Advertisements

Are we winning yet? U.S. posts largest budget deficit on record, thanks to Trump

In 2016, Trump said he would eliminate our national debt.

How’s that going?

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

The numbers released last Friday show the effects of both Trump’s corporate giveaway and the GOP’s reckless spending.  The report was delayed a week, due to January’s 35-day government shutdown. Last month, the US spent $401 billion, but only brought in $167 billion. One of the biggest sources for the increased spending was the Department of Agriculture, which rose 24%, due to Trump’s multi-billion dollar subsidy to farmers hurt by his reckless trade war with our allies. 

In the short time Trump has been office, the trade deficit has grown $100 billion, and the Goods deficit is expected to hit $1 trillion by the time Trump leaves office in 2020.

Advertisements

I seem to recall not too long ago being lectured by conservatives on spending, but those days are long gone. The federal deficit is now expected to grow $1 trillion … per year.

What’s Trump going to do about this? Lie, of course. The last time he spoke about the deficit was Feb. 19, when he signed a directive to create the ridiculous Space Force—a fantasy that itself would add billions of dollars to the deficit, all to protect us from “space ISIS.”

Trump offered this at the time:

Advertisements

I don’t know if you noticed, but deficits seem to be coming down. And last month it was reported, and everybody was surprised, but I wasn’t surprised. We’re taking in a lot of money coming into our Treasury from tariffs and various things, including the steel dumping. And our steel companies are doing really well. Aluminum companies also. So we’re very happy about that.

It’s true that no one noticed, but that’s because it’s not true. 

The single largest foreign holder of U.S. Treasury securities is China, which means they continue to loan money to the Fed to finance our staggering budget deficits. At some point, they’ll knock it off, and the result won’t be pretty.

Are we ever going to learn to listen to The Simpsons?

Advertisements

Advertisements