Budget deficit sets record in February (GOOD JOB OBAMA! /sarc)

AP ^ | 3/10/2010 | MARTIN CRUTSINGER

[tobyhill]

The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year's record for the full year.

The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.

The deficit through the first five months of this budget year totals $651.6 billion, 10.5 percent higher than a year ago.

The Obama administration is projecting that the deficit for the 2010 budget year will hit an all-time high of $1.56 trillion, surpassing last year's $1.4 trillion total. The administration is forecasting that the deficit will remain above $1 trillion in 2011, giving the country thrree straight years of $1 trillion-plus deficits.

[lacrew]

....is it still Bush’s fault :)

[Blood of Tyrants]

Obama is deficit spending more in a month than Bush did in a year and the liberals STILL whine about how much Bush spent.

[Gabrial]

http://www.youtube.com/watch?v=19v5Kjmc8FI

[Mr. K]

$220 BILLION for ONE MONTH????????

[tobyhill]

I’m sure there’s still some trying to make that claim but that horse done been beaten to extinction.

[JLAGRAYFOX]

If you good folks out there have not gotten it yet, this monthly budget balloon insanity has to be the wrap. Socialist/Facist, anti-American POTUS Obama is forcing Obamacare for one reason only, to destroy the USA economy and the best healthcare system in the world. Coupled with his wasteful spending binge, he is successfully destroying the USA economy and setting a path to a Germany circa 1933. Hopefully you will get the drift. See, folks, elections do matter. See, folks, Rev. Jeremiah Wright does matter, see folks, William Ayres does matter, see folks, Sol Alinsky does matter. Wake up, Americans!!!

[Oldeconomybuyer]

This country needs socialized medicine, fake green jobs, more gubment union workers, gays in the military, and more caulk on our windows.

[Psycho_Bunny]

There are simply no words.

[Justaham]

I am just speechless. Must be the perks that the White House, Congress and Senate get.

[LUV W]

LOL! Beat me to it!....and probably 50 others! I am sure he
is blaming someone who hasn’t been president for 1 1/2 years! The idiot!

[mojitojoe]

PSALM 2010

Obama is the shepherd I did not want.
He leadeth me beside the still factories.
He restoreth my faith in the Republican party.
He guideth me in the path of unemployment for his party’s sake.
Yea, though I walk through the valley of the bread line,
I shall fear no hunger, for his bailouts are with me.
He has anointed my income with taxes,
My expenses runneth over.
Surely, poverty and hard living will follow me all the days of my life,
And I will live in a mortgaged home forever.
I am glad I am American,
I am glad that I am free.
But I wish I was a dog .....
And Obama was a tree.

[Del Rapier]

All that money and what have they achieved.

Pathetic.

[EGPWS]

$220 BILLION for ONE MONTH????????

Dubya' is still fighting Congress.

Don't blame the messiah!!

[WoodlandsTXFreeper2]

Yep — pretty close I’m afraid!

1/19/2010 (1:20 PM CST) — $12,295,421,000,000 ($39,853 per citizen)

3/10/2010 (6:28 PM CST) — $12,513,749,000,000 ($40,518 per citizen)

That’s $218.3+ billion in 7 weeks. (Data from usdebtclock.org)

[dynachrome]

Karl Denniger’s take:
“50% of the federal budget right now goes to entitlements.

This last month we posted a record $220.9 billion budget deficit. We took in $107 billion but spent $328 billion.

Isn’t that special. We only funded 32% of expenditures?

Remember - entitlements were half of that $328 billion.

So let’s see if we can do the math here.

Entitlements were about $164 billion last month in spending. The rest was, of course, the rest.

But we only took in $107 billion.

So even if we eliminated all entitlement spending we still did not have enough money to cover the rest.”

http://market-ticker.denninger.net/

[Gapplega]

The US is going to collapse.

[dynachrome]

The money system looks like it will. Will the nation follow?

[SeattleBruce]

"The administration is forecasting that the deficit will remain above $1 trillion in 2011, giving the country thrree straight years of $1 trillion-plus deficits."

Here a trillion, there a trillion...everywhere a trillion, trillion...ENOUGH!



http://www.ncpa.org/pub/ba662
Impact on Federal Revenues. On average, every year since 1970, Medicare and Medicaid spending per beneficiary has grown 2.5 percentage points faster than per capita Gross Do­mestic Product (GDP). In the future, Medicare spending may rise even faster than the Trustees estimate. According to the Congressional Budget Office (CBO), if Medicare and Medicaid spending continues growing annually at 2.5 percentage points above GDP growth:

By 2050, Social Security, Medicare and Medicaid (health care for the poor) will consume nearly the entire federal budget.

