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Ear to the Ground

U.S. Budget Deficit Climbs to Over $1 Trillion

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Posted on Jul 13, 2009
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America’s spend-a-thon has brought some inevitable consequences, not the least being that we now are looking at a federal budget deficit of more than $1 trillion for the first time ever, and that number is projected to nearly double by October.

AP via Yahoo News:

The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to $1.09 trillion. The administration forecasts that the deficit for the entire year will hit $1.84 trillion in October.

Government spending is on the rise to address the worst financial crisis since the Great Depression and an unemployment rate that has climbed to 9.5 percent.

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By rollzone, July 14, 2009 at 10:19 am Link to this comment

hello. make no mistake about this… he is going to raise taxes for wealthcare, and to send monies to his homeland. what happenned to ‘there is no way we will continue this debt cycle into the servitude of our great grandchildren’? when will they stop continually spending money for special interest groups? who voted on spending any of this government giveaway? can you say ‘more than our gross domestic production’? i am going to use printed dollars to construct a beanstalk to climb myself back into reality.

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By Night-Gaunt, July 14, 2009 at 10:15 am Link to this comment

Why is it that with so much spent it is spent in such a way as to not shore up our economy in any real way? Why are the architects involved in the debacle in the first place chosen pragmatically to ‘fix’ it? What is the endotruth not being told to us. The exotruth as it were. Are they there to fix it or make sure the fix is in to trash it to make way for a Third Way. A corporate cabal who want to Shock the USA into dissolution and replace it with a corporate theocracy of their own utopiac vision? I think so. We aren’t saved yet from a Great Depression. We are just teetering on the edge of that abyss without any net or true way of solving it. That is the rub and its taking off tissue to the bone on most of us right now with more to come!

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By drklassen, July 14, 2009 at 5:45 am Link to this comment
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The deficit debt is only half the equation.  Debt can create value/capital (or does everyone buy their house outright?!) if it is spent well.  Going into debt to buy military equipment to be blown up by IED’s or to break down in a desert is not an investment, it is merely spending.  Going into debt to rebuild infrastructure and provide health care is investing.  So we have to ask, what will be the return, and if we think it is worth the interest paid on the debt—-just like you buying a house.

On the other side, we can get rid of a lot of the debt with more sound taxation:  1) Income is income, 2) remove cap on FICA, 3) bring back 50%, 75%, and 90% marginal tax rates on $1M, $5M, and $10M incomes [where they were when our country built much of our infrastructure to begin with].

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By coloradokarl, July 14, 2009 at 4:28 am Link to this comment

Buy Locally, spend for only what you realy need and starve your state and local beast. When these nasty drains on OUR hard earned paychecks are wasted away to the absolute minimum and the corporations can no longer buy influence We then can use our newfound economic freedom to power our way through the Federal statutes one by one. STARVE the BEAST

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By skulz fontaine, July 13, 2009 at 6:36 pm Link to this comment

Ah, it’s only money. The Treasury will print more.

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