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16%  
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  • FEDERAL DEFICIT REALITY-U.S. Treasury Shows Actual 2003 Federal Deficit at $3.7 Trillion

    09/08/2004 4:26:58 PM PDT · by AdamSelene235 · 30 replies · 1,237+ views
    gillespie research ^ | Sep. 7, 2004 | Walter J. "John" Williams
    The U.S. government's fiscal ills have spun wildly out of control and no longer are containable within the existing system. As detailed in this article, the actual annual shortfall in U.S. government operations for fiscal year 2003 (September 30) was $3.7 trillion. Put in perspective, that means if the U.S. Treasury had seized all wages and salaries in 2003 with a 100% income tax, there still would have been a deficit! The outlook for fiscal 2004 numbers is even worse. Considering that the popularly reported 2003 budget deficit was $374 billion, one-tenth the number cited above, this installment on government...