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US Budget Deficit Hits All Time High In February
For a global economy that is "improving" we sure are getting a whole lot of records in the won't direction in the last two days. Yesterday it was Japan which printed a record current account deficit (yes, the most indebted country in the world was once upon a time supposed to export its way out of debt). Today, we learn that in February the US will report its largest budget deficit in history, as the Keynesian floodgates open full bore, and as Zero Hedge has noted repeatedly, tax revenues just refuse to come in at anything close to the pace of accelerated spending, forcing the US to borrow 54 cents for every dollar it spends (not the often cited 42 cent number which does not take into account tax refunds - see here). We would comment more on this, but frankly the chart speaks for itself. And now that the US has to fund an additional $100 billion due to the taxcut extension this means that things are only going to get worse, fast.
And a longer term chart which is also self-explanatory... and quite sustainable
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We are not going to take a back seat to Japan.
Funny story for everyone. Go into my local bank, have a discussion with one of the "bankers" who claims that she worked for JPM when all the bailouts started and that they never wanted the money, here is the punchline she said they were "FORCED" to take the money, she knows because she worked there.
I asked her what a CDS stands for and she said she didn't know, told her she wasn't qualified to speak on the needs of bailout funds forced on the bank and to stop talking to me.
goooooobama!!!
I want him to totally smash the record
hahaha...maybe that 2% payroll tax cut warnt such a good idea......4 mo for Barry is gettin expensive for the peasants, who will pay the back end fees down the road.
Community organizing 101:
"budgets schmudgets"...
Re-Election time, spend, spend, spend.
usa is number 1! we're number one! repete.
You can't say USA or USA number 1 anymore. It is not politically correct.
Yep, that looks like 'recovery'...
We're going to need to order a shitload of logarithmic graph paper. Of course, this also means a small bump in your future tax bills.
It's perfectly acceptable to chant, "USA! USA!" One should simply avoid pissing on the bodies of imperial victims while doing so.
Are you referring to San Antonio basketball incident today over the USA chant by the students?
This is a hoot !
http://www.cnbc.com/id/46659804
Yep, one team started chanting USA! USA! and then everybody pissed all over each other....tragic scene.
how about "for the glory of rome" ROME ROME ROME!.
Sorry what makes you think we (the peasants) are going to pay it back? Comrade O and the Dems are the ones borrowing this money to buy the votes of welfare queens and bums living in houses that have yet to be possessed. And before that it was a bunch of war mongers. its their debt, let them (the pols and their cronies) repay it.
Those of us that actually work and save $ aren't going to pay this debt when it comes due. China is going to learn what happens when you loan money to commies just like Germany is learning in Greece, Portugal, Spain and Italy (and soon France?) The smart capitalists in Greece saw this coming YEARS ago and got their money out. So will we!!!
Well, it's defintely a change from reality. Now where did we put that hope...
2008: "If elected, I will cut the deficit IN HALF by the end of my first term!".
Ok, now admit t.
How many of you were dumb enough to have fallen for this bullsh**t?
Dont look at me. I voted for old white guy that liked full scale war.
"Dont look at me. I voted for old white guy that liked full scale war."
If you had, the wars would be OVER by now, the economy well on it's way to recovery, and the media would be able to cover things like, homelessness, hungry children, unemployment, etc again.
AREN'T YOU SO GLAD YOU VOTED THE WAY THE MAGIC SQWAUKING BOX IN YOUR LIVING ROON TOLD YOU TO!?
I voted for the old white guy who loves the Constitution.
@ JPMHater001, I live in Illinois and I sent a $100.00 check to Friends of Scott Walker today. I am a private sector union member, debt free homeowner, except for the taxes that those with an income are obliged to pay.
What makes anyone think that their vote really means anything to these politicians. It's a horse race by corporations. If their horse wins the get the prize money for the next four years. DO YOU OWN A HORSE?
Not me. I knew who this fucker was long before he announced his run. Unfortunatly everybody I talked to thought I was nuts. Well it's a different look I get now when I casually refresh their memories about those conversations.
the synaptic circuitry of most Americans is changing drastically right now - along with the rest of the world. It's happening too late unfortunately.
Excuse me, gentlefolk, but there is something amiss here.
We have lower unemployment than we had 3-4 mos ago. Doesn't that mean more taxes are being paid?
This is a deficit. It's not just about spending. Why didn't tax revs from a 0.8% crash downward in unemployment undo this. Oh and this is not really a payroll tax thing because the payroll tax was a NO CHANGE vs December. This is a record vs December. How can that be if more people are working?
