We’re going to have the worst year ever for deficits. It’s just the way it is. April tax day revenues will not change that.
Ok, sorry I wasted your time.
I wouldn’t say it’ll be the worst. But, instead of taking advantage of a strong economy to reduce the deficit or even run a surplus, we’re heading in the opposite direction. If the economy starts to weaken, we’re in even bigger trouble.
I love that post.
Which part of best month ever are you missing?
Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.
In other words, in a fiscal year that’s seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.
Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.
Too bad market watch left out some other infornation. Not just April providing the record.
Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.
Wh…what… how can that be?
90 million tax payers vs a couple million businesses maybe?
From your article…
While revenues have climbed $83 billion this fiscal year, spending is up $121 billion, the CBO report shows. The category with the biggest spending hike? “Other” — at $44 billion. That is followed by interest on the debt ($25 billion), Social Security ($23 billion) and defense ($17 billion).
So, exact same result. If you’re making an extra dollar, but spending 2 more, who cares? You’re still in the hole. I’m not sure why people are trying to hang their hats on increased revenue, when it’s far exceeded by increased spending. Glass half full I guess.
So now spending is an issue?
It is if you’re not bringing in enough revenue.
Moving the goalposts.
The article was in reference to you saying:
One month is but a blip on the budget map.
The second article points out it’s NOT one month.
There’s more revenue than ever.
Moving the goalposts? It seems the new goalpost is monthly revenue. Spend away, increase the deficit, but as long as we have record monthly revenues we’re all happy?
There’s some basic economics that are being seriously overlooked.
Give me some numbers that show all these record revenues are leading to a decrease in deficit spending. Then you’ll have something to boast.
Are you a liberal?
There was a long thread on this on the other board. I may have shed most of my old conservative ideologies, but fiscal conservatism isn’t one of them. Except for extreme circumstances, you only spend what can afford, and you don’t make a habit of living in debt. That’s true on a personal level, and it’s especially true for the government. If a person goes bankrupt, it sucks to be them, but it has limited or no effect on others. If the government becomes insolvent, it screws everyone over.
They’re going to be mad at you.
I think this is good news.