Thursday, November 12, 2009

Federal Deficit - October Record - $176.4 Billion

The US government deficit hit a record for the month of October of $176.4 Billion. This is even higher than economists had expected of $150 Billion. The deficit for the 2009 budget year, which ended on September 30, set an all time record in dollar terms of $1.42 Trillion. That was $958 Billion above the 2008 deficit, the previous record holder. Obama is making Bush look like a tight wade. This imbalance occurred because of lower receipts of individual and corporate taxes. The government took in $135.3 Billion, a 17.9% drop from last October.

Well surprise, surprise. Actually, it should be no surprise because Obama's SwindleUS Plan has been a complete failure as official unemployment has risen to a record high of 10.2%, or more than 17% if all are counted who are either out of work or under employed. Obama promised that unemployment would not go above 8% if the SwindleUS Plan was enacted into law. Guess what, Obama was very wrong. We will see official unemployment above 11% in the near future. What is worse, the Obama Administration expects this year's deficit to hit $1.5 Trillion. We can expect it will be much higher if history is our teacher. And, there are additional Trillion dollar deficits projected for years to come.

Yet President Obama and the Democrat Socialists that control Congress continue on their merry way working on HealthScare and CAP & TAX, both of which are job killer bills containing huge tax increases, that will further destroy our economy. Are these politicians living in another reality? The Chinese, who are funding our deficits by buying Treasury Bills, keep warning the Obama Administration to get our deficit spending under control; but there is no one home at the White House who understands Economics 101. Obama fiddles while the country burns. In the mean time, the Chinese and others continue to buy gold and other commodities because they are losing faith in the US Dollar; hence the reason the dollar is collapsing.

President Obama is planning a "Jobs Summit" in December to talk about creating jobs. Well hello. Obama has declared war on American Business and the private sector. The Obama Administration and the Democrat Socialists that control Congress are committed to higher taxes, additional regulations and bigger government, all of which will result in slow growth, high unemployment and a lower standard of living for our people. So what is there to talk about at this "Jobs Summit". It is nice that they will have a photo opp; but it will amount to nothing because the President and his friends in Congress are the the problem not the solution.

We are facing among the most dangerous times in our history. This reckless spending by the Democrat Socialists in power, beyond anything we have ever seen in our history, are threatening the very existence of the United States. This just cannot continue. We must stand up and JUST SAY NO. It may be time for more Tea Bag Protests to drive the message home. We are mad as hell and we are not going to take it anymore. Clearly, our elected representatives cannot be trusted to manage the fiscal affairs of the United States. As a result, we have to act now to save our country.

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