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February $223 Billion Budget Deficit Largest Ever
Well, it's one way to start a deficit cutting scramble. Washington Times reports that the preliminary number for the February deficit, which will formally be released by the FMS shortly, is $223 billion: this is the largest single month deficit in history! So much for prudent budgets and all that. At least the number can only get better from here. Unless, of course, it gets much, much worse, and rates continue creeping higher, resulting in 30% of total revenues being dedicated to paying gross interest, as was previously discussed on Zero Hedge. Then 40%. Then 50%... One gets the picture.
From the Washington Times:
The federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released Monday morning.
That figure tops last February’s record of $220.9 billion, and marks the 29th straight month the government has run in the red — a modern record. The last time the federal government posted even a monthly surplus was September 2008, just before the financial collapse.Last month’s federal deficit is nearly four times as large as the spending cuts House Republicans have passed in their spending bill, and is more than 30 times the size of Senate Democrats’ opening bid of $6 billion.
Senators are slated to vote this week on those two proposals — both of which are expected to fail — and then all sides will go back to the negotiating table to try to work out a final deal.
Remember, regardless how horrendous the numbers look, the US is neither Greece not Libya. For now.
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yep qe3 on the way
I remember back in 2008/ early 2009, the arguments about deflation/inflation. Aaah, how quaint it seems now, looking back. At the time it was talked about like deflation was the end of the world but now we get to feel the constantly tightening grip of (accelerating) inflation. The argument at that time was that the Fed would not monetize the entire housing bust. OK, maybe they were right about that, but most people completely missed the fact that the Fed would be monetizing MONTHLY federal deficits of $200 billion. Zimbabwe, here we come.
Check out the latest from the Capital Research Institute: "The King is Dead, Long Live the (new) King":
http://www.capitalresearchinstitute.org
What is happening right now in the world of finance can best be understood from the perspective of… succession planning? Thats right. What is underway right now has a lot in common with what used to happen every time a King’s reign was approaching its end, with the King on his death bed. Superficially everyone would still be following the King’s orders and scrambling around, summoning the finest physicians (somehow we got Timothy Geithner and Ben Bernanke), but just below the surface everyone knows the score, and is preparing for the King’s inevitable death. This leads to a tremendous amount of posturing and scheming, as everyone gets behind their preferred candidate to become the new King.
This is exactly what we witness in the world of international finance at the moment.
It starts adding up over the months. I am plowing through Meeker's 600 page report entitled, "America Is Soooo Royally Screwed." I won't give away the punchline.
We saw the punchline in 2010 when the Fed attempted to take away the punch bowl.
Markets tanked.
Lesson: the punchbowl must never be taken away...
http://www.planbeconomics.com/2011/03/03/what-happens-if-the-fed-withdraws-monetary-stimulus/
Realty Mogul, Sam Zell, Talks Inflation - says we're not seeing inflation because the CPI is distorted. (Mar. 3 2011)
http://www.cnbc.com/id/15840232/?video=3000008436&play=1
Tonight's Movie:
Dr. StrangeBen, or: How I Learned to Stop Worrying and Love Inflation
Check local listings, and pop up some popcorn to go with that Fed punch.
Or how about this article in 2007?
The Congressional Budget Office estimated Friday that the U.S. federal budget deficit for fiscal year 2007, which ended Sunday, was about $161 billion, or 1.2% of gross domestic product. That’s down from the $248 billion shortfall recorded in fiscal 2006, which translated into 1.9% of GDP. The Treasury Department will report the official tally later this month.
Much of the improvement in the nation’s fiscal outlook in the last year has come from continued rapid growth in federal revenue. CBO estimates that 18.8% of GDP in fiscal 2007, up from 18.4% 2006 and 16.3% in 2004 and 18.4% in 2000. Outlays came to an estimated 20% of GDP, about equal to the average over the previous five years.
While annual federal spending grew 2.8% in fiscal 2007 over fiscal 2006, year to year, revenue grew 6.7%. Individual income-tax receipts are estimated to be 11.3% higher than last year, and corporate income tax receipts are estimated to be 5% higher. Revenue growth has cooled substantially from the 11.8% fiscal year-to-year increase from 2005 to 2006. Spending growth also slowed.
Federal expenditures were up in fiscal 2006 due to Gulf-coast hurricane recovery efforts. They were driven down in fiscal 2007 by legislation enacted in 2006 cutting student loan subsidies and auctioning off a portion of the broadcast spectrum, proceeds from which are recorded as negative expenditures not as revenues.
