It is Saturday and I need to report on stuff that is happening and the MSM seems to avoid their inclusion in the daily news reports.
Remember those tax cuts last year and all the promises for the future? Well here is some news that the GOP does not want the rest of the population to know…..
One of the many things confirmed by the great tax-bill melodrama of 2017 is that Republicans only pretend to care about “fiscal responsibility” when Democrats are in power and tax cuts aren’t on the line. With the opportunity to slash the corporate rate nearly in half, cries of “I won’t endorse a bill that adds one penny to the deficit!” evaporated, and tacking on $1.5 trillion became no big deal. Tax cuts, we will soon be reminded, don’t grow on trees, and the social safety net must be pared back in exchange. For now, though, Republicans are still in the trickle-down honeymoon phase, seeing in every corporate press release more confirmation that America has been made great again. Which makes it somewhat ironic that the Treasury is now burning through its cash reserves at an even more spectacular rate.
the CBO does not agree with the GOP bullshit……
According to the nonpartisan Congressional Budget Office, the federal government will run out of money even sooner than expected, thanks to the new tax legislation, which is estimated to lead to a fall in revenue of $136 billion in 2018. A default on debts had originally been forecasted for late March or early April. But now, because of the new withholding tables, “withheld receipts are expected to be less than the amounts paid in the comparable period last year.” That, combined with the fact that the Treasury generally issues a high number of tax refunds in February and March, means that the $272 billion in cash the Department had on hand as of Tuesday will quickly dwindle. If the debt ceiling isn’t increased by the first half of March, the C.B.O. cautioned on Wednesday, “the government would be unable to pay its obligations fully,” and would be forced to delay payments, default on its debts, or both.
Why is it when the GOP does something economic the reserves suffer the worst? And does no one call them on their bullshit? Then they are the ones that bitch about the deficit the loudest and instead of responsible spending they want to make up the short fall by screwing the rest of the population?
One more news item and it is one that no one wants to hear…..recession…….
When will the US enter its next recession? Economists surveyed by the Wall Street Journal are predicting 2020. We’re currently in an economic expansion that started in mid-2009—the second-longest in American history—and 59% of the forecasters surveyed think it is most likely to end in two years due to the Federal Reserve raising interest rates. Another 22% predicted 2021; smaller groups predicted 2019, 2022, or an unspecified date beyond that.
Recessions are difficult to predict, but one economist who took part in the survey says signs are emerging that the current expansion is in the late stages of its cycle, and another says “any year from 2019 onward is in play” for a recession. The last recession began in December 2007; alarms were raised in 2011 and 2016, but the US did not enter a recession either time. The longest-ever economic expansion was in the 1990s, lasting 10 years.
Just FYI so that my readers can make any adjustments that they may need…..
Sorry if I peed on your parade….Have a good day and get some rest! chuq