Obama Presides Over a $120 Billion Deficit in October
What a way to start the fiscal new year. President Obama, not George Bush, just presided over a $120 billion dollar deficit in October, which is the first month of the fiscal new year for the government.
While revenue this October was $21 billion up over October of last year, spending jumped by $40 billion this month compared to last year.
This is bad government. These deficits don’t build anything, such as roads, bridges, or manned Mars mission, instead, it is poured into welfare programs. Their is nothing tangible in transfer payments. Whereas an infrastructure project gives you a road for 40 years, transfer payments still mean that the recipient is poor the very next month.