FOX News: Trump set to preside over record spending, deficits as coronavirus costs explode
President Trump, with the support of Congress, is poised to preside over an unprecedented explosion of government spending that already is set to shatter deficit records and could grow further if plans for more coronavirus relief bills -- nearing a potential total price tag of $5 trillion -- become reality.
Even accounting for inflation, no modern administration has seen such levels of spending, covering everything from FDR's New Deal to recession-era rescues in the early part of the Obama administration.
The national debt itself already tops $24 trillion. As it stands, the 2020 deficit (the annual budget shortfall) is poised to break the record for a single-year deficit previously set under former President Obama as the U.S. government deals with the fallout from the coronavirus pandemic, passing historically expensive economic stimulus bills in an effort to soften the blow of mandatory shutdowns for businesses and public life in general.
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Update: Coronavirus pushes annual deficit forecasts toward $4 trillion (Roll Call)
WNU Editor: How much the U.S. deficit will be this year is dependent on two things. The course of the Covid-19 coronavirus pandemic, and when will the U.S. government run out of money. If the pandemic is still running its course, and the U.S. government is out of money, you can take this prediction to the bank. The U.S. will lift all restrictions and quarantines, and will stimulate the economy to levels that we have never seen in our lifetime.
9 comments:
5 Billion is not much of a deficit.
I wish. I think you are missing a few zeroes there.
Closing the economy is a bad move forced onto us by unscrupulous and ignorant politicians and even more unscrupulous and ignorant journalism graduates, who have no education to speak of.
There is no ventilator shortage. If we needed more ventilators and were going to run out, we would run out of trained staff to use them 1st. The bottle neck in the process is the staff not the ventilators. But a Democrap gooberner can look good (or looks good in the eye of a adoring press), if he or she complains about ventilators.
Since the slowest and most dishonest amongst us have caught onto the fact that there is no ventilator shortage after several weeks, now they are crying about PPE. The military decontaminates gear all the time. Hospital managers and staff are just learning how to do this. Maybe, if they would have had classes on pandemic response instead of 2 classes on social justice in med school, this would not have been a thing.
After the PPE issue is not longer lucrative to the Leftwing reporters and politicians, they will move onto something else. They won't actually solve a problem or define a problem correctly, but they will make problems worse.
For instance, when it comes to reopening the economy, they will heap hate onto Trump no matter what date he picks. The same jackanapes that this week say he cannot reopen the country a few weeks ago criticize him for not shutting down the whole nation. Cognitive dissonance much. No. I learned over a decade ago that liberals do not suffer from cognitive dissonance. They either know that they are lying and it profits them or they are too stupid to see the contradictions.
Liberal politicians and reporters are still in full jihad over hydroxychloroquine, because and only because Trump likes it and it will or would have made for smooth sailing and thus wrecked their chances in November.
In related news Obama bravely put his reputation on the line and came out for Slow Joe or Quid Pro quo fame after every other candidate bowed out. If Obama cannot choose and then back a good candidate from his own political party, why did we ever want him to run anything?
Can't wait 'til the GOP drags out dipsticks like Paul Ryan after the Dems win in November to start shedding crocodile tears about the "deficit" and its deleterious effect on our grandchildren's future.
Lots of faux concern about the federal budget when the GOP is out of the Whitehouse, when they're in it's tax cuts and deficit explosions for everyone!!!!!
5:27 a.k.a. P.O.S.
Trump cut the tax rate and tax receipt went up. That means the government got more money.
When Paul Ryan was in charge of the House he deferred to Obozo-Butt. There was this thing called the sequester. It was where the deficit was cut a little by cutting the military but Obama a got spending increases everywhere else.
Paul Ryan failed. It is why he bowed out of public office. The base was not going to back him anymore. He is person non grata like Boehner or Cantor.
As much of a Soviet/Russian influence agent that Zerohedge is, they drilled one important truth home.
1) You can print money, if you countries currency is a reserve currency. You will not get inflation.
2) No country's currency stays the reserve currency forever.
3) Corollary. if your country prints money and the country's currency is not a reserve currency, you will get massive inflation.
Now STFU asshole.
"Trump cut the tax rate and tax receipt went up. That means the government got more money."
Huh? What you smoking boy? The Congressional Budget Office would like a word; they're smarter than you, which isn't saying much.
BTW, if you've got Zerohedge bookmarked, you are a crank.
Tax Revenue Keeps Rising
"The federal deficit is increasing, and the reason is spending."
www.wsj.com/articles/tax-revenue-keeps-rising-11557691166
I had Zerohedge bookmarked. I deleted it. Some commenters on ZH say that ZH is a good read to see what the commie/Russian angle or disinformation campaign will be. That is to keep tabs on the commies.
I don't need it for that. If I want the commie angle I just read the Washington Post or New York Times.
ZH did good work on thing like QE 1 thru 3, reserve currency and twist. I got rid of ZH, because they post stuff from Strategic Culture Foundation (SCF) and Simon Black. Why zH brought back Simon after readers ask for him to be gone is a mystery, but after 2 or 3 years he was back. So, I voted with my feet.
SCF is a Moscow front group. It was another reason to leave. I can get the same angles, if I listen to House of Representatives Democrats.
$5 trillion. Not $5 billion. Sorry.
Name calling? Grow up.
"Name calling? Grow up."
like this?
"dipsticks like Paul Ryan"
Sorry?
No need to apologize. This is a very good blog. 'We all' just wish we could read, speak, and write Russian as well as you read, write, and speak English.
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