“While somewhat lower than estimates issued at the beginning of the year, the 2007 deficit announced today by the Congressional Budget Office is no cause for celebration,” said House Budget Committee Chairman John Spratt (D., S.C.)
CBO has estimated that if the U.S. maintains a military presence in Iraq and if Congress doesn’t allow the tax cuts enacted in President George W. Bush’s first term to expire, then recent improvements in the deficit will be reversed, pushing it up to to roughly $300 billion by 2012. – By John Godfrey
http://blogs.wsj.com/economics/2007/10/05/deficit-for-fiscal-2007-slides...
From the WSJ via Drudge today.
Note the last line, "pushing it to roughly $300 billion by 2012" Dude, we are close to that per month!
Bring on QE7
A Kali/Joo Yawk house priced on bankster paper @ $1 mil, but only worth at best $333k based on median income/mortgage affordability?
No problemo!
We'll just have .GOV Sacks' U$ Trea$ury & FED Print-$erves create 3X the fiat currency from nothing, and voila!
Zee house is now worth $1 million in devalued currency...QE 1, 2, 3, 4, XXX to infinity and beyond!
And don't you pathetic serfs think about getting wages to match the unfortunate rise in commodites & cost of living...You wanted it, now you got it! Toyota!
Now, go sit in your McMansions, jerk each other off and die losers...
This nice inconvenient truth brought to you by your friendly (D) & (R) Oligarchy - Thanks for voting us in decade after decade!
Your correct, they know this economic house of cards is dead and they are vying for position in the new economic model. And in this model you can bet your last dollar that it won't have the US in any major role in it.
Good thing February was a short month!
Impressive!
http://www.fightplay.tv/wp-content/uploads/2009/07/darth-vader.jpg
how do you get a deficit without a budget and with the budget cuts in the extensions?
jal
are Budget Deficits any way to lead a country???
Doesn't Washington DC realise if every business in the country followed their 'lead' Washington would have a country of deficit companies that pay no taxes!
..then Washington would have no income AND not be able to raise any debt because they had no income to repay it.
So when Washington raises the debt ceiling maybe every company should cook their books like the US Govt does and declare they're too unprofitable to pay taxes. How are your books looking now o'leader of change we can believe in?
No, but it's ONE method used by Banksters to introduce newly mass-produced fiat currency into the "economy" when liquidity is at all time lows due to exhaustion of lower-middle class credit creation.
Unbelievable how transparent the Fraud St./District of Criminals plan is, yet how few actually GET it...
Got Ag?
Not sure how transparent their plan is, looks more like the usual State incompetence and corruption from here (did WS plan to go bankrupt or were they just too greedy and too stupid to stop themselves then needing 'old boy' chum Wank Paulson to bail them out of their shithole???)
No Ag but in Gold for the ride... i'm a deflationist so don't believe the currency will collapse for a few years yet, will buy Ag coins nearer the time
are Budget Deficits any way to lead a country???
Please will people stop saying LEAD they are not our leaders , they are only representatives ( unfortunately) no more and no less
Sorry i'll try to whitewash all thoughts put there by incessant and relentless leftie US media propaganda that Obamma was the real and actual 2nd coming of Moses to lead the nation back to greatness ..quite clearly the bankers poodle wasn't the promised historical event
if you think that's a lot...
JUST WAIT UNTILL NEXT MONTH!!!
CTRL-P!!!!
Obviously, US$ 223 bln in February is US$ 7.964 bln deficit per day, since there are 31 days in March as opposed to 28 in February, March deficit should come close to US$ 246 bln assuming constant deficit of:
US$ 331.8 mln per hour
US$ 5.53 mln per minute
US$ 92 thousand per second (80% of households earn less than this amount in the entire year).
Almost a 100 dollar bill every millisecond, 24/7.
What. Can't Von Bernankstein cover that much? $223B is chump change these days.
It's only 655$ PER AMERICAN CITIZEN!!
SPREADING THE WEALTH!!
Americans are such lucky bastards because they get all the gifts...
... and I'm going to be right there on the street getting some when the BernankBucks are falling from the helicopters. Yeah baby!
there are ways to get the advantage on that one:
http://t3.gstatic.com/images?q=tbn:ANd9GcS1vMYKpt54RbUCCRURjQJabL1I93Z2I_ikz7JM-NqjknUO8sY3&t=1
make sure you have one near by ALL OF THE TIME!!
