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June Federal Budget Deficit Comes At ($68.4) Billion, $1 Trillion+ In Deficit Raked Up For First Nine Months
June budget outlays came in at the largest ever for the month. Also 2010 Federal individual income tax collections are running 4.4% lower, or $31 billion below 2009 levels: the economic "recovery" sure isn't causing greater tax receipts. And from the report: "The federal government incurred a deficit of just over $1.0 trillion for the first nine months of fiscal year 2010, CBO estimates, $81 billion less than the roughly $1.1 trillion deficit incurred through June 2009. Revenues so far this year are slightly higher than they were last year at this time; outlays are about 3 percent lower. CBO estimates that receipts in June were $36 billion (or 17 percent) higher than collections in June 2009. Morethan half of that difference stemmed from an increase of $19 billion (or almost 60 percent) in net receipts from corporate income taxes. Gross receipts from those taxes rose by $15 billion (or 37 percent), primarily because of higher estimated payments for the current year; a $4 billion decline in corporate income tax refunds also bolstered net corporate receipts."
Full statement here.
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Joker parade.....
As is our custom throughout the summer, we were @ the Hollywood bowl the other night kicking back, drinking some wine, and sharing the 2nd hand smoke emanating from the cloud of burnt MJ that typically envelopes the entire venue.
If you get there @ dusk, you are treated to a beautiful sweeping view of the H-wood hills (characterized by the panoramic scene in Shrek2), including the iconic Griffith park observatory in the near distance. Anyway, TD's post reminds me of Dean's movie (and perhaps T1 as well) filmed @ the above mentioned observatory, and the ensuing game of chicken that later takes place @ the PV cliffs.
As to our ever increasing fiscal imbalance(s), I say full steam ahead. We're heading for a complete crack-up boom, so it might be best to hit the wall at the highest possible speed to ensure the most spectacular wipe-out. No guts, no glory!
A gem that bowl; Hollywood, and MJ too.
Barry has his petal to the metal, BS riding shotgun and throwing doelarrs out the window to the crowd like the joker in TB's "Batman". They will hit the wall at full speed; the wall sits on the edge of a cliff, but in order to "see" that, one needs x-ray vision, or, one needs to have a good angle of sight of the entire scene.
It's 'pedal to the metal'.
DavidC
@ the Hollywood bowl
For me, the best venue to see my favorite....
http://www.tompetty.com/tour/date/id/63
"I got a friend in Mendocino
And it’s gettin’ close to harvest time......"
No matter where in the world I am, if TP is playing at the 'Bowl, I be there :)
(Not that anyone should give 2 shits)
http://i31.tinypic.com/91a44o.png
Made a CPI adjusted chart of total state tax revenues showing that, despite the commonly held belief that we've bounced significantly off the 2009 bottom, economically we're actually in a slightly worse position than last year (vast majority of state tax revenues are personal income, sales, and corporate net income). Ergo, gigantic levels of federal government spending *suprise suprise* doesn't translate into economic growth at the state level. States are now dealing with, on average, a 13% drop in real revenues off the 2007 high.
lovely
The deficit was about $2 Billion less than forecast. I think we can attribute
all of that $2 Billion to not paying unemployment extensions.
WhooHoo!
"It took 169 long years and seven major wars -- from 1776 to 1945 -- to rack up a cumulative deficit that matches the gaping budget hole of just 28 short days in February 2010." -- Marty Weiss
If you want to do something right, you have to double the effort Tyler!
And a good job they've done so far.
Pfff....pussies, I could have blown a $100B easy.
That would be a lot of hookers and blow!
Hookers and blow while cruising super-sonic in my own F-22.
And the difference between you and them is......???????
Style points for doing all three at the same time. :)
'Billy J.C. walks to the end of the diving board, he jumps, and does a triple lindy! The judges go wild!!!!'
Say hello to him at the pool party at the White House tonight. Barry will have your guest pass at will call.
