Saturday, March 23, 2019

Conservatism No Longer Fiscal

Bloomberg reported:

The U.S. posted its biggest monthly budget deficit on record last month, amid a 20 percent drop in corporate tax revenue and a boost in spending so far this fiscal year.

The budget gap widened to $234 billion in February, compared with a fiscal gap of $215.2 billion a year earlier. That gap surpassed the previous monthly record of $231.7 billion set seven years ago, according to data compiled by Bloomberg.

February’s shortfall helped push the deficit for the first five months of the government’s fiscal year to $544.2 billion, up almost 40 percent from the same period the previous year.
Fiscal conservatism is dead as President Trump and Congress gifted corporations and the wealthy.

Corporations have so far this fiscal year paid $59.2 billion, compared to $73.5 billion at the point in 2018, when the tax law was only partially in effect for some corporations. In 2017, however, the year before the law was enacted, corporations had paid $87.4 billion at this point in the year.

 America's billionaire President serves the billionaire class. 

Update 9-17-19:  The U.S. government’s red ink for fiscal 2019 swelled past the $1 trillion mark. 

Update 9-28-21:  The Red Team balked at Uncle Sam paying his bills, many racked up under President Trump. 

Update 10-8-21:  U.S. national debt rose by almost $7.8 trillion during Trump’s time in office. Red Team politicians suddenly re-found their fiscal nuts and are chattering energetically at this discovery. 

Update 10-20-21:  My Congressman ignored four years of Republican fiscal irresponsibility and voted for the U.S. to default on its debts.  The national debt rose by nearly $7.8 trillion during the Trump Presidency.

Update 11-1-21:  Red Team Senator Rick Scott expressed his concern over fiscal deficits but refused to answer a question on repealing the Trump tax cuts.  The third richest Senator said inflation is "It's hurting families like mine."  There are not many families in the U.S. with $220 million.

Update 5-10-23:  Former Vice President Mike Pence said he and Trump "have done a better job of controlling spending under our administration."  Balanced budgets only matter to the Red Team when they don't control the White House and Congress.  That's been their history.