The Pentagon’s budget is going to fall from $716 billion in 2019 to $700 billion (2.3 percent) in 2020. The US military had been planning on a $733 billion budget in 2020 but Trump has ordered a 5% budget cut.
In Fiscal Year 2019, the federal budget will be $4.407 trillion. The budget cut will not change medicare or social security or interest payment (total of about $2.5 trillion). A 5% budget cut across the board would cut about $100 billion. This would keep deficits stable at about $800 billion.
The order to cut came directly from Office of Management and Budget director Mick Mulvaney. All federal agencies and departments had been ordered to make 5% budget cuts.
In his most recent cabinet meeting, President Trump called on every department head to come to the next meeting with a plan to cut 5% of their budgets.
The government reported a 17% jump in the budget deficit for the fiscal year that ended Sept. 30.
The budget deficit grew to $779 billion as the economy is growing by about 3.4% in 2018. The first three quarters had 2.2%, 4.2% and 3.5% growth. The full 2018 year looks like it will have 3.1 to 3.5% GSP growth.
The talk for the 5% cut is that the F-35 program will be protected but buying new ships for the 355 ship plan will be delayed. Other new equipment and some modernization programs will be delayed.
Brian Wang is a prolific business-oriented writer of emerging and disruptive technologies. He is known for insightful articles that combine business and technical analysis that catches the attention of the general public and is also useful for those in the industries. He is the sole author and writer of
nextbigfuture.com, the top online science blog. He is also involved in angel investing and raising funds for breakthrough technology startup companies.
He gave the recent keynote presentation at Monte Jade event with a talk entitled the Future for You. He gave an annual update on molecular nanotechnology at Singularity University on nanotechnology, gave a TEDX talk on energy, and advises USC ASTE 527 (advanced space projects program). He has been interviewed for radio, professional organizations. podcasts and corporate events. He was recently interviewed by the radio program Steel on Steel on satellites and high altitude balloons that will track all movement in many parts of the USA.
He fundraises for various high impact technology companies and has worked in computer technology, insurance, healthcare and with corporate finance.
He has substantial familiarity with a broad range of breakthrough technologies like age reversal and antiaging, quantum computers, artificial intelligence, ocean tech, agtech, nuclear fission, advanced nuclear fission, space propulsion, satellites, imaging, molecular nanotechnology, biotechnology, medicine, blockchain, crypto and many other areas.
