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Federal deficit higher in July, $1.27T so far this year

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posted on Aug, 12 2009 @ 02:38 PM
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The federal deficit climbed higher into record territory in July, hitting $1.27 trillion with two months remaining in the budget year.

The Treasury Department said Wednesday that the July deficit totaled $180.7 billion, slightly more than the $177.5 billion economists had expected.

The Obama administration is projecting that when the current budget year ends on Sept. 30, the imbalance will total $1.84 trillion, more than four times last year's record-high.

yahoo.com...

This is insane. That much money could have been spent on fixing real problems and creating real jobs. Instead it went to what, legislators, the banks and who knows what.

When a government is so incompetent there is only one recourse. Fire every last one of them and if that doesn't work well we could always dust of the guillotines....





posted on Aug, 12 2009 @ 04:51 PM
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That is how the government is stimulating the economy.

Flood the market with money that has to be paid back with interest.

Inflate the economy and raise the price of goods that in turn hurts the poorest.

Tax that inflation, look higher tax brackets for everyone!

Geez when is the government spending bubble going to pop, I hope it happens soon.



posted on Aug, 12 2009 @ 05:12 PM
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China is getting stimulated also as the trading gab is going to get bigger after the gains from the economic crisis, more Chinese imports are now inundating the nation getting ready for the holiday sales.

So stimulating everybody so far but no us the American hard worker tax payer.



posted on Aug, 12 2009 @ 05:13 PM
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reply to post by warrenb
 

This is only a lesser part of the problem. US corporations have borrowed almost the same amount, $800 billion, through bond issues. They borrowed it in the midst of a deep recession!!!
www.bloomberg.com...

But unlike the government, they won't play any Ponzi scheme to redeem the bonds; they squeeze the consumer ass hard effective now. The government just barks; US corporations bite.




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