Federal deficit hits record $1.42 trillion

Quote :

It's more than the total national debt for the first 200 years of the Republic, more than the entire economy of India, almost as much as Canada's, and more than $4,700 for every man, woman and child in the United States.

THE OVAL: Obama administration releases new deficit numbers

It's the federal budget deficit for 2009, more than three times the most red ink ever amassed in a single year.

And, some economists warn, unless the government makes hard decisions to cut spending or raise taxes, it could be the seeds of another economic crisis.

http://www.usatoday.com/news/washington/2009-10-16-budget-deficit_N.htm?csp=34

Like I've been warning for years...

It's inherent to a growth based system, and why this one will collapse just like the rest. Payment, whether economical or environmental, is always deferred to following generations. They delay the inevitable so long as they're able to pay...

2009 Deficit Would Have Been The Same Under Bush

Don Marron picked up on my post from late last week about the possibility (which based on additional discussions over the weekend I now officially upgrade to "likely") that the fiscal 2009 deficit will be much less than expected and did his usual good job of advancing the conversation several steps in the process.

But in spite of the fact that it's the correct fiscal policy, even a $1.6 rather than the previously projected $1.8 trillion deficit will be an excuse by some to say ridiculous things about the current state of the federal budget. After all, $1.6 trillion would still be way above the previous record-high deficit of $455 billion set in 2008 during the last year of the Bush administration.

But that's not the right comparison and those that choose to use it will clearly be doing so in an effort to mislead and demagogue. Here's why.

1. According to the Congressional Budget Office, the baseline 2009 deficit the Bush administration bequeathed to the the country when it left office was about $1.2 trillion.

$1.6 rather than 1.8? Wow! That's a whole .4 difference!

Whatever Bush left behind in 8 years, President Obama tripled and rippled that amount within 3 months after being in office.

How did that bailout go for the banks? Banks still closed. Housing is still terrible; foreclosures are up...everyone is loosing jobs left and right, but the CEO's are still getting their bonuses.

How did the automobile bailout go? No one is buying, tons of dealerships went out of business, because the FED said they had to.

How did bailing out Wall-Street go? Stocks went up one time.

How would the bailout have worked out if the gov't had awarded all that "bail-out" money (if they were gonna print it anyway), to every citizen in the U.S.? It would have stimulated the economy. Dah.

Where's the jobs? Why are we not enticing companies to come back over here and give back our manufacturing jobs? Why aren't we proud of making our own things, called, "Made in America"?

Because George Bush (over 10 months ago) ruined our lives...

Yeah, darn him...heard last night he did the "Salsa" last night with some "Salsa" party. Heard he was really concerned about this health care reform, the war, the deficit, but he has one party night a week to relieve his stress.