• Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.
  • Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.

US Budget Deficit Hits All Time High In February

Tyler Durden's picture




 

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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Thu, 03/08/2012 - 20:24 | 2237876 ZippyBananaPants
ZippyBananaPants's picture

We are not going to take a back seat to Japan.

Thu, 03/08/2012 - 20:34 | 2237921 Jim Cramer
Jim Cramer's picture

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.  

 

 

Thu, 03/08/2012 - 20:40 | 2237942 trav7777
trav7777's picture

goooooobama!!!

I want him to totally smash the record

Thu, 03/08/2012 - 20:53 | 2237988 Rainman
Rainman's picture

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.

Thu, 03/08/2012 - 21:09 | 2238028 francis_sawyer
francis_sawyer's picture

Community organizing 101:

"budgets schmudgets"...

Thu, 03/08/2012 - 21:21 | 2238075 economics1996
economics1996's picture

Re-Election time, spend, spend, spend.

Thu, 03/08/2012 - 21:37 | 2238134 fourchan
fourchan's picture

usa is number 1! we're number one! repete.

Thu, 03/08/2012 - 21:59 | 2238215 surf0766
surf0766's picture

You can't say USA or USA number 1 anymore. It is not politically correct.

Thu, 03/08/2012 - 22:10 | 2238254 Harlequin001
Harlequin001's picture

Yep, that looks like 'recovery'...

Fri, 03/09/2012 - 00:49 | 2238532 sitenine
sitenine's picture

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.

Thu, 03/08/2012 - 22:33 | 2238309 CrockettAlmanac.com
CrockettAlmanac.com's picture

It's perfectly acceptable to chant, "USA! USA!" One should simply avoid pissing on the bodies of imperial victims while doing so.

Thu, 03/08/2012 - 23:05 | 2238379 Harbanger
Harbanger's picture

Are you referring to San Antonio basketball incident today over the USA chant by the students? 

Thu, 03/08/2012 - 23:25 | 2238410 King_of_simpletons
Fri, 03/09/2012 - 02:49 | 2238798 John Wilmot
John Wilmot's picture

Yep, one team started chanting USA! USA! and then everybody pissed all over each other....tragic scene.

Fri, 03/09/2012 - 01:22 | 2238594 The trend is yo...
The trend is your friend's picture

how about "for the glory of rome" ROME ROME ROME!.

Thu, 03/08/2012 - 21:53 | 2238174 RoadKill
RoadKill's picture

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!!!

Thu, 03/08/2012 - 22:12 | 2238257 JPM Hater001
JPM Hater001's picture

Well, it's defintely a change from reality.  Now where did we put that hope...

Thu, 03/08/2012 - 22:09 | 2238251 FlyoverCountryS...
FlyoverCountrySchmuck's picture

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?

Thu, 03/08/2012 - 22:13 | 2238263 JPM Hater001
JPM Hater001's picture

Dont look at me.  I voted for old white guy that liked full scale war.

Thu, 03/08/2012 - 22:33 | 2238312 FlyoverCountryS...
FlyoverCountrySchmuck's picture

"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!?

 

Thu, 03/08/2012 - 22:35 | 2238314 CrockettAlmanac.com
CrockettAlmanac.com's picture

I voted for the old white guy who loves the Constitution.

Fri, 03/09/2012 - 01:18 | 2238398 ClassicalLib17
ClassicalLib17's picture

@ 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.

Fri, 03/09/2012 - 01:25 | 2238599 The trend is yo...
The trend is your friend's picture

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?

Thu, 03/08/2012 - 22:30 | 2238305 Dr. Engali
Dr. Engali's picture

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.

Thu, 03/08/2012 - 23:44 | 2238440 LaLiLuLeLo
LaLiLuLeLo's picture

the synaptic circuitry of most Americans is changing drastically right now - along with the rest of the world. It's happening too late unfortunately.

