Sunday, July 16, 2017

Add another 28 billion to the deficit

CNN:
The $696 billion policy bill that passed Friday is the first Republican salvo from defense hawks to try to boost the Pentagon budget and rebuild the military.

The bill includes $28 billion more in defense spending than the Trump administration requested, which GOP defense hawks said was insufficient.
The Republican Senate aims to add the same percentage to all other domestic spending, so make that another 70 billion added to the deficit.  We have already jumped the deficit by 100 billion due to Obamacare and student loan write off.  And there also seems to be a decrease in expected tax receipt, and the total amount of new deficit is coming around to 300 billion, meaning we will be close to trillion dollar deficits very soon. (My numbers include the social security trust fund, or intergovernment transfer)

We are doing this while paying 2.4% in interest charges with 1.5% growth in 2017 likely.  The Texas Republicans intend to crash the economy and I doubt they have figured out the default scenario.

Texas, a communist state. Goldman-Sachs is not happy with Texas republicans and their inability to budget. This mess may be the event that just pisses off the Goldman crew and they will let the ten year go up, and snap up fairly fast. Then all the Republicans will, once again, be blamed for big government communism, just like Reagan who also was a monster deficit spender, the worst in recent history, a nightmare, just like Texans.

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