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Carl Kolchak
LSU Fan
Chicago
Member since Jan 2019
254 posts

re: US government is running out of money faster than expected, Mnuchin warns
quote:

The federal government has not been able to borrow money since March, when congressionally-mandated borrowing limits went back into force. The US Treasury, which is facing a growing deficit thanks in part to President Donald Trump's 2017 tax cuts, had said it had enough cash to last until the fall.


I think this has more to do with it... $3,355,970,000,000 Federal Spending Sets Record Through June.


sugar71
Grambling Fan
Grambling
Member since Jun 2012
6339 posts

re: US government is running out of money faster than expected, Mnuchin warns
quote:

It's a spending problem.

The Feds take in enough money




Didn't Trump just sign a couple $1.3 Trillion dollar plus spending bills in 2018/19?



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15
wookalar1013
Tennessee Fan
Rocky Mountain Way
Member since Jun 2017
1286 posts

re: US government is running out of money faster than expected, Mnuchin warns
spending problem seems to be the talking point


Summer of George
LSU Fan
Baton Rouge
Member since Apr 2010
5124 posts

re: US government is running out of money faster than expected, Mnuchin warns
It’s not entitlements. It’s handout.


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20
CoachDon
Kentucky Fan
Louisville
Member since Sep 2014
7988 posts

re: US government is running out of money faster than expected, Mnuchin warns
quote:

Don’t worry. Trump will save us all from Trump. TBoy


Stick to dicks and buttholes ....

Things you are good with.
This post was edited on 7/12 at 2:13 pm


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42
pizzatiger
Member since Apr 2019
274 posts

re: US government is running out of money faster than expected, Mnuchin warns
quote:

Well, I'm just going to go ahead and have to call bull shite on this, as receipts are up, up, up, month-over-month so, like we've been telling you folks my whole life, the United States Treasury DOES NOT have a revenue problem.



Receipts were essentially flat between the past 2 complete government fiscal year periods ended Sep 2017 and Sep 2018. Mathematically, it is a 0.4% increase. With a margin of error, that is basically flat. I wouldn't call that "up, up, up"

LINK
This post was edited on 7/12 at 2:19 pm


Ace Midnight
LSU Fan
Between sanity and madness
Member since Dec 2006
68065 posts

re: US government is running out of money faster than expected, Mnuchin warns
quote:

Receipts were essentially flat between the past 2 complete government fiscal year periods ended Sep 2017 and Sep 2018.


What are they FY to date?

quote:

With a margin of error, that is basically flat.


So, then, you absolutely agree that the Trump tax cuts did not reduce revenue?


Mickey Goldmill
LSU Fan
Baton Rouge
Member since Mar 2010
8911 posts
 Online 

re: US government is running out of money faster than expected, Mnuchin warns
quote:

What part of tax receipts being up since the tax cuts is hard to understand?



For the three months of fiscal 2018 prior to the tax cut, individual income tax collections rose by 10.8 percent over the equivalent period from 2017. But the rise for the seven months after the tax cut was 6.7 percent.

And if you look at total tax collections from every category, rather than just individual income taxes, the picture is even worse. During the seven-month period after the tax bill passed, total receipts actually fell slightly compared to the equivalent period in 2017, by about a tenth of a percentage point.

Perhaps the most revealing comparison takes in the May-to-July period, because it excludes the spike in payments in April, when most Americans pay taxes on income generated in 2017, before the tax law was passed. During that period, individual income tax collections fell by about 1 percent compared to 2017.


pizzatiger
Member since Apr 2019
274 posts

re: US government is running out of money faster than expected, Mnuchin warns
quote:

What are they FY to date?



Virtually flat

quote:

So, then, you absolutely agree that the Trump tax cuts did not reduce revenue?



Yeah, in absolute dollars. It definitely isn't "up, up, up."

Economic growth was also solid during that timeframe. It's hard to know exactly how much the tax cuts affected receipts, but when you start looking at things into the future, the marginal differences could dig us deeper during leaner times.
This post was edited on 7/12 at 2:37 pm


HailHailtoMichigan!
LSU Fan
Trabuco Canyon, CA
Member since Mar 2012
53220 posts
 Online 

re: US government is running out of money faster than expected, Mnuchin warns
Mickey, why are you blaming this on the tax cuts?

Something like 90% of the deficit increase is due to ss and Medicare.

You could eliminate the TCJA and barely anything would change re: deficit


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USA
Member since 2001
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upgrayedd
Lamar Fan
Lifting at Tobin's house
Member since Mar 2013
91847 posts
 Online 

re: US government is running out of money faster than expected, Mnuchin warns
quote:

"Based on updated projections, there is a scenario in which we run of out cash in early September, before Congress reconvenes," Mnuchin wrote in a letter.

I was wondering what the "crisis before Congress vacation" was going to be this year


Mickey Goldmill
LSU Fan
Baton Rouge
Member since Mar 2010
8911 posts
 Online 

re: US government is running out of money faster than expected, Mnuchin warns
quote:

Mickey, why are you blaming this on the tax cuts?



I'm not. I'm responding to a specific post.


roadGator
Florida Fan
Member since Feb 2009
96492 posts
 Online 

re: US government is running out of money faster than expected, Mnuchin warns
There is a scenario...

Lol


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HailHailtoMichigan!
LSU Fan
Trabuco Canyon, CA
Member since Mar 2012
53220 posts
 Online 

re: US government is running out of money faster than expected, Mnuchin warns
The fact is this

Our two major parties are scared shitless of trying to tamper with Medicare or SS

Our long term debt issues will not be fixed until something gives

Old people vote at much higher rates than others

The first party that does something like mean testing ss.....oh boy, midterms would be a landslide


bmy
East Carolina Fan
Nashville
Member since Oct 2007
45754 posts

re: US government is running out of money faster than expected, Mnuchin warns
quote:

What budget would you propose and what cuts would you make?


Cut 1% per year per agency. Including defense and intelligence. Until balanced.


sugar71
Grambling Fan
Grambling
Member since Jun 2012
6339 posts

re: US government is running out of money faster than expected, Mnuchin warns
quote:

spending problem seems to be the talking point



All while ignoring who signs the spending bills


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03
Mickey Goldmill
LSU Fan
Baton Rouge
Member since Mar 2010
8911 posts
 Online 

re: US government is running out of money faster than expected, Mnuchin warns
Totally agree with all of that


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razthecat
Alabama Fan
Bay Minette, AL
Member since Oct 2010
1800 posts

re: US government is running out of money faster than expected, Mnuchin warns
stop spending some much. BOOM!


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Bass Tiger
Missouri Fan
Member since Oct 2014
12106 posts

re: US government is running out of money faster than expected, Mnuchin warns
Your name I say Goldmill? You need to voluntarily remit an additional 10% of your income back to the federal government, think of it as a tithe to your god.


FightnBobLafollette
Wisconsin Fan
Member since Oct 2017
5933 posts
 Online 

re: US government is running out of money faster than expected, Mnuchin warns
quote:

ny yet tax receipts are at record numbers. It is a spending problem not an income problem.



And your excuse for Trump and the gop controlled house and senate from 16-18 is what?


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