U.S. Budget Deficit Jumps to $779 billion
The U.S. Federal Budget rose $113 billion in Q4: FY 2018 to $779 billion. Why? First and foremost, it happened because of the Tax Cut giveaways to the wealthy and to corporations passed earlier this year by the Republican Congress and signed into law by a Republican president. That money is not spent, rather it is directed into stocks, bonds, and real estate, which also topped out at a new record high of $107 trillion. 90 percent of that total is tucked away in the hands of the ultra rich. Put another way: Mission accomplished--via rigging the elections, colluding with the Russians, stacking the U.S. Supreme Court, and lying out of 600 sides of their mouths.
The main features of the FY 2018 revenues: Corporate taxes fell by $76 billion; defense spending rose by $32 billion; and interest on the public debt went up $65 billion. Spending on education fell by $48 billion.
Republicans across the length and breadth of the Trump administration, as usual, were all wrong in their predictions of falling deficits. Private economists and the Congressional Budget Office were correct. They predicted a grand total of $1.5 trillion in additional U.S. debt over 10 years directly related to the same tax cuts.
What can we expect from the Trump administration and the Republican Congress going forward? They will blame it on the Democrats, and Social Security, and Medicare, and Food Stamps, and child care, and the disabled.
What can you do? Vote in November with facts, and with the certain understanding that elections have consequences. Unless you don’t mind being raped, pillaged, and plundered.
I think it would've been nice if you had given us a little history of the deficit. I know from your article that the deficit jumped to $779 billion. But what did it jump from when Trump was campaigning… $500 billion?
Ron
Love ya!
Jane