Remember Obama’s big talk about Pay-Go?
Perhaps some ninny in the Lamestream Media will ask The Won how he can reconcile his previous words with this:
Wall Street Journal: The U.S. government spent itself deeper into the red last month, paying nearly $20 billion in interest on debt and an additional $9.8 billion to help unemployed Americans.
Federal spending eclipsed revenue for the 22nd straight time, the Treasury Department said Wednesday. The $165.04 billion deficit, while a bit smaller than the $169.5 billion shortfall expected by economists polled by Dow Jones Newswires, was the second highest for the month on record. The highest was $180.68 billion in July 2009.
The government usually runs a deficit during July, which is the 10th month of the fiscal year. So far in fiscal 2010, the government spent $1.169 trillion more than it made. That figure is about $98 billion lower than during the comparable period a year earlier.
For all of fiscal 2009, the U.S. ran a record $1.42 trillion deficit. Fiscal 2010 might run a little higher—the Obama administration sees $1.47 trillion.
Gateway Pundit correctly points out that July’s $165 billion in new debt is greater that all the debt George Bush racked up in all of 2007. This is why I am completely floor when idiots ask, why wasn't anyone complaining when Bush was racking up deficits? It's the magnitude, stupid!
Via: Memeorandum
Via: Gateway Pundit
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3 comments:
abc - another note (if somewhat escoteric): "difference in degree becomes difference in kind"; we are there...
I love you Clifton. You are one of the best bloggers out there.
I'm not at all that surprised anymore by Obama spending billions in one month- after all, the world has to keep spinning Clifton, and Obama is insisting on paying for it..
Now, I will tell you something I WAS SURPRISED BY: I was very surprised to find out that the national debt, is not only congressional spending, but it is ALL OUR AMERICAN DEBT, TOO..For example, our financed homes and cars, and our credit cards..
DID YA'LL KNOW THAT??
So, even before Obama, and all his socialistic policy's - America's National Debt was already set up to privatize all gains, and socialize all loses..Why you ask, well, In 1913, The fraudulent Federal Reserve Act established this standard on American debt/money..Basically the federal reserve act, IS OUR DEBT/MONEY SYSTEM, and after it was signed into law, IT BECAME THE LAW, to rack up wild debt.. In today's world our credit/cash ratio is;
For EVERY 10 billion (of real cash) in circulation their will be 90 billion in credit/debt established (so l0 billion in cash, creates 90 billion) so at any given time, their is only l0% cash in circulation, to cover all our debt, and our debt can NEVER be repaid..
Check out The Creature From Jekyll Island:A second look at the federal reserve..This book puts alot into perspective, but it's basically about who owns us(Americans), thru and because of our debt..
I know i went all in left field with my rant, but the federal reserve is why Obama is spending like he is.. Obama is just finishing us off, and assuring our American a$$e$ become debt slaves..
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