Token Daily - June 2020 budget deficit: Gap between spending and revenue breached $864 billion

Huge spending increase and sharp falloff in revenue led to the large gap. The deficit in past nine months has breached $2.7 trillion.

25 3

stephenehorn 3 months ago

And yet state and local jurisdictions are clamoring for federal funds to shore up their own deficits

Kaseiopeia 3 months ago

It’s almost like shutting down the economy is bad for debt.

Who knew?

AGuineapigs 3 months ago

Also tax cuts without spending cuts during economic prosperity. Member when it was sold to everyone that the economy was going to do so well it was going to pay for the tax cuts to the 1%. Well, it didnt.

Kaseiopeia 3 months ago

Spending is the problem. Don’t blame the tax cuts.

Rapierian 3 months ago

What can't go on forever, won't.

correspondences 3 months ago

I don’t know much about economics, but Wikipedia tells me that the GDP for the entire country is $21.4 trillion. This deficit, if continued at this rate over a year, would be $10.4 trillion. If almost half of our GDP is based on deficit spending, shouldn’t that lead to monetary collapse or hyperinflation or something bad like that?

Mr_Hassel 3 months ago

The "libertarian" president they called him. The party of "fiscal responsibility". Everytime they take office the deficit EXPLODES. I have no idea how people keep believing this shit.

windershinwishes 3 months ago

What does the deficit have to do with libertarianism? Does money take away your liberty?

SeamlessR 3 months ago

They don't believe it. They just believe people take them seriously when they say they believe it. And people do take them seriously. Because more people than not are too stupid to adequately protect themselves from targeted gaslighting.

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Vrenny 3 months ago

what will be left of America once Americans get tired of the GOP destruction

TheJedibugs :flag-ga: Georgia 3 months ago

Hey, where all my “fiscal responsibility” republicans at??

thegreatsquare 3 months ago

They'll be back in January.

ThinkOption1 3 months ago

They don't exist any more. I no longer believe in fiscal conservatism because austerity solves nothing.

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WholeGrainMustard :flag-nj: New Jersey 3 months ago

Don’t worry if Biden wins, the GOP will care about the deficit in November.

goddamnzilla 3 months ago

GOP: time to cut taxes again!

klosnj11 3 months ago

I would be fine with this if during better times (last three years) we underspent the budget and created a warchest for spending during things like pandemics or mass unrest. But that never happens. They go from spending more during times of trouble to spending even more when the trouble is over.

StarWarsMonopoly 3 months ago

That’s why Conservative fiscal policy is complete horse shit.

[deleted] 3 months ago

[deleted]

RambleSauce 3 months ago

You had me in the first half, not gonna lie

FrontAppeal0 3 months ago

Conservatives love the idea of a payroll tax holiday but refuse to contemplate a cut in entitlement spending. Similarly, a War Tax to fund the Pentagon is right out. Not the spending of course, just the paying for it. Same reason they fight over the Debt Ceiling bill but not the appropriations budget.

ToXiC_Af_U_WeAk Somewhere between libright and libleft and authrig 3 months ago

that's pretty ironic, considering how bad social security, insurance etc. are in the USA compared to other countries. sounds like mismanagement to me...

Vrishkin 3 months ago

Reminds me of that “help me balance my budget” meme

newbrevity 3 months ago

Yup everyone worried about social programs that help people and could elevate society then have no problem with the military industrial complex

LazyRockMan Liberterian Conservative 3 months ago

Most people have issues with the military tf? Even most republicans ik agree that military spending has to be seriously evaluated because of how insanely fucking wastefully (and that’s the more conservative Republicans) the military handles all of its money.

StarWarsMonopoly 3 months ago

I agree. I believe in social safety nets because the alternatives have proved to be absolutely cruel. Plus even when you strive to have a complete free market solution to those problems, someone else always ends up picking up the slack while the wrongdoers pocket the difference. But there are too many pigs at the trough. The amount we pay for our military is inexcusable because so much of it is waste and corruption. The US military is also one of the largest polluters in the world (which has negative effects up and down the chain).

