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Mon Jul 30, 2018, 10:25 PM

U.S. government on course to borrow the most money since the financial crisis

This discussion thread was locked as off-topic by muriel_volestrangler (a host of the Latest Breaking News forum).

Source: Morningstar

The Treasury Department predicted the U.S. government’s borrowing needs in the second half of this year will jump to the most since last decade’s financial crisis as the nation’s fiscal health deteriorates despite a strong economy.

The department expects to issue $329 billion in net marketable debt from July through September, the fourth-largest total for that quarter on record and higher than the $273 billion estimated in April, Treasury said in a report Monday.

The department’s forecast for the October-December quarter is $440 billion, bringing the second-half borrowing estimate to $769 billion, the highest since $1.1 trillion in July-December 2008.

The estimates were “quite a bit higher than our expectations,” Thomas Simons, senior money-market economist at Jefferies, said in a note.

Read more: http://www.latimes.com/business/la-fi-treasury-borrowing-20180730-story.html



I can understand deficit spending and tax cuts as stimulus during the Great Recession, but doing so when the economy was near full employment? Also, to implement such tax cuts in a manner that only benefits the rich?

Don't worry. When the economy takes a dive, watch Republicans suddenly start crowing that its time to cut social security and Medicare.

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Replies to this discussion thread
Arrow 15 replies Author Time Post
Reply U.S. government on course to borrow the most money since the financial crisis (Original post)
TomCADem Jul 2018 OP
Wwcd Jul 2018 #1
TomCADem Jul 2018 #2
SunSeeker Jul 2018 #4
dalton99a Jul 2018 #6
SunSeeker Jul 2018 #3
SunSeeker Jul 2018 #5
Midnight Writer Jul 2018 #8
SunSeeker Jul 2018 #10
uponit7771 Jul 2018 #12
Le Gaucher Jul 2018 #7
truthisfreedom Jul 2018 #9
Achilleaze Jul 2018 #11
The Liberal Lion Jul 2018 #13
Javaman Jul 2018 #14
muriel_volestrangler Jul 2018 #15

Response to TomCADem (Original post)

Mon Jul 30, 2018, 10:33 PM

1. But..but.. The Revolution is working!

 

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Response to Wwcd (Reply #1)

Mon Jul 30, 2018, 10:40 PM

2. Wages aren't growing when adjusted for inflation, new data finds

Susan Sarandon is probably enjoying her tax cuts like the other 1% while the middle class suffers during the "Trump boom."

https://www.marketwatch.com/story/wages-arent-growing-when-adjusted-for-inflation-new-data-finds-2018-07-17

?uuid=c0b66924-89eb-11e8-9260-ac162d7bc1f7

Wages aren’t growing when adjusted for inflation, a new report released Tuesday showed.

According to the Labor Department, median weekly earnings fell 0.6% in inflation-adjusted dollars in the second quarter, compared to the same time period of 2017.

That’s now the third straight quarter where inflation has outpaced wage growth.

The issue of inflation-adjusted wages stagnating came up in the hearing with Federal Reserve Chairman Jerome Powell on Tuesday. He was asked by Sen. Sherrod Brown, the Ohio Democrat, whether the typical worker really is better off than he or she was a year ago.

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Response to TomCADem (Reply #2)

Mon Jul 30, 2018, 10:44 PM

4. Exactly. nt

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Response to TomCADem (Reply #2)

Mon Jul 30, 2018, 11:48 PM

6. +1

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Response to Wwcd (Reply #1)

Mon Jul 30, 2018, 10:43 PM

3. LOL

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Response to TomCADem (Original post)

Mon Jul 30, 2018, 10:47 PM

5. This is the Republican M.O. They do it every time they're in office.

Tax cuts for the rich, then when the debt explodes, use that as excuse cut to social programs. It's Robin Hood in reverse.

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Response to SunSeeker (Reply #5)

Tue Jul 31, 2018, 12:55 AM

8. Not fair. That just happened with Nixon, Reagan, George H. W. Bush, George W. Bush, Trump,....

Never mind.

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Response to Midnight Writer (Reply #8)

Tue Jul 31, 2018, 01:22 AM

10. LOL

Don't forget Herbert Hoover.

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Response to Midnight Writer (Reply #8)

Tue Jul 31, 2018, 06:46 AM

12. +1, Eisenhower was there only GOPr that had some sense

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Response to TomCADem (Original post)

Tue Jul 31, 2018, 12:33 AM

7. so .. US government borrows money ( from rich people - who else) to give them a tax break

 

so rich people earn interest for giving their money to themselves !!!

how cool is that!!

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Response to TomCADem (Original post)

Tue Jul 31, 2018, 01:16 AM

9. SOCIAL SECURITY IS OUR MONEY. Repukes don't get to touch it ever again.

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Response to TomCADem (Original post)

Tue Jul 31, 2018, 05:44 AM

11. republican "conservatives" screw the economic pooch

How republican, watch them try to blame Democrats.

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Response to TomCADem (Original post)

Tue Jul 31, 2018, 07:23 AM

13. ....and the tajmahalification of America continues unabated

I guess this is what happens when the so called conservative party, AKA know-nothing, slack jawed morons, decide to make the "king of (bad) debt" their own new savior and personal Jesus.

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Response to TomCADem (Original post)

Tue Jul 31, 2018, 07:54 AM

14. so much winning...nt

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Response to TomCADem (Original post)

Tue Jul 31, 2018, 08:46 AM

15. Locking - duplicate thread

of https://www.democraticunderground.com/10142122276 . Please continue discussion there. Thanks.

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