Deficit 531 Billion So Far in FY2024

[jonny5]

Remember when Biden used to boast about cutting the deficit in half? Well we all knew it was misleading, and the reality is the deficit keeps going up. Last year it was 2 trillion once you remove the student loan fuzzy math, and so far for 2024 its 531bn, 71bn more than last year at this time, there is no budget, no appropriations, we are still living off CRs, and theyre trying to borrow another 100bn to send to foreign countries.

And this is with higher tax revenues, up 8% compared to last year. As usual, the problem is spending is up even more, making last years deficit even worse, up 9%.

Has the GOP house done anything about it? Nope. The Senate? Nope. Biden? Dont make me laugh, he wants to spend even more. Fire them all.

In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP

Monthly Budget Review: January 2024

The federal budget deficit totaled $531 billion in the first four months of fiscal year 2024, CBO estimates—$71 billion more than the deficit recorded during the same period last fiscal year.

www.cbo.gov

 

[Greenbeard]

Alas, there’s no approach to deficit reduction that fulfills your fantasy of no longer paying taxes.

 

[Bok Tuklo]

Alas, there’s no approach to deficit reduction that fulfills your fantasy of no longer paying taxes.

I want a mature, functioning society but I want it for free.

 

[washunut]

Alas, there’s no approach to deficit reduction that fulfills your fantasy of no longer paying taxes.

True. That being said is this level of annual deficit sustainable? If not just how healthy is the economy?

 

[dmpi]

Alas, there’s no approach to deficit reduction that fulfills your fantasy of no longer paying taxes.

That's a great answer. Fatten their wallet even more and pray that they spend less. That won't work for the everyday man and it sure won't work for congress.

 

[AZRWinger]

Alas, there’s no approach to deficit reduction that fulfills your fantasy of no longer paying taxes.

That's right, there are only 2 choices embrace an ever expanding Federal government funded by skyrocketing national debt or no Federal government with no taxes. Never mind the 40 states that require a balanced budget, the Federal government is the exception to sound fiscal management.

 

[dmpi]

That's right, there are only 2 choices embrace an ever expanding Federal government funded by skyrocketing national debt or no Federal government with no taxes. Never mind the 40 states that require a balanced budget, the Federal government is the exception to sound fiscal management.

I wouldn't give states a free pass. A balanced state budget just means that they don't spend more than they receive, but that don't mean they don't received federal aid. They do. They spend it and the accounting make it look like it's all on the federal government.

 

[Mycroft]

Remember when Biden used to boast about cutting the deficit in half? Well we all knew it was misleading, and the reality is the deficit keeps going up. Last year it was 2 trillion once you remove the student loan fuzzy math, and so far for 2024 its 531bn, 71bn more than last year at this time, there is no budget, no appropriations, we are still living off CRs, and theyre trying to borrow another 100bn to send to foreign countries.

And this is with higher tax revenues, up 8% compared to last year. As usual, the problem is spending is up even more, making last years deficit even worse, up 9%.

Has the GOP house done anything about it? Nope. The Senate? Nope. Biden? Dont make me laugh, he wants to spend even more. Fire them all.

Monthly Budget Review: January 2024

The federal budget deficit totaled $531 billion in the first four months of fiscal year 2024, CBO estimates—$71 billion more than the deficit recorded during the same period last fiscal year.

www.cbo.gov

It used to be the thing was "$500 billion over 10 years". Nowadays, they don't even bother with the 10 years thing. They just spend the $500 billion.

 

[AZRWinger]

I wouldn't give states a free pass. A balanced state budget just means that they don't spend more than they receive, but that don't mean they don't received federal aid. They do. They spend it and the accounting make it look like it's all on the federal government.

States don't get a free pass, they have a requirement to balance their budgets. Yes they spend Federal money allocated to them just as they spend tax revenues. If the Federal government reduces or eliminates funds it provides to states, the balanced budget requirement remains.

The point is the Federal government should be required to balance its budget just as 40 states do.

 

[samiam5211]

Deficits don't matter.

 

[Greenbeard]

That's a great answer. Fatten their wallet even more and pray that they spend less. That won't work for the everyday man and it sure won't work for congress.

Unless someone invents an anti-aging ray or the Boomers suddenly decide to give up their checks and health benefits for the greater fiscal good, spending less isn’t going to be happening.