As Charlie Sheen would say, "Winning!"
+1
When Bill Klintoon submitted his first budget the cry from the Republicans was "$200 billion dollar deficits as far as the eye can see". How far we have fallen since then. Prepare for Financial Armageddon and cannibalism like in "The Road".
Great to know that the recovery is well on track.
Change you can believe in.
Yep. Nothing screams "RECOVERY!!" quite like "the largest monthly federal deficit in the entire recorded history of ever".
cant say better..
alx
how's Obummas Committee of Fiscal Responsibility doing?
Disbanded (their checks bounced!)
Excellent.
so bonuses, perks and cushy pensions all round at the Committee for Fiscal Responsibility too ...these Big Govt jobs are just like Big Banking jobs now
red ink = bonanza bonuses
I disagree with one of the premises of the OP- this can certainly get worse, and it will.
Those deflationists who call for fiscal prudence...JFC, $6B? It's amazing that they all say we simply MUST cut but nobody can come up with a single fking thing TO cut. $61B for a year is called draconian.
If you see what they can do with 61 billion, it makes you think what they did with the 223 billion.
Are they buying golden toilet seats for every government owned toilet?
TAKING A CRAP IN STYLE IT'S CALLED!! YES IT IS!!
Cuts are impossible in the US. Look at the outrage over the WI thing. Over what 160 million, not even drop in the bucket. Spending will increase till the dollar finally gives up the ghost and they can't find a way to kick the can. The only real game now is to see what order nations blow up in.
It's not an American thing. Gordon Fucking Brown raised the public sector spending from 35% to 53% of GDP here in the UK in 10 years, and the morons he essentially paid off to vote for him are now OUTRAGED the public sector has to be cut.
It won't be long before we'll see strikes, 3-day workweeks, and shortages. Oh, and rubbish all over Leicester Square, in a repeat play of the wonderful socialist 70'es.
escapek, but London flats are still hot ..RE market is booming and you get free "fish n chips" with each flat, Inflation is non existent in London as well we hear the mayor outlawed it last month.
Ha, trash in the square.. Perhaps worry a bit about hangings in the square as the Islamists take over in England. A bit off topic but not much as we are talking financially overwhelming a society on one hand and out breeding the natives in another.
Cuts are possible, inevitable, and occurring. The Badger State outrage has nothing to do with budget cuts. The governor, in fact, refuses to discuss the actual budget.
The point is, that whether WI or US, we refuse to even discuss cuts. (I understand the additional contentions in WI) Wisconsin is just the first state blowing up in a series of lit fuses.
We cannot agree on 60,000,000,000 in cuts out of a 4,000,000,000,000 dollar budget? Start cutting out the zeroes and what do we have left? 6/400? 1.5%? We honestly can't find a way to cut 1.5% out of the bloated piece of shit we call Washington?
Think Illinois will fare better? California? Think Dayton is going to pull one out of his ass and get the legislature to balance shit out in a budget he'll sign?
The dominoes are wobbling at the very least.
State general fund expenditures are flat in real terms since 2000, and down substantially since 2008. Federal funds and 'fees' have allowed some illusory spending levels to persist, but structurally the inflection point was reached a long time ago. Politics tends to obscure this as it is not useful or sexy for political purposes.
But there is a difference between 'flat in real terms' and a 20-30% cut in real terms. All I'm saying is there isn't a real way to avoid it and the numbers show it's already starting. Public employee benefits will have to be part of the mix, but maybe less prisons, high school sports facilities and county highways to nowhere too....
Agreed. We need to sit down and really figure out what our priorities are, because we're broke. MN is broke, US is broke, we're broke.
IMO, everything is on the table. Public employee benefits, SS, Medicare, US Military,,, EVERYHING needs a haircut. We had better decide what is truly "essential", and get rid of the rest. Until we collectively accept that, and are willing to have an honest discussion at all levels: our dinner tables, school board meetings, city halls, state capitols, and DC, we are going nowhere.
Personally, I have absolutely zero faith that we have the stones to pull it off. We're gonna blow this SOB all to Hell, and have to crawl out of the rubble. Maybe it's for the best, IDK.
Nice work - biggest deficit ever during the shortest month. Sweet...
the winter weather in January resulted in the larger deficit in February with Easter late this year and Spring Break(s) underway, February will be the highmark for the year
...the Critters even took Prezident's week off and still set a world record. Very impressed... the auto-pilot works great.
