Budget Deficit for August is $147 Billion

Sep 14, 13 Budget Deficit for August is $147 Billion

Posted by in Budget, Economics, Featured

Even though this will be the first year that our budget deficit under President Obama has been below the trillion dollar mark, there is really nothing to celebrate if one is intellectually honest and fair. Remember the how breathless the Democrats and the press were when G.W. Bush’s deficit reached $400 billion in his last year of office?  It was a national disaster.  It was reckless spending.  It was pretty much Bush’s fault. So, now, here we are in the fifth year of the Obama administration, and the budget deficit for fiscal year 2013 stands at $755,345 billion through August and will likely top $800 at the end of September.  And, had Obama not been caught off guard by the Sequester Deal, (a deal he said in the debates with Romney would never be implemented), our deficit would stand at a trillion dollars. If deficit spending was in anyway tied to economic health, the United States would be a paradise on earth.  Yet, unemployment still, under Obama, stands at over 7% and most jobs created this year are part-time, dead end endeavors. So, what have to show for another blockbuster deficit?  Millions who aren’t try to work, a national addiction to welfare, a jobless rate above 7%, and dearth of full-time jobs. Top down government planning of the economy failed in the Soviet Union.  Who thought it would work here? Here are the numbers from the Treasury...

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Estimate March Deficit $107 Billion

Apr 09, 13 Estimate March Deficit $107 Billion

Posted by in Budget, Featured

The following are estimates from the CBO, but they tend to be close to the final Treasury numbers. While spending for March was down, and revenues up, our government still ran a monthly deficit of $107 billion. For fiscal year 2013, even though our out of control spending is tracking somewhat better, our nation has still overspent by $601 billion in 6 months. The bottom line, is that even though this spending is buying a lot welfare to cushion the effects of this horrible economy, it doesn’t create jobs and it doesn’t make the poor or the middle class richer. Serfdom, at some point, will come with an unbearable...

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February Deficit Hits $203 Billion

Mar 13, 13 February Deficit Hits $203 Billion

Posted by in Budget, Featured

I haven’t posted the deficits for December and January because they were nearly even or in surplus for these months.  If not reporting the news that doesn’t fit your agenda is good enough for The New York Times, ABC, CBS, NBC, CNN, and MSNBC, then apparently, I’m a journalist following the highest of ethics. Mainly, I didn’t post the Treasury numbers for December and January to see if balanced budgets were truly a trend or not. After looking Februrary’s numbers, I think I can positively say “not”. While spending seems to be somewhat constant, but still too high, revenues have inched up a bit, accounting for the decent numbers in January and December (but keep in mind, both months produced relatively low deficits in FY 2012 as well). Even though the government ran a $203 billion deficit in February, it doesn’t have enough money to continue tours of the White House. This nation does have a spending problem, with all due respect to Obama and Pelosi. For the first five months of FY 2013, our government has overspent by almost $500 billion dollars. Where are the roads, the bridges, the space program, or the technology produced by this spending?  Of course, the real answer is that Obama’s deficits have bought precious few infrastructure projects, even less technology, but instead, have been lavished upon his base, in the guise of fleeting benefits that cure no ill and leave those beholden to them in the same shape as when they started suckling the government...

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Let the Sequester Stand

Feb 05, 13 Let the Sequester Stand

Posted by in Budget, Featured

Today, President Obama, the nation’s sole proprietor of common sense and balance opined that budget cuts and future budget cuts were harming an economy on the verge of taking off.  Oh, I forgot to add, he is the sole owner of “about to improve, take off, and rebound” as well. The whole problem with his argument is that if our economy is staying afloat only through the graces of government spending, then the economy is in horrible shape and by economy, I mean the private sector.  Government produces nothing and in fact takes cash from the private sector.  And, anyway, if government spending was the cure for the bad economy, shouldn’t 6 trillion dollars of borrowed money have made this the best economy ever? So any rational person (if you disagree with me, you then aren’t rational, because two can play at this game) can see that theory that government spending stimulates the private sector to prosperity has been tested and proven false over the first four years of this failed presidency. Which brings us to the Sequester.  Let. It. Happen. Now, I know, some of my fellow conservatives are going into fits over defense cuts, but the sequester is neither radical or draconian, but as usual, it is more hype and the very least action that this government will take. I found this explanation of the Sequester at the Bipartisan Policy Center.  To be honest, I don’t know if the Bipartisan Policy Center is left or right, but its memorandum actually reflects the facts of what the Sequester is in a succinct way. The Budget Control Act (BCA) requires a cut of over $1 trillion in spending through a sequester. The Office of Management and Budget (OMB) is given authority to carry out the sequester. We do not yet know OMB’s interpretation of the Act, but the Congressional Budget Office (CBO) assumes that the sequester is intended to make cuts to discretionary appropriations and mandatory spending that add up to $1.2 trillion (less...

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#WhyIsMyPaycheckLessThisWeek or The Reality of the Fiscal Cliff Deal

Jan 05, 13 #WhyIsMyPaycheckLessThisWeek or The Reality of the Fiscal Cliff Deal

Posted by in Budget, Featured

What the President said: This week, President Obama signed the American Taxpayer Relief Act of 2012 into law. That means middle-class families won’t see an increase in their income tax rates, and the fiscal cliff has been avoided. The reality, as only reported in a foreign newspaper, as the propaganda arm of the Democratic Party, aka, the mainstream American press failed to mention, is: Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.  Earners in the latter group will pay an average 1.3 percent more – or an additional $2,711 – in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent – or up to $1,784 – the D.C.-based think tank reported.  Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal. Yes, that’s right, President Obama, as always, has that asterisk at the end of every sentence he utters.  He purposefully failed to mention that he didn’t continue the Social Security Tax holiday of 2%.   A lot of people must like being lied to.  ...

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Official Deficit for November $172,112 Billion

Dec 12, 12 Official Deficit for November $172,112 Billion

Posted by in Budget, Featured

Looking at the Treasury’s posting of last month’s Federal deficit, it is obvious that ours is not a revenue issue.  After all, November FY 2013 saw a $9 billion increase in revenue.  Spending, though, increased by $44 billion year over year. The bottom line problem is that people are voting their self-interest.  When one can vote for a free ride, today’s wisdom says do it. Unfortunately for this Republic to survive, its citizenry must possesses virtue.  Virtue, among other things includes patriotism, thrift, a strong work ethic, and independent spirit,  religiosity, morality, and a sense of shame. Virtue in one sense, tends to keep the state at arms length.  While one might be proud of their nation, that same person also exhibits a streak of independent thinking and behavior, which sees a certain shame in becoming  a ward of the state. Today, a large plurality of our population lacks the virtue necessary to keep a Republic healthy.  They have traded their birthright as a free citizen of a republic for that of a subject, dependent upon the good will of the king, tyrant, despot, or...

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