spend spend spend ,,,YA mother4567890-=ers..........
As US Rakes Largest Monthly Deficit In History, 2012 Tax Revenues Net Of Refunds Trail 2011
Submitted by Tyler Durden on 03/12/2012 - 15:00 Budget Deficit Gross Domestic Product New Debt Issuance
A few days ago we noted that based on preliminary data, the February budget deficit would hit $229 billion (yes, nearly one quarter of a trillion in one month, about where real Greek GDP is these days) - the largest single monthly deficit in history. Unfortunately, this number was low: the final February deficit was just released and the actual print is $231.7 billion. It also means that in the first 5 months of the fiscal year, the US has raked up $580 billion in deficits, oddly matched by $727 billion in new debt issuance, 25% more new debt issued than needed to fund deficits... And that in itself would not be horrible - February is traditionally the worst month for deficits as the Treasury sees a surge in tax refund issuance - if it wasn't for something even more troubling. As the second chart below shows, through last Friday, and net of tax refunds, total US tax revenues were actually lower in the fiscal 2012 year to date period than compared to 2011, by just under $2 billion, at $625.5 billion. Which is the weakest link for any argument that the US is actually growing: what is growing is America's debt (now almost exponentially), while its revenues are at best unchanged. And the scariest: annualizing net tax revenues brings the number to $1.5 trillion. Which is just 50% more where total US debt interest will be in 2014 when debt is $20 trillion, assuming interest rates are somehow allowed to go back up... to the astronomical level of 5%.
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http://www.zerohedge.com/news/us-rakes-largest-monthly-deficit-history-2012-tax-revenues-net-refunds-trail-2011
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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