The Treasury Department announced last week that the federal budget deficit hit an all time high in February coming in at $234 billion and that for the first five months of this fiscal year that began October 1, 2018 the federal budget deficit was $544.2 billion, up a whopping 39% from the same period last year. The National Debt passed the $22 trillion mark for the first time ever, up $2 trillion higher than when Trump took office.
Other findings were: (1) Corporations have so far this fiscal year paid $59.2 billion in taxes, compared to $87.4 billion at this point in 2017. (2) Total spending in February was $401 billion while the government only took in just $167 billion. (3) Tax receipts usually rise when the economy grows, but the 2017 tax cut law has held tax revenues down as federal spending increased.
This sad report on the country's fiscal health is a repeat of what took place after the Reagan and Bush 43 tax cuts that favored the wealthy and corporate America the most. And now for the third time under Trump, the fiscal disaster concerning budget deficits and debt repeats itself once again. Anyone who lived through the Reagan and Bush years and claimed not to understand what took place allowed themselves to be ignorant of the facts.
And once again PolitiDose has been on target with the facts about the republican party's tax cut scheme and its appetite for out of control federal spending, budget deficits and debt. The general media has closed its eyes to the facts concerning so called republican conservatism on the subject matter and allowed republications to set the agenda The readers of PolitiDose are way ahead of their sound bites and understand the republican party and Trump's extreme ideology. And that really says it all.
This commentary written by Joe Lorio
