It’s time to bring back deficit hawks. We have a lot of freedom to run deficits that other countries don’t have, but we’re at a point where the cost of programs isn’t even a consideration. Unfortunately we’ll need to both raise taxes and cut spending to reel in the deficit, and there’s just no political willpower to do those things right now.
Leonflames on
>America’s federal budget deficit rose to $1.8 trillion in the 2024 fiscal year, reaching the highest level in three years, according to new Congressional Budget Office estimates released on Tuesday.
>The increase from last year’s $1.7 trillion deficit came as tax revenue failed to keep pace with the rising costs of government programs and the mounting interest on the national debt.
>The figures show the continuing fiscal strain facing the U.S. economy, where the national debt is approaching $36 trillion. Despite steady economic growth and low unemployment, annual deficits are growing again after declining from pandemic-era highs. In September, the final month of the fiscal year, the United States recorded a $63 billion surplus, according to C.B.O.
>America’s reliance on borrowed money to fund its priorities and pay its bills is not expected to end any time soon. Both Vice President Kamala Harris and former President Donald J. Trump are proposing policies that, if enacted, would cost trillions of additional dollars over the next decade. Much of that spending is expected to be financed with borrowed money.
>The Internal Revenue Service has paid out more than $200 billion associated with a pandemic-era benefit known as the employee retention tax credit. That program was originally expected to cost the federal government $55 billion over a decade when it was enacted in 2020. And the Inflation Reduction Act, which was originally protected to cost less than $400 billion over a decade, is now forecast by some economists to cost more than $1 trillion.
Square-Pear-1274 on
Just blame it on Milton
CzaroftheUniverse on
I’m a deficit hawk if Trump wins, but a dove if Harris wins.
I’m tired of having to be the financially responsible party. Why do we need to have a plan to pay for daycare if they don’t need a plan to pay for tax cuts?
And to what end? If Democrats raise taxes and cut spending, Republicans are just going to come in and raise spending (on bad stuff) and cut taxes (for the wealthy). Being financially responsible is a great way to lose elections.
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It’s time to bring back deficit hawks. We have a lot of freedom to run deficits that other countries don’t have, but we’re at a point where the cost of programs isn’t even a consideration. Unfortunately we’ll need to both raise taxes and cut spending to reel in the deficit, and there’s just no political willpower to do those things right now.
>America’s federal budget deficit rose to $1.8 trillion in the 2024 fiscal year, reaching the highest level in three years, according to new Congressional Budget Office estimates released on Tuesday.
>The increase from last year’s $1.7 trillion deficit came as tax revenue failed to keep pace with the rising costs of government programs and the mounting interest on the national debt.
>The figures show the continuing fiscal strain facing the U.S. economy, where the national debt is approaching $36 trillion. Despite steady economic growth and low unemployment, annual deficits are growing again after declining from pandemic-era highs. In September, the final month of the fiscal year, the United States recorded a $63 billion surplus, according to C.B.O.
>America’s reliance on borrowed money to fund its priorities and pay its bills is not expected to end any time soon. Both Vice President Kamala Harris and former President Donald J. Trump are proposing policies that, if enacted, would cost trillions of additional dollars over the next decade. Much of that spending is expected to be financed with borrowed money.
>The Internal Revenue Service has paid out more than $200 billion associated with a pandemic-era benefit known as the employee retention tax credit. That program was originally expected to cost the federal government $55 billion over a decade when it was enacted in 2020. And the Inflation Reduction Act, which was originally protected to cost less than $400 billion over a decade, is now forecast by some economists to cost more than $1 trillion.
Just blame it on Milton
I’m a deficit hawk if Trump wins, but a dove if Harris wins.
I’m tired of having to be the financially responsible party. Why do we need to have a plan to pay for daycare if they don’t need a plan to pay for tax cuts?
And to what end? If Democrats raise taxes and cut spending, Republicans are just going to come in and raise spending (on bad stuff) and cut taxes (for the wealthy). Being financially responsible is a great way to lose elections.