Thu, 03/08/2012 - 22:31 | 2238306 CrashisOptimistic
CrashisOptimistic's picture

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.

Thu, 03/08/2012 - 22:11 | 2238255 Dermasolarapate...
Dermasolarapaterraphatrima's picture

At least we're number one in something!

Thu, 03/08/2012 - 21:02 | 2238013 JustanEmotion
JustanEmotion's picture

Funny thing. I used to room with someone who was employed by Wells Fargo & they said the exact same thing...

hmm...

Thu, 03/08/2012 - 22:15 | 2238267 JPM Hater001
JPM Hater001's picture

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.

Fri, 03/09/2012 - 00:17 | 2238475 MinnesotaMD
MinnesotaMD's picture

Too much of that in St. Paul.

Fri, 03/09/2012 - 01:13 | 2238574 Calmyourself
Calmyourself's picture

In Mpls, on the Range, this state needs a good colon cleaning, paging MMD?

Thu, 03/08/2012 - 21:09 | 2238029 azzhatter
azzhatter's picture

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

 

 

Thu, 03/08/2012 - 21:34 | 2238120 DeadFred
DeadFred's picture

Give yourself a treat and calculate what your withdrawal did to them what with marginal reserves and all. Sweet

Thu, 03/08/2012 - 22:03 | 2238233 trav7777
trav7777's picture

what is "absolutely nothing"?

Thu, 03/08/2012 - 22:19 | 2238274 Sam Clemons
Sam Clemons's picture

Mark to myth accounting and the ability to loan new money into existence says you are correct.

Thu, 03/08/2012 - 22:28 | 2238292 centerline
centerline's picture

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.

Thu, 03/08/2012 - 22:37 | 2238323 CrockettAlmanac.com
CrockettAlmanac.com's picture

There's also self satisfaction.

Fri, 03/09/2012 - 03:12 | 2238830 AnAnonymous
AnAnonymous's picture

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.

Fri, 03/09/2012 - 14:31 | 2240387 akak
akak's picture

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.

Thu, 03/08/2012 - 21:32 | 2238112 LouisDega
LouisDega's picture

My Local bank? CDS? Let me guess ...

Thu, 03/08/2012 - 22:28 | 2238293 bugs_
bugs_'s picture

tell her to get on zerohedge so she can get her noodles twirled

Thu, 03/08/2012 - 20:57 | 2237999 Unprepared
Unprepared's picture

More reasons to cheer the system is in fast track to implosion.

Thu, 03/08/2012 - 21:27 | 2238098 economics1996
economics1996's picture

Battle of the Bulge 2.0.

Thu, 03/08/2012 - 22:39 | 2238327 CrockettAlmanac.com
CrockettAlmanac.com's picture

Billy Pilgrim has become unstuck in time.

Fri, 03/09/2012 - 07:16 | 2239023 Kobe Beef
Kobe Beef's picture

Micro Second Arbitrage.

RIP, Kurt Vonnegut. We live in your world now.

Thu, 03/08/2012 - 22:43 | 2238339 Sam Clemons
Sam Clemons's picture

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."

 

Fri, 03/09/2012 - 03:14 | 2238833 AnAnonymous
AnAnonymous's picture

US citizen elite do not lead, they manage.

So yes, there might be a crisis in leadership but management is blooming.

Fri, 03/09/2012 - 14:33 | 2240403 akak
akak's picture

Autism, mental retardation, chinese citizenism, and access to ZeroHedge: not a happy combination.

Thu, 03/08/2012 - 22:59 | 2238370 xtop23
xtop23's picture

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.

Fri, 03/09/2012 - 00:32 | 2238499 LowProfile
LowProfile's picture

 

We are not going to take a back seat to Japan.

WE'RE NUMBER ONE!  WE'RE NUMBER ONE!  WE'RE NUMBER ONE!

USA!  USA!  USA!  USA!  USA! 

Do NOT follow this link or you will be banned from the site!