Essential Economics for Politicians

HOW MUCH HIGHER ARE TRUMP’S BUDGET DEFICITS THAN OBAMA’S?

The U.S. federal deficit for July totalled $76.9 billion, pushing the total figure for the first 10 months of the fiscal year to $684 billion—up almost 21 percent on this time in 2017.

A combination of increased spending and reduced tax intake have conspired to push the deficit higher, with President Donald Trump’s administration now estimating that the total figure will top $1 trillion in 2019, CBS News reported.

Trump vowed to cut the deficit when running for president in 2016, regularly bashing Barack Obama’s economic policies that saw the shortfall swell to well above $1 trillion during his time in office. He even promised to wipe out the national debt, though offered no suggestion of how that might be achieved. But now that he is in the Oval Office, the president seems less worried about the runaway numbers.

Trump seems to have lost interest in the deficit as soon as he won the presidency. Once the deficit crosses the $1 trillion mark again, the Trump administration expects it to stay there for three years.

For the current budget year, the White House is projecting a total deficit of $890 billion, which would be the highest figure for six years. This would be 33.7 percent up from last year’s deficit,

https://www.newsweek.com/how-much-higher-are-trumps-budget-deficits-obamas-1069476
 
Booter said:
Izzy you are pathetic, here's what you said "Sorry pal Obama ran over a trillion every year he was in office." Are you lying or are you ignorant?
Actually, what you say above is not even true. Care to provide a source for any of your latest round if wrong numbers?
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Sorry, but I got to side with Iz, you lie constantly.
 
Booter said:
Izzy you are pathetic, here's what you said "Sorry pal Obama ran over a trillion every year he was in office." Are you lying or are you ignorant?
Actually, what you say above is not even true. Care to provide a source for any of your latest round if wrong numbers?
Click to expand...
Show me.
 
What’s clear is that both Obama and Clinton were much better for the economy than Bush and Trump.
I remember how much more I made during Obama than during Bush and now, not so much. Trump is slowing us down and growing the deficit and hurting trade. Such a shame.
 
C [QUOTE="messy said:
What’s clear is that both Obama and Clinton were much better for the economy than Bush and Trump.
I remember how much more I made during Obama than during Bush and now, not so much. Trump is slowing us down and growing the deficit and hurting trade. Such a shame.
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Fries U!! What a deal!!
 
US economic growth is likely to slow sharply this year and next, according to CNBC’s Fed Survey

KEY POINTS
  • The average forecast for gross domestic product growth this year is just 2.3 percent, according to the CNBC Fed Survey for March, because of the trade battle and slowing global growth.
  • Sixty percent still see a rate hike this year, but that’s down from 78 percent in the January survey. And now 14 percent of respondents forecast a rate cut in 2019.
  • The CNBC Fed Survey was given March 14 to 17 with 43 respondents from the economics, equities and fixed income fields.
  • Weaker global growth and tariffs are seen as the major culprits.
A weak outlook for growth abroad knocked about 40 basis points (or 0.4 percentage points) off of GDP forecasts this year, according to respondents, who include economists, fund managers and strategists. Tariffs — both those put in place by the Trump administration and retaliatory tariffs from other countries — are estimated to take another 20 basis points off of growth.

https://www.cnbc.com/2019/03/19/us-...r-and-next-according-to-cnbcs-fed-survey.html
 
Booter said:
US economic growth is likely to slow sharply this year and next, according to CNBC’s Fed Survey

KEY POINTS
  • The average forecast for gross domestic product growth this year is just 2.3 percent, according to the CNBC Fed Survey for March, because of the trade battle and slowing global growth.
  • Sixty percent still see a rate hike this year, but that’s down from 78 percent in the January survey. And now 14 percent of respondents forecast a rate cut in 2019.
  • The CNBC Fed Survey was given March 14 to 17 with 43 respondents from the economics, equities and fixed income fields.
  • Weaker global growth and tariffs are seen as the major culprits.
A weak outlook for growth abroad knocked about 40 basis points (or 0.4 percentage points) off of GDP forecasts this year, according to respondents, who include economists, fund managers and strategists. Tariffs — both those put in place by the Trump administration and retaliatory tariffs from other countries — are estimated to take another 20 basis points off of growth.

https://www.cnbc.com/2019/03/19/us-...r-and-next-according-to-cnbcs-fed-survey.html
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CNBC?
 
Trump's Twin Deficits Are Exploding

Candidate Trump campaigned on wiping out the yearly federal deficit, the governments $19 trillion in total debt and reducing the trade deficit. Reality is harsher than campaigning, especially when President Trump signed a huge corporate tax cut (which contained a minor cut for individuals). This has led to the federal deficit on track to reach $1 trillion per year.

Trump has talked loudly but delivered little real results when it comes to impacting trade. Under his watch the trade deficit has grown over $100 billion, going from $502 billion in 2016 to $621 billion in 2018, an increase of 19%. The deficit for Goods has increased $140 billion from $751 billion to $891 billion. At its current pace, the Goods deficit could also hit $1 trillion in 2020 .

Federal deficit marches on to $1 trillion under Trump

There were two reports out last week that indicate the Federal deficit is on track to hit $1 trillion either in 2019 or 2020. The first is the U.S. Treasury’s Monthly Statement, which showed the following for the month of January.

