Posted on 01/11/2024 1:26:21 PM PST by Kaiser8408a
Yes, it’s Biden’s fiscal inferno! And getting worse as the Presidential election approaches!
Remember when I showed that the “stealth” secret sauce behind Bidenomics was nothing more than a massive, multi-trillion debt-fueled spending spree, which led to the biggest peactime, non-crisis budget deficit in US history, with the total deficit for fiscal 2023 ending just over $2 trillion, or double the prior year, something which BofA’s Michael Hartnett called the “era of fiscal excess”?
Well, we have news for you: if 2023 was bad, 2024 – an election year of course – is shaping up to be far worse.
Moments ago the US Treasury reported the budget deficit picture for December and it will come as no surprise to anyone that the US has continued to spend like a drunken sailor, or rather, even more. As shown in the chart below, in the month of December, the US collected $429 billion through various taxes, while total outlays hit $559 billion…
… resulting in a December deficit of $129.4 billion.This may not sound like a lot, but December is actually one of those months when the US deficit is relatively tame, or used to be.
Putting it all together, we get the scariest chart of all: the YTD budget deficit three months into fiscal 2024 is already $509 billion, which would be the biggest deficit in US history after one quarter with the exception of the covid outlier year of 2021 when the US injected multiple trillions in stimmies.
As for the final, and most shocking, data point, the December budget deficit of $129.4 billion was more than $40BN higher than the $87.5BN median estimate, and was more than 50% higher compared to the $85BN December deficit in fiscal 2022.
(Excerpt) Read more at confoundedinterest.net ...
How do we get in on the action?
I feel like a sucker for paying in and getting nothing back.
I told you it would be Ok, they will just Print more Money.
I don’t hear anyone saying why Ukraine is getting all this money.. Joe got how much from Ukraine? And using US tax dollars to pay them for the deal..?
At any rate.. When are the republicans going to act grown up? And say NO!
I don’t blame Biden particularly here. This is nothing new. Republican or Democrat. Trump or Biden. Except for Rand Paul, none of them cares about the deficit.
Eventually, constraint will be forced on DC. But it will be very painful and very disruptive. Hyperinflation, rioting, etc.
Can this be avoided? Yes. But no one cares enough to do anything now. So all we can do as citizens is try to prepare for it as best we can.
If a politician votes to cut the budget the voters will throw him or her out and put in someone who’ll throw more money their way:
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.”
― Alexander Fraser Tytler
Not just Biden. Republicans just helped shovel $65 billion more to Ukraine and how many billions did they help hand to illegal immigrants? Where does spending authorization originate? Oh, yeah, the House.
Fair point. But until 1980 or so, the federal deficit was relatively small and manageable. Then things went crazy. Same form of government, both before and after 1980. Perhaps someone smarter than I can explain what happened.
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