And he will get reelectd for it
Increased debt issuance and lower demand from the Fed are pushing up borrowing costs
[Economist daily chart-RG]
With lower revenues and higher spending, Uncle Sam is now borrowing at a historic clip. This week the Treasury Department reported that the federal government borrowed $488bn in the first quarter of 2018, equivalent to $5.4bn every day. The Treasury now estimates that federal borrowing will reach $1.1trn this fiscal year, similar to the amount borrowed in 2011 when America was recovering from its worst economic downturn since the Great Depression.
Last edited by RandomGuy; 05-17-2018 at 05:44 PM.
And he will get reelectd for it
Lower figures than I expected tbh.
Doubling the standard deduction is awesome. Would have saved me over 20k.
Are you okay with Uncle Sam borrowing $$$ so you can save $20k?
Borrow and spend Republicans. Time honored tradition.
I’m not okay with paying 127k in taxes for 2017. Seems a tad excessive.
St Ronnie and his VRWC gang changed Fed finance from tax and spend to cut taxes then borrow and spend.
62,500 added to the debt every second.
They have doubled the deficit. That means that Trumps one-term presidency will see about the same amount of debt added as Obama's two terms.
https://www.thebalance.com/us-debt-b...ercent-3306296
https://www.cnbc.com/2018/05/21/gold...-not-good.htmlGoldman Sachs: The fiscal outlook for the US 'is not good'
Jan Hatzius, chief economist at Goldman Sachs, sees the deficit ballooning to $2.05 trillion (7 percent of GDP) by 2028.
"Lawmakers might hesitate to approve fiscal stimulus in the next downturn in light of the already substantial budget deficit," the economist said.
The Congressional Budget Office projects that debt could equal GDP within a decade, a level not seen since World War II.
Borrowing more as interest rates creep up... is colossally stupid.
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