Fail. Obama Posts LARGEST MONTHLY DEFICIT EVER… Larger Than Bush 2007 Deficit For Entire Year
Posted by Jim Hoft on Monday, March 7, 2011, 11:47 AM
Worst. President. Ever.
Barack Obama told Americans Saturday in his Weekly Address,
“We need a government that lives within its means.”
But, that was Saturday.
Today we found out that Obama’s February deficit topped Bush’s Deficit for all of 2007.
Barack Obama tripled the national deficit in his first year in office. In his second year the deficit was again a record $1.29 Trillion. This year the deficit will be even higher.
This chart was updated to reflect the recent news that the deficit this year will reach $1.65 trillion. (The Captain’s Comments)
In Febrauary the Obama Administration posted the largest monthly deficit in US history.
The Washington Times reported, via Free Republic:
The federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released Monday morning.
That figure tops last February’s record of $220.9 billion, and marks the 29th straight month the government has run in the red — a modern record. The last time the federal government posted even a monthly surplus was September 2008, just before the financial collapse.
Last month’s federal deficit is nearly four times as large as the spending cuts House Republicans have passed in their spending bill, and is more than 30 times the size of Senate Democrats’ opening bid of $6 billion.
But don’t worry…
Democrats are willing to cut a .28% from their record budget.
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Published May 22, 2012 at 5:04 am - 41 Comments
Millitant Conservative commented:
All Obama has done is on purpose and knowing it will destroy the economy.
Cloward and Piven: http://en.wikipedia.org/wiki/Cloward%E2%80%93Piven_strategy
powder is dry.
Thunder on the Right commented:
From: http://starboard.blogtownhall.com
The Uncomfortable Truth – We Can’t Soak The Rich Enough!
Soaking the rich as a revenue remedy to Government’s fiscal woes is a mathematically impossibility and is provable as myth!
Perhaps the math might have worked (though the logistics still would have failed) back in the days of President Bush, whose worst deficit (2003) was only around $420 Billion, and whose tax cuts raised revenues enough to reduce that deficit down to 120 Billion the last year before Pelosi/Reid took the reins of Congress, and tripled that in one year, and tripled it AGAIN the next year! But given the realities of the damage done by the 110th and 111th Congresses, we have spent ourselves into an oblivion that the so-called “rich” cannot bail us out of if we confiscated EVERYTHING THEY EARN!!
But here are some figures you MUST LEARN and be able to use to dispel the myth when the leftists try to use the REVENUE side of the equation when it comes to getting the Government’s fiscal house in order.
Our Deficit is 1.6 TRILLION DOLLARS. To make that more understandable to those confused by big numbers… that is 1600 Billion dollars, or 1.6 Million Millions of dollars.
The Deficit is not the DEBT. The deficit is our annual shortfall of OUTGO versus INCOME! It has been said, “When your outgo exceeds your income, your upkeep will be your downfall!”
There are approximately 330 million people (men, women AND children) in the USA. That means this year’s Federal Spending will exceed tax revenue income by around $4850 for each and every one of us, including our infants and our elderly and our infirm!
Our DEBT is around 14 Trillion, or 14,000 Billion. The debt is the cumulative shortfall of all our deficits since Washington, less all our surpluses. That’s on the order of $42,500 for each of us.
But these numbers, while disturbing, don’t prove my initial postulation that it is impossible to soak the rich and resolve our fiscal crisis!
So, here’s the proof:
According to the latest Government Figures, the earnings total of all people in the USA was around 7.8 Trillion Dollars a year. Of that, those earning $200,000 a year represented 17.5% of the total, or approximately 1.37 Trillion.
If we TOOK EVERYTHING MADE by those earning $200,000 or more, we fall significantly short of our 1.6 Trillion deficit!
But remember, these people are ALREADY paying taxes out of that number! If we estimate a current net tax burden after deductions and “loopholes” of 25%, that means we can only appropriate another 75% of that $1.37 Trillion – if we took EVERYTHING from EVERYONE earning $200,000 or more! So we could further reduce our deficit by not 1.37 Trillion but by only 1.03 Trillion! In other words, we’d STILL have a deficit of $600 Billion… almost 50% higher than Bush’s worst deficit with a GOP Congress!
Remember also that on the spending side, Discretionary Spending is only around $1.3 Trillion of our $3.7 Trillion budget. If we eliminated ALL Discretionary Spending, and funded ONLY Entitlements and interest payments on the debt, we’d be left with a $300 Billion deficit!
Cutting a billion here and a million there from our Discretionary Budget might make for politically expedient rhetoric that might help an incumbent gain more re-election votes… but it is merely arranging the deck chairs on the Titanic!
The Uncomfortable Truth is that this ship is going DOWN unless we tackle the real and ONLY real problem: Entitlement Spending!
Stuart commented:
Obama is correct, we do need a government that lives within its means.
But we’re not going to get it as long as this fraud is in the White House.
StrangernFiction commented:
Barack Obama Saul Alinsky and…..the Devil:
http://www.youtube.com/watch?v=TuvcOj602eE
Robert commented:
They are all deluded in what they think that they have to do, or especially, can do.
Instead of thinking that they can somehow fix their malfeasance/abuse of the public treasury, they must begin to think that they should spend less.
Even a “draconian” $100 Billion cut is less than half the deficit for just one month.
