Is Jacob Pramuk on the White House payroll?
US budget deficit expands to $779 billion in fiscal 2018 as spending surges. The federal budget deficit rose 17 percent in fiscal 2018, according to the Trump administration. Spending jumped, and revenue only increased slightly following the GOP tax cuts. The Trump administration has pushed for dramatic budget cuts at several agencies and supported massive increases in military spending.
And that was just his headlines!
The deficit increased by $70 billion less than anticipated in a report published in July, according to the two officials. Federal revenue rose only slightly, by $14 billion after Republicans chopped tax rates for corporations and most individuals. Outlays climbed by $127 billion, or 3.2 percent.
He is getting his numbers from this report:
Government receipts totaled $3,329 billion in FY 2018. This was $14 billion higher than in FY 2017, an increase of 0.4 percent…Outlays were $4,108 billion, $127 billion above those in FY 2017, a 3.2 percent increase.
I have skipped the chest thumbing about the economy from Mnuchin and Mulvaney to focus on the stupidity ala CNBC. Real government spending barely kept pace with inflation, which is why outlays relative to GDP fell from 20.7% to 20.3%. Real tax revenues clearly fell in absolute terms and as a percent of GDP went from 17.2% to 16.5%. I guess this is what one gets when one lets Lawrence Kudlow become a chief economic adviser. But this kind of dishonesty is well known ever since Kudlow and his ilk tried to pull this intellectual garbage in the 1980’s. Does anyone at CNBC not realize the Trump White House is playing the same games with numbers? Never mind that the Treasury Department has decided to lead the way on some good old fashion rightwing nonsense.
I just watched John Dickerson of CBS This Morning interview Paul Ryan. Ryan made this same dishonest claim about tax revenues rising and to his credit Dickerson fired back that tax revenues would have decreased if adjusted for inflation. Dickerson went onto note one should be doing real revenues per capita. But then Ryan cut him off and repeated his lie even more loudly. Ryan – always dishonest and this morning quite rude. I hope CBS puts this interview up so all can see that Paul Ryan never tires of being dishonest about the budget.
McConnell was out there whipping up support for cutting SS, Medicare, and Medicaid to pay for the tax breaks so it does not have to be repealed in 10 years. His legacy will be screwing the American People. He always comes out “The American People expect “bla- blah-blah.”