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Steve Bright View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve Bright Quote  Post ReplyReply Direct Link To This Post Topic: Here you go guys
    Posted: 12 Dec 2019 at 8:57am
WASHINGTON (AP) — The U.S. budget deficit rose by 2% last month to $209 billion, another step in a journey back toward $1 trillion-a-year budget shortfalls.

The Treasury Department reported Wednesday that the federal government took in $225 billion in tax and other revenue but spent a record $434 billion in November.

November is the second month of the government's 2020 budget year.

In the 2019 budget year, the government ran up a deficit of $984 billion, the most in seven years.

The Congressional Budget Office is forecasting that the deficit for 2020 will hit $1 trillion and will stay above $1 trillion for the next decade. The country last ran annual $1 trillion annual deficits from 2009 through 2012 during and after the financial crisis.

The gap narrowed as the economy picked up momentum.

But the fiscal imbalance started to grow again after President Donald Trump and Congress pushed through a massive tax cut in 2017 while ramping up spending. Adding to budget pressures: The baby boom generation is retiring and beginning to collect Social Security and enroll in Medicare.

So far this budget year, the government is running a deficit of $343 billion, up 12% from a year earlier.

NOTICE the part about tax cuts??????? I thought I heard someone say something about that yesterday????? And everyone made fun about it.



Edited by Steve Bright - 12 Dec 2019 at 8:59am
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jaybmiller View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jaybmiller Quote  Post ReplyReply Direct Link To This Post Posted: 12 Dec 2019 at 9:31am
I'm betting if you DID NOT allow illegals IN AND got rid of the 'free cheese' ,  the budget would balance ...

It'd be nice to SEE where the increase in spending was.

The numbrs reported show the country is 'living beyond it's means', so someone, somewhere HAS to cutback, reduce or eliminate spending to MAGA. It's either that or INCREASE taxes on the few that do contribute to the IRS....


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Steve Bright View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve Bright Quote  Post ReplyReply Direct Link To This Post Posted: 12 Dec 2019 at 11:12am
Cutting of free cheese would be a start, Of course that should also include the free cheese to Corp America. Did I read where you said increase taxes???????? Maybe we should not have lowered them? Or at least to the extent that we did??

Edited by Steve Bright - 12 Dec 2019 at 11:14am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pinball Quote  Post ReplyReply Direct Link To This Post Posted: 12 Dec 2019 at 12:17pm
50 million or so what the democrats has wasted on there investigations. ought to make democratic party pay that back.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JC(WI) Quote  Post ReplyReply Direct Link To This Post Posted: 12 Dec 2019 at 12:46pm
Every eff'n red cent of it paid back to the USA treasury and the loss of their retirements too for the BULL SHE~HIT they have caused.
 SB, you slow and don't get it... your dimdem bummer didn't do squat for the military and Donald Trump came in and has been working to get the military NEW equipment to use... upgrade from 40 year old equipment maybe even older... like from vietnam conflict...... But sadly, the lights won't turn on in your HAED because you got that infuriating TDS botherin you.
 Bottom line, Dummer never paid down the TEN TRILLION DOLLARS he put this country into debt deeper... TEN TRILLION DOLLARS at 1% is an additional 100 billion dollars of additional interest a year... 2% is 200 BILLION, and increased health care cost 10 fold for the average person in his 8 years... and lost thousands of jobs, let in millions of illegals and undocumented ... and tried to kill coal and gas lines and old powerplants that all cost this country huge chunks of change---pocket money change that is. and crippled this country ... and in just three years Trump has changed the country very much and you can't accept that fact from a repub like Donald.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote steve(ill) Quote  Post ReplyReply Direct Link To This Post Posted: 12 Dec 2019 at 2:00pm
The Congressional Budget Office is forecasting that the deficit for 2020 will hit $1 trillion and will stay above $1 trillion for the next decade.
 
If you look back 3 years you will see the CBO "forcast" for the deficit was $! trillion for the next several years BEFORE TRUMP passed the tax cut.... There are SEVERAL things that go into the DEFICIT.... taxes are just one part..
 
We don't have a TAX problem, we have a SPENDING PROBLEM.. TOO MUCH CHEESE and FOREIGN AID....... TRUMP is addressing both.. and the TURDS are pushing for MORE CHEESE.
Trump Is Not A Lib or Conserv, He's a "Pragmatist." (someone who is practical and focused on reaching a goal. Has a straightforward, matter-of-fact approach and doesn't let emotion distract him or her
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DiyDave Quote  Post ReplyReply Direct Link To This Post Posted: 12 Dec 2019 at 5:20pm
And the cbo is SUCH an unbiased, truthful source...Wink

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CBO Budget Projections: After Two Years No Better Than Throwing Darts

The Apothecary
Seth Chandler Contributor
The ApothecaryContributor Group 
Policy
I am a law professor writing about health insurance, mostly Obamacare.
This article is more than 2 years old.
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The latest Senate Republican healthcare reform plan, like its House predecessor, appears now to have failed. It did so for many reasons, some good and some not so good. Among the not-so-good reasons the proposal failed were the projections of the Congressional Budget Office. As I show here, CBO projections more than two years into the future in the domain it perhaps studies most -- federal deficits -- are little better than random guesses.

