TCR Brief: Of Course The U.S. Deficit Is “The Number Of The Beast”

What’s behind the $666-billion shortfall.

The Treasury just announced the Federal Deficit for Fiscal Year 2017 (which ended in September) is an uncannily appropriate $666-billion dollars. (If the graphic’s to small to read on your phone, the original Treasury doc is here.)

Forbes extrapolates into the current fiscal year and finds it won’t be much of a stretch for the budget deficit to exceed $1-trillion (even more if Trump’s projections for economic growth don’t hold).

Forbes also points out that Obama ran trillion dollar deficits during his first few years in office. But that was the result of lost revenues from the 2008 economic crisis, and increased spending to get out of that crisis. Not just to show off.

Remember also that financial crisis was triggered by deregulation in the banking and brokerage industries: trusting that they would act with restraint, and self-police, which they didn’t. Trump wants to deregulate that industry again: doing away with many of the rules put in place after the banks and brokerages acted so badly.

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