Man, I was hoping he would do the Double Pits to Chesty LOL
I know Barry's PR people, they're just gonna sneak me in as a favor so I can get some publicity to start my own reality TV show.
AHAHAHA!
touche....
Looks like better then expected to me.
This is supposed to be the "high point" of the recovery.
How's it look now?
Yep, better than expected. In todays fantasy world, that there's rally material!
$600mm windfall. Let's celebrate and raise entitlements.
You will get your doelarrs.
I have completely run out off balloons and party hats.
How much stupendously fantastic recovery news can one take in such a short span of time.
Good point. It's going to trip us all into mania.
It's a gift that keeps on giving. Even your grandchildren will still be unwrapping this gifts when they grow old.
That looks like an old Enron 10Q report, just before they collapsed.
Individual income - down
Interest payments on public debt - up 20%
Medicaid, SS, other entitlements - up BIGTIME
When oh when do the bond markets start demanding more for use of their money? The time has to be very near. So near, it has already passed time for it to happen.
LOL! All I's dotted; T's crossed! Just before it burns to ashes!! LOLOL Great paper chase to zerooooooooooo! PERIOD!!
Looking good. And the "Highlight" was the "money" paid by the entitlement "trust fund" to the general fund. Thank God we squirreled away that $2.55 trillion over the last 30 years. We'd be lost without it. So even if Social Security took in $12 billion less than it paid out ($55 bil in, $67 bil out), it's all good because that Trust Fund just keeps pumping away. I wish I had a room full of air at home that could pay me $12 billion a month.
Money made out of thin air isn't real, as you pointed out so well.
++++
But wait ... why CAN'T I build a Trust Fund Room at home that pays me $12 billion a month? If I say that $2.55 trillion is in that room (somewhere, maybe in the cedar chest) then it must pay me money, a lot of money. Because if it's not paying me money, the only other explanation is that I'm out of my freaking mind, and the U.S. Government has shown that can't be the case.
If only we'd listened to Al - it would have all been safely stored in the lock box.
lol
Individual income DOWN $31 Billion and Social Insurance down $29 Billion. UMMMMM, I'm not a PhD from a "respected" institution, but shouldn't those numbers have gone UP since jobs have "gone up" since Oct, 2009????
The jobs are there, no problem, but actual payment to the workers is a lagging indicator.
+100
A corpse could run the country/business as well! Just need a USD printing press & endless rainbow bright ink! Plug it in before you die and set up the black box alogarithms to front run sheeple before you zip yourself up in a body bag!! Who knows? Maybe goon gov is just one big computer now and we're running around voting for change with a machine!!? ROTFL
I think regular people are so dumbfounded by the size of these numbers they don't care any more. They don't care because they comprehend the sheer size.
It's like explaining the mass of the universe to a store clerk.
That has always been the plan. How can you bitch about what you can not picture in the already overworked brain.
"deficit years" will be like light-years. Deficit years: the number of years it takes to travel from present day to collapse of the monetary system in a big "pop". bubbles pop, not bang.
I think if you stop 10 regular people on the street and ask them the difference between the debt and deficit, they will not be able to tell you.
Further out of those same 10 people I would be willingly to bet than not more than 1 could give you the size of the deficit +/- $250B.
Of those same 10 people I bet 9 have listened to all 3 Mel Gibson tapes.
The Plutocracy is counting on those 10 people. So far i haven't seen anything that would make me bet against the Plutocracy.
Lizzy,
As part of my initial interview of perspective clients as well as my annual reviews, I ask the usual questions about money on hand, including cash, checking, savings etc. I've learned after getting past these question to double back and ask more specific questions as to the location of this cash. I first must say that my clients are middle to upper middle class.
I'm always amazed to realize that around half of my existing and perspective clients consider unused credit card lines as "cash on hand". And while they "know" it isn't really savings cash, they still calculate it in their head as "cash on hand" when doing the mental arithmetic.