Answer: Fewer, not more, people are working.
At least we're number one in something!
Funny thing. I used to room with someone who was employed by Wells Fargo & they said the exact same thing...
hmm...
The brokers I have worked with were almost unilaterally against the out of contol gov. But there was this one ass in St Paul who was a communist.
Too much of that in St. Paul.
In Mpls, on the Range, this state needs a good colon cleaning, paging MMD?
I had the exact conversation with a JPM banker as I was closing my accounts. I had about $200K and they were trying to convince me there is nowhere better in the world than JPM. The banker told me that they were forced to participate in TARP just like the auto companies(?)
It was actually kind of fun
Give yourself a treat and calculate what your withdrawal did to them what with marginal reserves and all. Sweet
what is "absolutely nothing"?
Mark to myth accounting and the ability to loan new money into existence says you are correct.
There is an incremental difference. Just negligable on the small scale. We are the work that fuels the ponzi. There is just so many of us that individual efforts don't matter. It takes a major social event to affect big change.
There's also self satisfaction.
Work is in no shortage. Resources to sustain it, well, another story.
The fuel for the ponzi? Made me laugh. US citizens are the combustion chamber.
Victimology is high among US citizens but hey, even the best wish to believe cant achieve miracles, crossing the line of what is unbelievably non believable.
I am the Great Stoolman Mousy Tongue, conqueror of Tibet, egomaniacal sociopath par excellence, and murderer of tens of millions in "The Great Leap Forward into Starvation", and I approve this Chinese citizenism message.
My Local bank? CDS? Let me guess ...
tell her to get on zerohedge so she can get her noodles twirled
More reasons to cheer the system is in fast track to implosion.
Battle of the Bulge 2.0.
Billy Pilgrim has become unstuck in time.
Micro Second Arbitrage.
RIP, Kurt Vonnegut. We live in your world now.
This economic recovery was totally worth the $5 trillion blown on it.
And because I haven't seen it yet on this thread:
"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better." - Senator Barack Obama, 2006
President Obama has undergone a change of heart regarding raising the debt limit. In a 15 April 2011 Good Morning America interview, President Obama said this of his reasons for doing so:
"I think that it's important to understand the vantage point of a senator versus the vantage point of a president. When you're a senator, traditionally what's happened is, this is always a lousy vote. Nobody likes to be tagged as having increased the debt limit — for the United States by a trillion dollars. As president, you start realizing, you know what, we, we can't play around with this stuff. This is the full faith and credit of the United States. And so that was just an example of a new senator making what is a political vote as opposed to doing what was important for the country. And I'm the first one to acknowledge it."
US citizen elite do not lead, they manage.
So yes, there might be a crisis in leadership but management is blooming.
Autism, mental retardation, chinese citizenism, and access to ZeroHedge: not a happy combination.
No worries. We have automatic cuts that will go into effect very soon and put us on the path to economic prosperity.
There's no possible way our elected leaders could be idiotic enough to cut away our chute just as we reach terminal velocity.
Green shoots my ass.
WE'RE NUMBER ONE! WE'RE NUMBER ONE! WE'RE NUMBER ONE!
USA! USA! USA! USA! USA!
we blasted Japan back to the stone-age in WW2, yet they came with a vengeance with our technology, yet we have more military bases there than they have and we control them
Well, if US budget deficits hitting a new ALL TIME HIGH does get the futures a jumpin'...what will?
Apparently, not enough Keynesian magic has been applied yet.
You get the " autoup".
Hmmm, relatively ZERO deficits from 1800s to 1975(ish). What happened then? Ummm, US going OFF the gold standard ring any bells?
We had huge deficits during WWII. They inflated those away too...Bastards.
Look at 1971 on that timeline.
Remember, you are a terrorist if you hint that us going off the gold standard is what caused this country to go bankrupt.
If only any kind of Keynesianism was actually occurring, then your comment would have been sarcastically witty. Instead, what we have here is a kind of corporate feudalism where the financial sector is currently amassing wealth ala Louis the XIV. This kind of crony state capitalism is not intended to spur the economy as a whole despite rhetoric to this effect.
Winning the race to the poorhouse. Bamys usin his EBT!
Hello? This is Barry...are you ok?
http://www.youtube.com/watch?feature=player_embedded&v=5zNwOeyuG84
It's a "Dead Mans Party" Tyler. ENJOY all you Z/H er's
http://www.youtube.com/watch?v=iypUpv9xelg
Well played 4chan.
