Monday, January 13, 2020

So much winning

While both revenue and spending have increased in the first three months of fiscal 2020, spending has gone up at a faster rate.

Treasury has estimated that the deficit will exceed $1 trillion in fiscal 2020. The only other years when the U.S. has posted a budget deficit exceeding $1 trillion came in the wake of the 2008 financial crisis.

Deficits have gone up during President Trump's administration, following passage of his 2017 tax-cut law as well as bipartisan agreements to increase spending on defense and domestic programs.

[...]

“It makes no sense that we are continuing to pile on debt in a growing economy," said Michael Peterson, CEO of the Peterson Foundation, a group dedicated to tackling the U.S.'s long-term fiscal challenges. "This is the time when we are supposed to be preparing for the future. Managing our debt is essential to making sure we have the ongoing resources to address our greatest challenges, from infrastructure to climate to national security.

  The Hill
But if you're a Republican who wants to destroy the US government, things are going swimmingly.

...but hey, do what you want...you will anyway.

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