US Records 2nd Biggest July Deficit In History As 25% Of Tax Revenue Go To Pay Interest

[Urohawk]

Receipts as a percentage of GDP are at Clinton era levels, but spending is 50% higher.

We’ve never, in any era, collected more than 20% of GDP in federal taxes (exactly twice ever).

Spending is over 24% of GDP and predicted by the Biden administration to remain there.

If you spend 120% more each year than you’ve ever earned, do you have a spending problem?

Not according to Democrats.

You make very good points about the need to cut spending. Then you prove yourself to be a total idiot with the democrat line. I don't know if you're uniformed on the truth, don't care, or are too dumb to acknowledge some other narrative. The majority of unfunded spending is done by Republicans. It doesn't copy/paste well but here is the link.

U.S. Debt by President: Dollar and Percentage

The national debt has increased under most U.S. presidents. Here is how much each president's time in office added to the U.S. debt by percentage and dollar amounts.

www.investopedia.com

Franklin D. Roosevelt	$178,464,714,660.98	791.8% 791.8% 791.8%
Woodrow Wilson	$23,036,251,492.50	789.9% 789.9% 789.9%
Ronald Reagan	$1,604,482,712,041.16	160.8% 160.8% 160.8%
George W. Bush	$4,217,261,484,712.34	72.6% 72.6% 72.6%
Barack Obama	$7,663,615,710,425.00	64.4% 64.4% 64.4%
George H. W. Bush	$1,207,189,695,334.34	42.3% 42.3% 42.3%
Richard Nixon	$121,339,561,890.14	34.3% 34.3% 34.3%
Donald Trump	$6,700,491,178,561.60	33.1% 33.1% 33.1%
Jimmy Carter	$208,861,000,000.00	29.9% 29.9% 29.9%
Bill Clinton	$1,262,689,326,747.48	28.6% 28.6% 28.6%
Theodore Roosevelt	$483,479,337.65	22.6% 22.6% 22.6%
Joe Biden	$4,738,415,474,674.48	16.7% 16.7% 16.7%

 

[TheCainer]

But he couldn’t ****ing WAIT to start spending trillions we don’t have, and the Democrats controlling the House and Senate obliged him almost immediately.

You pretending to not understand he is responsible for legislation he signed doesn’t change that he is responsible for legislation he signed.

You can’t help but try and deflect and spin.

Just sad you won’t acknowledge reality.

April 28, 2021
(CNN) President Joe Biden has moved fast since his January 20 swearing-in, signing a $1.9 trillion Covid relief bill into law less than two months into his term

Someone had to bail Trump out. He had been MIA since losing the election while plotting his coup. He went into hiding shortly thereafter.

Blame Biden if you want, but give him credit for keeping the country from tanking at that critical juncture. We had 10 million unemployed people at that time needing some assistance to stay afloat.

 

[MitchLL]

Harris/Biden has written way too many checks we can't pay.

Huh???? Let the adults discuss this one, spud.

Nikki said it was Trump!

 

[RicoSuave102954]

Huh???? Let the adults discuss this one, spud.

Nikki said it was Trump!

LOL - you do know what the interest is being paid on?

 

[seminole97]

Someone had to bail Trump out. He had been MIA since losing the election while plotting his coup. He went into hiding shortly thereafter.

Weirdest spin yet. The Democrats were proud of the spending before it resulted in the inflation, and yet you still want to give the credit for it to the guy who had been out of office for months.

Blame Biden if you want, but give him credit for keeping the country from tanking at that critical juncture. We had 10 million unemployed people at that time needing some assistance to stay afloat.

10 million unemployed by stupid lockdown policies and the Democrats response is to send money to everyone.

 

[luvmyhawks]

Actually they did in 2010, after the GOP had long before abandoned it. As you know, spending bills originate in the House, and over the past 30 years (starting after the election of 1994), the House has been under the leadership of the GOP for 22 of the last 30 years. PayGo has only been utilized by the Democratic House leadership during that time.

One can draw their own conclusions from that I guess.

​

Wait wait wait wait WAIT!! You do know who was in control of the house during Clinton’s surplus and pay as you go, correct?

 

[luvmyhawks]

When Republican politicians start grousing about the national debt, it can only mean one thing: the current POTUS is a Democrat.

Following the democrat handbook I see. Way to be a good puppet instead of actually thinking for yourself and the future of the country clown boy.

 

[joelbc1]

Someone had to bail Trump out. He had been MIA since losing the election while plotting his coup. He went into hiding shortly thereafter.

Blame Biden if you want, but give him credit for keeping the country from tanking at that critical juncture. We had 10 million unemployed people at that time needing some assistance to stay afloat.

Don’t give Seminole facts to consider…. Facts seldom fit his narratives.

