And speaking of deficits, Karl Denninger reports on the real numbers, which are even worse than the reported numbers Jr. Deputy Accountant noted in the previous post. – Ilene
Record Deficit For An April
Courtesy of Karl Denninger at The Market Ticker
You have to love it….
U.S. posts record $82.69 billion deficit in April, 19th straight month of budget shortfalls – Reuters
Nonsense.
Here’s the REAL table of numbers from Treasury itself, including the theft from the FICA and Medicare accounts: (click for the larger copy)
If I did accounting like this I’d go to prison.
$82 billion my butt. The real number is $175.6 billion, more than double the reported amount, and the cumulative year-to-date (calendar years) is $637.4 billion, or a run rate (annualized) of $1.912 trillion.
If you’re wondering why the "stock market" has been generally supported (even though it’s not up much from the first of the year) this is the reason – the government is spending roughly 13% of GDP beyond what it collects in taxes!
Oh, and April is "tax month" too, which means that those who owe have to settle up in April. Of course those who get refunds…..
Don’t believe the reported numbers – as horrific as they are – for a second.
They’re more than twice as bad as are being reported.
