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In October and November, the government spent $292 billion more than it took in, the nonpartisan Congressional Budget Office said.
That was even worse than the same period last year, when the government was on its way to posting a record $1.4 trillion deficit for the fiscal year that ended Sept. 30.
The budget deficit was $176.4 billion in October, according to Treasury Department records, and the CBO estimated the deficit for November will have come in at $115 billion.
What a disaster. It won't be getting any better as long as his massive taxes and massive government expansion plans are on the table.
Of course you will. Just tax rich people more to make up for the shortfall. Because soaking the rich can be done in a vacuum and is devoid of consequences.
Approximately 200,000 federal jobs will need to be created and/or filled in order to keep up with the requirements of the Stimulus bill - none of which generate tax revenue - all of which certainly do suck it up. I suppose that could be considered the cost of doing business, no matter how counterproductive that business may be. We all know how hugely productive the stimulus was. And we all know that it will be nearly impossible to shed those 200k jobs once the Stimulus is a distant memory. In other words, welcome to the Democratic plan to create jobs.
what Sanrene fails to mention that this budget deficit was Bush's budget not Obama's! Did you fail to remember that the Fed budget starts in fiscal October 2009? So this deepening deficit was Bush's fisical budget from last year! By the way unlike Bush, President Obama has added the true costs of the wars onto the budget and not hide it under Supplemental bills like Dubya did.
Yet Conservatives are going to be happy just so they can say "I told you so"
Since being an economic bear is so unpopular during bullish times, the schadenfreude is that much sweeter when the bear market does indeed unfold and objecting to it is not permitted by the folks with their head in the sand the whole time. That is the rule.
if you want to know how bad things are getting in the US, you need only to realize that mexicans are wiring money up here from their relatives:
TUESDAY, NOVEMBER 17, 2009
Nothing to See Here - Everything is Fine.
I really thought/hoped that this report was lifted from The Onion:
"During the best of the times, Miguel Salcedo’s son, an illegal immigrant in San Diego, would be sending home hundreds of dollars a month to support his struggling family in Mexico. But at times like these, with the American economy out of whack and his son out of work, Mr. Salcedo finds himself doing what he never imagined he would have to do: wiring pesos north."
I mean - come on - things are so bad in the US that Mexican families are wiring money TO their relatives in the US? That has to be a joke - I've been reading the financial press every day and I've been told that the recession is over and that everything is fine.
Then, this:
"In other cases, the migrants are returning home, as the many passengers who hop off the bus that runs regularly from northern California to a gas station in Miahuatlán make clear. “There’s nothing up there,” said a young man with an overflowing suitcase who returned one recent night."
Come on - are you kidding me? Sadly - no - that's the truth of the economic situation in our country. The ponzi scheme of confidence doesn't solve our problems - telling people that things are better does not make things better.
"There's nothing up there." That should be the headline in the mainstream media - not "recession over" or "jobless claims data improves."
Things are so bad here that 1) Mexican workers who came to the US to earn money to send home to their families in Mexico are now having to receive money from their families instead, and 2) Mexican migrant workers are going back to Mexico.
I mean - what more do I need to say? (NYT)
is anyone willing to deal with our overabundance of labor issue????
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And we all know that it will be nearly impossible to shed those 200k jobs once the Stimulus is a distant memory. In other words, welcome to the Democratic plan to create jobs.
