Federal Deficit for November: $164.4 Billion
Merry Christmas, you and your children are on the hook for all that nice yummy pork…errr bailout money that our wonder Porcine…errr Congressmen and Senators have been shoveling into a blast furnace.
WASHINGTON (AP) – The federal government registered a record budget deficit for the month of November, reflecting the impact of a recession on tax receipts and the mounting costs of the $700 billion financial rescue program.
The Treasury Department says the gap between the government’s revenue collections and what it paid out last month totaled $164.4 billion, the largest deficit ever recorded for the month of November.
In just the first two months of this budget year, the deficit now totals more than $401 billion, putting the country on track to hit a record $1 trillion deficit for the entire year, more than double the previous all-time high.
And what is really cool, if we get that nice yummy salty pork….err stimulus spending everyone is salivating over, we will easily hit a trillion dollar deficit. What will we get out of it? Most likely a return to trend in terms of growth of GDP and jobs.
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About Steve Verdon
What will we get out of it? Massive inflation
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Well, the Great Depression references keep on popping up. The ZIRP is in effect and investors still prefer Treasuries. That won’t make inflation … anytime soon. There is of course the reasonable fear that it might “flip” at some point … but that’s on the other side.
See you on the other side.
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Are there any economic/fiscal conservatives alive? Is there such a thing? Can we perhaps have them run for office?
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Gosh the Bush years have been swell!
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I agree that the Bush years have been pretty bad with spending considering the prescription drug plan, and pork upon pork but the trend goes back much further – if in trouble call on the gov’t – this seems very western european of us.
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Worth reading: SEC’s Chair’s Bailout Bull$%&t
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mike:
“I agree that the Bush years have been pretty bad with spending considering the prescription drug plan, and pork upon pork but the trend goes back much further – if in trouble call on the gov’t – this seems very western european of us.”
It’s pretty much a Reagan-Bush II thing, and quite deliberate.
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