KikkomanSauce 3 months ago

On January 21, 2021, if, god willing, Biden wins, Fox, OAN, Newsmax, etc. will all being doing wall to wall coverage of how awful our national debt is, and blame "the left" for the problem.

And angry GOPers are going to eat that shit up, and take to the streets. Again.

SenorBurns 3 months ago

I'm tired of the fiscally irresponsible GOP. The Republicans are fat cats lighting their cigars with our hard earned tax dollars.

Then they send piles of our money to religious schools while our public schools languish.

Republicans start expensive overseas wars in countries that never attacked us. Why? So they can line the pockets of their defense contractor buddies. Meanwhile, our soldiers put in harms way barely scrape by, and our veterans care is underfunded.

Vote out all the fat cats.

smagmite 3 months ago

Republicans in 6 months: We've got to get spending back under control.

gatechthrowaway1873 It's not enough to not be a communist, we must be 3 months ago

Have to open he economy up and stop giving welfare to individuals and businesses.

GreyInkling 3 months ago

That's literally the smallest factor in this but ok. Sure.

TDS_Consultant2 3 months ago

You think shutting down the whole economy is "literally the smallest factor"?

GreyInkling 3 months ago

We're talking about the deficit here. Compared to the other spending they've been racking up and the bailouts, the stimulus to the economy itself was peanuts.

TDS_Consultant2 3 months ago

Why are you answering my question about the negative tax revenue impacts of shutting down the economy with a statement about significance of stimulus checks on the deficit.

slfiftyfifty 3 months ago

Clearly, this is a non-issue... until a democrat is in charge. Then we have to get this wreckless tax and spend problem under control immediately. Someone has to be the adult in the room and tell the democrats they cant spend money they don't have.

gangbusters_dela 3 months ago

Tea Party: New phone, who dis?

notwithagoat 3 months ago

The president is white so they're all good.

vasilenko93 3 months ago

That is insanity. Debt is future spending brought forward. We are talking so much wealth from the future it’s criminal.

FrontAppeal0 3 months ago

> Debt is future spending brought forward. It's all paper promises. Just numbers on ledgers being moved around to justify current consumption levels. What we're seeing with increasing clarity is that automation renders a great deal of human labor redundant. Full employment is only possible through make-work projects and excess waste production. The debt we're building up is just a way of convincing people who aren't needed in the business process to stay employed doing meaningless labors.

windershinwishes 3 months ago

No, sovereign debt it is inventing liquidity. No one is going to come repossesses America.

me_too_999 3 months ago

They already did. Look at the amount of land, and commercial property owned by foreigners, and foreign countries bought, and paid for with US dollars. Our grandparents built this country, but we no longer own it.

windershinwishes 3 months ago

Shut the fuck up racist

me_too_999 3 months ago

I hope you still feel that way when a bank in Europe forecloses on your house.

fkneneu Liberal in European sense 3 months ago

You prefer an US bank forecloses your house?

me_too_999 3 months ago

They've been purchased by international corporations. I concerned you don't see the danger of this.

fkneneu Liberal in European sense 3 months ago

Because international corporations are worse than american corporations?

windershinwishes 3 months ago

oh no, a human being will interact with me!

me_too_999 3 months ago

https://www.monticello.org/site/research-and-collections/private-banks-spurious-quotation

StarWarsMonopoly 3 months ago

That ship sailed with the War on Terror, unfortunately.

FreeHongKongDingDong Vaccination Is Theft 3 months ago

"Deficits Don't Matter" ~ Dick Cheney, 2002

SwingingOnATire 3 months ago

"I voted for fiscally responsible republicans because libtards want to steal my guns" - Libertarians every election

SwankeyDankey 3 months ago

Well now, I doubt every single libertarian thinks that way considering I don't. You'd have to not be paying attention if you're looking at the White House and thinking "fiscally responsible". It sounds more like you are imitating Republicans.