 

[seminole97]

You make very good points about the need to cut spending. Then you prove yourself to be a total idiot with the democrat line. I don't know if you're uniformed on the truth, don't care, or are too dumb to acknowledge some other narrative. The majority of unfunded spending is done by Republicans. It doesn't copy/paste well but here is the link.

U.S. Debt by President: Dollar and Percentage

The national debt has increased under most U.S. presidents. Here is how much each president's time in office added to the U.S. debt by percentage and dollar amounts.

www.investopedia.com

Franklin D. Roosevelt	$178,464,714,660.98	791.8% 791.8% 791.8%
Woodrow Wilson	$23,036,251,492.50	789.9% 789.9% 789.9%
Ronald Reagan	$1,604,482,712,041.16	160.8% 160.8% 160.8%
George W. Bush	$4,217,261,484,712.34	72.6% 72.6% 72.6%
Barack Obama	$7,663,615,710,425.00	64.4% 64.4% 64.4%
George H. W. Bush	$1,207,189,695,334.34	42.3% 42.3% 42.3%
Richard Nixon	$121,339,561,890.14	34.3% 34.3% 34.3%
Donald Trump	$6,700,491,178,561.60	33.1% 33.1% 33.1%
Jimmy Carter	$208,861,000,000.00	29.9% 29.9% 29.9%
Bill Clinton	$1,262,689,326,747.48	28.6% 28.6% 28.6%
Theodore Roosevelt	$483,479,337.65	22.6% 22.6% 22.6%
Joe Biden	$4,738,415,474,674.48	16.7% 16.7% 16.7%

So Democrats Wilson and FDR buried the country in the debt, each increasing it over 700% while in office, meanwhile, the best president ever:

Calvin Coolidge	−$3,646,519,788.06	−17.2% −17.2% −17.2%

Do you support cutting spending back to Clinton era levels? If you did, we'd have surpluses now.
Our problem is we've increased spending 50% as measured by GDP, to levels we've never taxed, under any rate structure in our history.

 

[KFsdisciple]

Gee, who could see this coming? I guess the answer is another targeted tax cut for the rich and wealthy!

Boyz…. We need to start paying for shit in a timely manner. And everyone needs to pitch in…. Corporations and wealthy need to be included into this party. The last time we had any balanced spending, Bill Clinton was in charge. We had “pay-go” in place and it phuquin’ worked! Gee…. Maybe we should adopt something that we know works? America prospered under Clinton… that is why America loved the sumbitch! He may be been a bastard, but the guy knew how to POTUS.

his democrat policies would be "conservative" by today's standards.

 

[Flie]

Dems: Tax and spend
GOP: Cut tax and spend

Pretty much. The GOP fan base seems to think taxing and spending goes to zero when they are in power.

 

[ihhawk]

We have some major issues coming our way due to both political parties. We won’t have a solution though because of finger pointing

 

[jneffer]

just so we're all clear - there were SIX covid relief bills

donald trump signed FIVE of them into law, joe biden signed ONE

 

[KFsdisciple]

just so we're all clear - there were SIX covid relief bills

donald trump signed FIVE of them into law, joe biden signed ONE

Yeah but Trump's CRB's only benefited the rich.

 

[binsfeldcyhawk2]

just so we're all clear - there were SIX covid relief bills

donald trump signed FIVE of them into law, joe biden signed ONE

Since we want to be clear.

All six went through a D controlled house.

 

[joelbc1]

his democrat policies would be "conservative" by today's standards.

Abd what’s wrong with that? Fiscal responsibility is something we really haven’t seen since ge left town.

 

[joelbc1]

just so we're all clear - there were SIX covid relief bills

donald trump signed FIVE of them into law, joe biden signed ONE

Again, more facts….and facts just confuse the MAGAs here.

 

[ihhawk]

Abd what’s wrong with that? Fiscal responsibility is something we really haven’t seen since ge left town.

It’s a way different GOP too.

 

[jneffer]

Since we want to be clear.

All six went through a D controlled house.

and a gop senate

so we've got that all clear - of the 3 bodies required to pass legislation, the GOP controlled or were the majority of 2

but joe biden...the guy who wasn't even in govt at the time...is to blame for inflation

 

[binsfeldcyhawk2]

and a gop senate

so we've got that all clear - of the 3 bodies required to pass legislation, the GOP controlled or were the majority of 2

but joe biden...the guy who wasn't even in govt at the time...is to blame for inflation

I'm not saying that.

I'm saying pointing to covid spending as a metric is beyond stupid because it was bipartisan and a unprecedented event.

In hindsight I think we went overboard and didn't means test the covid "stimulus". A lot of folks got checks that didn't really need them...but that's hindsight.

