RED INK RISING FASTER THAN EXPECTED …
|| By FITSNEWS || Just yesterday, we reported on the “good news” regarding the federal budget deficit – which was supposed to clock in at “only” $425 billion for the fiscal year ending on September 30.
Yeah, about that …
According to data released today by the U.S. Treasury Department, the government’s deficit for the month of July clocked in at $149.2 billion – up 58 percent from the same period a year ago.
That puts Washington, D.C.’s year-to-date red ink at $465.5 billion …
As we noted in our previous post, attempts by the liberal mainstream press to paint U.S. president Barack Obama as some sort of “deficit hawk” are ludicrous. After four years of $1 trillion or higher annual deficits – all accumulated under Obama’s watch – the fact we are still annually accumulating red ink in the $425-465 billion range is nothing to celebrate. Especially not when interest payments on the nation’s $18.3 trillion (and counting) debt are expected to mushroom in the coming years … sending annual deficits soaring back over the $1 trillion mark as soon as 2021.
That’s wildly unsustainable in any economic climate … to say nothing of the one in which we’re currently mired.
It’s also a recipe for disaster given our nation’s ticking entitlement time bombs.
8 comments
The budget sequestration dealio from 2013 has kept it from being much worse. I will note for the record that, in spite of the governmental whore fearmongering, the world did not in fact come to an end because of it.
Let us all not forget that up to July the US government has received record tax collections this year…..so despite the record the government is still managing to spend more.
They are pigs at the trough. Whatever they take will never be enough.
One day the train will come off the tracks- and that will be a good day.
Bush & Co. raised spending by 88%. Spending for the years 2009-2014 didn’t increase by a penny.
Blaming Obama for the debt is like blaming a flood on this week’s sunshine instead of last week’s storms.
Not! I’m Blaming the “progressive” Fascists, the take over monkeys, the greedy taxsuckers.
Yes, those power crazed Fools are running out of Taxpayers to ripoff.
http://netrightdaily.com/2015/08/china-declares-trade-war-signals-recession/
Shouldn’t income tax revenue basically hit a new high every year?
for the month of july? omigod!!! i took a few days off work and went to the beach!! my deficit for the month of july is waaaaaay up! good thing the rest of the year exists. apologies for temporarily ‘shrinking the labor force’ Herr Fitz.
Very poor reporting. You don’t even point out that most of the increase is because of “timing”.
“Much of this widening was due to calendar
effects and the timing of payments, accordingly to CBO analysis.
Adjusting for these effects shows a deficit that was $11bn wider from
last July.”
“The Congressional Budget Office last week predicted that the budget deficit in the 2015 fiscal year will total $425 billion, down more than 12 percent from its earlier forecast of $486 billion.” You’re the distorting truth. Some August payments were shifted to July.
http://www.business-standard.com/article/news-ians/us-federal-budget-deficit-widens-in-july-115081300407_1.html
Some data to shatter your cherished beliefs: No one in modern history has shrunk government more than Obama:
http://www.calculatedriskblog.com/2015/05/public-and-private-sector-payroll-jobs.html