 Look familiar? |
And we thought the last administration was spending too much?
The Treasury Department said Friday that the budget deficit increased by $192.3 billion in March, and is near $1 trillion just halfway through the budget year, as costs of the financial bailout and recession mount.
Last month’s deficit, a record for March, was significantly higher than the $150 billion that economists expected.
The deficit already totals $956.8 billion for the first six months of the budget year, also a record for that period. The Obama administration projects the deficit for the entire year will hit $1.75 trillion.
A deficit at that level would nearly quadruple the previous annual record of $454.8 billion set last year. The March deficit was nearly four times the size of the imbalance in the same month last year.
The Congressional Budget Office estimated last month that President Barack Obama’s budget proposals would produce $9.3 trillion in deficits over the next decade, a figure $2.3 trillion higher than estimates made in February in the administration’s first budget proposal.
Obama is already on a roll that makes Lyndon Johnson look like a cheapskate.
Am I living in Bizarro World?
The Dems were all bitching (rightly) about Bush’s deficit, but because Obama is spending the money it’s OK?
I will repeat again. Obama works for the bankers and so do most of the people in Government / media / large business. That is why you get control of the printing press (Fed. Res.). You could print the money I would control them. It is not rocket-surgery (as the twist on the cliche goes).
You all are aware that we are still working under the last budget of GW Bush and will be until the fiscal year ends in October, yes? And you are also aware that the TARP bailout, on top of all the other stuff, represents a significant portion of all this red ink, yes? Cause if you aren’t aware — and looking at the previous comments, it seems almost sure than most of you aren’t — then you are spouting ignorance.
I’m no fan at all of the TARP ripoff (which is really just a giveaway to Wall Street) and I have more than a few issues with Obama. But this is still Bush’s budget and these huge deficits were projected before the change in occupancy at the White House. Now all that said…we are so screwed.
#6, you are so correct, the vast majority of this “deficit” is related to cleaning up the mess left by Bush’s Neocon Republican Gang, who gutted the regulation of the financial sector, allowing those people to run wild with credit default swaps and their other formerly illegal schemes which got us into this mess that’s it’s going to take years to get out of.
Highly recommend that everyone view the free material here: http://www.chrismartenson.com/crashcourse
The sections on fuzzy numbers and bubbles are very good. The whole thing is very good. Perhaps John C. Dvorak himself could take a look and call attention to this info.
The “fix” is every bit as bad. It “fixes” nothing…except maybe the bonuses and bank accounts of AIG and Goldman Sachs.
I apologize for repeating myself, but I again must encourage everyone to spend some time with The Crash Course. I have no affiliation with that site or the materials offered there (for free) but I absolutely feel that it is vitally important for people to have an understanding of where we are and what is real before forming any opinions or making any choices going forward.
My own background includes stints in securities and finance and I really thought I knew what was what and had a firm basis of knowledge. To say that there were huge gaps in my understanding of things regardless of (or maybe because of) past education and training would be a huge understatement.
Please, see the Crash Course. It is well worth the time: http://www.chrismartenson.com/crashcourse
#12. Pedro. Glad to see the Repugs are now interested in the budget and where the money goes. We sure as hell needed your help for the last 8 years. Just say’n.
This budget deficit projection is indeed historic. That $700B deficit during 2008 was also historic but not quite historic enough to make a fuss, right? This one is really really historic.
Anyway, it doesn’t matter. While the Bush regime began a string of expensive bailouts, Obama is accelerating that course with another trillion (but on US infrastructure interests). I suppose that’s where the disagreements begin if this is needed or not.
Don’t forget Bush & Dickless presided over a $2.5 trillion increase in the public debt through 2008. Granted, Bush and Obama share responsibility for the additional $2.6T.
I’m optimistic but also with some apprehension. Reagan spent huge amounts largely on the military to recover the economy downturn. You can argue if the “trickle down” effect worked or not. I believe the repugs party line was that it did. Obama is spending equivalently huge amounts on infrastructure (not military). We will see if “trickle up” works. I hope and believe that it will.
We all screamed (rightfully) about insane deficit spending over the last years destroying our economy, & Obama has added afterburners to that train of destruction.
#14: “Obama is accelerating that course with another trillion (but on US infrastructure interests).”
Say what? Dude, the entire “stimulus” package was less than 800 billion dollars and 30 percent of that went to tax cuts, which it ought to be clear by now do not provide bang-for-the-buck stimulus.
The trillion (or two or three or ten…who’s counting — it’s only money) is for the Wall Street and other ‘Masters of the Universe’ oligarchs who should have been out on their rear.
“That its leaders are eminently fitted to guide our nation, and that they would make a much better job of it than any other body of men, Wall Street does not for a moment doubt. Indeed, if you now hearken to the Oracles of The Street, you will hear now and then that the money-changers have been much maligned. You will be told that a whole group of high-minded men, innocent of social or economic wrongdoing, were expelled from the temple because of the excesses of a few. You will be assured that they had nothing to do with the misfortunes that overtook the country . . . that they were simply scapegoats, sacrificed on the altar of unreasoning public opinion to satisfy the wrath of a howling mob…” – Ferdinand Percora of the Pecora Commission from his 1939 memoir, Wall Street Under Oath.
I am forced to agree with the Ox on this point; most of the ‘stimulous’ was nothing more than tax cuts that don’t do anything for people out of work, and an almost unlimited sum besides for the ‘Masters of the Toilet’ types. A mere 100 billion of so was supposedly passed for desperately needed infrastructure improvements, but I somehow doubt that will ever come to anything.