Look at the chart below. It shows the deterioration of CBO predictive accuracy when it comes to the federal budget deficit. The circular markers show how accurate these predictions have been since 2009 in forecasting how large the federal budget deficit would be. As one can see, although CBO estimates are very good for the same year in which they are made, accuracy deteriorates rapidly. By year 3, CBO projections have actually been no better than luck.

CBO accuracy in predicting federal budget deficits

CBO accuracy in predicting federal budget deficits

 GRAPHIC CREATED BY SETH J. CHANDLER

The accuracy metric used in the chart above is an industry-standard metric known as "Adjusted R Squared," which, to put it roughly, shows what percentage of variation in what you are trying to predict (the budget deficit) can be explained by your model relative to "throwing darts." So, when we say that the Adjusted R Squared of CBO predictions two years out is 0.57, that means that only 57% of the variation in the actual budget deficit has been predicted by the CBO. (Those interested in technical details should look at the notes below).

Today In: Opinion

The inaccuracy of CBO budget deficit forecasts is, in my view, relevant to the accuracy of the CBO's forecasts with respect to the Republican healthcare alternatives. First, though, let me not be guilty of overstatement. This doesn't mean we shouldn't make forecasts or cite their results. Random results may actually be better than deliberately wrong projections. It doesn't mean we shouldn't have a CBO or multiple good sources of economic research: Congress should have dependable sources of information. It doesn't mean the Republican bills were good ideas or that they wouldn't have increased -- at least somewhat -- the number of persons without useful health insurance. What it does suggest, however, is that politicians should stop citing these CBO forecasts as some sort of infallible oracle. Journalists should no more cite them as fact than they would a forecast, even by a reputable organization, about the Dow Jones average several years hence. We all need to recognize that, even with the best of intentions, economic forecasting is extremely difficult. The CBO is neither immune from politics nor oracular, particularly when it comes to projections more than two years into the future.

We should not think that CBO scoring of the healthcare bills is any better than its scoring of the deficit. Indeed, while some of the error we see in CBO budget deficit forecasting is simply the result of computational irreducibility -- an irreducible inability to forecast political and economic events far into the future -- some of the error with respect to healthcare is indefensible pigheadedness.


So much for hasbeans sources...Hug



Edited by DiyDave - 12 Dec 2019 at 5:24pm
Source: Babylon Bee
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Steve Bright View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve Bright Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2019 at 8:43am
JC (wi) Trump rebuilding the Military after 40 years? Your statement not mine, But Reagan said he rebuilt the military? (reason for increase in debt) Then Bush senior said he continued building the Military? (reason for increase in debt) Then Bush Jr said he had to rebuild the Military? (reason for increase in debt) Now Trump says the same thing, All of these occurred in the past 40 years, So were the other Republican Presidents not telling the truth if Trump has to buy new equipment that is old and worn out from 40 years ago, as you stated?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Kansas99 Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2019 at 10:26am
[QUOTE=Steve Bright]WASHINGTON (AP) — The U.S. budget deficit rose by 2% last month to $209 billion, another step in a journey back toward $1 trillion-a-year budget shortfalls.

The Treasury Department reported Wednesday that the federal government took in $225 billion in tax and other revenue but spent a record $434 billion in November.

November is the second month of the government's 2020 budget year.

In the 2019 budget year, the government ran up a deficit of $984 billion, the most in seven years.

The Congressional Budget Office is forecasting that the deficit for 2020 will hit $1 trillion and will stay above $1 trillion for the next decade. The country last ran annual $1 trillion annual deficits from 2009 through 2012 during and after the financial crisis.

The gap narrowed as the economy picked up momentum.

But the fiscal imbalance started to grow again after President Donald Trump and Congress pushed through a massive tax cut in 2017 while ramping up spending. Adding to budget pressures: The baby boom generation is retiring and beginning to collect Social Security and enroll in Medicare.

So far this budget year, the government is running a deficit of $343 billion, up 12% from a year earlier.

NOTICE the part about tax cuts??????? I thought I heard someone say something about that yesterday????? And everyone made fun about it.

U.S. Tax Revenue by Year

Here's a record of income for each fiscal year since 1960. There are links to more details about the revenue back to the FY 2006 budget. Tax receipts fell off during the recession but started setting new records by FY 2013.


