US Budget Deficit soars to $209 Billion in November -- Debts & Deficits are Out of Control !! The U.S. budget deficit mushroomed by 2% last month to $209 billion, another step in a journey back toward 1 trillion dollars a year budget deficits. The Treasury Department announced Wednesday that the federal government but spent a record of $434 billion in November but only took in $225 billion in tax and other revenue. November is the second month of the government's 2020 budget year. So for the first two months of the Fiscal Year 2020, we have a budget deficit of $414 billion . And away we go! Trump said that the GOP Tax Plan would bring in so much money from offshore accounts and increased revenue that the nation's debt will be wiped out in 8 years. Trump said GDP would be 4-6% . We're already asking Congress again to raise the debt limit to avoid a shutdown of the government. The budget deficit was 1.27 trillion dollars over the past 12 months. The nation's debt has increased by 6% for the past 12 months. Debt is rising faster than GDP growth. The great businessman is actually the King of Bankruptcy. We live in an effed-up world where more debt is good, and nobody cares about next year; nevermind our kids' future. I would expect nothing less from the "King of Debt" Trump. More than $1 Trillion deficit. The best economy in the history of economics. Donnie was complaining about the deficit when Obama was in office. Now, the deficit is out of control. Drain the Swamp Donnie ! Trump said he was the King of debt. That is one thing he was not lying about. Welcome to The Atlantis Report. Here are The numbers. The federal government ran a budget deficit of $209 billion in November, the Treasury Department said Wednesday, an expansion of 2% from a year ago. So What happened. Spending for the month was $434 billion, while the government brought in only $225 billion. Spending went up 6%, as expenses increased on Medicare, agriculture, military, and other programs. Spending rose on agriculture! Is that Trumps' bribe to the farmers he is putting out of business with the trade war. A trillion dollars down, and trillions more to go and yet not one word from the White House about how to slow down the deficits. That in itself should be an impeachable offense. Receipts went up by 9%, comprising a higher collection of individual and payroll taxes and corporate taxes. Customs duties expanded by 14% for the month, as the trade dispute between the U.S. and China continues. Investors are looking next to December 15, when another round of U.S. tariffs on Chinese goods is due to begin. Spending rose 6%, tax receipts rose 9%, customs duties rose 14%. The proposed TRUMP defense budget is $725 Billion, more than the rest of the world combined (excluding the EU, who I think is still on our side, not so sure since Trump took office). Imagine, $725 Billion while Russia and China TOGETHER spent less than $300 Billion in 2019. If you want to take care of our children and elderly, you will need to think about adding something to the payroll taxes, even with rollbacks for defense. And with the Wars and Veterans Healthcare and Veterans Compensation for Disability’s caused by the wars (Vietnam, Iraq, Afghanistan) it a little over 1.2 TRILLION DOLLARS. While the costs are high, it is the money that magically disappears into the pockets of corrupt politicians and their friends that are a big problem. Without corruption, for the same amount of money, there would be funding for three times the number of people in the military and double the number of pieces of equipment(including jet fighters and such). Money is being stolen, and politicians don't seem to care. People look at the massive budget and don't pay attention to why it costs as much as it does for what they get. So here is The Big picture. For the first two months of the fiscal year, the deficit is 12% larger in comparison to the same period a year ago. The deficit is anticipated to surpass $1 trillion each year throughout the coming decade, as stated in an August analysis by the Congressional Budget Office. U.S. investors haven’t been scared off by the increasing red ink. The Dow Jones Industrial Average +0.79% is up about 19% in 2019, while the yield on the 10-year Treasury note went down to 1.81%. Also see: Trump eyeing more significant reduction to the corporate tax rate. That's only $80,600 per second. Those are rookie numbers. We have to pump those numbers up! As former Fed chairman Alan Greenspan said: "The U.S. can pay any debt it has because we can always print money to do that. So there is zero probability of default." Of course, those being repaid will be repaid with dollars that are worth less than they purchased the debt for. That is part of the Treasury game. But, yes, the Treasury can do that, at a price to the US economy. The debt problem is rooted in the monetary model. The only way this system sustains itself is by accumulating more and more debt. Spending money we don’t have , and have no reasonable way of ever paying back is a recipe for disaster. It's a recipe for 1923 style Weimar Germany hyperinflation. This is what happens when all you rely on is debt for