“The problem with socialism is that eventually you run out of other people’s money” – Margaret Thatcher
The Obama crazy train doesn’t make any stops on its trip off the cliff:
US Rakes Largest Monthly Deficit In History, 2012 Tax Revenues Net Of Refunds Trail 2011
Submitted by Tyler Durden on 03/12/2012 15:00 -0400
A few days ago we noted that based on preliminary data, the February budget deficit would hit $229 billion (yes, nearly one quarter of a trillion in one month, about where real Greek GDP is these days) – the largest single monthly deficit in history. Unfortunately, this number was low: the final February deficit was just released and the actual print is $231.7 billion. It also means that in the first 5 months of the fiscal year, the US has raked up $580 billion in deficits, oddly matched by $727 billion in new debt issuance, 25% more new debt issued than needed to fund deficits… And that in itself would not be horrible – February is traditionally the worst month for deficits as the Treasury sees a surge in tax refund issuance – if it wasn’t for something even more troubling. As the second chart below shows, through last Friday, and net of tax refunds, total US tax revenues were actually lower in the fiscal 2012 year to date period than compared to 2011, by just under $2 billion, at $625.5 billion. Which is the weakest link for any argument that the US is actually growing: what is growing is America’s debt (now almost exponentially), while its revenues are at best unchanged. And the scariest: annualizing net tax revenues brings the number to $1.5 trillion. Which is just 50% more where total US debt interest will be in 2014 when debt is $20 trillion, assuming interest rates are somehow allowed to go back up… to the astronomical level of 5%.
and net US tax revenues:
I wrote about Obama’s supermassive February deficit here. In that article, I pointed out that the last Republican Congress during Bush’s presidency passed a budget (FY-2007) that had a budget deficit of $162 billion. Which is to say that Democrats and Obama are giving us monthly deficits that are literally forty-one-plus percent higher than the deficit for the enitre damn year under Republicans.
And the Democrat Party of today is every bit as pathologically dishonest as its liar-in-chief president, who said:
That’s why today, I’m pledging to cut the deficit we inherited by half by the end of my first term in office.”
And for more information on how THAT whopping lie worked out, click here.
We live in a nation of lies which is being led to its grave by lying leaders. Which is another way of saying we live in God damn America.