US of A is doing it the greek style. Triple A, loooooool!
look Timmay said Greece "couldn't possibly happen in America" alright?
Ok he admits his own budget is "financially unsustainable" but that's nothing like Greece, it's only the maths, deficit, debt and out-of-control Govt spending that looks 'a bit similar'
But aside from that, Mrs. Lincoln absolutely lovvvved the play!
It snowed a lot in February.
....and that was on Barry O's desk.
Inevitable self-immolation! Plan and prepare accordingly!
Could see a bloodbath tomorrow.
I am ready. Waiting to see how bad the close is.
.
September-December trendlines broken on all major indices.
QE is ending my friends. Prepare yourselves.
how can it end with record deficits?
Yup. And--after the bloodbath begins--where do you suppose the money will flow into?
gas stations, health insurance and credit cards.
And US Treasuries....at least until the dust settles and/or hints of QE3 get leaked.
horse drawn well-drilling equipment?
http://www.dalebooks.com/dale/welldrilctlg10.jpg
by RobotTrader
on Sun, 03/06/2011 - 18:48
#1024540
Another good week for "Risk On" assets coming up?
New Zealand stocks hitting new highs...
Looks like a gap up and go for U.S. stocks tomorrow
Want to know why Libya is about to go HOT ... here's your answer.
There is no recovery.
Now watch this drive ...
and that's the good news!
I wonder how much these numbers might be distorted due to student loans.
Meaning, simply because the student loans are now on federal books rather than private, they were still guaranteed. I think student loans are approx. +800 billion at the moment.
Unless the 800 billion is defaulted that should be an asset no..
@ Yardfarmer
this is the largest single month deficit in history!
and that's the good news!
Nope, the good news was: February only had 28 days !
LMAO
Check this out:
That's a lot of iPads
the Ipads where a manageable cost....
IT ARE THE 3G SUBSCRIPTIONS AND THE MUCH NEEDED APPS THAT ARE JUNKING THE DEFICIT!!
DAMN YOU S. JOBS!! FOR ALL THE HIDDEN COSTS!!
QE 3 will not be televised. Book it.
we'll be at QE4 before the first pilot of QE3 will get aired on the history channel...
QE2 is looking more like 2-1/2 men. Expect a truncation.
Black hole coming. When our interest costs take up more and more of the tax revenues you can see the US go tilt, even with a printing machine. As others step away from the US$.
Will Virginia really begin to take gold and silver as payments?
is VA gonna pay in gold and silver?
Greshams Law. No one with more than 2 braincells is paying with gold and silver until their life depends on it.
http://www.youtube.com/watch?v=rGaRtqrlGy8
...and the 10-year is HIGHER! GO figure!
Eitherway, the U.S. is dead:
1. Print more money, U.S. dies because the dollar plummets even faster to zero.
2. Stop the printing and the U.S. dies because printing money out of fresh is the only thing keeping the cancerous non-productive, service based, good ol' USA going.
Death by inlfation or death by deflation. Got to love the choices these days.
Either way the U.S. doesn't die. Did everyone in Zimbabwe die? The only question is how much pain the U.S. will have to go through until a real recovery begins (and from what level). The longer we print more money, the greater the pain and lower the starting level. The only option is #2, but we need a leader with the guts to do it.
Actually, I don't see the Republic surviving this.
so there's been a big polidtical battle about reducing spending by one quarter of one month's deficit. Now that's what I call meeting a problem head on.
+1 :)
Moody downgradew Greece to below Junk.
Greece tells Moody to f@#$@# off
http://dawnwires.com/investment-news/moody-downgrade-greece-to-below-junk-greece-responds-that-moody-knows-jackshit/
they're actually both very right and both same time oh so wrong ...that's one for the philosophers to explain!!
LOL. The course is locked in. The accerator is glued to the floor. Can't stop now - let alone reverse - or it is game over. Of course, the current trajectory still has a game over moment coming (at least for the FRN)... but that's maybe a little less sudden than the deflationary wipe-out.
Interesting times. Reaching new levels of "nervous" each day.
+ $1430
I hear ya.
I read where the 1099 reporting law from the healthcare bill would have raised 22 billion over 10 years. 2.2 billion a year. They just ran a 223 billion deficit in 1 month. Amazing.
