 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.
# 11 The Ox said, on April 11th, 2009 at 4:23 am
Highly recommend that everyone view the free material here: http://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.
ps…if you remove WWW.from the address, then the link will work.
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!”
Just remove the http://www…not http://…the board inserted that into my ps, not me.
Son of a gun…Just remove the W W W from the link, and it should work
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?
# 25 MikieV said, on April 11th, 2009 at 9:10 am
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?
Bankruptcy doesn’t destroy the viable part of a company…only what causes it to fail…
If GM went into bankruptcy…theoretically it would be freed of all that’s dragging it down…labor agreements, pension costs etc…
How feasible it is would be to shed such costs is another question…there’s no telling how violent labor can get.
# 25 MikieV said, on April 11th, 2009 at 9:10 am
So the answer is that we should have let AIG, GM, Chrysler, et al
While I propose we imprison all connected to the bailouts, Bush, Paulson, Obama, both houses of Congress…I mean bailing out AIG etc…
As for GM & Chrysler…they could have been restructured…lent money which would be paid back…
Obviously something must be done about their costs…to make them competitive…but I think they are solid companies and the first thing we need to do is get OBAMA and Congress out…
Repeal all the stupid CAFE standards etc that causes them to produce cars people won’t buy…unless Obama causes gas to be $4.00+ a gallon…which the loon is trying to accomplish so we are forced to buy his “green cars” (@#$%^!)
# 13 The Ox said, on April 11th, 2009 at 5:26 am
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://chrismartenson.com/crashcourse
I gotta thank you again for this link…I’m no longer acting like a deer caught in the headlights…
Since our Government has decided to inflate our money so it loses its value exponentially…and so default on their debts, including Government Pensions and Social Security…
I’m opting out paying big $$$ into Social Security…screw paying myself…I’ll just live on the profits…
And I’ll start buying gold…
But in the last Depression…having gold (hoarding it!) as a crime punishable by 20 years imprisonment…so I wonder how effective that will be?
#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
# 30 Paddy-O said, on April 11th, 2009 at 10:26 am
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
Its not just Obama…its the Fed and Congress…
They made a conscious decision to default on our debts…which necessarily includes Social Security etc…by devaluing our money big time…
To understand realize in your heart of hearts this is government POLICY, their intention, check out:
http://chrismartenson.com/crashcourse
He details how inflation is Government policy…not something mysterious it doesn’t control.
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.
….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.
That’s an entertaining thought…
Its too much to hope some ACORN people leave for the Cuban Islands…after all, Rep. Laura Richardson, on her visit to Cuba with the Congressional Black Caucus, said many there were living better than those folks in her district…
Its easy to see why…unlike ACORN agitators in her district…Cubans haven’t been represented by the Democratic party the last 60 years, or Ms Richardson recently.
# 36 RTaylor said, on April 11th, 2009 at 1:03 pm
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.
http://inflation.us/perfectstorm.html
I sure hope BOTH of you are wrong about this…I need more time to prepare…