 

[EdwinWillers]

That's right, there are only 2 choices embrace an ever expanding Federal government funded by skyrocketing national debt or no Federal government with no taxes. Never mind the 40 states that require a balanced budget, the Federal government is the exception to sound fiscal management.

Their "all or nothing" arguments certainly do expose their shallow thinking, don't they?

 

[jonny5]

Alas, there’s no approach to deficit reduction that fulfills your fantasy of no longer paying taxes.

I have no such fantasy. Stop assuming.

 

[jonny5]

I wouldn't give states a free pass. A balanced state budget just means that they don't spend more than they receive, but that don't mean they don't received federal aid. They do. They spend it and the accounting make it look like it's all on the federal government.

That federal aid comes from the states taxes. Why are we giving money to the federal govt to give back to the state to build a turtle tunnel or a road or subsidize rent? Do away with it.

 

[Helix]

Raise taxes.

 

[Kushinator]

The point is the Federal government should be required to balance its budget just as 40 states do.

Deficits are a byproduct of the private sector's refusal to pay better wages and invest in ways that create more employment. Instead, they will use their earnings to drive market valuations.

Companies can make Irish sandwiches with zero remorse, and the rest of society can fight over the crumbs.

Without deficits, the unemployment rate would be 10%, 15%, 25%, until a bottom is reached.

Talk is cheap. It's why Republicans will never work on deficit reduction when they are in power because doing so (cut spending) will necessarily damage the economy. Heaven forbid a rational tax policy is enacted to deal with excessive wealth concentration. Instead, spending will grow, taxes will be cut, and a narrative will be hammered until enough middle class people are grateful of shitty raises.

 

[Kushinator]

Raise taxes.

Agreed... but it's more complicated.

Gotta have truly progressive scales for capital gains and business profit. And then you have to give taxing agencies the teeth to enforce it.

 

[Kushinator]

That federal aid comes from the states taxes. Why are we giving money to the federal govt to give back to the state to build a turtle tunnel or a road or subsidize rent? Do away with it.

Too ****ing bad.

 

[Helix]

Agreed... but it's more complicated.

Gotta have truly progressive scales for capital gains and business profit. And then you have to give taxing agencies the teeth to enforce it.

I've argued for taxing all income as income above a cap.

 

[Kushinator]

Their "all or nothing" arguments certainly do expose their shallow thinking, don't they?

Deficit reduction will necessarily require economic pain... there is no doubt about it. The question is, who gets to feel it?

Should the poor and middle class face tax increases so people with more money than they can ever spend, have more, while government services that necessarily improve the standard of living for the poor and middle class are gutted?

GTFO of here with that nonsense.

 

[Kushinator]

I've argued for taxing all income as income above a cap.

The way it stands, a person making $600k is going to be in the same top tax bracket as a person making $6 million... or $60 million.

A person who eeked out a $600k capital gains will face the same tax liability as a person who eeked out $60 million.

A company that earns $60k in profit will pay the same percentage of their profits as a company making $6 billion. Congress "tried" to address this discrepancy, but again it was still too weak.

For example, HR 117 proposed a more progressive corporate tax structure to the tune of 18% for below $400k, 21% between $400k and $5 million, and 26.5% above $5 million. Of course, that charge to the tax code was removed from the final reconciliation package, but the point remains: there is a lot of ground between $400k and $130 billion (Apple's EBITA for 2023).

 

[EdwinWillers]

Raise taxes.

Cut spending.

 

[Helix]

Cut spending.

Nah. Raising taxes should be enough. I mean, we might not get our trickle down, but we weren't going to get that anyway.

 

[EdwinWillers]

Nah. Raising taxes should be enough. I mean, we might not get our trickle down, but we weren't going to get that anyway.

Nah. Cutting spending should be enough. I mean, we might not get more government power and control, but... oh never mind - with dems in power they'll always find a way to acquire more of that anyway.

 

[Helix]

Nah. Cutting spending should be enough. I mean, we might not get more government power and control, but... oh never mind - with dems in power they'll always find a way to acquire more of that anyway.

Tweety is a puppet who attempted a self coup. If you want to carry his water, that's sad. However, keep on trucking if that does something for you.