Posted on 01/31/2010 5:29:42 PM PST by kristinn
President Barack Obama will propose on Monday a $3.8 trillion budget for fiscal 2011 that projects the deficit will shoot up to a record $1.6 trillion this year, but would push the red ink down to about $700 billion, or 4% of the gross domestic product, by 2013, according to congressional aides.
The deficit for the current fiscal year, which ends on Sept. 30, would eclipse last year's $1.4 trillion deficit, in part due to new spending on a proposed jobs package. The president also wants $25 billion for cash-strapped state governments, mainly to offset their funding of the Medicaid health program for the poor.
This WSJ article fails to mention the plummeting of FY 2010 federal tax receipts the WSJ reported just a few weeks before:
Year-to-date federal government revenues totaled $487.78 billion, compared to $547.38 billion for the first three months of fiscal 2009. Individual income-tax receipts totaled $207.73 billion, compared to $255.29 billion. Corporate tax revenues were at $33.93 billion, down from $50.37 billion.
Last August, the AP reported that federal revenues were on pace to drop 18%, the worst since 1932.
(Excerpt) Read more at online.wsj.com ...
In Reagan’s inaugural address he said a stack of $1,000 bills four inches high would make a person a millionaire. He said at that point America’s debt was a stack of $1,000 bills 67 miles high – about a trillion dollars. Today that stack of debt is around 830 miles high and should break 1,000 miles high by the end of this year.
Here they come for your 401(k) and IRA accounts…won’t be long now...
Curious: how much longer can this nation be run in to the ground before something gives?
It’s like Dresden all over again.
IMHO the two sides are too far apart if we can’t go our separate ways peacefully then let’s decide this on the battlefield. I don’t want to fight them anymore-politically. The battlefield of ideas only goes so far, sometimes it melds into the real thing. Their brains are wired differently from ours. We are just different people. Sometimes there is no solution. This was not depressing to me when I realized this, It is liberating actually.
The Dems are making a big production of the 21 Billion dollar “cuts,” but when you’re confronted with numbers like 1.6 trillion it’s apparent that the cuts are just a P.R. campaign.
Year-to-date federal government revenues totaled $487.78 billion, compared to $547.38 billion for the first three months of fiscal 2009. Individual income-tax receipts totaled $207.73 billion, compared to $255.29 billion. Corporate tax revenues were at $33.93 billion, down from $50.37 billion.
...put the lie to any claim that there is any "recovery" in process. It infuriates me whenever I hear any politician or MSM talking head speak about "the recovery".
With cratering revenues like this,
There is no &^%!&%! recovery!
I don't know about the when but I have a pretty good idea about what the "something" will be.
Eventually this government will no longer be able to fund itself and service its debt. This is a mathematical certainty. We're looking at sovereign default and the utter destruction of our currency.
It's going to be unimaginably ugly.
“No, he’s just an idiot. He actually believes in his B/S Marxism.”
You’re right. He’s chosen to be an idiot by being a blind ideologue who appears to also believe the liberal press clippings about how incredibly and uniquely qualified he is.
I bet those “blue dog” FRAUD Democrats are going to raise hell over this.....(insert crickets chirping here).
They were correct in scolding Bush for having deficits.....but when their pres_ent has deficits SEVERAL TIMES larger with no end in sight, that is ok. /s
nobama knows what he is doing. that is hard for many to stomach and accept. he hates America, the American system and the American freedoms in our Constitution. He knows.
Amen brother!!!
I am seeing this already; more than ever, the tradesmen I deal with all want cash and if you have it you go to the front of the line for service.
“Plummeting tax revenue is the surest proof that there is no recovery.”
I want you to know that I’m doing my part. Changed my withholdings to M-4 last week and increased my pre-tax dollars for my medical slush fund and my 401K at work.
I’ve stopped all discretionery spending in my household budget so I’m paying in less sales tax to my state government and I’m watching my gasoline use like a hawk for the same reason. I’ve started making my own wine to avoid alcohol taxes, too. Wisconsin doesn’t tax food...YET!
I’ll bare-bones it for a while. It’s not much, but it’s another few hundred a month that’s not going into the hands of Government.
However...will this make any bit of difference, or am I just fooling myself?
What’s the tipping point for when it all collapses, and how else can I speed that along? ;)
The market has always been there. I will work in cash as well. Now you know the card. For those who don’t care it’s one thing, for those that do it is something altogether.
I missed a word there. Freuidan slip at best :^|
Yep, Meet here in Texas ?
Maybe we can get our fellow freedom-lovers in Honduras to take in a few of us reprobates?
When attacking President Bush in 2004, John Kerry said reducing a planned increase in the Budget was actually a Cut. That is how Democrats think.
T coin an old phrase, it’s like pissing in the ocean.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.