Robert commented:
The official release of the Monthly Treasury Statement will be on Thursday at 2 p.m.
If this figure holds true, we already have a $639 Billion deficit for fiscal year 2011, 5 months in.
Madkangaroo commented:
Cloward-Piven
Robert commented:
Re #6
Should be $641 Billion, give or take a Billion or so.
At any rate, we’re already $640 Billion in the hole, and these miscreants in Washington D.C. are arguing over pennies on the floor.
The Republicans need to initiate a Fiscal Truth Campaign and lay this thing out for the American public, with projections and consequences, and get it onto the national media.
It’s a matter of national security.
Neo commented:
Obama must have fiscal “tiger’s blood”
dwd commented:
UNPRECEDENTED
it’s the only thing this administration cares about
Bill Fabrizio commented:
Obama should appear on the next American “Idle”! After all, he hasn’t done a damn for us since taking office!
kansas commented:
Better appoint a czar to look into this! And we get David Gregory on Meet the Press asking Michelle Bachmann when she stopped beating her mother. Remember when Tim Russert, a real journalist was on the Meet the Press? Course he seemed to have croaked after he grilled Obama with actual questions. Coincidence?
StrangernFiction commented:
THE REPUBLICANS NEED TO INITIATE A FISCAL TRUTH CAMPAIGN AND LAY THIS THING OUT FOR THE AMERICAN PUBLIC, WITH PROJECTIONS AND CONSEQUENCES, AND GET IT ONTO THE NATIONAL MEDIA.
StrangernFiction commented:
Sorry, but this needs to be repeated:
THE REPUBLICANS NEED TO INITIATE A FISCAL TRUTH CAMPAIGN AND LAY THIS THING OUT FOR THE AMERICAN PUBLIC, WITH PROJECTIONS AND CONSEQUENCES, AND GET IT ONTO THE NATIONAL MEDIA.
kansas commented:
Sure like the “National Media” would cover it.
Ladue Pundit commented:
Sheriff Biden was just on CNN saying that the “Republicans are holding the economy back by demanding spending cuts.”
That’s right Joe, didn’t you say a while back that, “We have to spend more so we don’t go broke?”
If Americans are so stupid that they are not completely outraged by now it’s over.
jorgen commented:
If the government raise taxes enough, the spending will be within its means.
Paddy commented:
I am curious about how the deficit can increase by hundreds of billions per month when the government has been funded pursuant to continuing resolutions for two years. CRs, as I understand them, are designed to extend spending at existing levels. The exploding deficits seem to indicate that foul play is occurring. Where is the oversight to reign in the crooks that run our government?
m commented:
It doesn’t look good.
keith commented:
Paddy, the CR is only to fund the discretionary part of the budget. The vast majority of the budget, which includes entitlements such as Medicare, Medicaid, Social Security, unemployment payments, etc. is on auto-pilot under previously-enacted laws and grows unchecked as the number of those collecting benefits continues to swell. The down economy has made the problem much worse, as taxes collections have dwindled and the number of people filing for benefits under these programs has skyrocketed.
marc in calgary commented:
28 days in February
31 days in March
… I see a trend.
StrangernFiction commented:
No it doesn’t look good, and IMHO we are very likely f*cked. But we are definitely f*cked if the R’s don’t start showing a little conviction and passion (something they may be incapable of doing). Just give it to the people straight, THERE IS NO MORE MONEY.
Scott commented:
Never forget that William Jefferson Clinton and Senate democrats defeated the Balanced Budget Amendment passed by the Gingrich led House Republicans…Old news I know, but the point is that this budget crisis and effective bankruptcy of the Federal government could have been avoided! Yet, Bill Clinton new better…
AuntieMadder commented:
This is somehow Bush’s fault. I just know it is. It’s just got to be. /sarc
Seriously, doesn’t this make you just want to choke the living sh!t out of those who continue to blame our debt on the Bush Administration’s war spending?
CommieJuice commented:
Pathetic man-child!
BetterDeadthanRed commented:
Mr. Hoft the first word of your post describes the outcome of everything this usurper gets his hands on.
Sotero is a failed president. No matter what the cartoonish MSN says otherwise.
1. Foreign policy = FAIL
2. Domestic affairs = FAIL
3. Monetary policy = FAIL
4. Military affairs = FAIL
5. Faith affars = FAIL
6. Legislative accomplishments that result in positive outcome = FAIL
7. Energy affairs = FAIL
I’m starting to think Carter was a good president compared to Sotero.
BetterDeadthanRed commented:
Oh I forgot
8. Prosecution of enemy combatants @ GITMO = FAIL
9. NASA affairs = FAIL
10. Racial affairs = FAIL
11. Ending Iraq war = FAIL
……………………………………………………………………….
BetterDeadthanRed commented:
Accomplishments of ” THE ONE ”
1. Racial unrest = Success
2. Class unrest = Success
3. Distrust of government = Success
4. Economic instability = Sucess
5. Spread of police state = Success.
6. Violating Judges orders = Success.
7. First Executive order to hide records = Success.
……………….oh hell I could go on and on…………………
LimoLibsStink commented:
0bama:
Ha! My economic policies are working!
Just give me another couple of months and gas will be $5 per gallon and the dollar will be equal to one Mexican peso. My policies will have finally wrecked America. The Taxpayers will be screwed!
My limousine is running and I have a meeting with my Swiss bankers. Good day.