Thanks Barack… US Now Has Largest Percent Deficit to GDP of Any Developed Economy
Posted by Jim Hoft on Tuesday, April 12, 2011, 10:31 PM
Worst. Deficit. Ever.
The US has racked up a deficit that is 10.8% of gross domestic product this year. This is larger than any developed economy.
Thanks to Obama, the US is leading the developed economies… in out of control deficits.
The Obama deficit this year will reach $1.65 trillion. (The Captain’s Comments)
The Telegraph reported, via Free Republic:
The US should make a ‘down payment’ this year on tackling its budget deficit, the International Monetary Fund has warned, as it emerged that the world’s biggest bond investor is shorting the country’s bonds.
America will rack up a budget deficit of 10.8pc of gross domestic product this year, the largest of any of the developed economies, the IMF said in its latest Fiscal Monitor report.
In sharp contrast to Britain and much of the rest of Europe, the US has so far delayed any move to cut its budget deficit. Instead, through a combination of extending tax cuts and a second, $600bn round of quantitative easing, Congress and The White House have focused efforts on trying to quicken a recovery that failed to take off last year.
Bill Gross, who manages the world’s biggest bond fund at Pacific Investment Management Co (Pimco), said it was the failure of politicians in Washington DC to take the country’s deficit – estimated to reach about $1.5 trillion next financial year – seriously that has prompted him to start positioning the $236bn Total Return Fund to benefit from a drop in US government bond. In February, the fund sold its US governments bonds, or Treasuries.
“Without attacking entitlements – Medicare, Medicaid and Social Security – we are smelling $1 trillion deficits as far the nose can sniff,” Mr Gross said in the firm’s monthly outlook.
US budget deficit already shot up 15.7 percent in the first six months of fiscal 2011 compared to last year.
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Muffin commented:
Best argument for impeachment so far. And there have been some really, really good ones. I guess we’ll have to wait until he kills someone with his bare hands.
Steve Schippert commented:
We’re fixated on a $3.5 Trillion published budget and a $1.5 Trillion argued deficit. Give or take today’s rounding errors of a few hundred billion dollars either way. Silly rabbits, Trix are for kids.
The Fed spent over $11 Trillion dollars last year. Treasury just released the grim truth. Below, reproduced an e-mail note I sent earlier to a group amidst arguing (mere) single digit trillion deficits and budgets…
————-
Shhh… Treasury released the actual federal budget numbers, and while we watch bickering over $3.5 Trillion budgets and $1.5T deficits, then $1.65T, then $1.72T actual deficits, the unadjusted truth is staggering. Terry Jeffrey lays it out.
Last year, the Federal Government spent over $11 Trillion. Eleven. Ten Trillion plus one more. Nearly a dozen trillion. Mr. Boehner, please stop. Just stop.
And you want to know how much of last year’s budget was spent paying for past budgets (what is called “Servicing the Debt”)?
$7.207 Trillion out of $11 Trillion was spent by the Federal Government in 2010 paying for Christmas Past.
http://townhall.com/columnists/terryjeffrey/2011/04/06/treasury_true_government_spending_topped_$11_trillion_last_year/page/full/
Daddy, how much is a Trillion?
Well, honey, if the government took $1 extra from businesses and workers every second, it will have collected and paid a $1 Million debt in 12 days. To pay a Trillion dollar debt back, it would take 36,000 years.
So, to collect enough to pay for last year’s Federal Budget, at $1 per second, it would take 396,000 years. That is, of course, at 0.00% interest which, unlike a 396,000 payment plan concept, is quite unreasonable.
That is all.
Carry on.
Ed commented:
Your graph clearly reveals you for the biased propagandist you are.
The 2009 budget was GWB’s budget. He approved nearly all that spending, yet you not only mark it as Obama budget, but you blame Obama for running up the deficit. Bush did it. The fact that you are so eager to lie with numbers shows that your commentary cannot be trusted.
Steve Schippert commented:
Mr. Ed,
Trust that I am not here to defend the budgetary failings of George W. Bush.
That said, forget trusting commentary. Do the math. At a time when government receipts were shrinking in an ailing economy, President Obama eclipsed George W. Bush’s budgets rather than adjust for falling receipts. “Stimulus” theory can only be stretched so far. Beginning the nationalization of health care, the largest assumption of liability ever, is hardly stimulus or economic theory.
Wait until those numbers mature. We’ll be dumping dollars and hording pesos.
StrangernFiction commented:
No worries, the GOP has us turned around and headed in the right direction.
shibumi commented:
Well, he did promise change. And didn’t specify what kind.
So.. thanks again 51%
Interesting commented:
Is that all the left can come up with?
That it’s all Bush’s Fault??
So goes the constant mantra..
When do they admit any out of control spending?
A) Never.
B) When hell freezes over..
They are caught in a catch-22.. a repeating slogan, a fantasy.
Into which no reality can ever seep.
Obama asks Bush for help – Xtranormal
http://www.youtube.com/watch?v=R24bKtyWK14
Robert commented:
Mr. Ed, not as smart as the original, if “Bush did it” then Obama is doing it much worse.
And. obama said a number of times that he would cut the deficit in half by the end of his first (and we hope last) term in office.
gus commented:
I AM SHOCKED!!! HOW COULD THIS HAPPEN?????? HOPE AND CHANGE??? Where have you gone HOPE and CHANGE???
PORK-U-LUS???? REMEMBER???? 800 BILLLLLLLLLLLLLLLLLLION DOLLARS. After being in office for 3 weeks, this MARXIST BOY-KING, had screwed us already.
