I dont like this sort of horsecrap. The federal budget deficit slid to $483 billion in fiscal year 2014, down from $680 billion in 2013 and more than $1 trillion each of the prior four years. Higher tax revenue, economic growth and caps on government spending all contributed to the shrinking budget gap. It did? 09/30/2013 11,976,279,236,073.83 4,761,904,290,623.49 16,738,183,526,697.32 On 9/30/2013 there was $16,738 billion in federal debt. 09/30/2014 12,784,971,238,978.02 5,039,100,141,755.80 17,824,071,380,733.82 On 9/30/2014, the end of last fiscal year, there was $17,824 billion of federal debt. The net increase is $1,086 billion, or $1.086 trillion dollars, not $483 billion. Why the discrepancy? Because as in the Clinton years the government has been stealing the excess from Social Security and Medicare tax receipts and claiming that is a deficit reduction -- despite the fact that the obligation generated from those programs was not reduced by that same $603 billion! And oh by the way, thats not all of it. Even excluding Social Security and Medicare theft the net gain in federal borrowing (that is, the actual deficit) was $809 billion or 67% more than claimed. In other words this is a scam and the claim of reduced deficits is a damned lie. -Karl Denninger
Posted on: Tue, 20 Jan 2015 22:54:25 +0000
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