SwingingOnATire 3 months ago

Of course it isn't true for everybody. It's a good rule of thumb.

sardia1 3 months ago

It's like half of em, but polling is hard to come by.

SwankeyDankey 3 months ago

Most libertarians on hear are pushing for Jo. There is post after post pointing out Trump as an authoritarian. Yes, there is a portion that lean right. There is also a portion that lean left and some that vote purely libertarian every 4 years. I know there are some "libertarians" out there that are just Republicans in disguise. This bothers me but it is what it is. No true libertarian would vote for Trump.

mattyoclock 3 months ago

and sadly post after post accusing them of not being libertarians, but instead "tankies" for not wanting to have an authoritarian for president.

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30101961 :flag-ny: New York 3 months ago

Reminder: The Democrats Are the Party of Fiscal Responsibility

SwingJay1 3 months ago

So how long until a gallon of milk will cost $35,000.00 USD?

AGuineapigs 3 months ago

Big government Republicans racking up debt on the credit cards again.

TDS_Consultant2 3 months ago

As we all know you are just a confused leftist how can you make these claims while we know that Democrats: * Support endless shutdowns which drastically reduce tax revenues present AND future * Support bigger stimulus checks and likely want another round The truth is that both parties in DC ultimately support spending/deficit. Why pretend the deficit is partisan?

AGuineapigs 3 months ago

Like clockwork with you guys. Same tired both sides song. Are we only allowed to criticize the left? Even with majority republican rule? How does that work? Also, doesn't the buck stop somewhere. I mean, Republicans didn't vote for the crazy spending then non of it would've passed. It's all signed off by Republicans. The same ones who say they are small government conservatives.

TDS_Consultant2 3 months ago

The Republicans are shit in general and that's the difference between me and you. In your mind the Democrats for some reason always get a pass. >The same ones who say they are small government conservatives I guess being hypocritical is popular these days. Like you pretending to be mad about the deficit while supporting Democrats.

AGuineapigs 3 months ago

Your name has TDS in the title. You're a republican pretending to be a libertarian. Small government republicans deserve blame but you swoop in and defend them. I've never advocated for democrats. I think they are shit.

TDS_Consultant2 3 months ago

I have TDS in my name as Reddit as a whole suffers greatly from the disease, yourself included. I'm not pretending to be shit and I say what I mean. You on the other hand post left-wing propaganda all the time. If you don't actually like the Democrats you are one confused individual because you are assisting their agenda and thus rise to power.

AGuineapigs 3 months ago

Lol, trump supporting republican in the libertarian sub... talk about being confused.

TDS_Consultant2 3 months ago

I'm not a "Trump supporting Republican". I'm a "Democrat* hating Libertarian" Trump just happens to be our only weapon against their destructive pursuit of power. There are only a few Republicans I even approve of. The rest of them are no better than the lying cheating Democrats. And the Democrats get away with mass deception just because the media gladly does the propaganda work for them. Just look how disoriented it has your brain. A self-proclaimed Libertarian carrying water for the Democrats. If you really are a Libertarian I suggest you wake up from the trance. **Edit:* **I want to clarify by "Democrat" I'm referring to politicians and media. I have nothing against brainwashed citizenry and wish to help them see the truth what their party has become. **

AGuineapigs 3 months ago

Hahahaha, oh man. This is too good. Thanks for the laugh this morning. Supporting an authoritarian to own the libs. I love it.

TDS_Consultant2 3 months ago

I'd prefer "libs" wake up from the trance, remember what they used to believe in, and join in the fight to preserve this country from hostile takeover by the authoritarian far-left. You should only be laughing if you like the idea of living under authoritarian leftists. If you're a real libertarian I strongly suggest turning off the propaganda, research original sources with the last step pulling your head out of your ass before the brain damage is permanent.

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

Both parties supported the CARE act.

zgott300 Filthy Statist 3 months ago

TIL Drumf's deficits started with the CARE act.

