By Free Republic | Created at 2024-12-11 17:41:25 | Updated at 2024-12-22 07:00:50
1 week ago
Deficit soars as Biden heads out the door
msn ^ | 12/10/2024 | Casey Harper
Posted on 12/11/2024 8:57:25 AM PST by ChicagoConservative27
(The Center Square) – The latest federal numbers show the U.S. deficit is soaring as President Joe Biden heads out of office.
The U.S. Congressional Budget Office released its monthly budget review on Monday, which showed that in the first two months of this fiscal year, the federal government has run up a deficit of $622 billion.
“That amount is $242 billion more than the deficit recorded during the same period last fiscal year,” CBO said in its report.
That figure means the deficit is nearly 40% higher than this time last year.
“The most alarming turkey in November was the federal government’s inability to live within its means,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement. “We are only two months into the fiscal year, and we have already borrowed a staggering $622 billion, with $365 billion in the month of November alone."
Deficits never surpassed one trillion dollars before the COVID-19 pandemic. Since then, they remain well above one trillion and for this next fiscal year are well beyond the pace to surpass $1 trillion.
The deficit last fiscal year was about $1.8 trillion.
(Excerpt) Read more at msn.com ...
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KEYWORDS: biden; deficit; door; soars; unipartyspendaholics
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$1.8 billion on interest I believe .
To: ChicagoConservative27
Biden spent an insane amount but Republicans are to blame too. This is a bipartisan disaster.
2 posted on 12/11/2024 9:00:20 AM PST by Opinionated Blowhard (When the people find that they can vote themselves money, that will herald the end of the republic.)
To: ChicagoConservative27
IT'S ALL ABOUT THE BENJAMINS..............
3 posted on 12/11/2024 9:01:34 AM PST by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
To: ChicagoConservative27
More on debt.
Undermining the Debt Creates Recessions and Depressions
Many mistakenly look to the stock market as the leading indication of economic security. The true culprit is the DEBT market, not the stock market, that leads to depressions and recessions. A recession, in comparison to a depression, is merely a minor impact that could be isolated to one nation. Unemployment will typically rise up to 10% in a recession, whereas a depression could see a 25%+ turn in unemployment. A lack of work leads to civil unrest and upheaval. Depressions are never isolated to one nation as they spread as a contagion throughout the world.
You could take the stock market down 30%, even 40%, and still not create a depression. Yet, if you undermine government debt by far less, you will create a severe economic downturn. Look to the banks. Under law, banks are required to use government debt as a reserve. Undermining government debt simply wipes out the banking industry as we have historically seen when bank after bank is forced to shutter.
During the Great Depression, sovereign defaults began in Europe. Look at what happened in 1931 when Europe defaulted on its debt, as did Asia and so forth since depressions become contagions. This pushed the dollar higher but not the US share market. Note that the dollar rose in value during World War I, the 1931 Sovereign Debt Crisis, and again for World War II. During those waves of capital flows, the bulk of that capital always moved into government bonds.
This is an oversimplified version of this message but you can read more on the 1931 Sovereign Debt Crisis throughout this website. Governments default and then that often leads to a regime change. The incoming regime will simply say, “Oh, that was the debt of the last government and we need not pay.” Listen, the stock market could plunge 20% and the banks would be OK. But if you saw the same in the debt market, in particular sovereign debt, you’re in serious trouble.
4 posted on 12/11/2024 9:06:22 AM PST by delta7
To: ChicagoConservative27
+Deficit soars as DEMOCRAT Biden heads out the door)
America.
It was fun while it lasted.
All according to plan
5 posted on 12/11/2024 9:08:09 AM PST by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They id Eat, They Drank, They Bought, They Sold ......)
To: delta7; Liz; metmom
delta7 :" Many mistakenly look to the stock market as the leading indication of economic security.
The true culprit is the DEBT market, not the stock market, that leads to depressions and recessions."
Excellent observation !
And, the biden climbing national debt is very intentional !
To: delta7
“Governments default and then that often leads to a regime change. “
Which are you predicting to happen next year first?
Default or civil war?
7 posted on 12/11/2024 9:20:22 AM PST by TexasGator (11I1/.1111'/1./')
To: delta7; Liz; metmom
delta7 :" Many mistakenly look to the stock market as the leading indication of economic security.
The true culprit is the DEBT market, not the stock market, that leads to depressions and recessions."
Excellent observation !
And, the biden climbing national debt is very intentional !
To: Tilted Irish Kilt; delta7
Martin Armstrong: US civil war in 2024
Martin & Delta7: US civil war in 2025
9 posted on 12/11/2024 9:25:54 AM PST by TexasGator (11I1/.1111'/1./')
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