US deficit soars to eye-watering $1.7 TRILLION as Bidenomics goes 'belly-up'

[SoMplsHawkI]

Its not a revenue problem.

Robert Reich

@RBReich
·
Follow
Recent data shows that 1.4 million wealthy Americans are evading nearly $66 billion in federal taxes. The 2,000 highest-earning tax dodgers alone owe $923 million. There’s a very simple reason Republicans want to keep the IRS underfunded: So rich tax cheats get away with it.

 

[binsfeldcyhawk2]

Robert Reich
@RBReich
·
Follow
Recent data shows that 1.4 million wealthy Americans are evading nearly $66 billion in federal taxes. The 2,000 highest-earning tax dodgers alone owe $923 million. There’s a very simple reason Republicans want to keep the IRS underfunded: So rich tax cheats get away with it.

They need to pay....that said, that revenue covers about 4% of this years deficit.

We have a spending problem.

 

[thewop]

I'd like to see some sort of plan allowing illegals to become legal by applying for residency, holding a job for 5 years and paying in taxes including SS before thay are granted citizenship. The social security money would not count toward their account until granted citizenship.
After 5 years of legal time here without a criminal record could be terms for citizenship.

Lots of holes could be poked in this, but the government needs to think and behave differently.

Its at least a good starting point for a debate.

I'd like to get to a point where we openly acknowledge that illegals contribute to our economy AND they're paid less to do it, and both are OK.

By working in agriculture and service businesses they help keep labor costs down and in turn keep prices down while doing jobs that many citizens don't want to do. For these people, there should be a path to citizenship (5-10 years) where they become full, voting members of society.

I realize everyone has something to get angry about in what I just suggested, but that's where I'm at.

 

[hawkjt]

Context:
Deficit: Obama
2013-680
2014-480
2015-440
2016-590

2017-670
2018-780
2019-980
2020-3.13

Tax law changed in 2018, exploding deficit in a good economy.

 

[hawkjt]

Context:
Deficit: Obama
2013-680
2014-480
2015-440
2016-590

2017-670
2018-780
2019-980
2020-3.13

Tax law changed in 2018, exploding deficit in a good economy.

 

[Thunderlips71]

Agreed. the last government shutdown was caused by democrats and was rather damaging. Also, let’s not forget the massive amount of money needed to be borrowed right now is also a significant player in the cost to borrow. Simple supply and demand.

Caused by Democrats? That’s an interesting take.

 

[CaboKP]

Its at least a good starting point for a debate.

I'd like to get to a point where we openly acknowledge that illegals contribute to our economy AND they're paid less to do it, and both are OK.

By working in agriculture and service businesses they help keep labor costs down and in turn keep prices down while doing jobs that many citizens don't want to do. For these people, there should be a path to citizenship (5-10 years) where they become full, voting members of society.

I realize everyone has something to get angry about in what I just suggested, but that's where I'm at.

I think we're pretty close in thought process.

The unfortunate part is Rs won't have any part of something like this, they need to hold the line regarding illegals being bad and Ds need to hold the line on pushing for citizenship right now. Each to appease their own base.
Likely why I've been an independent forever.

 

[binsfeldcyhawk2]

​

Deficit Doubling as US Economy Grows Shows Why Yields Are at 5%​

• Main driver for widening deficit has been a slide in revenues
• Spending rose on debt servicing, Social Security and Medicare

In a year when the US economy exceeded almost everybody’s expectations, the underlying federal deficit roughly doubled, spotlighting a dire fiscal trajectory likely to only worsen the partisan budget battles in Washington.

The government ran a $2.02 trillion deficit for the fiscal year through September, after adjustments to remove the impact of President Joe Biden’s student-loan forgiveness program, which was scotched by the Supreme Court. The gap is $1.02 trillion more than the prior year.

The surge is a powerful illustration of a fiscal path that’s triggered warnings from economists, politicians and credit rating agencies. It also helps explain why yields on longer-term US Treasuries are reaching highs unseen since before the global financial crisis, with the government needing to issue ever more debt to cover the shortfall of revenues relative to spending. Ten-year yields surpassed 5% on Monday.

Deficit Doubling as US Economy Grows Shows Why Yields Are at 5%

In a year when the US economy exceeded almost everybody’s expectations, the underlying federal deficit roughly doubled, spotlighting a dire fiscal trajectory likely to only worsen the partisan budget battles in Washington.

www.bloomberg.com

 

[Joes Place]

A poll conducted by Morning Consult and Bloomberg showed that Bidenomics is actually working

 

[binsfeldcyhawk2]

View embedded media

Guess people didn’t get the memo

https://www.nytimes.com/2023/11/06/business/dealbook/biden-economy-trump-2024.html

 

[Joes Place]

Guess people didn’t get the memo

https://www.nytimes.com/2023/11/06/business/dealbook/biden-economy-trump-2024.html

GOP and X propaganda is quite effective in stirring opinions in the face of actual facts...

 

[seminole97]

Context:
Deficit: Obama
2013-680
2014-480
2015-440
2016-590

2017-670
2018-780
2019-980
2020-3.13

Tax law changed in 2018, exploding deficit in a good economy.

Where do you get your numbers?

Debt to the Penny | U.S. Treasury Fiscal Data

Debt to the Penny is the total debt of the U.S. government and is reported daily. It is made up of intragovernmental holdings and debt held by the public.

fiscaldata.treasury.gov

 

[Finance85]

GOP and X propaganda is quite effective in stirring opinions in the face of actual facts...

BS. The vast majority of the middle class and working poor recognize the very real effects of Biden policies every time they go to the grocery store, pay rent, pay their mortgage, or pay for utilities. That's not media driven; that's everyday life.

 

[Joes Place]

BS. The vast majority of the middle class and working poor recognize the very real effects of Biden policies

Yeah

it means JOBS and BETTER PAY.