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

Good lord. It's like half the people on this sub have a learning disability.

AGuineapigs 3 months ago

Neat.

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

So why do you give one party a pass?

SeamlessR 3 months ago

Because one party wants it, says they want it, and act like they want it. And the other party says they don't want it, act like they don't want it, but do it anyway. Name the parties.

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

>And the other party says they don't want it, act like they don't want it, but do it anyway. The bill the democrats put forward would have been much worse. It included even more costs, even less related to the direct affects of covid, and would have increased the debt even more. If your point here was that democrats tend to be less fiscally responsible then republicans, you might have made it.

SeamlessR 3 months ago

That is the point, yes. Democrats don't hide that's what they want. Republicans act like they want to be responsible, say we should be responsible, and then act even MORE irresponsibly than the Democrats could ever have dared approach. You don't want what democrats are selling, totally fine. You do want what republicans are selling, also totally fine. The problem is that republicans are lying to you about what they're selling. The democrats might be too but who cares? Presumably you voted republicans in to do the thing republicans said they wanted to do. But they didn't. Because they are liars. And they used you: the lied to.

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

> Democrats don't hide that's what they want. Their use of the term "free" to mean "borrow" seems to suggest otherwise.

SeamlessR 3 months ago

You're not wrong, but you can at least figure that out by looking at the actual proposals they put forward where the actual cost is available and where it goes. Republicans literally hid where monumental emergency spending went. While also spending their whole careers railing against spending and pretending to care about transparency. Ultimately you can point towards the dems and say they're bad, but every single reason and why you could come up with also exists within the republican party. Which is a problem when republicans literal whole platform is "not that, not what the dems are doing, what they're doing? We'll do something else". Never mind that they'll just, you know, do the same thing. But with less giving a shit about anything at all.

Mist_Rising NAP doesn't apply to sold stolen goods 3 months ago

>You're not wrong He is wrong. When they talk about free, they dont mean to everyone. Everyone with a brain knows it, but because actually attacking the idea is impossible, they attack the wording. Anyone who looks at democratic bills knows this. The "free healthcare" has higher taxes to offset. Something those same people compaining about free will inevitable dig up because when its advantageous.

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

>You're not wrong, but you can at least figure that out by looking at the actual proposals they put forward where the actual cost is available and where it goes. Like New Green Deal, which includes zero consideration of costs? Or Bernie's plan, which counts your money as government money. Or Warren's plan, which is basically "rich will pay for everything don't worry"?

C0MMANDERD4TA 3 months ago

Because democrats pay down the deficit when in power? Clinton ran a surplus, bush turned it into a 1.2 trillion deficit, which obama reduced to 400 billion, and trump has been blowing it up over a trillion despite a cushy economy his firsf 3 years https://www.msnbc.com/sites/msnbc/files/styles/ratio--1_91-1--1200x630/public/9.13.19.png?itok=K8ZmorXA

-SwashY- Georgist 3 months ago

Who was in congress at the time of surplus?

gangbusters_dela 3 months ago

The same party when Bush was President?

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

Obama nearly doubled the federal debt, borrowing far more than Bush in total.

C0MMANDERD4TA 3 months ago

because he inherited a massive recession and 2 wars. its like lighting the house on fire before you move out, then blaming the next guy for the fire damage i see other redditors already brought this up and you are just straight ignoring it, so you do you

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

Nope. He didn't have to pass the bailout. He didn't have to stay in those wars. He didn't have to increase social spending.

Mist_Rising NAP doesn't apply to sold stolen goods 3 months ago

>He didn't have to pass the bailout Busy signed the first round, dude. 800b or so.

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

No shit.

StarWarsMonopoly 3 months ago

Because he put the Afghan and Iraq War on the budget finally. Bush went his whole administration without offially paying for a single dollar of the War on Terror. It didn’t even count against the deficit until the Congress voted to do so in 2009.

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

None of this changes the fact that the federal debt nearly double under his presidency.

