The U.S. Department of the Treasury recently released some staggering facts and figures having to deal with the budget, the deficit, and other related items.
- As many people know, the deficit for February 2010 was a phenomenol $220,900,000,000 (billion), setting a new record (by a wide margin) for a one month period. (Keep in mind, February is also our shortest calendar month...)
- The government spent $3.05 for each and every dollar that it took in from taxpayers and from other sources. (That math does not work.)
- The most recent five-month deficit now totals a whopping $651,000,000,000 (billion) and is, in fact, a larger sum than any previous YEAR prior to 2009.
- The fiscal year 2010 budget deficit is projected to now be approximately $1,560,000,000,000 (Trillion), which is calculated after monies are "borrowed" from the Social Security Trust Fund. (And, why again is it that reports come from Washington about the SSA being in danger?)
- The Congressional Budget Office issued projections that the interest payments made by the federal government (read Main Street USA) will be $916,000,000,000 (billion) per annum by the end of the decade.
It certainly is not entirely the fault of those now sitting on Capitol Hill that Americans are more in debt now than one can even imagine.
However, throwing social programs costing untold billions of dollars on top of a devastating financial scene is not what one would consider fiscal responsibility.
It seems that our elite elected (and appointed) bureaucrats have become numb to exactly what it means to have debt in the Trillions of dollars. How else can one excuse such callous spending programs, all in the name of "bettering our economy"?
Perhaps all of them should re-enroll in Economics 101 to re-discover (or be enlightened for the first time) exactly how supply and demand work.
Over For Now.
Main Street One
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