Congrats Barry! $1 Trillion Deficit...2 Years in a Row

[Tarheel]

We ought to be spending our way out of the Great Recession any day now.  John Maynard Keynes would be ever so proud!  He never could have imagined his principle of economics exercised on this scale!  Well, as the socialist, apologist, broken record goes...we inherited a real mess.  And it is slightly lower than last year's deficit.

Excerpt from The Hill, all emphasis and comments are my own:

Deficit hits $1 trillion in June for second year
By Walter Alarkon - 07/08/10 10:46 AM ET

The federal deficit in June surpassed the $1 trillion mark for the second straight year, but it's on pace to be slightly lower than last year.

The deficit was $1.005 trillion at the end of June for fiscal year 2010, which is $81 billion less than it was after nine months of fiscal 2009, according to a Congressional Budget Office (CBO) report released late Wednesday.

Tax revenues, due to improved corporate tax receipts, are slightly up while spending is slightly down compared to last year.
...
Revenue from corporate income taxes grew 31 percent over the same period in 2009, to $133 billion.

...
The improved revenue from corporations in June could bode well for corporate tax receipts for September, the final month of the fiscal year, CBO said.

The gain from corporate receipts, however, was virtually offset by a 4 percent decline in individual income and payroll taxes. Total tax revenue only improved by 0.5 percent, to $1.597 trillion.
  {Uh oh...that nasty, unemployment statistic rears it's ugly head again}

Overall federal spending has dropped this year by about 3 percent, to $2.6 trillion.

That's largely due to about $350 billion less in spending on bailout programs for financial firms in 2010 than last year.

Spending on entitlement programs, the military and unemployment benefits has risen by about 9 percent.

Full story:
http://thehill.com/blogs/on-the-money/budget/107669-deficit-hits-1-trillion-in-june-for-second-straight-year

[GH2001]

 

[AUTiger1]

Revolution, Kaos style......

Seriously, when is someone going to have the balls to stand up and say enough is enough, and take a step back and make decisions on where we need to cut and gut? 

[GH2001]

Revolution, Kaos style......

Seriously, when is someone going to have the balls to stand up and say enough is enough, and take a step back and make decisions on where we need to cut and gut? 

I think much of this is by design. The socialists want nothing more than to bankrupt the country. This is the easiest way to control the means of production and wealth in a country. Its been done throughout history many times. At that point, all you have left are the bourgeoisie (the politicians, President, those who are super rich) and the Proletariat (us peons who are the victims).  Much of this was also written about my Karl Marx and many subscribe to these methods today. Not conspiracy stuff - just history. Some people learn lessons from it and some don't.

[djsimp41]

I think much of this is by design. The socialists want nothing more than to bankrupt the country. This is the easiest way to control the means of production and wealth in a country. Its been done throughout history many times. At that point, all you have left are the bourgeoisie (the politicians, President, those who are super rich) and the Proletariat (us peons who are the victims).  Much of this was also written about my Karl Marx and many subscribe to these methods today. Not conspiracy stuff - just history. Some people learn lessons from it and some don't.

What is conspiracy is the fact that the Barack butt buddy media are not reporting on the massive "Tea Parties" across America.

[AUTiger1]

What is conspiracy is the fact that the Barack butt buddy media are not reporting on the massive "Tea Parties" across America.

Sure they do.  The MSM tells me all the time that they are nothing but a bunch of racist.

[AUTiger1]

I think much of this is by design. The socialists want nothing more than to bankrupt the country. This is the easiest way to control the means of production and wealth in a country. Its been done throughout history many times. At that point, all you have left are the bourgeoisie (the politicians, President, those who are super rich) and the Proletariat (us peons who are the victims).  Much of this was also written about my Karl Marx and many subscribe to these methods today. Not conspiracy stuff - just history. Some people learn lessons from it and some don't.

This is what I was bitching about concerning Alex Jones not too long ago.  They guy said basically the same thing you have said but it's all a "BIG CONSPIRACY".  Well no Alex, it's not.  It's pretty much common knowledge, which no longer makes it a big uber secret conspiracy.

[GH2001]

This is what I was bitching about concerning Alex Jones not too long ago.  They guy said basically the same thing you have said but it's all a "BIG CONSPIRACY".  Well no Alex, it's not.  It's pretty much common knowledge, which no longer makes it a big uber secret conspiracy.

Exactly....Alex is all incorrect on everything. He just doesn't know how to have a filter to distinguish between crap and real world truth. You are right - its not so much a good conspiracy if it has been exposed and is still on track. Its only a hidden agenda when people have their heads in the sand. Many are awaking to this stuff, but will it be too late?

[AUTiger1]

I don't know that's it's not already too late.  I don't know the extent of the damage, I don't think anyone does atm, it will still be a few years before it all comes to light.   Remember that the Japanese consider 1991 to 2000 "the lost decade".......it's similar to what we just and are currently going through. 

It's a pipe dream, but we need to elect some folks that are going to take a serious look at the budget and start slashing.  We have got to stop spending or we will never see the light of.......wait....or our kids will never see the light of day. 

[GH2001]

I don't know that's it's not already too late.  I don't know the extent of the damage, I don't think anyone does atm, it will still be a few years before it all comes to light.   Remember that the Japanese consider 1991 to 2000 "the lost decade".......it's similar to what we just and are currently going through. 

It's a pipe dream, but we need to elect some folks that are going to take a serious look at the budget and start slashing.  We have got to stop spending or we will never see the light of.......wait....or our kids will never see the light of day. 

Those people do run, they just get outspent by the establishment. I, for one, am glad that did not happen last night in Alabama. Good to see the outsider win and not the RHINO/Former spender/Former taxer/Riley's candidate.

[Tarheel]

I don't know that's it's not already too late.  I don't know the extent of the damage, I don't think anyone does atm, it will still be a few years before it all comes to light.   Remember that the Japanese consider 1991 to 2000 "the lost decade".......it's similar to what we just and are currently going through.  

It's a pipe dream, but we need to elect some folks that are going to take a serious look at the budget and start slashing.  We have got to stop spending or we will never see the light of.......wait....or our kids will never see the light of day.  

Those people do run, they just get outspent by the establishment. I, for one, am glad that did not happen last night in Alabama. Good to see the outsider win and not the RHINO/Former spender/Former taxer/Riley's candidate.

I continue to digress a bit but this is the kind of issue that I have carped on in a number of threads (as have you both).

We the electorate have got to wake up in this country and run for office ourselves!  The permanent political class of ignorant buffoons who think that they know what's best for us have got to be removed from office not by a revolution but by the ballot and by ideas and a sense of real civic responsibility as the Founders intended. We've replaced a king with a class of aggrandizing, self-enriching, self-entitled elites on both sides of the aisles.  

They have got to be told that their time is OVER!