greasing the wheels of your economy. So long, we are the world reserve currency; we export digital money. We import actual goods and products. But this will become a disaster if those countries changed their minds. We need to get our spending under control. But that isn’t gonna happen. This will continue to happen until the Central Bank gets shut down. This should not shock anyone. Hell the FED is pumping 200 billion a night into the repo market, what's the problem! "US investors haven't been scared off by the red ink" in fact markets skyrocket on the news because where do you think all that borrowed money could be going any way other than straight into the ever-soaring market. Fun thing to think about: How many companies propelling the stock market make their whole dime on government spending. Think real nice about it. Tesla is a perfect example of one that sneaks by you — predicated on taxpayer subsidies. Profitless with public dollars in the pocket. Think about that one and then the easy ones like Boeing, Exxon, Caterpillar. Remember, at the beginning of this whole rally, when Bernanke was smoking green shoots, and Bush was instituting mark to market Exxon reported making more money than any other company did in history that quarter. Then like the following year, they were in court asking to be excused from paying for the Valdez oil spill that happened about 40 years prior because they couldn't afford it. "The monthly deficit would have been greater had Trump not imposed tariffs on Chinese goods: in October, customs duties boosted US revenue by $7.8 billion, up from $5.6 billion a year ago, and represents tariffs U.S. companies paid on imports of Chinese merchandise." In other words, he added a consumption tax since the United States does not produce its own good anymore. Everyone crying for the US-made goods better be careful what they wish for. You will end up paying 3 times more for all your consumables of inferior quality when Americans make them. In America, we have to pay for insanely high labor costs, poor management, outrageous taxes, zoning, and regulations, paid vacations, paid sick time, paid maternity leave, 401ks, pensions, overtime, certifications, high real estate and lease costs, unions, disability, frivolous workplace lawsuits, etc. globalists already won, The American manufacturing is dead in the water. America only prints 100 billion per day to keep fraud banks working. As long as we keep borrowing, our politicians will keep spending. It is making them look good, so they will do nothing to interfere with the excessive spending that is making them look so good. And at the same time, they are keeping their fingers crossed, hoping the crash will happen during the next person term instead of theirs. And it doesn't really matter what the interest is on our national debt. If it is 2%, we still have to pay 100% of the total back. And of course, Trump won't say a peep about this excessive borrowing to cover the costs of their spending. It makes the economy look good also, and he loves it. As long as he gets re-elected, he can care less if all of America crashes, as long as the markets grow. At this rate, America will become Trump's 7th bankruptcy. And if it does happen, of course, he will blame it all on Powell. The Fed is holding about 4 Trillion, which is what, 18% of GDP, for a grand total of 93% of GDP, so what the Fed is holding still does not explain the discrepancy. So if you move that 'actual line' to the right, where it should be, we are only a couple of years away from what statistically puts us in the same category as Greece. In other words, our debt will never and can never be paid off, unless of course, we introduce a very punitive 'tax,' a.k.a. Negative interest rates. Honest to God, the man knows no boundaries whatsoever. I suppose that is why there is a move afoot now in Britain (and in the US too), to stop counting the real debt levels and only consider the interest payments when budgeting. what comes after a trillion? Nuclear war with the countries we refuse to pay back? Or more “tax cuts and corporate welfare” for “trickle-down economics.” To say we are leaving our children and grandchildren with a substantial irresponsible mess is an understatement. I suppose it won’t matter either way because no amount of debt or a hefty bank account will help us breathe. All our, disingenuous President is trying to do is kick the can down the road and not lose 2020 votes because Americans found out he came in 2nd place with China - and that his book should have actually been titled A Fart and a Squeal. He issues as much debt as it takes to be able to say "the economy is GREAT"; according to massaged rules that allow the so-called justification for such a statement. The same goes for USA company financial performance. Again, IT'S ALL corroded! The truth is that what we have is a debt-fueled HOUSE of CARDS. It's a WINCHESTER Financial House of Cards with secret areas full of debt and financial ladders that lead to nowhere. This Was The Atlantis Report. Please Like. Share. And Subscribe. Thank You.
The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more
No comments:
Post a Comment