I know it’s no longer popular to talk about this, but if there is one single thing that will kill our country, it’s this.
The federal deficit surpassed $1 trillion in the first 11 months of fiscal 2019, the Congressional Budget Office (CBO) said Monday.
The deficit presently stands at $1.068 trillion, though it is likely to be reduced in September as quarterly tax payments are paid.
“In its most recent baseline projections, CBO estimated that the 2019 budget deficit would be $960 billion,” the CBO noted. That amount would be $181 billion higher than last year’s deficit.
The deficit as of Monday was running $168 billion ahead of the deficit in the last fiscal year at this time.
While mandatory spending such as Social Security and Medicare drive the deficit, it has shot up under President Trump‘s watch following the GOP tax cut bill and a series of bipartisan agreements to raise spending on both defense and domestic priorities.
The CBO has called the nation’s fiscal path “unsustainable,” noting that payments on interest alone were on track to overtake both defense and domestic spending by 2046.
We have seen this scenario play out time and time again in countries all over the world. At some point, the debt becomes so overwhelming that there are only three choices:
- Massive cuts in spending to free up money to pay debt that results in civil unrest. It would be better to cut smaller now than just abruptly abandon things like Social Security in the future.
- Cancel the debt and leave all of the bond holders empty handed. This would destroy our nation’s ability to borrow while wiping out the wealth of millions of people.
- Print more money to pay the debt. The result is rampant inflation that wipes out the wealth and swamps the incomes of every American. This is the option most often chosen by politicians because it’s easier.
There is no good outcome to this kind of debt. It’s a nation killer.
Be brave, Owen. Point fingers. Tell us who did it.
Body, first name Every.
Glad you helped Jiffy. Think he’ll understand that?
Dad29, where did you stand on the GOP tax cut when it was introduced?
This is every elected officials fault since Bush. What Owen didn’t say was that the 4th option is to… RAISE TAXES (as well as cut spending). That is the ONLY way we will pay this off. We have seen that cutting taxes alone has not done squat to improve the situation. The economy is doing fine still and a slight tax increase won’t destroy that.
Create a tax similar to the Miller Park tax that sunsets after 5 or 10 years. Then let the next set of elected officials make that decision. But, you can only do something like that if you can balance the budget as well. Because as we know, if it isn’t explicitly stated what to do with the additional income, it won’t go to paying down the debt.
All the silent republicans will be very up in arms over this subject the next time a democrat is elected. Until then, they will remain silent.
Stop it, jonnyv, don’t make me snort my DMD again. Are you begging for examples of special new taxes that were supposed to sunset that didn’t?
I don’t get you liberals.
You bitch about Miller Park Tax not sunsetting (which I agree BTW).
…but then bitch when Republicans sunset some taxes by tax cuts?
Are you all taking your medication?
“sunset some taxes by tax cuts” Translate into English, please.
Nord,
Tax cuts result in sunsetting certain taxes.
What is so hard to figure out?
Are you against sunsetting taxes?
Tax cuts don’t necessarily “sunset” a tax. Which taxes? Were they scheduled to have an end date?
Why don’t you explain what you really mean?
NOT thrilled about either The Donald’s tax cut NOR his reckless spending.
In fact, I corresponded with his campaign over the spending matter. Threw a bunch of shade. They keep sending emails asking for money, though.
Why did you oppose the tax cut?