by Hume points out (btw Mike reporting on the progress of this all throughout the last year better late from Hume than never...) that fiscal spending increase last year was 9B (8%) while deposits also grew 3B so "the deficit!" increased by over 0B...If you were clairvoyant and knew this was going to happen and got bullish and bought the S&Ps on the open on October 1, 2018 (first day of the FY19) it opened at 2,926 and then panic sold at the low on September 30, 2019 (last day of the FY) the low that day was 2,855 so you would have LOST munnie... the... WHOLE ....YEAR... GDP probably lucky to make idk 2%... and then that paltry amount is just shifting over to labor share...So much for the bs MMT thesis "deficit too small!".... its too BIG morons... everybody is saving the fiscal
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Hume points out (btw Mike reporting on the progress of this all throughout the last year better late from Hume than never...) that fiscal spending increase last year was $339B (8%) while deposits also grew $133B so "the deficit!" increased by over $200B...
If you were clairvoyant and knew this was going to happen and got bullish and bought the S&Ps on the open on October 1, 2018 (first day of the FY19) it opened at 2,926 and then panic sold at the low on September 30, 2019 (last day of the FY) the low that day was 2,855 so you would have LOST munnie... the... WHOLE ....YEAR... GDP probably lucky to make idk 2%... and then that paltry amount is just shifting over to labor share...
So much for the bs MMT thesis "deficit too small!".... its too BIG morons... everybody is saving the fiscal increase...
Next time you hear the tax cuts blamed for the deficit, note this: “...in the 2019 fiscal year, which ended Sept. 30, federal revenues increased by $133 billion (or 4%), but spending spiked by $339 billion (or 8%), driving up the deficit by $205 billion.” https://t.co/MWZGJY4E7w— Brit Hume (@brithume) November 8, 2019