Monday, July 13, 2009

One Trillion With A "T"

Congratulations folks: It's official -- the largest budget deficit in the history of the world. Brought to you by The Messiah who was heard to opine over the weekend that all of this bloat and excess was "doing exactly what it was supposed to:

WASHINGTON (Dow Jones)--The fiscal year-to-date U.S. budget deficit broke past $1 trillion in June, a grim testament to the recession and financial crisis.

The federal government spent $94.32 billion more than it made in the ninth month of fiscal 2009, the Treasury Department said Monday in its monthly budget statement.

Aid to spur the slumping economy and a government bailout of Wall Street are driving the deficit. There are three months left in fiscal 2009.

"Many private analysts still expect the fiscal-year deficit to top $2 trillion," Insight Economics analyst Steven Wood said.

The growing imbalance has fanned fears of higher interest rates and inflation.

Last year, in all of fiscal 2008, the deficit was $454.8 billion. That was a record.

Fiscal years start Oct. 1. In the first nine months of fiscal 2008, the government spent $285.85 billion more than it took in. In the same period this year, the figure is $1.086 trillion.

But never mind this. The Messiah says the stimulus is "doing exactly what it was designed to do":

Facing growing public unease about his handling of the economy, President Obama takes his weekly Internet and radio address to defend the $787 billion stimulus package he championed.

It is doing exactly what it was designed to -- stop the bleeding by slowing job losses, start reviving the economy, deliver tax relief to the middle class, and lay the groundwork for badly needed reform, he asserts."The Recovery Act wasn’t designed to restore the economy to full health on its own, but to provide the boost necessary to stop the free fall," he says. "It was designed to spur demand and get people spending again and cushion those who had borne the brunt of the crisis. And it was designed to save jobs and create new ones.

Sometimes it's kind of hard to figure out what The Messiah is saying.You kind of have to read between the lines and understand that his aim is to turn this country into a socialist nation as quickly as possible. Unemloyment is at a 26-year high and going higher so that "slowing job losses" thing doesn't seem to be working. And if the "stimulus" was designed to "spur demand and get people spending again" that ain't workin' out too well either. Already weak consumer spending is getting even weaker in July. And how about them home sales? It's hard to buy a house if the lenders won't lend to you. (Hey wasn't that what Bush's second stimulus was supposed to be about?) I don't know about you folks but the area I'm in is hardly the worst of the economically depressed and foreclosed houses are as plentiful as junebugs and fireflies and that's saying something. Not only that, but there are brand new homes in this neck of the woods that have been for sale for literally years.

Yes, I'd say The Messiah is exacly right: His stimulus is doing exactly what it was designed to do: Increase government debt to epic porportions, spread misery and put all of us prosperous folks in our places. Another one-two punch of cap and trade followed by a massive government health care program is going to be just the ticket to finish putting this economy right where The Messiah wants it.

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