There are many stories about the economy booming this last month but few that mention the monthly deficit increase over last October is up 60%.
That’s a 100.5 billion deficit just for the month of October. In fact spending grew more than twice as fast as revenue. The US collected receipts of just over $252.7 billion (7% above 2017) in Oct of 2018 and spent a whopping $352.2 billion or an increase of 18 percent over last October according to the treasury department.
President Trump campaigned on reversing the Obama era deficits stating that he could reduce the inherited deficit in 8 years, but for the foreseeable future those plans have taken a backseat to corporate tax cuts and increased military spending.
Couple that with an aging baby booming population and the deficit could surpass 25 trillion by the next presidential election, which could hamper the presidents bid at serving two terms.
President Trump has asked his department heads to each slash spending by 5 percent, but there are no concrete plans yet and cutting spending could be a problem with a democrat controlled house.
Recommended for you: Gold IRA Rollover Guide and Silver Investments.
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