If You Like $500 Billion Deficits…on August 13, 2008 at 12:03 am
…. then you are going to be absolutely orgasmic over Chimpy’s July budget numbers.
Let’s review how this happened. (1.) Chimpy has transferred all of the wealth of the nation to a few of his rich buddies, while at the same time (2.) slashing their taxes. I do so love the wingtard mantra of how the rich pay the biggest PERCENTAGE of taxes in the country. Of COURSE they do! The middle class has been destroyed and the poor don’t have any more blood to give. Just because someone pays the biggest PERCENTAGE of something, however, does not make the system fair, or something that can be brought into balance. Chimpy’s wealth transfers to his cronies have left this country without a way to pay for anything, including basic repairs. If you thought that bridge in Minnesota was bad, just wait till you see what’s coming.
Ladies and gents, I thought this country would last another 5 years or so before going into default. I really have to wonder now if I’ve been infected with that “irrational exuberance” Greenspan used to talk about. I do know that there’s no way in hell this country is going to make it with a BUDGET deficit of $100 bilion (+) a month. If you take that deficit (which is by itself a borrowing of roughly $3 billion dollars A DAY) and combine it with the trade deficit for last month (the one that everybody’s trying to brag about, which amounts to an additional $2 billion dollars A DAY,) you now have the US having to borrow $5 BILLION DOLLARS a day, every day. Does anyone really believe that there’s a chance in hell that lenders are going to keep ladling out to us? Would YOU lend this bunch of thieving wingtards any money? I’d be as likely to lend them money as I’d be to let them babysit my small children.
The U.S. government turned in a $102.77 billion budget deficit for July as revenues fell and spending growth continued amid economic stimulus payments and federal deposit insurance payouts related to bank failures.
The U.S. Treasury Department said on Tuesday the July deficit was nearly three times the $36.44 billion deficit a year earlier. The gap exceeded the expectations of analysts polled by Reuters, who forecast an $88.5 billion deficit for July.
July’s deficit was increased by about $14 billion in tax rebates and other economic stimulus payments, as well as about $15 billion in disbursements from the Federal Deposit Insurance Corp. to cover insured deposit at failed banks. A year-ago calendar shift in some federal benefits payments also reduced the July 2007 deficit by $19 billion.
The deficit for the first 10 months of the 2008 fiscal year, which ends Sept. 30, swelled to $371.44 billion from a gap of $157.42 billion in the same period of fiscal 2007.
The fiscal year-to-date deficit was slightly behind the record pace of 2004, when the Treasury reported a $396 billion gap for the first 10 months of a fiscal year that resulted in a record $413 billion deficit.
The Bush administration is projecting that the fiscal 2008 deficit will reach $389 billion before hitting a record of $482 billion in fiscal 2009.
July and August are typically deficit months, but the government often collects late tax revenues in September to reach a surplus for the final month of the fiscal year.
The economic slowdown has caused tax receipts from both corporations and individuals to slow this year, while spending growth continues unabated.
You bet it’ll keep right on growing. Chimpy only has a few months left to transfer every penny he can find to the bank accounts of his cronies, and he’s not going to waste any time.