Via: Reuters:
The U.S. government racked up a gaping shortfall in the first two months of this fiscal year after posting a record budget deficit last year, congressional analysts said on Friday.
In October and November, the government spent $292 billion more than it took in, the nonpartisan Congressional Budget Office said.
That was even worse than the same period last year, when the government was on its way to posting a record $1.4 trillion deficit for the fiscal year that ended Sept. 30.
The federal budget has been battered by the worst economic downturn since the Great Depression of the 1930s, as tax revenues have plunged and spending on safety-net programs like unemployment insurance have skyrocketed.
agenda 21, here we come
ReplyDeleteMore sickening food for thought...
ReplyDeleteAmericans owe over 11 Trillion dollars in home mortgage debt (and that’s just for 1 - 4 family, it does not include multi-family and commercial mortgage debt!). That number was only 2.6 Trillion in 1990, now less than 20 years later it is over 11 Trillion.
AND we owe over 2.5 Trillion in other consumer credit related debt (cars, boats, RV’s, credit cards). Credit cards make up a little less than 1 Trillion of that 2.5 Trillion total. That number is up from 800 Billion in 1990.
So, just in home mortgage and consumer related debt, we owe almost 14 Trillion dollars (on assets that are very likely worth less than we paid for them)!
What’s worse, we do not pay the low, low interest rates on our debt that the gov’t pays on its debt.
1 Trillion (just ONE) is $1 per second for 32,000 years, and that’s without interest!!
I continue to see articles where people are freaking out about the national debt, but at least the gov’t can tax and print money.
Due to the current misguided policies, unemployment is going to continue to climb and will probably stay high for years to come.
We need job-friendly, business-friendly, PROFIT-friendly policies that lure jobs back to the U.S. and keep people from going out of business and encourage people to start businesses! What they are proposing is just the opposite. Scary, scary stuff indeed.
Source: U.S. Census bureau.
Home mortgage debt: http://www.census.gov/compendia/statab/2010/tables/10s1155.pdf
Consumer credit debt:
http://www.census.gov/compendia/statab/2010/tables/10s1153.pdf