By 2082, Medicare spending alone will consume nearly the entire federal budget.

Can Higher Taxes Solve the Prob­lem? The CBO also found that if federal income tax rates are adjusted to allow the government to continue its current level of activity and balance its budget:

The lowest marginal income tax rate of 10 percent would have to rise to 26 percent.

The 25 percent marginal tax rate would increase to 66 percent.

The current highest marginal tax rate (35 percent) would rise to 92 percent!

[Art in Idaho]

Right on schedule. . . Job One for Obama was to Cloward-Piven destroy the economy and replace it with a centralized socialist/communist government. His Mother, Frank Marshall Davis, his Father and his Marxist Professors are very proud. There Obama, they accept you. Now will you just resign and leave the USA alone?

[Art in Idaho]

Well said! Sometimes I still can't believe this nation of uninformed, uneducated, brainwashed people elected this communist. It's almost hard to believe. After fighting communism since WWII! Did they not understand Anything about socialism/communism?

[Art in Idaho]

Thanks, (I guess : )) for the info and link from Denninger. So we need an emergency new government? The Bozos in charge are just making it worse. . How can they even be talking of a Healthcare Bill? . . wait until November? Seems like a long way off sometimes. This is an acute emergency, and as you say, if all Entitlements Stopped Tomorrow, we'd still be in trouble! So now What?

[dynachrome]

A good question. I dunno. A slow collapse like Argentina?
(www.ferfal.blogspot.com an Argentinian blogger)

Or fast like the novel “Patriots” ?

http://www.amazon.com/gp/product/156975599X?ie=UTF8&tag=survivalcom-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=156975599X

(www.survivalblog.com JW Rawles)

Scary stuff.

[massmike]

bookmark

[gswilder]

Obama, more deficits in one month than Bush in an ENTIRE year. Unbelievable.

[hattend]

[Tzimisce]

Take a GOOD LOOK at Greece, cause that is where we are headed.

[Arthur Wildfire! March]

One for the ...

Obama-nomics link-list
http://www.freerepublic.com/focus/chat/2464021/posts?page=4

Half of my letters brand me an idiot - President Obama
http://www.freerepublic.com/focus/f-news/2468312/posts

[cake_crumb]

<Channeling Obiemedia> "Pu-RES-ident BaaaahRACK OBAMA creates HISTORIC budget record!!!!!!!!!!!"</Channeling Obiemedia>

[cake_crumb]

Oh, but not to worry! ObamaCare will SAVE money!

[Cheap_Hessian]

The US dollar is going to collapse. The US itself will still very much exist.

[Loud Mime]

If we collapse, they won’t have to pay all those pesky social security entitlements, right?

[avacado]

BUSH & REPUBLICAN BUDGET DEFICITS PER YEAR

2001 - $127 billion (surplus)
2002 - $158 billion (deficit)
2003 - $374 billion (deficit)
2004 - $412 billion (deficit)
2005 - $318 billion (deficit)
2006 - $247 billion (deficit)
2007 - $162 billion (deficit)

Democrats take Congress

2008 - $454 billion (deficit)

Obama and Democrats

2009 - $1.4 trillion (deficit)
2010 - $1.8 trillion (deficit)

[Scotswife]

bookmark.

Thank for that post.
Cutting/pasting and saving as ammo for later.

[Art in Idaho]

Thanks for the links. Good stuff. .

[Gabrial]

“Take a GOOD LOOK at Greece, cause that is where we are headed.”

You speak the truth. More than 50% of all union employees now work for the government. When benefits have to be cut, the thugs take to streets of the cities and destroy cars and buildings. Philly, South Chicago, and Detroit will be the first to burn.

[Gabrial]

BUSH & REPUBLICAN BUDGET DEFICITS PER YEAR

2001 - $127 billion (surplus)
2002 - $158 billion (deficit)
2003 - $374 billion (deficit)
2004 - $412 billion (deficit)
2005 - $318 billion (deficit)
2006 - $247 billion (deficit)
2007 - $162 billion (deficit)

Democrats take Congress

2008 - $454 billion (deficit)

Obama and Democrats

2009 - $1.4 trillion (deficit)
2010 - $1.8 trillion (deficit)

Yep, it's pretty much over.