For context, our annual deficits are currently $1.8 trillion-with-a-T per year – a number likely to grow as the economy crashes from the tariffs and income tax receipts drop Elect a clown, get a circus - ThreadSky

gregdoucette.bsky.social • 78 days ago

For context, our annual deficits are currently $1.8 trillion-with-a-T per year – a number likely to grow as the economy crashes from the tariffs and income tax receipts drop

Elect a clown, get a circus

Reposted from Adam Weinstein

Burning it all down for *at best* $600B to "help cover the costs of tax cuts that Congress is considering." I can remember wealth inequality in the U.S. being *the* hot issue a decade and a half ago... and here we are www.wsj.com/livecoverage...

Comments

bentwhee.bsky.social•78 days ago

2024 imports totaled $4.1 T. If he thinks only $.6 T will be raised from tariffs then he is projecting that either imports will drop severely or they are not going to get an average of only 15% on import duties. This is not a serious tax policy.

walsonbot.bsky.social•78 days ago

I remember when the GOP promised to increase tax revenue by encouraging economic growth.

gregdoucette.bsky.social•78 days ago

Phrased better than I could:

https://bsky.app/profile/kaldrenon.bsky.social/post/3lm3w244dws25

katiecannon.bsky.social•78 days ago

Whereas printing dollars for public goods & services gets dollars into the communities that need them to make bank payments

doctorbiobrain.bsky.social•78 days ago

Also worth noting that the IRS will bring in an estimated $500b less because of administration meddling - they could have done neither of these things and we'd still be in the same place, except without the crashed markets!

kaldrenon.bsky.social•78 days ago

Nothing beats ripping >2.5 trillion out of the stock market in *two days* for a shot at ~20% of that in a year

thejeromesix.bsky.social•78 days ago

If the futures markets are any indication, we're looking at doubling that loss on Monday.

bentwhee.bsky.social•78 days ago

We may hit the circuit breakers.

jefffowler.bsky.social•78 days ago

Stock market should take the summer off.

tiocono.bsky.social•78 days ago

Saw my 401k standing at a busy intersection earlier holding up a cardboard sign asking for change.

usafacts.org•76 days ago

👀Here's a quick look at the federal deficit (or surplus) over time.

nefcanuck.bsky.social•77 days ago

It’ll be fine….

Trump only went bankrupt *checks notes*

**Seven times**

He figures he’ll crash the economy and can then wipe out the debt and start from zero again 🤦🏼‍♂️

robinbobcat.bsky.social•78 days ago

*rummages* Aha here we go:

wotantx.bsky.social•78 days ago

FTFY: elect a clown, get a shit show.

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