Scares the living shit out of me every time I hear someone tell me about their credit card cash. One actually said to me "But they send me checks to get at my cash." I kid you not.
And with Lizzy's post and your response, the two of you have just managed to sum up in thirty seconds or less why this country is DOOOoomed.
Oh, dear Lord. Where is reality?
Uhm....whatever.
Have you heard Lady Magaga's new album? I like the album cover pic....tribute to.....anyone? anyone? Bueller?
http://mulinks.net/music/Lady%20Gaga%20-%20The%20Fame%20Monster%20%28Del...
They shoot Gaga's, don't they?
"They".....do.
If they don't, they should.
Einstein was a store clerk.....just sayin'.
No; he wasn't. Just sayin.
LOL
Our newbie friend above must have read something about Einstein working as a clerk at the Bern (Swiss) patent office and figured that meant clerk at the local gas station selling cigarettes and pints of Rocky Road ice cream.
http://en.wikipedia.org/wiki/Albert_Einstein
semantics, no? why be a dick about it?
It is not "semantics". The poster was demeaning one of the most brilliant minds this world has ever seen by saying he was a "store clerk". And I'm being a dick? Not even close. Just sayin'
There is a theory that Einstein's wife was the real brains in the family. She did all the math, as Einstein himself was terrible at it. Einstein didn't do much else but bitch about Quantum after their divorce. Not saying it's true...just saying.
Einstein was not terrible at math. The math behind SR and GR is sophisticated and required the help of Grossman, Minkowski and Tullio Levi-Civit. These 3 were mathematicians developed tensor calculus, space-time and helped him with error checking....
CD isn't being a dick, but I am.
http://dictionary.reference.com/browse/semantics
So let me get this straight: the year-to-date deficit ($1.0T) is roughly 7% lower this year - when we're supposedly in them midst of this most-awesomest-in-the-entire-recorded-history-of-ever skittle-shitting unicorn driven recovery than it was at the same time last year, when everyone thought the entire freaking world was coming to an end.
Color me unimpressed with this so-called "recovery".
Revenue's are all being pulled forward to avoid tax hits next year.
Revenue's may rise next year as well as the consumer gets pummelled into oblivion by taxes. All still an illusion.
Larry Kudlow, Steve Forbes and the Teabagger candidates all say the budget deficit will disappear if we cut taxes to Corporations and the uber rich and eliminate the Department of Education, shoot illigal aliens if they cross the border and make union membership a crime. Reagonomics on steroids will solve all our problems since the windfall of the uber rich will trickle down to the useless eaters. As usual the elite never mention their goal is to eliminate SS, MC and all pensions of any kind.
The Teabaggers are so stupid they think they will be spared the bloodletting cause the uber rich just love them.....
So basically you are saying we should trust the Govt with spending our tax money? I'm sorry, but I would rather let the private sector figure out how to spend that money (growth, hiring, etc) as opposed to the way it is being spent now; 383902830 f*cking signs along roadways, letting us know that said signs were paid for by the recovery act! woohooo! I'm glad I could help Uncle Sam pay for a bunch of signs, reminding me of how great signs are for our economy!
How's that kindergarten level-idea of spending into prosperity? Not working so well is it?
Your lobotomist forgot to do both sides of your brain. Go back and tell him to do the left side too.
@Anarchist
I'd call that a good start. Jack up interest rates to something reasonable and I'm on board.
Gotta get rid of the progressive tax rates and revoke the Fed's charter, then I'm there too.
Actually, CNBC Kudlow and WSJ Moore
calling for tax cuts, amnesty and even lower wages.
Look who writes their paychex.
GE a company that not only paid no taxes last year, but got money back from individual taxpayers that pay 85% of the freight with IRS income and FICA payroll taxes, corps paying just 7%.
