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| Economy | |
| US budget deficit reaches USD1.3 trillion | |
| 2011-10-15 | |
[Iran Press TV] The US Department of the Treasury has announced that the government's budget deficit has climbed to USD1.3 trillion in the current fiscal year, fueling concerns about the country's economic crisis.
The new deficit figure marks the second-largest budget deficit in US history since 2009 when it stood at USD1.42 trillion. "There is a lot of red ink on the government's balance sheet and Congress appears clueless on how to make it disappear," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York. "It is going to be a long and painful process as the economy has slowed to the stall speed," he added. Unemployment in the US increased to 9.2 percent in July, which was up from 9.1 percent in June. US consumer confidence fell sharply in August and reached its lowest level since April 2009. This comes as last month, the International Monetary Fund (IMF) warned in a report that the American economy would grow by just 1.5 percent in 2011 and by 1.8 percent in 2012, noting that it would remain weak for years to come. | |
| Posted by:Fred |
| #2 Now they want you to invest in the market. Purchase gold, silver and precious metals. Happy days are here again. Big setup for those who want to play the game. The money people want the market as high as possible then they will sell if the market starts to drop. Buy low sell high then do it over and over again. So money is made on every move. The ones who sit are burned. Even our government is stiffing the public. That solar company goes down but the tax payer is stiffed. Not some of the key players. The too big to fail scam and the world governments QE programs pile debt on the people of these countries. False, hollow economies one grand ponzi facade after another. Well it works. Look at the lottery. Sin taxes. We have people who are addicted to gambling running our governments. They will rationalize every tax increase to satisfy their addiction habits of spending. They are only limited by what new idea of tax to impose. Their work force enablers will gladly impose it. |
| Posted by: Dale 2011-10-15 08:43 |
| #1 fueling concerns There's the first understatement of the century... Congress appears clueless .. followed by the second. |
| Posted by: PBMcL 2011-10-15 02:17 |