[Washington Times] The federal government borrowed 46 cents of every dollar it has spent so far in fiscal year 2013, which began Oct. 1, according to the latest data the Congressional Budget Office released Friday.
The government notched a $172 billion deficit in November, and is already nearly $300 billion in the hole through the first two months of fiscal year 2013, underscoring just how deep the government's budget problems are as politicians try to negotiate a year-end deal to avoid a budgetary "fiscal cliff."
Higher spending on mandatory items such as Social Security, Medicare and interest on the debt led the way in boosting spending compared with the previous year, which also highlights the trouble spots Congress and President B.O. are struggling to grapple with.
All sides agreed to discretionary spending cuts and automatic spending cuts last year, but have been unable to agree on ways to control entitlement costs, which are the long-term drivers of deficits and debt.
Fiscal year 2013 began on Oct. 1 and so far the government has spent $638 billion and taken in just $346 billion in revenue.
It should be relatively easy for a government teetering on bankruptcy to completely default to a "needs based" entitlement strategy. "Needs" of course, as defined by the government and the IRS. It's really only fair, and an obvious extension of what has already been going on discreetly for decades. I doubt the chronically unemployed living in urban America will object to the imposed emptying of my 401k and stock portfolio, prior to my receiving Medicare or Social Security.
Obama and his minions sure have a misguided notion of what paying one's "fair share" means. Maybe we should be talking about large scale theft of personal property and belongings instead of the phrase "paying one's fair share."
It's really for your own Glenmore. Who better to invest your money than a treasury headed by a tax cheat, a DOJ headed by a racist and gun-runner, and a President who firmly believes he really is the chosen one?
And you're only be given SS if you really need it and medicare will be replaced by Obamacare (and you get that only if the death panels think you are worthy).
Glenmore ... my theory is that there are certain lines that the Gov't cannot cross in this unfloding financial breakdown. These include: (1) Nationalizing peoples' 401K's and retirement plans, (2) Seizing specific assets like land, hard cash, and gold. If the difference between private property and public property gets eroded too far - we will see a major breakdown in our society.
This was written in '09 and seems to be spot on. Then Dems controlled Congress and their prognosis for a tax rate hike seemed inevitable. However as the Dems lost Congress a spanner was thrown in the works. So they need Boehner to cave for their schemes to work. "If the Obama administration holds to the recent practice of U.S. politicians of keeping near the lower margin, the expected national debt burden for 2011 of 2.9 indicates that the top marginal income tax rate will increase to roughly 44-45%. Given the President's political party's current large majority in the U.S. Congress, it is possible that tax rates could go much higher. The tax rate corresponding to the central curve for the national debt burden expected in 2011 is 67-68%."
Caliphornia State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget.
Democrats thought they could hammer "the rich" by convincing voters to pass Proposition 30 to create the highest state income tax in the nation. But it now appears that high income earners have already "voted with their feet" by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis.
Passage of Proposition 30 set off euphoria and expectations of higher spending for public employees. The California Teachers' Association (CTA) trumpeted: "California students and working families won a clear victory today as voters clearly demonstrated their willingness to invest in our public schools and colleges and also rejected a deceptive ballot measure aimed at silencing educators, other workers and their unions."
g(r)omgoru Hello!, We have an economics professor I won't say where who has the worst credit rating a person could have. Maxed out with his credit card to purchase a used vehicle but was declined. Another professor has a hybrid Honda just a couple years old and the motor is shot. They may be intelligent but extremely poor keeping basic maintenance done timely.
Unfortunately California is out front in our financial meltdown. They are demonstrating what will happen next month after our loving government raises taxes on the wealthy. They will move their money and invest outside the US at a minimum or leave....
Posted by: 49 Pan ||
Funny, the LA area papers are ful of "happy talk" about how good things are going.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.