GS paid 1% effective taxes...
http://www.cnbc.com/id/15840232/?video=1542820278&play=1 11:34
http://en.wikipedia.org/wiki/File:U.S._Federal_Receipts_-_FY_2007.png
Replace all taxes with APTT as Tyler suggested some time ago...
http://www.apttax.com/execsummary.php
Giant deficits? Who the hell cares. It's not like we're every going to pay it back. Now gimme a tax cut, money for a new car, and bomb more people who live on top of oil reserves.
Are they borrowing enough to keep those shares going higher in this fake recovery ?
This is insane. I can't imagine spending 70 Billion dollars a month. Now imagine spending 70 Billion Dollars YOU DON'T HAVE.
The White Elephant Factory in DC has gone bezerk. Expatriation,Secession, or Overthrow are all sane responses to such gross mismanagement of the Peoples' money.
Who will stop the madness?
Unemployment benefit outlays up 48.9%.
That is called "stimulus", bitchezzz.
That's one trillion dollars "nominal". It's no big deal. [/sarcasm]
HUH?
TreasuryDirect says 1.27T increase since 10/1/09.
From JANUARY till now might be only $1T. Otherwise, they are full of shit
Obviously 270B of that increase is "Bush's fault".
Oh wait, all $1.27T of that increase is "Bush's fault".
Just playing, of course. I can't remember the last time the "Treasury Direct" number - which, by definition, has to be the "true" number, right? - agreed with the Fed.Gov's "official" deficit number. Just more of the scam, obviously.
Besides, they're only off about 25% - cut 'em some slack! That's close enough for Gubermint "Work".
Well we rollin along at $1.7T annualized rate. We'll be near the 13.6 cap in no time
This 14 yo knows more than the average 40 year old regarding the debt
http://www.youtube.com/watch?v=PNw3AZ_Z12A
Ladies and gentlemen,
Where is the debt ceiling? Are we close to breach it? Do we need to increase?
Why is there no budget?
No further questions. Do your own research. You might have to go back a bit.. like 30 days or so ago when the problems were front and center.
Nothing has changed. This time is NOT different.
W.
I am from Texas and travel the lower 48; here is what I feel from talking to not only members of industry, but also from staffs from hotels and the services sector. Texas, Louisiana, Arkansas and Oklahoma are bound as one and ready to leave the country as soon as the Feds try to bail out Ca, NY, IL & MI. The Old South (except Florida) is almost there, in the Midwest I get asked the secession question often there..They are torn between the arguments of the hyphenated Americans, but know in their hearts that family, not government is the answer. The Midwest fears the break-up the most. The North East and West Coast never ask the secession question and seem to be oblivious to the chasm that sepatates them and the rest of the country.
Bottomline: only the areas benefiting from the Government support it. After the elections I look for the state bailouts to begin the end of the USA. We no longer share common values as a nation.
As someone who travels much of the central area of the country, and works with people from all across the U.S., I would have to agree with your assessment.
I live in a midwest "flyover state" and if this state does not choose seccession, I will be expatriating to the nearest one that does. I will have my God, gold and guns with me too...(my first) GOLD BITCHEZ!!!
That's if your current state lets you take them with you. The non-producing states will be able to boast about their high employment after they station all of their valued citizens on their borders to confiscate the wealth of those who choose to leave.
There is something kind of circular about the U.S. bailing out a state like California, I'll grant you that. If you look at the return on investment numbers for the various states (taxes paid in versus transfer payments and other Washington largesse paid out to those states, California would do all right if it retained its current income taxes instead of forwarding them to D.C. to be recycled. 5 states account for 40% of all Washington DC income taxes received. It would be much more efficient, in the long run, to break this sucker up, so I hope the Baja Oklahoma Group proceeds, and the South follows. Most of the resistance, after all, would come from career DC pols who think of Washington as their "home" now and don't want to disturb their power base and perks. So jerking the rug out from under them would be a pleasure to watch,and since we're headed for a crackup anyway, what the flock? Remaining question: who does China send the bill to? I'm not answering the door bell, I'll tell you that.
