• "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

U.S. ran deficit just under $1 trillion in 2019, CBO estimates

Scorpio

Скорпион
Founding Member
Board Elder
Site Mgr
Midas Supporter
Joined
Mar 25, 2010
Messages
28,778
Likes
37,429
#1
U.S. ran deficit just under $1 trillion in 2019, CBO estimates

By Associated Press

Published: Oct 7, 2019 6:35 p.m. ET


Final figure to be released later this month


AFP/Getty Images
A view of the U.S. Capitol.
WASHINGTON — The U.S. government ran a budget deficit of just under $1 trillion in the just-closed fiscal year.

That’s according to the latest, almost official estimate by the Congressional Budget Office.

Last year’s deficit ran $779 billion, but this year’s came in at $984 billion, more than $200 billion higher despite very low unemployment and continuing economic growth.

Many mainstream economists have long taken the position that deficits and the nation’s $22 trillion national debt are unsustainable. CBO notes that deficits have been growing faster than the size of the economy for four years in a row, ending 2019 at 4.7% of gross domestic product.

But there’s no appetite in Washington to try politically painful medicine to deal with the deficit.

The Treasury Department will release final deficit figures mid-month.

https://www.marketwatch.com/story/u...cbo-estimates-2019-10-07?mod=mw_theo_homepage
 

nickndfl

Midas Member
Midas Member
Midas Supporter
Joined
Jan 7, 2011
Messages
13,580
Likes
12,704
Location
Florida
#3
Trump needs to create some kind of revenue flow to pay down the debt like a toll road along the southern wall.
 

Strawboss

Home Improvement Sales Trainee...
Gold Chaser
Site Supporter
Joined
Mar 31, 2010
Messages
5,950
Likes
10,533
#5
It grows or it dies...
 

Alton

Gold Member
Gold Chaser
Joined
Apr 1, 2010
Messages
4,943
Likes
9,357
Location
Michiana
#6
Awww! Spending less money than the fed can conjure? I'm sure the banksters feel awful! Maybe we can get Trump to buy some more bombs and drones just to keep the game going a little longer before we default on the fed. How about a universal income?!? It will make the socialists smile too....right before the plug gets pulled on the fed.
 

ZZZZZ

Gold Member
Gold Chaser
Site Supporter
Joined
Dec 23, 2017
Messages
3,711
Likes
7,838
Location
Northern Arizona
#7
I'll repeat this tidbit here:

Six year old Susie: Mr. Wizard, what comes after a "trillion?"

Mr. Wizard: Can you say "quadrillion" boys and girls?
.
.
 

EO 11110

CENSORSHIP KILLS
Site Supporter
Mother Lode
Joined
Jul 31, 2010
Messages
14,692
Likes
11,522
Location
clown world
#8
been running the better part of a trillion for a decade-ish

10 years from now it will be 2 trill
 

ZZZZZ

Gold Member
Gold Chaser
Site Supporter
Joined
Dec 23, 2017
Messages
3,711
Likes
7,838
Location
Northern Arizona
#9
been running the better part of a trillion for a decade-ish

10 years from now it will be 2 trill
It'll be two years from now if a Lunatic Leftist Democrat wins.
.
.
 

Cigarlover

Gold Member
Gold Chaser
Sr Site Supporter
Joined
Dec 18, 2011
Messages
6,432
Likes
12,088
#10
I still remember when a trillion meant something and seemed like a lot of money. Back when Newt had that republican pledge to America or whatever it was called where they were definitely not going to pass a budget that wasn't balanced.
DC is not going to stop spending nor will they fix themselves. There is only 1 cure and it's we the people. They know it and they know we aren't even close to fixing anything because we cant even agree that the problem is DC.
 

edsl48

Silver Member
Silver Miner
Site Supporter ++
Joined
Apr 2, 2010
Messages
2,642
Likes
5,043
#11
I have already heard from the local Democrats how this is Trump's fault.
Four years ago I heard the budget mess was Obama's fault.
Next election, regardless of who wins, it will be their fault.

I wrote about this in another thread recalling the late 1970's and early 1980's when there was a theory put forth that there would be a time the Government could no longer even service the interest on the debt. My current hypothesis is that the time is actually near because of where we are at the soon to be situation of the baby boomers being fully integrated into the great Medicare and Social Security ponzi schemes.

One of my close by neighbors recently had a bone marrow transplant with the donor from Denmark. The benefits lasted about a year, was failing and another transplant was planned. Unfortunately he passed from another issue a couple of weeks ago. Now just how much do you think these boomers paid into Medicare over their lifetimes to cover the cost of procedures like that? Those boomers, of which I am one, will go to the polls and elect the worse crook in the world as long as their Medicare spending is not cut regardless of the costs and benefits.
To add to the Medicare I read yesterday that the boomers median 401K etc savings amount to 113,000. Now just how long will that last when they try and live on Social Security stipends? Not long and you can bet they will vote, as above, for whatever crook will provide them with more benefits.

It just can't be done without massive taxation or explosive money printing so while the current deficit is alarming the real crisis is yet to come in my humble opinion...it is just a matter of time.

Incidentally here is a photo of two silver bars my mother bought in the mid 1970s. They are both very rough pours because that is pretty much how they came back then with a price slightly into the middle $4 dollar range.

(by the way I qualify for Medicare and take the A part because it is more or less free being you paid for that part. It covers your hospital room. Other than that I carry private insurance to keep the Government out of my life as much as possible. Costs a bit more though)
 

Attachments

Last edited: