Deficit spending 40% worse than a year ago, national debt climbs to $36 trillion

 

Stocks markets are closed and mail won't be delivered today in honor of Jimmy Carter, because everything came to a halt under him, too

 OK, bond markets are open today, because SOMEONE has to pay for the 44% increase in the national debt which was racked up under Jimmy Carter.

Stonks soared, nominally, under Jimmy at 11.81% per annum on average January 1977 to January 1981, but because inflation was so terrible, 10.43%, real return for the S&P 500 clocked in at only 1.25% per annum during his presidency.

The US House passed a continuing spending resolution through March 14, 2025 at 5:59PM yesterday, the US Senate passed it this morning at 12:23AM, averting a federal government shutdown

 

 The House roll call vote (366-34-1-29nv) is here. 34 Republicans voted Nay.

The Senate roll call vote (85-11-4nv) is here. 10 Republicans voted Nay, as did pinko commie Bernie Sanders.

The continuing spending resolution includes NO extension of the suspended debt ceiling time limit demanded by president-elect Trump, who now gets to waste his precious time trying to primary all 170 Republicans in 2026 who just voted for this

LOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOL,

something he had threatened on Wednesday.

170 House GOP just told Donald J. Trump Nay Nay by voting Yea, proving once again that he is just a paper tiger.

Meanwhile the debt ceiling and the income tax remain chief among the failed gimmicks of the Progressive Era, dating to 1917 and 1913. The one hasn't stopped the debt from exploding to $36 trillion, and the other hasn't paid that bill. 

The continued existence of these gimmicks serves to remind us, but only periodically, of the lies we tell ourselves, which is why we have to keep them.

Interest payments on the national debt soar to a net $843 billion with one month left in the fiscal year

 

1Q2024 GDP, third estimate, up $1.455 trillion nominal year over year, US debt to the penny up $3.128 trillion

 

Voters should oppose EVERYTHING because taxes pay for NOTHING

 You'd don't get $34 trillion in debt any other way.

Most Voters Support Prohibiting Tax Dollars from Paying for Gender Reassignment Surgery

The obscenity of US national debt at $34.5 trillion notwithstanding, the value of grand total foreign ownership of it is up almost $529 billion year over year in March 2024 to a record high of . . .

. . . $8.091 trillion.

An almost 7% increase.

Here.

Meanwhile:

Bridgewater Associates founder Ray Dalio told the Financial Times a few days ago that he is concerned the soaring U.S. debt levels will make Treasurys less attractive “particularly from international buyers worried about the US debt picture and possible sanctions.”

So far, that hasn’t been the case: Foreign holdings of U.S. federal debt stood at $8.1 trillion in March, up 7% from a year ago, according to Treasury Department data released Wednesday. Risk-free Treasurys are still seen as an attractive place to park cash, but that could change if the U.S. doesn’t rein in its finances.

On an average monthly basis, yields on all UST peaked for this cycle last October, save for 1Y which peaked last September.

What, me worry?

 

Just a reminder that the Fed said all these purchases it made in 2008 and again in 2020 were just temporary

Now Fed Chair Powell has just said it's time for the pace of the roll-off to slow.

That's the curved line slowly trending down from it's peak near $9 trillion to $7.5 trillion now.

Just as the National Debt will never be paid down, the Fed will never stop intervening in the Treasury market to limit supply and support prices, which suppresses market driven interest rates. 

Powell isn't serious about fighting inflation.

 

 

Compromise spending bill passes US House 286-134 bringing fiscal year 2024 federal discretionary spending to $1.659 trillion through September

 WASHINGTON — The House voted 286-134 on Friday to pass a sweeping $1.2 trillion government funding bill, sending it to the Senate just hours before the deadline to prevent a shutdown. ...

The bill, released early Thursday, funds the departments of Homeland Security, State, Labor, Defense, Health and Human Services and various other agencies. Together with the $459 billion bill passed earlier this month, it fully funds the federal government to the tune of $1.659 trillion through September, after months of stopgap bills and negotiations.

More here.

The Roll Call Vote is here, if you want to check how your representative voted. 

The argument is perennially NOT about deficit spending, but deficit spending on WHAT. 

The projected tax shortfall for all programs for fiscal 2024 is $1.582 trillion, more than half of which will be net interest expense of $0.870 trillion on the exploding national debt. Interest payments on what we have already borrowed now exceed defense outlays of $0.822 trillion.

CBO in early February estimated fiscal 2024 discretionary spending at $1.739 trillion, so today's bill "saves" a mere $80 billion off that.

Mandatory spending on Social Security, Medicare, Medicaid, etc. is estimated at $3.908 trillion for fiscal 2024.

It's obvious that spending should be cut and taxes raised, but no one has the courage for either.

They should just agree to do both and let the chips fall where they may. Everyone out here will be pissed, vote accordingly, and it would be a wash politically.

Current national debt is $34.5612 trillion and rising.

Joe Biden buys 78,000 more votes, total vote-buying program to date adds $144 billion to the national debt

4 million voters purchased.

 Biden cancels nearly $6 billion in student debt for 78K public service workers

The White House has approved nearly $144 billion in federal loan forgiveness for about 4 million borrowers in total, according to the administration.

Jesse Kelly is the prototypical low IQ barbarian demagogue on the right who wants to destroy everything indiscriminately, akin to Julius Malema of South Africa on the left

Only this guy, who lasted 15 minutes in community college, understands the gravity of the debt situation.

Remember that guy who said "Only I can fix it" ?

Same guy. 

These are the forerunners of Draco. 

This guy has to be screenshot because he routinely deletes his tweets in order to not leave a trail.

 

I'm so old I remember when politicians ran on less government, now it's less corrupt government lol

 

Less Corrupt, More Accountable Government Wanted

America's New Majority Project

 

This is so silly. Politicians buy voters with spending legislation. Right now they want to give families and businesses $70 billion in new tax credits, and to Ukraine, Israel, and Taiwan $95 billion in new defense aid.

You don't get $34 trillion in debt by accident.

We have the government we deserve. It's the voters who are corrupt.

Oooh, but that's a surer third rail statement than "I want to cut Social Security" ever was. You cannot insult the voters and get re-elected.

That's what pulpits used to be for, but no one goes there anymore. Somebody has to say it.

Smaller government means less money sloshing around to help your friends and hurt your enemies, which is what this is really all about.

Repent, and believe the gospel. The alternative is oblivion for the U. S. A.

We're $34 trillion in debt, so Congress unites to spend $70 billion more we don't have on "the children" and on "small business" because it's an election year

 You have the government you deserve.

Story here.

Jay Powell's inflation has been bery bery good for corporate profits and a federal government drunk on debt

 

Inflation remains very, very profitable for corporations and federal government spendthrifts, at your expense

 

US pandemic debt orgy described as fiscal slippage lol

It's so indicative of our degeneracy how economic profligacy must not be described that way in this day and age where anything and everything is great, awesome, and epic but that.

Oh well, at least they still pay a modicum of respect with huge, swelled, and deluge.

If only all that cash were a tsunami, inundating the shore with ruinous inflation.

 

 

 

CNBC, here:

. . . investors are also pricing in surprising economic resilience alongside fiscal slippage.

 The U.S. federal government ended its fiscal year in September with a fiscal deficit of almost $1.7 trillion, the Treasury Department announced on Friday, adding to a huge national debt totaling $33.6 trillion. The country’s debt has swelled by more than $10 trillion since the onset of the Covid-19 pandemic in the first quarter of 2020, prompting a deluge of fiscal stimulus to help prop up the economy.

The national debt is up $1.06 trillion since May 31, 2023

 To $32.518 trillion on July 12th.

It was $23.171 trillion on January 2, 2020, $9.347 trillion ago.

InflAtIOn Is sO OvEr.

Congress went on a spending orgy since 2019 adding $8.77 trillion to the national debt and dimwits blame the Fed for being unable to control inflation

 Inflation is always and everywhere a monetary phenomenon. Blame yourselves. You elected them.

 

The chief penalty is to be governed by someone worse if a man will not himself hold office and rule.

-- Plato, Republic, I, 346f.

The national debt is up $457 billion since May 31st

 

The lie of the day comes from Reuters via CNBC

... the national debt, which at $31.4 trillion is roughly equal to the annual output of the economy.

 

More.

 

1Q2023 GDP, 2nd estimate: Nominal: $26.4863 trillion.

 

118% is not "roughly equal".

 

And look what has happened to interest payments on the debt, which come out of current revenues. They have gone vertical. At $929 billion annualized, they represent 31.4% of current tax receipts annualized.

 

Everyone minimizing the gravity of this situation is whistling past the graveyard when government social benefits to persons already exceed the tax receipts.

 

This will continue until it can't, and great will be the fall of it.