Yeah, the Federal gov't would be getting the 2.2 billion in revenue while 100+ million citizens are spending an extra 24 hours a year trying to comply. Do the hourly wages math on those numbers. The people who work on these tax schemes are absolute morons.
from CBO..
corp taxes down y/y, so this is how margin compression works
SS taxes down y/y - I was told there's job growth in USA, so why SS TAXES DOWN??
@hey tyler, could you eleborate on why SS taxes are down y/y ?
game is over folks...
alx
Corporate taxes DOWN??? WTF, and here we are, getting blasted with the "outstanding corporate earnings, stocks are cheap" message on repeat play.
Or is it just that the corporations which generate outstanding profits are the ones cheating the IRS?
Corporate America makes (and hides) its money overseas.
Taxes, why that's for the little people.
These earnings were all made overseas where Uncle Sam does not get a cut as J6P takes it up the rear in the US. Those overseas countries are now blowing up thanks to Chairsatan's dollar printing.
No, no. It's gonna be GREAT! Deficits spark economic growth and we grow our way out of the crisis.
[/sarc]
SS taxes collected can be down easily with the 2% credit lumped in with the rest of the bullshit that was passed in December.
FICA withholding was cut from 6.2% to 4.2% on the "employee" contribution (yeah yeah I know the "employee" pays it all, of course). That goes part of the way toward explaining the drop in SS taxes.
Now add in that "new" jobs, such as they are, aren't paying what the "old" jobs paid and that gets you most of the rest of the way there.
nope..
i'm talking about 2010 and 4qrt of 2010 .. OBAMA reduction of parole taxes started on jan 2011
here's stats
http://www.ssa.gov/OACT/ProgData/tsOps.html
2009 year- 688.9 bln
2010 year - 662 bln
2009 4qrt - 151 bln
2010 4qrt - 145.3 bln
so 12 month sum and 4 quarter sum are all down in 2010 ..why?
if BLS/NBER/BEA tell the true and number jobs is up, and nominal average salaries are up too, so
isnt it supposed SS taxes getting higher ?
alx
Sorry, I answered the wrong question. However, I think you answered yourself right here...
if BLS/NBER/BEA tell the true and number jobs is up, and nominal average salaries are up too...
Well, the BLS/NBER/BEA are all lying their asses off, there aren't nearly as many "new" jobs and of them, the "new" jobs aren't paying anywhere near what the "old" jobs paid.
Correct ...because the 'old' jobs were full time and the 'new' jobs being counted by the Govt monkeys are part time
All the worlds big bankers have fled the sinking ship. I guess the only way to jizz things up is to go to (yet another) war. And this one will be a no bones aboiut it....'"we're in it for the oil."
but what would really happen? Just take them all and hand out certain MENA countries to certain G8 members?
China gets Iran, we get SA, Germany gets Libya.. etc etc
Deficit, Shmeficit.
Meh. Who cares. It's all fiction anyway. Where's my lunch? Where's my dinner? Where's my Hossinfeffer?
I am having computer issues. Insert Buggs Bunny Looney Tunes Hossenfeffer clip <here>
As you wish:
http://www.youtube.com/watch?v=5bGvv2VUP_8
Thanks!!
We can dance if we want to, and leave our cares behind...
So why is it so big for February? By the looks of things, it's an annual event - surely this must means some items are booked in Feb every year?
The annual budget deficit is around $1.6tn. $223 is nearly 14%, or well over the average monthly, 8.3% of $1.6tn = $133bn.
tax refunds and rebates. millions of people get all their fed tax withholding back in Feb....
Remember when the progs thought this was a bad number for an entire year under Bush?
Bububububububububut BOOOOOOOOOSH
B-b-but partisan hacks.
Naw ... an equal opportunity hater who enjoys pointing out hypocrisy. :)
+1 stunning ma, ma, monumental hypocricy, a liberals bread and butter.
under bush jr. deficits was never less 450 bln per year..
official deficit figures never included SS profits..
back then SS taxes were more then outlays ..
until 2010 year
alx
just think if this was a leap year!!
$223-Billion is only 2 pomo's.... why worry?
$223-Billion is only 2 pomo's.... why worry?
And if the pomo don't move it, QE3 certainly will.
We just can't lose.
Liquidity! Stimulous! I finally get it! These things are enemas for the economy because our government is full of shit!
Thanks again coug! Green shoots everywhere!
Enemas for the economy. That is truly excellent.