WHO ALLOWED THIS???
Interesting commented:
This is relevant on money and Obama and Bush:
Obama is better than Bush?
http://www.youtube.com/watch?v=UCJrN3-fAK0
And how much better is Obama on the war front?
Libya vs. Iraq
http://www.youtube.com/watch?v=yAyCdfOXvec
gus commented:
ED? You’re a moron. Right?? Ed? If Bush was bad……if Bush sucked????
OBAMA SWALLOWS.
Ed? What kind or LIBTARD are you??? Which dependent category are you in???
Ed? Obama is either completely retarded or he is a Marxist, whose goal is to create chaos.
Ed? Are you still in school son??
tommy mc donnell commented:
the only way we are ever going to get any budget reduction is to reduce taxation. tax reduction should be everyone’s motto. politicans historically have spent more money they have taken in thru taxation. the only way to cut back on spending is to not let them take our money in the first place. then put a ban on deficit spending. take the politicans credit card away. politicans have proven beyond a shadow of a doubt that they are incapable of manageing their financial affairs.
jorgen commented:
And most importantly: IMF says that “USA lacks credibility on debt”!
KR commented:
As I remember, the Dem majority in congress refused to pass a budget for 2009 while Bush was President (Fall 2008) because he would not go along with it (too big).
Congress waited for Obama to take office.
ogee commented:
It’s this way by design. It’s no mistake. Crash the system and install sharia is the goal.
sharia = satan. Look at the women parading around proudly in their creepy black satan gowns.
People need to learn about satan’s sharia before it’s too late. This is a fight for our very lives.
ogee commented:
The change he talked about is sharia law. Fight with all your might.
ogee commented:
NWO = Sharia.
save us commented:
Maybe obama can ressign as the only way we can stop the spending madness.
save us commented:
Obama has made the USA number ONE in something – Deficits.
befuddled commented:
OT. hit ‘n run troll. blame Bush and finger point. my concession, i don’t hate Obama. he seems like a nice, well spoken, clean cut guy or whatever Harry Reid said about him. who i hate, is the 51% who voted for him- half did it out of ignorance and the other half did it deliberately. nearly ran off the road one day flipping off one of those obama bumper sticker people. now, i probably have to travel to San Francisco to see an Obama sticker.
let’s all just agree to concede it all to our south of the border friends before the Mugabe inflation hits. Obama can then appoint himself dictator for life.
pork-u-lose or Pork-Us-Less.
Donna commented:
I have come to the conclusion that it is a kangaroo court. There is no fairness and corporate socialist medicine is the rule. Hail, Corporate rule, You have even convinced the smart people among us? BUT you have not convinced me…….HAHA
sandy commented:
http://www.youtube.com/watch?v=MwhKuunp8D8&feature=player_embedded
Obama in his own words saying he is not an American.
Angry Voter commented:
I long for a president who would spend his time chasing girls instead of starting wars and ‘helping’ with the economy.
TheTriGuy commented:
Much of what Barry is doing in the North African scene is a “Wag the Dog” just like the birth certificate fiasco to keep us away from discussing what he doesn’t know about the economy. And even if he is Joe Biden’s “clean, articulate black man” I know quite a few in a variety of colors, shapes and sizes who can read a teleprompter at least as good as he can, if not better!
So to all of you who thought that by voting for an empty-suit black man who did a good job or reading what was written for him you would erase the American stain of racism forever, are you sorry yet? You must be because I don’t see as many Barry bumper stickers as I once did.
And to Ed who said that this is Bush’s fault, you’re right…along with a fairly large democratic majority in congress. But I thought Barry said he was going to be different and bring change when he was elected? I see now that what he really meant was that he was only going to leave us some change from our hard earned dollar.
tc commented:
you’re going to need a bigger graph….
jorgen commented:
Ed said: The 2009 budget was GWB’s budget. He approved nearly all that spending
No, this budget belongs to the 2009 Congress. Bush’ fault was not to refuse to sign their budget.
Scott commented:
#3 Ed
And Obama and the dems added 787 billion as stimulus in 2009. They later added a supplemental to that as well as spending TARP money that was repaid by the healthy banks that didn’t need to money…It was the biggest spending binge in history. They own it!!!!!!
Scott commented:
#23
If you are thinking of Bill Clinton, then think again. He and Senate democrats defeated the Gingrich led balanced budget amendment in the mid-90s. Had this act passed and been ratifiec, the bankruptcy of the Federal government could have been avoided…
Scott commented:
Remember how the 51% said that Obama would restore America’s image around the world…Instead, we got a new image, bankrupt! Make no mistake, we are the world’s laughing stock…Thanks to people who voted for Obozo…
Militant Conservative commented:
All on purpose and by design. He’s fundamentally changing America.
He’s just a socialist doing what socialists do.
powder is dry
Finncrisp commented:
We need to continue to say no to any spending increases. We need to cut gov. employment by 10% a year until our government is not so bloated and duplicitous in its approach. Department overlap must be eliminated. We could probably have 40% less people in gov. employ and have no decrease in services and a big decrease in unwanted and unneeded intervention.
Remember – Government working for you is Government walking on you…
Chisum commented:
Ed,
Bush is not responsible for the 2009 budget.
This is the budget Bush proposed.
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/02/AR2008020202042.html
This is the budget Obama signed because the dem Congress held it back until BO was sworn in.
http://www.msnbc.msn.com/id/29632177/