Ahh, the good old days when this..http://www.youtube.com/watch?v=iypUpv9xelg was a "Dead Man's Party".
Boingo.
Barry do you have anything positive going? Anything ? Other than speeding this rat trap towards it' s final demise.
Well there's always sneaking a few drags off a menthol out back of 1600.
A number of wars brewing in the back room.
Enough to satisfy US citizen appetite? A different matter.
Notice the shaded areas denoting recessions. Funny on the last one shaded, shouldn't it still be shaded or do they not shade "DEPRESSIONS"?
No one cares. Housing bottomed. Free housing for everyone. My 60 year old golfing neighbor was running around today shouting "Stick Saveeeeeeeeeee".
My property assessment went up 30% today. But the actual value of the property has shrunk, of course.
oh yeah, it's the recession...nothing to do with the fact that spending exploded under Bama
Funny on the last one shaded, shouldn't it still be shaded or do they not shade "DEPRESSIONS"?
*****************
They stopped putting in recession bars a few years ago-
Who can afford shade in a depression?
Anyone else here remember Clinton's first budget, where the Repubs cried "$200 billion deficits as far as the eye can see" and they were right to do so. My how times have changed, criticise Barry's deficits and you are a racist, a terrorist and Barry may have you killed, "legally".
The problem is as soon as the repubs got their shot they ran 300 to 500 billion dollar deficits. But none of them have anything on Barry.
And that, in a nutshell, is the problem. Politicians gain too much power handing out favors with your money. And when Gingrich tried to stop it, even the Elite Repubs turned on him, as well as the left media.
NO ONE in D.C. wants the gravy train to stop rolling.
NO ONE in D.C. wants the gravy train to stop rolling.
I can see the caboose to the gravy train now.
I can see Ron Paul dressed as Lawrence of Arabia mining the tracks ahead.
That's true.
My anger knows no bounds as well. Earmarking, bring home the bacon to bribe the vote of the gullible...fucking whores.
New campaign bullet point...this is the spending I voted against last year to save your children from grinding poverty.
Ok...I'll work on it, it's infinitely easier to promise the moon & stars to everyone and then say, whoops, sorry bout that, than to deal with reality...they have always had the advantage in that ;-)
As Ron says, earmarking is not a problem and actually offers some relief to the taxpayers back home. For example, if a spending bill is enacted for a specific amount which would be otherwise used at the whim of federal bureaucrats it makes sense for the people's representatives to petition for specific spending in their own community.
All taxes are theft but earmarks are at least a form of restitution on a small scale. It's the legislative equivalent of Oliver Twist's "Please sir, I want some more." Oliver ran his little legs off in that workhouse and should not be condemned for asking for a sop to ease his hunger.
Of course Ron inserts the earmarks and then votes against the spending bill. As he says, if the a majority of the people's representatives did likewise and voted in accordance with the Constitution which they swore to uphold then there would be no deficit.
ding ding ding
As he says, if the a majority of the people's representatives did likewise and voted in accordance with the Constitution which they swore to uphold then there would be no deficit.
_______________________________________________________
Made me laugh.
The deficit is inherent to the way the US of A has built itself.
In the nineteenth, it was an underlying miss of Indian lands to be grabbed that finally showed up.
When you bet against the future, consuming it in the present, and finally, the future shows it, well, you've got your deficit.
More empty words by US citizen Ron Paul, normal as US citizenism is nothing but a ghost built on a bubble of nothing.
Laying the resident ZH PRC agent/provocateur (AnAnonymous') remarks aside...yes earmarks are a problem.
1) An earmark could not stand on its own merit as a spending bill...or else it would be brought forward as such.
2) In the sausage making process of crafting a piece of legislation that will apply to everyone evenly in the country by law, some lawmakers, first must be compelled to bribe each other for a yea vote? Because that's exactly what earmarking is at it's core.
3) The long term corrosive effect of the principle of earmarking on society is now all around us. Someone else needs to pay for my bridge to nowhere, my park, my interstate highway interchange next to my undeveloped commercial property.
It is, in essence, theft from every other congressional district in order to bribe a sitting representative to vote for the bill the earmark is attached to. If successful, the representative then gets to go home and use the funding mechanism as "leverage" (a bribe, again) to get re-elected...by saying I (personally) built you that park/bridge/interchange.
With other peoples money...and all ultimately unfunded...just tacked it onto the national debt.
As I've said many times, I renounce the debt of others...it's simply not mine.
