Deficit projected at $2.3 trillion for 2021, not counting additional stimulus, CBO says

https://www.cnbc.com/2021/02/11/def...ot-counting-additional-stimulus-cbo-says.html

Wow - So we are clocked in for 4.2 Trillion dollar deficit - and the fiscal year is but 4 months in - and the new presidency 4 weeks in - with plenty of time to spend more - and many reasons to expect more stimulus as this continues.

So what do we think Smokin Joe can spend by end of fiscal year 1 ... will it be as much as 5 Trillion ?

Add this to the 2020 deficit of 3.3 Trillion .. for a 2 year total of over 8 Trillion ...

Now that is all the King's Horses and all the Kings Men in action.

What say you ?

 

Life was better when a million dollars was considered a lot of money. If I were further from my end of life, I would consider moving to another country.

 

Sad.

And a little ironic when you see that the Republican Presidents have increased the debt more than the Democrat Presidents
since 1980.

Both Parties have failed on this issue.

Really sad when you consider countries like Sweden, Germany, Canada - with their more liberal governments have
lower GDP to debt ratios than the US.

 

prior to covid, we had unprecedented levels of "tax revenue" ( i hate the term revenue when it's taking from the productive)

the useless lock-downs used to obtain the WH shuttered so many businesses that tax "revenue" decreased yet spending wasn't cut to meet the income level. Now, with people hurting due to Democrat edicts, they look to daddy govt to support them. A master plan to move further left

 

Ah, deficits matter again. Good.

How much was spent between October 2020 and Jan 2021?

 

It was Dirty Donalds Budget??? First quarter October through December set a record for largest quarterly deficit ever.

 

That it was - and princess with credit card he was .

Now Normally .. as was the case with Clinton/Obama - Blue had to come in after the fact and clean up the spending mess left by Red.

This time will be different .. Biden is going to spend spend spend !!

 

Now we didn't - tax revenue - at least federally - did not increase that much under Trump - and especially now when you consider his massive spending stimulus.

Regardless - this thread is not about the Lock Down .. and our economy was going into the dumps prior to covid .. Not that this was Trump's fault - the global economy was in a recession - the manufacturing index spent an "unprecedented" -- to use your term - 5 months in the negative .. just prior to covid.

Trump was mediocre at best in terms of the Economy - when fiscal responsibility is factored into the equation.. but - it is tough to turn an aircraft carrier around on a dime --- just doesn't work that way .. needs at least 2 terms for any policy to have some impact ... sans a "New Deal" or something similar.

If Biden keeps up the massive spend .. along with the rest of the world .. we could see a "Crest of the Tidal wave" so to speak .. a last good wave at the crest -- prior to the massive tidal wave collapsing.

Prior to this I was preaching that the longer the lockdown goes -- the more economic damage .. and I still agree with this .. but - I also said this would not happen .. the Economic Tsunami" until the money stops falling from the tree.

Now I am of the opinion that the money is not going to stop falling from the Tree - and that we have passed the point of no return . The justification for this massive spend will be the need to move off fossil fuels -

OK - you want to to that .. fine .. but you better be prepared to spend not Trillions -- but Tens of Trillions - and this is just in the US .. Tens of trillions more will have to be spend globally.

Just my musing .. but - so far - the spending has no end in sight. 8 Trillion in 2 years .. now that is something.

 

Well Im sure glad we gave the richest people in the country trillions of dollars in tax breaks...I mean we didnt need that money anyways!

 

Didn’t someone once say that deficits didn’t matter?

 

It is the voters who have failed. They have allowed it and encouraged it. And they are the only ones who can fix it.