 

[joelbc1]

It’s a way different GOP too.

No, it wasn’t…Newt was in that first wave of GOP crazies..the GOP moved to the hard right with Reagan and gas continued to spin that direction ever since. Reasonable Republicans such as Bush, Sr. Were the first to be tossed aside. I nearly voted for Senior as I thought he was really a decent man who understood the office. But there was something about Clinton that really won my vote. I think that ‘92 election was the “best” election for viable candidates in my lifetime. Both Clinton and Bush were very capable men.

 

[seminole97]

but joe biden...the guy who wasn't even in govt at the time...is to blame for inflation

The policy of federal deficit spending is to blame for inflation.

Does Biden support that policy?

Just look what he has done.

 

[Joes Place]

Or, if we just invested in our OWN oil in THIS country.

We have; and it's more expensive to drill here than what the Saudis can produce.

We cannot provide the entire world with fossil fuels; if we develop renewables tech, that does provide the entire world w/ renewables and they can buy that tech from us. Then we can remove ourselves from the Middle-East conflicts, because no one needs the oil there.

 

[Joes Place]

Which democrat(s) have proposed fixes to social security? I believe several Rep congressmen have brought it up. It’s not a Dem or Rep issue

You can Google, just like I can.

 

[onlyTheObvious]

Joe said he would get rich to pay for it. He didn’t and said F it and spent all more money anyway.

It’s why both parties are full of shit. Don’t care about the future at all. Just spend to get reelected.

 

[KFsdisciple]

Abd what’s wrong with that? Fiscal responsibility is something we really haven’t seen since ge left town.

There's NOTHING wrong with it... I'd love to go back to 90's america in terms of social and economic policy and mindset.

 

[Joes Place]

Which democrat(s) have proposed fixes to social security?

Again: Google is your friend.

Sanders is but one of them; GOP "solution" has been to "privatize" it, and let Wall Street scrape enormous percentages off of it in "fees and commissions". And when there's a stock market correction, you'll have an utter mess.

 

[Bonerfarts]

Or, if we just invested in our OWN oil in THIS country. Drill baby drill.

Hans is clueless

 

[SA_Hawk]

Hans is clueless

View embedded media

Just look at that chart and think where we would be with 8 straight years of Trump and no Covid.

 

[Joes Place]

Just look at that chart and think where we would be with 8 straight years of Trump and no Covid.

We'd have one of the worst-recovering economies in the world. Not the best.

 

[RicoSuave102954]

We'd have one of the worst-recovering economies in the world. Not the best.

We'd be living in a perfect world, DJT will turn this economy around and America will be Great Again!

 

[MuscoHawk]

Dumb question: To whom does the government owe interest?

 

[An Iowa fan]

https://www.cnbc.com/2024/09/12/interest-payments-on-the-national-debt-top-1-trillion-as-deficit-swells.html

I am not blaming either side. I heard this today and thought I would post.

 

[seminole97]

Dumb question: To whom does the government owe interest?

People who hold federal government debt.
This is mostly a wealth transfer from society at large to the upper income and wealth strata that actually have savings.

 

[An Iowa fan]

Dumb question: To whom does the government owe interest?

It is not a dumb question and I wish somebody would post the correct answer.

Ah, the FED will just print more money.
They buy S&P futures in the night trading whenever a decline starts in the day time trading, so they might as well take care of the debt.

 

[An Iowa fan]

People who hold federal government debt.
This is mostly a wealth transfer from society at large to the upper income and wealth strata that actually have savings.

Ok

 

[Sharky1203]

July was another catastrophic month for US fiscal viability: that's because US tax revenue of $330.4BN (down sharply from the $466.3BN in June, if higher than the $276.2BN a year ago), was far below the $573.1BN in government outlays (which was materially above the $537.2BN in June and also the $496.9BN last July)...




.... resulting in a monthly deficit of $243.7BN, the second largest July budget deficit on record, surpassed only by the record post-covid print in July 2021.



With two months left in the fiscal year, the US budget deficit for fiscal 2024 has hit $1.517 trillion, tracking last year's blowout expansion almost dollar for dollar (one year ago the cumulative deficit was $1.613 trillion), and the 4th highest on record despite there being no raging emergency and no war demanding such a massive deficit spend.

Only one way to fix this, print and spend more.

This message is sponsored by your elected officials.

 

[binsfeldcyhawk2]

https://www.cnbc.com/2024/09/12/interest-payments-on-the-national-debt-top-1-trillion-as-deficit-swells.html

I am not blaming either side. I heard this today and thought I would post.

We're ****ed. Neither party or candidate is addressing it in any meaningful way.

 

[seminole97]

We're ****ed. Neither party or candidate is addressing it in any meaningful way.