ECON Trump signs 2 Year Federal Budget Deal Confirms massive budget deficits

Doomer Doug

Doomer Doug

TB Fanatic
Trump is proving to be a big spender on the scale of the Marxist Democrats. He just signed a two year federal budget that "kicks the fiscal can down the road for another two years," raises the debt ceiling, increases the budget for the military industrial/incompetent complex at the DOD to $738 BILLION PER YEAR.

They, not either one of them, Democrat or Republican, can actually balance the budget, or show any type of fiscal discipline. I trust all of us here on Timebomb realize that all Trump has done is buy is a few years to PREPARE for the fiscal disaster, ie the collapse of the Federal Reserve's fiat dollar as the global reserve currency, and all that entails here in CONUS. GOT PREPS?

https://www.nbcnews.com/politics/politics-news/trump-signs-massive-two-year-budget-deal-law-n1038786

Trump signs massive two-year budget deal into law
The signing comes after the GOP-controlled Senate voted 67-28 on Thursday and the Democratic-controlled House voted 284-149 last week to approve the two-year deal.

Aug. 2, 2019, 11:02 AM PDT
By Dartunorro Clark

President Donald Trump on Friday signed into law a two-year budget deal that raises spending limits and suspends the debt ceiling for two more years.

The GOP-controlled Senate approved the bill, 67-28, on Thursday, after the Democratic-controlled House approved it, 284-149, last week.

The bill allows for a $320 billion increase in government spending, a number that rankled most Republicans in Congress and prompted many to vote against the deal. It also suspends the debt ceiling through mid-2021. Senate Majority Leader Mitch McConnell, R-Ky., and Trump had urged Republicans to support the bill.

The deal sets federal spending limits, increasing military and nonmilitary spending. Military spending would increase to $738 billion from $716 billion in fiscal 2020, which begins Oct. 1, and to $740.5 billion the subsequent fiscal year.
 
Doomer Doug

Doomer Doug

TB Fanatic
And to think the USA was based on fiscal accountability, our money was to be gold and silver, and a moral nation. I say the failure to write in a balanced budget amendment into the US Constitution back in 1776 doomed us from the beginning. The politicians can't resist creating a mob, by giving them other people's money, and then using deficits to fund it.

All of this will last until the first country decides our debt is worthless, won't buy it and we actually have to fund current spending out of current tax revenue, at which point the US economy will implode and we will end up like Venezuela now is.

Trump is going to inherit that economic collapse, and will become another Herbert Hoover.
 
Doomer Doug

Doomer Doug

TB Fanatic
Here is another take on this. Again, this is mostly borrowed money, and increases the federal debt and budget deficit. I guess Trump got burned on the shutdown so he is going all deficit spending here. The list of who voted for it and against is at the link below.

https://therightscoop.com/senate-overwhelmingly-passes-bipartisan-budget-deal/

The Senate has just passed the bipartisan budget deal that Trump worked out with Republicans and Democrats and had already passed the House:

Here’s which Republicans voted for and against the budget deal…
 
hiwall

hiwall

Has No Life - Lives on TB
The only thing that we don't know is exactly when it will all collapse. Will it make it until after the 2020 election? Who knows?
 
T

tanstaafl

Has No Life - Lives on TB
Knight_Loring said:
Funny money... Good till it isn't. When? Who knows.
Illusions can last a lot of decades, maybe even a century.
Click to expand...

For an interesting mini-education on US currency folks could check out the changes over the decades in the wording of the obligation on US currency. The obligation is that part which on modern currency reads, "This note is legal tender for all debts, public and private." It used to read very differently (for example, at one point even non-gold certificate Federal Reserve Notes promised to repay in gold), and the changes in wording are about as objective and concise a lesson in the evolution of the federal government as you're likely to get in such a few words.
 
T

Troke

On TB every waking moment
... I say the failure to write in a balanced budget amendment into the US Constitution back in 1776 doomed us from the beginning. ...

Two ways to balance the budget

1. Cut spending

2. Raise taxes.

Now if they can come up with a hidden tax, then they are home free to spend. And there is such a tax, VAT.

Sooner or later........................................ Meanwhile we always have the wealthy.

Meanwhile, any cutting of spending will be on the Dept of Defense. I guarantee it.
 
Doomer Doug

Doomer Doug

TB Fanatic
The founding fathers held that only the moral virtue of the American people would prevent dictatorship. It looks like they were correct. We are not moral and now live in a police state.
 
West

West

Senior
TammyinWI said:
And STILL people are hoping that this thread will be quietly buried?
Click to expand...

Thinking most Trump supporters that are thinking and well read indaviduals know the show. And we knew he's the king of debt. I hope he bankrupts the banksters system and kills the Fed reserves system/fiat.

At this point I ask myself... whats the difference of being $20 trillion in the red to being $1000 trillion in the red.

Muse when we get to a sextrillon in the red, thats when the system will have to go bankrupt.
 
West

West

Senior
Add another thought.... what is debt in FIAT when the FIAT can be made out of thin air? Its not like we as a nation would be required to pay our debts back in gold. And even if we had to, could we not just mint a one ounce coin and say its worth a million or two, three.... we could pay off the debt with just the gold plate on all them bars left in the Fort, :D.

:D
 
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