Feds Collect Record Taxes in First Month Under Tax Cut; Run Surplus in January

Discussion in 'Too Hot for Swamp Gas' started by G. Gordon Gator, Feb 13, 2018.

  1. rivergator

    rivergator Too Hot Mod Moderator VIP Member

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    You really think that when Republicans started pointing out the labor participation rate and complaining that U-3 isn't a good way to measure unemployment had nothing to do with R vs. D? That it was just a coincidence that it started the day Obama was inaugurated and ended the day Trump was?
    And your bringing up the participation rate (just during Obama, of course) had nothing to do with R vs D?
    Seriously, you talk about how everything was awful under Obama and then magically everything is better under Trump and then claim other people are being partisan .... :confused:
    Last edited: Feb 14, 2018
  2. VAg8r1

    VAg8r1 GC Hall of Fame

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    Essentially the same methodology has been used to calculate unemployment since the end of World War II. The primary unemployment rate (the U-1) is the percentage of the workforce unemployed and actively seeking employment. It's been the same metric under every administration from Truman to Trump. It's the number that's publicized when the BLS releases the workforce metrics in the first Friday of every month. The other measures of unemployment are higher, but they basically track the U-1.
  3. dangolegators

    dangolegators GC Hall of Fame

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    That's funny. I'd kinda forgotten the U-3 thing. We used to see it from cons pretty much every month when the employment number came out.
  4. rivergator

    rivergator Too Hot Mod Moderator VIP Member

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    It was every single month during the Obama administration. The unemployment figure would come out and conservatives would claim that U3 wasn't valid, U6 was. And it was only because U6 was higher, but since both measurements paralleled each other, they told the exact same story about whether unemployment was going up or going down.
    But, yep, as soon as a Republican was elected, all the noise about U3 vs. U6 disappeared. Instead, every month we've got conservatives posting the U3 figure to claim that Trump sure is doing a great job.
  5. dangolegators

    dangolegators GC Hall of Fame

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    Well, the February numbers are in, and revenue is down and spending is up. And the deficit for February is $215 billion.

    Revenues:
    Feb 2017: $171.7 billion
    Feb 2018: $155.6 billion

    Spending:
    Feb 2017: $363.7 billion
    Feb 2018: $370.9 billion

    The treasury projects the 2018 deficit to be 832 billion, up from 666 billion in 2017. Treasury projects the 2019 deficit to be $984 billion.

    https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0218.pdf
  6. jhenderson251

    jhenderson251 Premium Member

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    [​IMG]
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  7. fastsix

    fastsix Premium Member

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    I bet trump doesn't tweet this out.

    U.S. Posts Biggest Budget Deficit Since 2012

    The U.S. recorded a $215 billion budget deficit in February -- its biggest in six years -- as revenue declined.

    Fiscal income dropped to $156 billion, down 9 percent from a year earlier, while spending rose 2 percent to $371 billion, the Treasury Department said on Monday. The deficit for the fiscal year that began in October widened to $391 billion, compared with a $351 billion shortfall the same period a year earlier, according to the Treasury report.

    The data underscore concerns by some economists that Republican tax cuts enacted this year could increase the U.S. government debt load, which has surpassed $20 trillion. The tax changes are expected to reduce federal revenue by more than $1 trillion over the next decade, while a $300 billion spending deal reached by Congress in February could push the deficit higher.
  8. fastsix

    fastsix Premium Member

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    There's one trend started under Obama that trump isn't continuing.

    [​IMG]
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  9. gator_fever

    gator_fever GC Hall of Fame

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    Yep rising interest rates on the debt are going to bite us big time.
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  10. VAg8r1

    VAg8r1 GC Hall of Fame

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    Although it's only one month it could be indicative of a trend. Gotta give Trump and the Republicans credit for redefining economics. Normally there is an inverse relationship between employment and economic growth on one hand and the size of the deficit on the other hand. Under the economics of Trump, Ryan and McConnell we have a good economy and an increasing deficit. Very unusual. Once again it it refutes the myth that the additional economic activity from a tax cut would offset the loss of revenue from lower taxes.
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  11. oragator1

    oragator1 Premium Member

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    And the tax bill which is just starting to have its deficit impact with less revenue (and which also helped drive rate increases), and lack of any semblance of fiscal conservatism etc.

    But hey, TAX CUT!
  12. VAg8r1

    VAg8r1 GC Hall of Fame

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    I know you are being facetious, but I think you will be singing a different tune when higher interest rates kill housing and auto sales later in the year.
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  13. gator7_5

    gator7_5 GC Hall of Fame

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    Yep, he needs to slash spending. No doubt.
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  14. citygator

    citygator Premium Member

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    Echo echo echo. Hello hello hello. Is anyone here? Is anyone here? Is anyone here?

    I guess not.
  15. dangolegators

    dangolegators GC Hall of Fame

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    This was a very foolish thread for a con to start. Had not seen a treasury link that keeps track of the monthly sums before, but now we can check it every month and report the results here. Will be interesting to see if we end up above or below the treasury's projection of an $832 billion deficit this year.
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  16. homer

    homer GC Hall of Fame

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    I think the deficit can go either way under Trump.

    Neither would surprise me.

    Hell, it’s only money and we can just print more.

    Worked before.
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  17. dangolegators

    dangolegators GC Hall of Fame

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    No, despite his campaign promise to eliminate the national debt in 8 years, the deficit is only going to get larger under Trump.
  18. NavyGator93

    NavyGator93 GC Hall of Fame

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    Then you must have been very happy under Obama.
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  19. surfn1080

    surfn1080 Premium Member

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    I don’t think anyone expected revenue to increase just months for the new tax bill did they??

    Trump does need to address the spending though.

    Love how Democrats now worry about the deficit.

    Hypocrisy on both sides is never missing.
  20. dangolegators

    dangolegators GC Hall of Fame

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    Did you read the subject of this thread?