We have to bomb the value of the US dollar in order to save it.
The U.S dollar has value ? I thought they were kind of like pennies. A debate every year on whether or not to print them.
"Excuse me, do you still accept Federal Reserve Notes here?"
We have to bomb people in other countries to keep the energy equations working in terms of the dollar. If we fail, the US becomes China in a flash.
Edit: forget to say that it is not possible because folks here wont simply return to rice fields and rural areas to live in mud huts. Here, we will go all OG and burn the entire place down.
Tiny figures pounding corn on an abandoned superhighway...yes we can.
..and lead us not into temptation, but deliver us from the evil one. .... the one that creates money out of nothing making our currency a lie. :(
Clearly the term Banana Republic is inadequate for the reality in the field nowadays, since all the crazy deficits, cronyism, widespread corruption and non-working rule of law is happening in places which do not grow any bananas.
Maybe we can start talking about Cranberry Republics and Olive Republics?
The USA is starting to smell like a Durian Republic, taste like a Crabapple Republic, look like a Prune Republic, and act like a Mixed Nuts Republic.
Obama Is Going To Pay For My Gas And Mortgage!!!
http://www.youtube.com/watch?v=P36x8rTb3jI
A real classic 1996, however he actually has bought a lot of Bentleys, Porsches and homes i n the Hamptons.. Not that buying any of it with my money was his damn right to start with..
Are you suggesting a republic based around martin's? I like where this is headed.
That was a bit odd, reach around Jimmy. I guess living in that car rubbed off. I did that to. I'm starting to like you.
Higher and Higher as each nano-second passes
What's the ETF ticker for Triple Long Government Insolvency?
silver bullion
I think the multiplier on that one is more like 300.
TMV
It's just another day<> ( -.- )
"Reagan proved that deficits don't matter" - Dick Cheney, 2002
Ok, I was off by 3 1/2 hours . At 1529 i wrote...
Thu, 03/08/2012 - 15:29 Let me guess. Next post.. US debt 100 hexaquadocta trillion. Usually around 4:05pm, Give or take a few minutesThis just means more money printing. Eventually that cash will flow. Then we get velocity.
Another " Up all Night" for me. Last night was a "BBlluurr", and achieved NOTHING! F..k the Fed and ECB.
The squirrel hole just gets deeper! Caddy Shack style!
ZERO participation, is reflective of Fund Managers lack of abillity to stay focused. ALGO's don't have the organic element.
Trading isn't digital. It's the Human Element that makes it work!
The engine is smoking, the radiator is steaming, the wheels are sparking the pavement. How much further can this jalopy go?
......It's dark out and we have sunglasses on. We're on a mission from God.
Can I rent your " Sun Glasses"?
Hey, do Rawhide!
Zimmerman: Tevis has no respect for the dead.
Vinnie Holt: And he just loves the living?
You didn't think I was gonna sing did ya ? :)
Raw Hide!
Just for fun:
http://www.youtube.com/watch?v=Uai7M4RpoLU
America Fuck Yeah!
Who the fuck needs to work when we can just print the money! I-Phones, I-Pads and Escalades in every McMansion driveway!!!
Was wondering when you were going to post this. Mentioned this earlier this morning.
Simply put this is incredible.
Roll on 16.4 Trillion! Come fall the shit will hit the fan and pretty much no one running for President or otherwise will be able to save this ponzi.
Hell in one day the deficit went up by nearly 50B last week. 1 freaking day. What a ponzi.
And 99+% of the sheeple are totally unaware of any fucking problem. Good times!!!
Technical Note: the FRED chart (like many others) is BS. Social Security was pillaged and left with an IOU to make that chart pretty during the Clinton years. Now the criminals in Congress want to cut "entitlements". Well may I politely submit: FUCK YOU -- I paid the maximum for many years for those "entitlements". So give me my money back without interest and I will gladly leave this once great republic -- fiscal shit hole of a country. I'll take my Cotton made-in-Amerika American flags (that once flew over the Congress) with me and fly them on my porch in Chili.
This chart is the stereo-typical George Orwell bullshit that shows a surplus during the Clinton years. Even David Walker delivered this message -- a guy that I had a bit of respect for because he was screaming about the debt several years before it became political fodder for the criminals in Congress (plus he extended his middle finger at Cheney (er... Bush) and finally quit as US Comptroller General).