    • FY 2020 - $3.64 trillion, budgeted.
    • FY 2019 - $3.44 trillion, estimated.
    • FY 2018 - $3.33 trillion.
    • FY 2017 - $3.32 trillion.
    • FY 2016 - $3.27 trillion.
    • FY 2015 - $3.25 trillion.
    • FY 2014 - $3.02 trillion.
    • FY 2013 - $2.77 trillion.
    • FY 2012 - $2.45 trillion.
    • FY 2011 - $2.30 trillion.
    • FY 2010 - $2.16 trillion.
    • FY 2009 - $2.10 trillion.
    • FY 2008 - $2.52 trillion.
    • FY 2007 - $2.57 trillion.
    • FY 2006 - $2.4 trillion.
    • FY 2005 - $2.15 trillion.
    • FY 2004 - $1.88 trillion.
    • FY 2003 - $1.72 trillion.
    • FY 2002 - $1.85 trillion.
    • FY 2001 - $1.99 trillion.
    • FY 2000 - $2.03 trillion.
    • FY 1999 - $1.82 trillion.
    • FY 1998 - $1.72 trillion.
    • FY 1997 - $1.58 trillion.
    • FY 1996 - $1.45 trillion.
    • FY 1995 - $1.35 trillion.
    • FY 1994 - $1.26 trillion.
    • FY 1993 - $1.15 trillion.
    • FY 1992 - $1.09 trillion.
    • FY 1991 - $1.05 trillion.
    • FY 1990 - $1.03 trillion.
    • FY 1989 - $991 billion.
    • FY 1988 - $909 billion.
    • FY 1987 - $854 billion.
    • FY 1986 - $769 billion.
    • FY 1985 - $734 billion.
    • FY 1984 - $666 billion.
    • FY 1983 - $601 billion.
    • FY 1982 - $618 billion.
    • FY 1981 - $599 billion.
    • FY 1980 - $517 billio
Yep those tax cuts sure killed the treasuries revenue and rebuilding the military as far as I'm concerned should be a nonstop objective.  The problem with that is the only way the democrats will vote for it is if  the same amount of money is spent on free cheese and pet projects.  When the dems start seeing the world as it is and not how they think it should be they'll realize it's pretty hard to protect a country with free cheese.  Were all those republican presidents lying about rebuilding the military, no they were the only ones doing it.

Over the last 40 years the Treasury has averaged about $78 billion increase each year.  With the tax cuts the Treasury is still exceeding the average increase easily.   

The issue here is a spending problem.




Edited by Kansas99 - 13 Dec 2019 at 10:28am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tbone95 Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2019 at 10:30am
Kansas99, Thank you!  That is awesome!  Yeah......cutting taxes cuts net revenue!UnhappyLOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Kansas99 Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2019 at 10:39am

CBO Budget Projections: After Two Years No Better Than Throwing Darts


Dave I'm calling this out for fake news.  Obviously the CBO has a 0% accuracy after 2  years and even as bad at darts as I am it's not 0% I at least hit the board once in a while. Jeez LOLLOL


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Post Options Post Options   Thanks (0) Thanks(0)   Quote pinball Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2019 at 11:54am
this is what the swamp has done. clean them out in 2020
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jaybmiller Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2019 at 11:59am
I was brought up to 'save for a rainy day' and that if spent more than you earned you'd go to the 'poor house'.

Seems to me somewhere along the line that's been forgotten.

With credit card minimums and free cheeses galore, maybe it's time we ALL maxed out our cards ,like the guvs have and just line up for all the handouts ?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JC(WI) Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2019 at 1:31pm
Thanks Kansas99, I have been looking for such a chart that was current as what you posted. Thumbs Up
SB, when your talking about 'building up', you need to look at what is being built up, is it equipment or fire power or supplying more ammo to fight with. Trump fast tracked the military needs of equipment... new planes, tanks, Bradleys, ships, armory, protection... etc., etc., etc.... 

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Post Options Post Options   Thanks (0) Thanks(0)   Quote DiyDave Quote  Post ReplyReply Direct Link To This Post Posted: 13 Dec 2019 at 5:36pm
Originally posted by Kansas99 Kansas99 wrote:

CBO Budget Projections: After Two Years No Better Than Throwing Darts


Dave I'm calling this out for fake news.  Obviously the CBO has a 0% accuracy after 2  years and even as bad at darts as I am it's not 0% I at least hit the board once in a while. Jeez LOLLOL



Hey, it still made mince meat of hasbeans argument...Wink

Actually, this is closer to how CBO plays the game...


Source: Babylon Bee
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Kansas99 Quote  Post ReplyReply Direct Link To This Post Posted: 14 Dec 2019 at 12:42am
Originally posted by DiyDave DiyDave wrote:

Originally posted by Kansas99 Kansas99 wrote:

CBO Budget Projections: After Two Years No Better Than Throwing Darts


Dave I'm calling this out for fake news.  Obviously the CBO has a 0% accuracy after 2  years and even as bad at darts as I am it's not 0% I at least hit the board once in a while. Jeez LOLLOL



Hey, it still made mince meat of hasbeans argument...Wink

Actually, this is closer to how CBO plays the game...




Agreed LOLLOL
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