{"id":40749,"date":"2018-11-20T08:59:17","date_gmt":"2018-11-20T13:59:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40749"},"modified":"2018-11-20T08:59:17","modified_gmt":"2018-11-20T13:59:17","slug":"trump-administration-on-track-for-1-trillion-budget-deficit-this-year","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40749","title":{"rendered":"Trump Administration on Track for $1 Trillion Budget Deficit This Year"},"content":{"rendered":"
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Trump Administration on Track for $1 Trillion Budget Deficit This Year<\/a><\/h3>\n<\/header>\n
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The Trump administration is on track to post a 2019 fiscal year budget deficit of over $1 trillion. These are the kind of budget deficits we would expect to see during a deep recession, not an \u201ceconomic boom.\u201d<\/span><\/p>\n

The government got off to a good start at achieving this illustrious achievement last month. According to\u00a0the Treasury Department report<\/a>, the deficit came in at $100.5 billion in October. That represents a 58 percent increase from the $63 billion deficit recorded in October 2017. Spending rose 18 percent year-on-year. Revenues only increased by 7 percent.\"\"<\/a>The month-on-month increase was impacted by a quirk in the calendar. Total outlays were much higher this October compared to last year because Social Security payments for October 2017 went out in September due to Oct. 1 falling on the weekend. Nevertheless, we should have seen a decrease in this year\u2019s September outlays compared to last year and that didn\u2019t happen. The September 2018 deficit was significantly bigger (119.116) than September 2017 ($7.886 billion) even without the October Social Security payments falling in September this year. The bottom line is spending is going up year-over-year.<\/p>\n

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Spending last month continued the pace of the last fiscal year. The federal government ended 2018 with the largest\u00a0budget deficit since 2012<\/a>. Uncle Sam ended 2018 $779 billion in the red, adding to the ballooning national debt. The CBO forecast this year\u2019s deficit will come in close to $1 trillion. The current Treasury Department estimate\u00a0projects a total fiscal 2019 deficit over the $1 trillion mark, coming in at $1.085 trillion.<\/p>\n

The national debt expanded by more than $1 trillion\u00a0in fiscal 2018<\/a>. It currently stands at over $21.7 trillion<\/a>. According to data released by the Treasury Department, fiscal 2018 gave us the sixth-largest fiscal-year debt increase in the history of the United States. (If you\u2019re wondering how the debt can grow by a larger number than the annual deficit, economist\u00a0Mark Brandly explains here<\/a>.)<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Trump Administration on Track for $1 Trillion Budget Deficit This Year The Trump administration is on track to post a 2019 fiscal year budget deficit of over $1 trillion. These are the kind of budget deficits we would expect to see during a deep recession, not an \u201ceconomic boom.\u201d The government got off to a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[8126,195,201,12584,23123,15319,827,837,18634,5453],"class_list":["post-40749","post","type-post","status-publish","format-standard","hentry","category-economics","tag-activist-post","tag-debt","tag-deficit","tag-government-spending","tag-michael-maharrey","tag-trump-administration","tag-united-states","tag-us-budget","tag-us-budget-deficit","tag-us-treasury-department"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40749"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40749\/revisions"}],"predecessor-version":[{"id":40750,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40749\/revisions\/40750"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}