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The US "Budget Surplus" Miracle Is Over: $125 Billion Deficit In May
One month ago we were pleasantly surprised to note that following 42 straight months of budget deficits, among them record ones, such as the ($231.7) billion recorded in February, the US finally managed to record its first budget surplus since September 2008. The number was a modest but positive $58 billion, although there was once again more than meets the eye. On May 7 we said that "without various temporal adjustments, the April surplus of $58 billion would have been completely netted out by the cumulative $57 billion in deficit time shifts." More importantly, we said, "In other words, enjoy the surplus while you can: for another 30 or so days." Sure enough, 30 days later, the number is out, and it is back to normality: the US recorded a deficit of $125 billion in May, on outlays of $305 billion and revenues of $181 billion. And so the "surplus" miracle is over.
Short-term deficit chart:
And longer-term. Note the lonely surplus outloer.
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This is where it gets really strange isn't it?
giving welfare to wallstreet aint cheap
giving welfare to anyone is wrong
"In politics, few talents are as richly rewarded as the ability to convince parasites that they are victims. Welfare states on both sides of the Atlantic have discovered that largesse to losers does not decrease their hostility to society, but only increases it. Far from producing gratitude, generosity is seen as an admission of guilt, and the reparations as inadequete compensation for injustices, leading to worsening behavior by the recipients." .....Dr. Thomas Sowell
It's nice to see Thomas Sowell quoted here. He has some great books on economics and the social implications of government over-reach. Look him up on Amazon for some of his work.
He does present some great topics. I always enjoy listening to him speak.
you're on someone's welfare right now.
And what welfare is that
Why? Deficits don't matter, but surpluses do.
depends if you believe the numbers, any numbers Govt dishes out
this institution can lose $1 Trillion, never find it, never account for it, nobody gets sacked
cushiest job in the world, shame about the debt but all gravy trains come to an end
Thank god the US isn't spain...
we're like Tanzania.
Tanzania is growing at 9%
..no you're not
I've never been to the capital, but northern Tanzania, the Arusha area for instance, is really quite nice.
Tanzania is doing *fine.*
dont tell obama..he cant handle another bad number..lol
Please, what is the alternative?; and don't say Romney.
government are shit at allocating money. cut goverment cut government. it is going to have to come eventually.
Two words ... supreme court. ABO anybody but Obamamama.
That's the same failed thinking that got Obummer in the seat.
Silly statists...
Gary Johnson
LOL, a.k.a. the "libertarian" who's never read a single word of Spooner, Mises, Rothbard, or any other libertarian thinker.
Just another incoherent minarchist who substitutes beliefs for well-thought out ideological stances (as those are hard, and require precious time that politicos could better use to further their power).
Black Swan!
Cue nosedive 3.. 2.. 1..
Must be bullish!!! Look at that rally today!
That's just the pump and dump play to catch any suckers.
Late breaking news...
(Reuters) - Failing a successful euro zone bailout and the resultant complete capitulation of Portugal, Ireland, Greece, Spain and Italy, PIGSpIt nations will be asked to kindly transfer all sovereign assets to the ECB, to in turn be retransferred to the EBC (European Banking Cabal), and to kindly turn off the lights and exit the Euro.
Euro zone finance ministers met in Luxembourg to discuss how to create a new currency union for the delinquent nations.
"We have already started working on the design of the new bank notes with the Commission, the European Central Bank and the International Monetary Fund," Spanish Economy Minister Luis de Guindos told reporters as he arrived for the talks. "We will present the proofs of our new currency, the 'Peasanto' in the next few days."
and tax receipts will dribble in from now til next April. Of course tax receipts are passe, financial repression/ inflation is the new funding scheme...they don't need no stinkin tax receipts!!
Just assume any government generated stat is a lie. You won't be surprised. Watch the bond market instead. They are rarely fooled.
Is that why the /zb is so hilariously overbought?
I always replace the word "government" with the more fitting label, "mafia."
Instantly, all of the so-called "ineptitude" dissapears and one is confronted by fully coherent actions and motives.
Curious.
This is the exact same amount that Spain needs this month...
<--------- Cynic.
<--------- Conspiracy theorist.
Pick one.
Oh, and I'm thinking of a seven-letter word for what this story is, to me. Can you guess it?
That's right, kids! It's...
BULLISH!
Why can't I pick both???
Short attack on metals begins.......just like clockwork. lol
"The US Budget Surplus Miracle Is Over"
Get Christine Lagarde around to beat up US taxpayers with her Louis Vitton handbag and squeeze some more money out of the "lazy tax cheats"
love the IMF, what's not to like eh
The US government is doing just fine. It's the people who have lent to it, that I'm worried about. LOL.
wow, this must be bullish...look at ES go.
OH wait, I forgot...there's no correlation between reality and equities.
Considering 100% of tax revenue goes to entitlements, I don't understand how a surplus was even possible. Did we not pay anyone else? Or did we stiff some old ladies for the month? Or maybe a lot more people owed this April 15th than usual. (Note: I use "owed" loosely. I've paid enough into the system that I'm the one that's owed.)
EBT's were loaded late
Recession seems near in US, very near.
http://cut.by/61kL1
So where will that put us on the debt ceiling breach date ?
Approx. October 15th. "Surprise!!!"
That U.S federal government is going supernova baby!
This is insane and you know they are itching for an invasion into syria. Think of all the people we can "save".
I predict the invasion of Syria will never happen. The world/domestic situation is too unstable right now. Or if Obama does go through with the invasion, it will backfire on him big time.
Why do you think China is filling up it's oil supply to hostorical highs?
...
It's like they're preparing for their own little war... Even as they have a primo oil supplier next door called the Land Of Puttin
"And longer-term. Note the lonely surplus outlier"
Arms sale?
Spain needs 125 billion and it's like the world is ending...
America adds another 125 billion to it's credit card bill and it gets a complimentairy green day on the DOW?
I´m glad that I owe more than I own...
The private sector is doing fine.
The private sector is doing fine.
The private sector is doing fine.
The private sector is doing fine.
If you want the exact numbers, warts-n-all go here:
http://www.treasurydirect.gov/NP/NPGateway
Dontcha actually have to have a budget?
Miracles appear in the strangest of places.
Why is anybody still paying any attention to this bs, when it is common knowledge that the numbers are whatever somebody wants them to be? How else can you explain the 'adjustments', 'normalizations' and all the arbitrary accounting and statistical models that go into this nonsense?! This is nothing more than an uncertified ponzi scheme of unseen before proportions and by keeping track, analyzing and discussing it you are not doing anything else than to give it some legitimacy by connecting it to economic processes when in fact this is completely out and unrelated to any economic circuit. It cannot even be called lending anymore, when all the previous debt and its service is paid by issuing new debt. To make things even more insane, the new debt is issued at an even lower cost to the debtor when it is obvious that its incapacity to ever repay it through own means is slowly but surely becoming a certainty. Let the idiots who are still piling into this to worry about not seeing their money back once enough of them will realize the complete lack of any fundamental correlation between what is thought to be possible and the probability of it ever happening.
To solve its deficit problem, Washington is trying to figure out how to enact an annual April 15th during every month of the year.
OK, I wouldnt dispute with the Tylers lightly but there is an error here. There was no surplus in April.
http://www.treasurydirect.gov/govt/reports/pd/mspd/mspd.htm
According to the Treasury the debt at the end of March was $15,582,079,000,000.
At the end of April the debt was $15,692,367,000.
Im no PhD economist or trading wizard, but as I understand mathematics this clearly shows additional debt of about $110 billion for the month of April.
Dont have numbers speak for you, that wouldbe crazy.