"O'Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone-posed a threat to the economy. Cheney cut him off. "You know, Paul, Reagan proved deficits don't matter . . . A month later, Cheney told the Treasury secretary he was fired. "
http://www.ontheissues.org/2004/Dick_Cheney_Budget_+_Economy.htm
Imagine the ANNUAL deficit at that rate. You do the math! That's good for a nice cold chill up the spine!
I did my part.
apparent new video of 9/11 attacks from police helicopter.
http://nakedempire.wordpress.com/
was hoping it would be the pentagon videos. Who uploaded them?
I see that they still haven't found the footage of the plane that caused building 7 to fall into it's own footprint. Oh well, maybe next video.
I would like to see footage of all the gold being stolen from #7. http://snardfarker.ning.com/video/911-wtc-biggest-gold-heist-in
still waiting for that independant investigation into that demolition job.
we can spend our way outta this mess, yes we can !yes we can! yes we can!
aaah shit
"Unless, of course, it gets much, much worse, and rates continue creeping higher, resulting in 30% of total revenues being dedicated to paying gross interest"
And much of that interest is paid to the Fed, who returns it to the Treasury as a "profit".
True, interests earned by the FED, minus expenses, are remitted back to the Treasury. So this means 3 things:
1- The Gvmt gets a loan virtually interest free from the Fed.
2- Taxpayers pays for all of the FED 's expenses.
3- Taxpayers pays interests to the banks, since the Fed's expense include interest on Bank reserves, which are now over 1 cool Trillion.
http://research.stlouisfed.org/fred2/series/EXCRESNS?cid=50
Don't forget the compounding interest component on the $14 trillion and growing is an excellent excuse to increase taxes as a means to balance the budget.
That's great news considering it's the shortest month of the year.
Debt = wealth, right?
This is bullish... proceed buying AAPL, nothing to see here.
BTFD!!
If we did this throughout the year, the deficit would represent 76% of the budget!
what does this mean to the 51st or 52nd state of The US i am living in?
thanksssssssssssssssssss!
Have to get my position right, I have time i thinks, things are happening here months later normally, or is it real-time by now?
Obama graduated from Harvard Law School and received the Nobel Peace Prize and by God if he says there are 52 states in the union, yes, there are 52 states.
Prez Barry was including Kenya & Indonesia - Harvard trained manipulators are taught to be forward thinking apparatchiks, didn't you get the memo comrade?
Holy shit and to think they were able to make a new record on the shortest 28 day month! That's freakin awsomesauce!
$223 Billion : Put into perspective.
1115 F-22 Raptors OR
302 B-2 Bombers OR
30 Super Aircraft Carriers OR
51,860 M-1 Abrams Main Battle Tanks OR
2.2 MILLION jobs paying $100K a year.
This is what our government PISSES away.
#2.2 MILLION jobs paying $100K a year.
yep ... its about what federal goverment pays in salaries to all federal workers per year...
not much actually..
alx
Charlie Sheen for Fed Chairman!
He is the ho and crack chair satan.
...maybe but I'll second Charlie for Fed Chair... and Ronald McDonald for Treasury and Benny Hill for President (about time you had a Brit' elected) ...and know what, bet they're less of a clown show than the fuking jokers you have now?!!!
But, but , but , the Republicans won back the house of Reps now so we should be getting fiscal responsibility now, no?
I used to be Republican, now I am an equal opportunity hater searching for hypocrisy to hate on..
when the penny drops that there's a red coloured tape-worm and a blue coloured tape-worm both feeding off societies back everything in Washington DC falls into place ...everything else is a PR whitewashing operation to cover over the stink ...welcome to "democratic Government"
To not be able to get a yearly spending cut of one sixth of the shortest month budget deficit ever is a testament to the degree of disconnect with reality that DC exists in.
I become more convinced every day that our situation is irreversible and the people of this country will pay a serious price for the mistakes government has made and continues to make.
Hard to Believe !
Not really, it makes perfect sense actually. Look at what they do, not what they say. They are actually trying to increase total debt, to fillup the gap left by private sector de-leveraging. Say it loud, say it proud, we’re all Keynesians now!
http://www.youtube.com/watch?v=d0nERTFo-Sk
Hehe, the newly appointed VP of Federal Reservistan Janet Yellen just said in Europe that the developing nations made the crisis, because they were running surpluses - http://blogs.wsj.com/economics/2011/03/04/yellen-places-blame-for-crisis...
that easily takes the cake for one of the more moronic things i've heard these days, plus it shows what kind of game they shoot for at the Fed - Shameless Cougar!