TRILLION DOLLARS in just 8 years.  

 

But go ahead and get excited about another WAPO hit piece. 

fish82 Senior Member
4,402 posts 36 reps Joined Nov 2009
Mon, Feb 5, 2018 1:05 PM

It's troubling...especially considering that the government took in a record amount of money last year. Still, it's just an estimate using only the raw tax cut numbers. Assuming the country continues with 3-5% GDP growth in 2018, the total will be considerably less than $1 Trillion.

That said, it'll still be literally many, many more dollars than we should be borrowing, considering the current cash flow into DC.

FatHobbit Senior Member
9,058 posts 68 reps Joined Nov 2009
Mon, Feb 5, 2018 1:39 PM

I have no issue with cutting taxes and cutting social programs. But does it make sense to cut taxes, cut social programs and increase military spending? Jesus Christ we spend too much on the military. 

I hope they do something soon to start addressing our infrastructure problems...

gut Senior Member
18,369 posts 93 reps Joined Nov 2009
Mon, Feb 5, 2018 2:06 PM
posted by fish82

It's troubling...especially considering that the government took in a record amount of money last year. Still, it's just an estimate using only the raw tax cut numbers. Assuming the country continues with 3-5% GDP growth in 2018, the total will be considerably less than $1 Trillion.

That said, it'll still be literally many, many more dollars than we should be borrowing, considering the current cash flow into DC.

Looks like it's, again, more of a spending problem.  Because I thought the tax cuts were estimated to cost $1T over TEN years.  So something else is driving most of the $400B increase in borrowing

like_that 1st Team All-PWN
29,228 posts 312 reps Joined Apr 2010
Fri, Feb 9, 2018 9:04 AM

I know boat jerks off to more spending, but the GOP can go fuck itself for passing that budget.  Say what you want about Rand Paul, but he is one of the very few principled politcians we have anymore.  

Spock Senior Member
5,271 posts 9 reps Joined Jul 2013
Fri, Feb 9, 2018 9:14 AM

yea.....the whole idea that the government can operate with $20 trillion of debt ($1 million dollars a minute) and then cant pass a budget to keep itself under control is BS

majorspark Senior Member
5,459 posts 29 reps Joined Nov 2009
Fri, Feb 9, 2018 9:21 AM
posted by like_that

I know boat jerks off to more spending, but the GOP can go fuck itself for passing that budget.  Say what you want about Rand Paul, but he is one of the very few principled politcians we have anymore.  

Image result for bette midler rand paul

8,788 posts 21 reps Joined Nov 2009
Fri, Feb 9, 2018 9:30 AM

It's almost like spending only matters when there is a D in the White House....

But, man, DOD gets whatever it wants. I am a defense hawk, but if a Command asks for it, they get it. It's insane. There is so much to cut in the DOD budget, but it is so entrenched and a machine, that is almost impossible to really cut anything. 

It's going to take someone like former Secretaty Gates and more members of Congress like Rand to really cut  into it.

The non-defense spending needs to take in a more nuanced approach as well. 

Oh, the Dreamers/ DACA folks are probably still screwed. 

 

8,788 posts 21 reps Joined Nov 2009
Fri, Feb 9, 2018 9:32 AM
posted by FatHobbit

 

I hope they do something soon to start addressing our infrastructure problems...

Nah man, the private sector will magically invest $800B to fix everything.. 

like_that 1st Team All-PWN
29,228 posts 312 reps Joined Apr 2010
Fri, Feb 9, 2018 9:47 AM
posted by ptown_trojans_1

It's almost like spending only matters when there is a D in the White House....

But, man, DOD gets whatever it wants. I am a defense hawk, but if a Command asks for it, they get it. It's insane. There is so much to cut in the DOD budget, but it is so entrenched and a machine, that is almost impossible to really cut anything. 

It's going to take someone like former Secretaty Gates and more members of Congress like Rand to really cut  into it.

The non-defense spending needs to take in a more nuanced approach as well. 

 

 

This is something that you and I couldn't agree on more.  So much shit being procured that is unnecessary.   There is no longer a fiscally conservative party, but I knew that a long time ago. 

CenterBHSFan 333 - I'm only half evil
7,259 posts 46 reps Joined Nov 2009
Fri, Feb 9, 2018 10:04 AM

The military and social programs. We were warned about both. Two-party failures.

“The lessons of history, confirmed by evidence immediately before me, show conclusively that continued dependence on relief induces a spiritual and moral disintegration fundamentally destructive to the national fiber.  To dole out relief in this way is to administer a narcotic, a subtle destroyer of the human spirit.  It is inimical to the dictates of sound policy.  It is a violation of the traditions of America.” 

-  Franklin D. Roosevelt

gut Senior Member
18,369 posts 93 reps Joined Nov 2009
Fri, Feb 9, 2018 10:07 AM
posted by ptown_trojans_1

It's almost like spending only matters when there is a D in the White House....

LMFAO....I think you meant to say Democrats only care about spending when a R is in the White  House, and vice versa

gut Senior Member
18,369 posts 93 reps Joined Nov 2009
Fri, Feb 9, 2018 10:09 AM
posted by Spock

yea.....the whole idea that the government can operate with $20 trillion of debt ($1 million dollars a minute) and then cant pass a budget to keep itself under control is BS

It's pretty scary to think if we ever get back to a normal interest rate environment that we are talking $1T+ just in interest to service the debt.

And if rates DON'T return to that normative 5-6%, that's a really shitty thing (as it has been for the past 8 years) for retirees and people on fixed incomes.  It's great if you have a mortgage and live paycheck-to-paycheck, but it's otherwise a hidden tax on anyone with savings.

QuakerOats Senior Member
11,701 posts 55 reps Joined Nov 2009
Mon, Feb 12, 2018 11:12 AM

The debt is a killer, creating the most insidious tax of all:  lack of purchasing power.  

We need the balanced budget amendment passed.

8,788 posts 21 reps Joined Nov 2009
Mon, Feb 12, 2018 11:14 AM
posted by QuakerOats

The debt is a killer, creating the most insidious tax of all:  lack of purchasing power.  

We need the balanced budget amendment passed.

Tell the President. He apparently does not agree. 

QuakerOats Senior Member
11,701 posts 55 reps Joined Nov 2009
Tue, Feb 13, 2018 10:09 AM

Feds collect record amount of taxes in January, resulting in a budget surplus for the month.  On track for a lower deficit vs last year. 

 

https://www.cnsnews.com/news/article/terence-p-jeffrey/feds-collect-record-taxes-first-month-under-tax-cut-run-surplus

 

 

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