It sounds pretty bad:
Federal budget deficit hits April record
By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – Wed May 12, 6:40 pm ET
WASHINGTON – The federal budget deficit hit an all-time high for April as the government kept spending to aid the recovery while revenue fell sharply.
The Treasury Department said Wednesday the April deficit soared to $82.7 billion. That was significantly higher than last year’s April deficit of $20 billion and the largest imbalance for that month on record.
The government normally runs surpluses in April as millions of taxpayers file their income tax returns. However, income tax payments were down this April, reflecting the impact of the recession which has pushed millions of people out of work.
Total revenues for April were down 7.9 percent from a year ago.
The Obama administration forecast in February that the deficit for this year will hit an all-time high of $1.56 trillion, surpassing the current record $1.4 trillion set last year. Many private economists believe this year’s imbalance will be closer to last year’s figure and that deficits will remain high for years to come.
But as bad as that sounds, it’s actually EVEN WORSE. Twice as “worse,” in fact:
You have to love it….
U.S. posts record $82.69 billion deficit in April, 19th straight month of budget shortfalls – Reuters
Here’s the REAL table of numbers from Treasury itself, including the theft from the FICA and Medicare accounts: (click for the larger copy)
If I did accounting like this I’d go to prison.
$82 billion my butt. The real number is $175.6 billion, more than double the reported amount, and the cumulative year-to-date (calendar years) is $637.4 billion, or a run rate (annualized) of $1.912 trillion.
If you’re wondering why the “stock market” has been generally supported (even though it’s not up much from the first of the year) this is the reason – the government is spending roughly 13% of GDP beyond what it collects in taxes!
Oh, and April is “tax month” too, which means that those who owe have to settle up in April. Of course those who get refunds…..
Don’t believe the reported numbers – as horrific as they are – for a second.
They’re more than twice as bad as are being reported.
Let’s see. From a deficit of $20 billion last year to $175.6 billion this year.
Well, when unemployment spiked to 9.9% and the U-6 unemployment rate increased to 17.1% this month, Obama said it was “very encouraging.” So I guess this must actually be really good news, too.
Unemployment is going to be sky-high throughout Obama’s failed presidency. And that even according to the Obama administration’s own numbers.
We’re spending 13% more than we collect in taxes. And it’s going to get worse and worse and worse. Greece is just around the corner for us – and being Greece is not a good thing (and please notice that when the fit hits the shan, it’s going to be the political left that creates chaos and foments revolt).