We’re going to have to face that our lords and masters of the $$$ see a future that is essentially feudalistic, with them on top and all of us as their serfs. Which might be stable, in fact, if our ‘nobles’ were not a bunch of massively incompetent, inbreed idiots who’s schemes come to naught but death most of the time. And regardless of the administration or the party, these people remain in charge, and there is nothing that we can do about that.
In other words, our democracy is a sham, because of the other golden rule; he who has the gold makes the rules. Except now, it’s more like ‘he who holds our debt tells us what to do’ which is -so- much better.
John 6:11 And Obama took the TARP funds; and when he had given thanks, he distributed to the bankers, and the bankers to them that were set down; and likewise of the bail-out money as much as they would.
6:12 When they were filled, he said unto his bankers, Gather up the fragments that remain, that nothing be lost, and give yourselves fat bonuses.
6:13 Therefore they gathered them together, and filled AIG, Goldman Sachs, BoA, GM, Ford and Chrysler with the fragments of the $trillion, which remained over and above to be paid for by taxpayers unto the end of time.
In other words, give a man a fish and he eats for a day. But give a man a $trillion and he says “thanks for the cash, now f*ck off!”
So the answer is that we should have let AIG, GM, Chrysler, et al just go into bankruptcy – like Lehman Brothers – and then try to pick-up the pieces of our economy after all the “trickle-down” effects had run their course?
Our economy would be better off?
#14
> Don’t forget Bush & Dickless presided
> over a $2.5 trillion increase in the
> public debt through 2008.
You do realize that your boy has done that in a single year. All the deficits of Carter through Reagan do not equal what Obama will have done in a single year. That said, a large chunk of the deficit is in loans which everyone is hoping will be repaid.
Let’s see; Pres. Bush puts a bullet into the patient’s (economy) chest. The patient is sent to the ER where Pres Obama pumps two bullets into the patient’s head.
Yep, that’ll fix it.
ROLF
The entire Iraq war adventure was off the budget. Bush made a whole second set of books for his endless string of “emergency war funding.”
Don’t even pretend to forget how to count only for Bush.
To do otherwise reveals you are totally in bed with book cookers.
> Don’t forget Bush & Dickless presided
> over a $2.5 trillion increase in the
> public debt through 2008.
$2.5 trillion? Um, try again.
Bush II started his terms with the US debt at $4.5T and left the debt at $11.5T. 11.5 – 4.5 = 7T delta in US debt thank you.
$7T
To you, me, and our sons and daughters.
Thank you very much.
Simple stupid trick of double set of books works wonders on simple, stupid partisans.
All you Obamabots just don’t get why we’re complaining about this guy.
Every time we say he’s screwing up, you straw-man it with, “well Bush screwed up worse!” We say Obama’s spending too much money, and all you care about is some figure that says he’s still spent less than the Republicans. What a great metric.
To top it off, you assume that anyone who doesn’t like Obama must be a Bush supporter. Way to lock into that two-party-only mentality you’re all so fond of.
This attitude you all have of, “it’s not Republican so it must be great!” is idiotic and destructive. To me Obama looks a lot like Bush – an inexperienced kid with a cabinet full of lobbyists and a blank check.
I keep waiting for BubbaRay to award the BubbaRayDipDork award to Obama and the Congress for this. Or Hop to brush off the Ultimate King Kahuna Moron award.
I know, they’re not commenters, but really, couldn’t an exception be made?
The sad thing is I don’t think the average Joe knows how bad he is screwed. It will hit the fan this Fall, into the Christmas Season. When the unemployment runs out, and state services have been eliminated, then the riots will begin. They are practically giving nice big sailboats away that have been reprocessed. Could be a good time to cash in what’s left, and spend a few years in the Islands.
#34, You’ve hit the nail on the heard. Numerous times I suggested people starting thinking outside the “square” and start thinking more than than just democrat/republican.
I thought the Clinton fans were rabid in the 90’s but that doesn’t come close to the blind love for Obama some people have. That man could have walked into Buckingham Palace and took a dump on the Queen’s desk and they would have continued to support him. It’s scary.
Both of these parties have been dragging us down this hole for decades and have managed to keep us occupied by arguing about the president.
I woke up about four years ago when I discovered Ron Paul and have since done my best to protect myself against the coming/present storm. Everything this man has predicted has come to pass. Did/do I agree with everything he said? No. But I respected his honesty and he forced me to re-evaluate my own Neo-Con leanings at the time. He was right and I was wrong.
As soon as people realize there is NO difference between these two parties, the better off we’ll all be. People have got to realize those in Washington do not have our own interests at heart — only keeping cash flowing.
#36, Correct.
I’ve already warned my employees that their salaries wouldn’t be enough come Christmas but that there wasn’t a whole lot I could do about it except raise our rates and we really couldn’t do that until the rest of economy matched suit.
The nice part about that meeting was that every single one of them agreed, said not to worry about it, and to just keep the jobs rolling in the best I could. They don’t want me taking care of them! They just want me to do MY job so they can do theirs. What a great bunch of people.
#39:
Why would ACORN leave? Aren’t they getting b/millions of dollars from this stimulus?
I still see a lot of hate here on Easter Sunday.
Isn’t this the second most important Christan day of the year to not be an asshole?
>You all are aware that we are still working under the last budget of GW Bush and will be until the fiscal year ends in October, yes?
When Reagan came into office, he cut spending right away that was already passed in Carter’s budget. When Republicans took over Congress in 1995, they passed spending cuts for money that was already budgeted, and the various agencies were working overtime to spend it before Congress could cut it. Did Obama do anything to reduce spending after taking over?
Instead he passed a large ‘stimulus’ package of a trillion dollars.