BTW all you neocon, nationalist, right wing, jaheezuhs whining, Israel ass sucking, NASCAR loving, beer gusling, racsist, anti-abortion, Santorum voting pukes: I have a clue for you:
While you cry on like little girls about Obummer remember Bush was a bigger socialist than Obumber was.
Go to www.USdebtclock.org and look at the bottom left. See that Prescription drug Liability at $20T and counting? (that would be TWENTY TRILLION and "count'n") Well that would be the doing of Cheney's 9/11 pasty himself: Mr. George Dubba. Dubba signed the prescription drug benefit into law with Republicans from Congress standing behind him eager to grab one of 20 or so pens he used to sign it into law. 20 Trillion +++ passing Soc. Sec. and going strong!
Who's the socialist now bitchez?
(Trav7777) You want OBummer to break the record? He has a looong way to go to catch up to Bush and Cheney.
I want the money that was stolen from me for years -- I don't want any dumb ass Tea party nationalist, or Rachael Madcow loving, sandal wearing, Prius Driving, PETA supporting, Keynesian asshole to get another dime until I get my money back. Approximately 600 K -- I want it back in paper or metal. just give it all to me soon, before I get vocal about it.
Pete, only take it in paper if you need tinder or asswipe. Metals---now your talking turkey!
" I want it back in paper or metal."
Good luck with that!
When's the last time you saw your personal benefit statement from the SS administration? That's right, it's been a couple of years since they stopped sending those out. Wonder why?
HINT: you ain't gonna be gittin shit back from that ponzi and they don't want to remind you about what they stole.
Last time I saw mine I was getting 75% of the benefit base.
ooooohhhhhh .... your gonna get it back alright .... BEND OVER .... they are not quite through with you yet .... it's the American dream a comin' ... although you have to be a sleep to believe it.
ooooohhhhhh .... your gonna get it back alright .... BEND OVER .... they are not quite through with you yet .... it's the American dream a comin' ... although you have to be a sleep to believe it.
I'd bet that you look at the DJIA, it's almost a mirror image of the Fed Deficit.
All energy flows according to the whims of the Great Printing-Press.
Exponential everything.
Do you think anyone would notice if I made a withdrawl against the US debt limit?
Failing that why not cut the debt up into 310 million packages and send one to each taxpayer.
For starters, there aren't nearly that many taxpayers...
The inflation tax takes food off of everybody's plate.
You know the funniest thing about all this; with all the printing they have done, trillions and trillions upon trillions, all the recovery summers, green shoots, yadayadayada every freaking day, it has done jack S to help the real economy.
There ain't no recovery and there never was one.
Roll on $16.4 Trillion!
Oh forgot my personal favorite; SOFT LANDING.
Remember that. Oh wait, Shiller says what bottom 5 years later!
Clarity.
Jim Sinclair: “Well it’s amazing that we’ve developed such visionaries in the Fed that they know exactly when to step on the accelerator and exactly when to step on the brake. Then, could they please explain how we got to the point where we need that?”
Egon Von Geyerz: “It's ridiculous....Royal Bank of Scotland is a bankrupt bank that is owned by the British government. This is the bankrupt leading the bankrupt... So, if the Greek deal collapses, the ECB will have to come up with a package of over $1 trillion euros just to ring fence the rest of Europe."
what a ticking time bomb....
I'm sensing that this is somehow, in some way...bullish.
Funny how you guys are all short. Every comment is to the short side. Hold your nose and buy!!!
That strategy will most likely work if you are talking about physical gold and silver (which I doubt you are).
Otherwise, beat it --- we already have a RobotTrader, and one is more than enough.
Funny how you guys are all short. Every comment is to the short side. Hold your nose and buy!!!
That can't work. Now what?
That's my little Abe's grandkid's lunch money and little Abe ain't been born yet. Probably best to let little Abe know he's going to have to catch another flight.
Obama, go for 18 trillion before the end of the year! Obama can double again it again in 4 years. Here we go America, Greece-like or bust!
holy shit
There will be a HUGE price to pay for that Option @ 82 in usd/jpy!
US sleepwalkers stepping into freeway traffic...hardly any of them showing signs of waking up yet!!
...now that's a shame!
The door is is closed for any profit on the contracts boys. Your 5 yards are stuck!
How undelightfully cryptic.
Next time, less crack before posting on ZH.
Obama, taken America for the ride of her life, right into economic oblivion!!! Good lord, what a helium head....
http://www.youtube.com/watch?v=5akEgsZSfhg
When the people find that they can vote themselves money, that will herald the end of the republic.
Benjamin Franklin