Mist_Rising NAP doesn't apply to sold stolen goods 3 months ago

So if Congress passed a bill in 2010, then said you nslinkns24 were to take all credit for the problem later, that's on you? Don't be disengenious.

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

Your sentence is incoherent

windershinwishes 3 months ago

And what about the mountain of stimulus spending that occurred in the immediate months after his inauguration, which was in response to a financial crisis that built up and exploded during Bush’s administration?

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

Like I said, both parties are responsible for driving up the US debt. Jesus. Do you people read?

StarWarsMonopoly 3 months ago

Apparently you don’t agree adding two wars to the national debt would increase it?

nullsignature Neoliberal 3 months ago

Or a recession...

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

That doesn't follow, no.

StarWarsMonopoly 3 months ago

Because one party claims to hate socialism yet ends up solving all their major problems with socialism? Being idealistic but misguided is one sin, but being complete hypocrites for decades is inexcusable.

Mist_Rising NAP doesn't apply to sold stolen goods 3 months ago

This. Isnt. Socialism.

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

I'm less concerned with purity of their intentions than the soundness of their policies

StarWarsMonopoly 3 months ago

Which means you don’t really stand for anything. If you’re willing to support and cuddle up to unethical people to get what you want (say a measly $2000 in a tax cut), I don’t know what else to tell you other than your integrity is able to be put on hold for a cheap price.

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

>Which means you don’t really stand for anything. I stand for plenty of things. But I'm not going to buy that the democrats are taking some high minded stance here or on much of anything else. Both parties need to stop putting future generations in debt. Period.

StarWarsMonopoly 3 months ago

You still implied that the GOP policies are more sound, which belies the reality that their policies do not work and lead to tax payers taking the hit while the private sector continues on unscathed. Unless you’d like to stand against printing trillions while we have the President in office who’s supposed to be running this like a business?

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

> You still implied that the GOP policies are more sound I did no such thing. I simply said that both parties are advocating for the same policy here, and both are wrong to do so and deserve criticism. Then the democratic apologists come along.

Mr_Hassel 3 months ago

Because one party is in charge and they were gonna pass it anyway with or without the other one.

Mist_Rising NAP doesn't apply to sold stolen goods 3 months ago

>Because one party is in charge Since all bills regarding budget originate in the House, you apparnetly think democratic party is in charge..

nslinkns24 "absolutely the worst person I've seen in this sub 3 months ago

The fact is that dems voted for it, meaning they would have supported it even if they were in charge.

JoesPartyDepot 3 months ago

Meanwhile, the Dow Jones is up 500 points today because pharmaceutical corporations are gouging people and making a killing.

Disgusting.

MarshallGibsonLP :flag-tx: Texas 3 months ago

At this point the DJIA is completely detached from the health of the economy. It's nothing more than an off-track betting site. And if we're being honest, we should stop referring to it when discussing how the economy is doing. The reason it is so popular is that the media, and American people by extension need a simple number they can reduce everything down to.

Karrde2100 3 months ago

11% unemployment seems pretty simple As does $850 billion/month deficit... :(

GirlGroupUnderground 3 months ago

That job rejection I got from Gilead a few months back is really stinging right now.

Mayor_Minderbinder 3 months ago

Where my Tea Party fiscal patreets at?

trump has added $6,500,000,000,000 to the national debt since 1/20/17 and not a fucking peep about it from Fox News.

mikelisse :flag-ny: New York 3 months ago

> “Nobody is a fiscal conservative anymore,” Limbaugh shot back. “All this talk about concern for the deficit and the budget has been bogus for as long as it’s been around.” This is Rush Limbaugh’s response to a caller who was concerned about Trump not being a true fiscal conservative because the deficit was going to reach $1 trillion.

latouchefinale :flag-il: Illinois 3 months ago

The ICU?

StupendousMan1995 :flag-ny: New York 3 months ago

Hiding behind their racism over in another sub, I guess...

TheVenetianMask 3 months ago

Patting each other on the back for eating fast food is their latest theme.

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