To be fair to the residents of the crazy/backwards/secessionist (southern) states, I'm not sure any of the wounds felt during reconstruction have ever really healed. Tack on the fact that we disproportionately fill the military ranks and much of the manufacturing is done here now... and you've got a recipe for disaster... even if it takes a while to bake.
I'm not advocating secession, just saying the conditions exist for the mindset.
Assfire and ColonelCooper: As a New Yorker-turned Floridian who vacations in California-- it is most distressing to see your comments. But I'm sure you're not making anything up. Well maybe Lex Luthor will prove to have been on to something re California . . .
If you do not find this offensive and divisive, then you are oblivious...
http://www.breitbart.tv/michelle-obama-tells-naacp-america-still-unequal/
ENOUGH of this already!
Somebody needs to clue her in. Blacks still aren't equal to whites. We are all equal under the LAW. These idiots assumed that meant we all had the same attributes, same competencies, same shared heritage of cognitive abilities.
Of course America isn't equal; average intellects like her get to go to Princeton!
Duplicate
The problem Doc, is that there very much ARE two Americas. The disconnect between the average person on either coast, and the average person in the Midwest, is well,,, significant to say the least.
I don't simply mean this to be entirely a left/right thing. It is a lifestyle and expectation thing. I live on the edge of what has grown into a small neighborhood (after a couple of farms sold), located ouside a small university town. When you stand in my backyard, almost every house you can see has a garden growing. In the fall, half the neighborhood is busy canning. You are just as likely to hear a chainsaw running on the weekend as a lawnmower. These are comfortably middle class people.
The city just repealed an ordinance prohibiting people from raising domesticated animals within the city limits. Too many people were flipping the bird and raising their chickens anyway.
The median income in our county is $33,250. We don't have nearly as far to fall as many others. So many people tell others in posts to start aquiring skills, learn to be self sufficient with their food, arm themselves, etc. This is how we already live for the most part. When you live in a state of perpetual recession, it doesn't matter much if Obama says we're recovered or not.
Midwesterners tend to be relatively quiet people. Partly because we're too busy making a living, and partly because all we are is "flyover" to the rest of the country. I would guess that most of us prefer it stays that way. I would suggest that statists do not confuse quiet for pacifism.
Another way of putting it is:
We do not have fake white collar jobs, we work on humble but satisfying hobbies and projects with family and friends. We stay busy and take care of our own.
We do not impose our lack of values on others and do not demand that people deserve special treatment. We are amazed and saddened that charlitins make careers from being activists and organizers.
We do not respect them, they do not respect us- that is usually when marriages end.
I believe that you and I could spend a decent couple of hours over a cold case of beer on a hot afternoon.
Beautifully said, Colonel.
And this this is coming from a smart-ass who lives in the People's Republic of Massachusetts, by the way.
There's an extra beer in the cooler if you want it.
Triplicate.
As warned about earlier, DOW/SP500 remains bullish for now ...
But it's only a counter trend rally.
http://stockmarket618.wordpress.com
Here's a real surprise. No other nationality need apply.
http://worldjewishnews.blogspot.com/2010/07/washington-obama-to-tap-orthodox-jew.html
Agreed, President BO should have picked a wise latina woman who would bring empathy to the Office of Management and Budget. (It is as though BO was put here to do the worst, like the NASA/ Muslim thing- I mean who could come up with this S%$t?)
"Also 2010 Federal individual income tax collections are running 4.4% lower"
Compared to last fiscal? Whats the YOY from 2008? Can't be good!
Oh wait! Lindsay Lohan news is on!!!!
http://i31.tinypic.com/91a44o.png
Total state tax revenues are pretty brutal as well, here is a CPI adjusted chart I did showing a 13% drop in revenue from the 2007 high. I consider this to be a pretty good look at the "real economy", as the vast majority of state tax revenue comes from personal income, sales taxes, and corporate income. Using this metric, I would suggest the "actual GDP" growth is and aggregate -13% between 2008-2010.
Thank You Sir!
Obama's not popular anymore ??????????
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