The Goods trade deficit could also hit $1 trillion under Trump

The Census Bureau released December and 2018’s trade information and it shows that the U.S. trade deficit continues to increase. While Trump will rail that the U.S. is “losing”, in many ways this indicates that the American economy is performing better than other countries. It also shows that American companies and consumers are voting with their pocketbook since the products that are being imported are at a lower price or just not being made in the U.S.

https://www.forbes.com/sites/chuckjones/2019/03/09/trumps-twin-deficits-are-exploding/#2219f3627ffa
 
Booter said:
Trump's Twin Deficits Are Exploding

Candidate Trump campaigned on wiping out the yearly federal deficit, the governments $19 trillion in total debt and reducing the trade deficit. Reality is harsher than campaigning, especially when President Trump signed a huge corporate tax cut (which contained a minor cut for individuals). This has led to the federal deficit on track to reach $1 trillion per year.

Trump has talked loudly but delivered little real results when it comes to impacting trade. Under his watch the trade deficit has grown over $100 billion, going from $502 billion in 2016 to $621 billion in 2018, an increase of 19%. The deficit for Goods has increased $140 billion from $751 billion to $891 billion. At its current pace, the Goods deficit could also hit $1 trillion in 2020 .

Federal deficit marches on to $1 trillion under Trump

There were two reports out last week that indicate the Federal deficit is on track to hit $1 trillion either in 2019 or 2020. The first is the U.S. Treasury’s Monthly Statement, which showed the following for the month of January.

The Goods trade deficit could also hit $1 trillion under Trump

The Census Bureau released December and 2018’s trade information and it shows that the U.S. trade deficit continues to increase. While Trump will rail that the U.S. is “losing”, in many ways this indicates that the American economy is performing better than other countries. It also shows that American companies and consumers are voting with their pocketbook since the products that are being imported are at a lower price or just not being made in the U.S.

https://www.forbes.com/sites/chuckjones/2019/03/09/trumps-twin-deficits-are-exploding/#2219f3627ffa
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Horrible, almost as bad as Obama.
He did spend most of his life as a democrat.
 
messy said:
I have debt but no deficit. If Iz wasn’t such a dummy he’d know what I was talking about, but he would need to learn the definition of “asset.”
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If you knew what debt comprised of you wouldnʻt post what you just posted. Fries U! What a deal!! And yes remind us of your collateralized debt masquerading as an asset. You people crack me up.
 
Bruddah IZ said:
Oh itʻs coming. Certainly by 2020 so all you Suckers can say capitalism doesnʻt work
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It doesn't. Social democracies are the only systems that work for any given nation. But as I mentioned, people can't get very rich in those systems. No butlers or chauffeurs in Norway. And yes, those few that exist may not fully bear the costs of their own defense.
 
The Trump Tax Law Did Not Benefit Workers
  • Trump promised workers that his massive tax cuts for the rich and big corporations would benefit workers, create economic growth, and pay for itself. None of that happened.
  • Corporate profit growth hit a 6-year high, and corporations used their massive tax breaks for a record-high $1 trillion of stock buybacks.
  • Workers did not benefit. 60 percent of voters said they had not seen an increase in their paychecks as a result of the Trump tax law.
  • The Trump tax law has not created jobs. In fact, the 1,000 largest public companies actually eliminated nearly 140,000 jobs since the tax law was passed.
  • The federal deficit swelled by more than 40 percent compared to a year ago largely because of a sharp decline in corporate tax revenues, and the CBO said the Trump tax law would add $1.9 trillion to the debt over the next decade.
  • While workers were left behind, Trump and his family benefit greatly from the Trump tax law.
  • Ivanka and Jared stand to benefit from a tax break they pushed, which offers massive tax breaks to real estate developers.
  • Kushner’s family business bought $13 million in additional properties after they were designated part of an “opportunity zone” by Trump’s tax law.
  • Trump and his family benefit substantially from massive tax cuts given to the richest Americans, and from tax breaks given to “pass-through” entities like the Trump Organization
 
Booter said:
The Trump Tax Law Did Not Benefit Workers
  • Trump promised workers that his massive tax cuts for the rich and big corporations would benefit workers, create economic growth, and pay for itself. None of that happened.
  • Corporate profit growth hit a 6-year high, and corporations used their massive tax breaks for a record-high $1 trillion of stock buybacks.
  • Workers did not benefit. 60 percent of voters said they had not seen an increase in their paychecks as a result of the Trump tax law.
  • The Trump tax law has not created jobs. In fact, the 1,000 largest public companies actually eliminated nearly 140,000 jobs since the tax law was passed.
  • The federal deficit swelled by more than 40 percent compared to a year ago largely because of a sharp decline in corporate tax revenues, and the CBO said the Trump tax law would add $1.9 trillion to the debt over the next decade.
  • While workers were left behind, Trump and his family benefit greatly from the Trump tax law.
  • Ivanka and Jared stand to benefit from a tax break they pushed, which offers massive tax breaks to real estate developers.
  • Kushner’s family business bought $13 million in additional properties after they were designated part of an “opportunity zone” by Trump’s tax law.
  • Trump and his family benefit substantially from massive tax cuts given to the richest Americans, and from tax breaks given to “pass-through” entities like the Trump Organization
Click to expand...
Fake News.
 
Sheriff Joe said:
Fake News.
Click to expand...
  • The federal deficit swelled by more than 40 percent compared to a year ago largely because of a sharp decline in corporate tax revenues, and the CBO said the Trump tax law would add $1.9 trillion to the debt over the next decade.
I really wish this was fake news. Shitstain, if your head was not so deep in the sand or so far up your ass you would know this is all too true.
 
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