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

 

The climb down from "at least $2 trillion" in October is the only thing epic about this DOGE thingy

 

Elon Musk says DOGE probably won’t find $2 trillion in federal budget cuts

 

We’ve got a good shot at getting 1.

Average US Treasury yields aggregated monthly started to normalize in November as yields fell for bills but rose for bonds

Interpreted politically one could say yields for notes and bonds reversed their slide starting in October as Harris' lead evaporated at the end of September and bond markets started to bet on a Trump win, bringing with it higher deficits because of his proposed tariffs and tax cuts.

 

The case for gold gets stronger in a world of global fiscal misbehavior led by the United States under Trump

 “If every country is looking equally irresponsible, then the chances of [a US budget crisis] happening are slim, certainly on a sustainable basis. But when all the countries are experiencing high debt ratios and high deficits, then it′s less likely because in effect there is nowhere to run, with the possible exception of physical assets like gold.” ...

“It would take another country, another region like the euro area supplanting the U.S. with regard to fiscal responsibility. That’s tough to see happening,” he added.

More.

Every single dollar spent by government is a dollar thrown into the fire, except for those handed directly to Elon Musk for every Tesla sold, so Trump adding a new Department of Government Efficiency is extremely amusing

Yeah, let's put the HOG feeding at the government trough and getting filthy stinking rich off electric car subsidies and tax credits, and government rocket contracts, in charge of government efficiency.

 

 

 Trump announces Elon Musk, Vivek Ramaswamy to lead new ‘Department of Government Efficiency’ 

What a bunch of phony baloney plastic banana good time rock 'n rollas. 

"Government efficiency" is one of those oxymorons that is more equal than other oxymorons.

Meanwhile The Two Time Queen of Deficit Spending and Joe Biden Coup Leader doesn't look too happy the day after the election lol

She's the very picture of Joe Biden's Schadenfreude.

 

CNBC fact-checks Joe Biden, now that it doesn't matter

 But the article name-checks Donald Trump five times because he's an opponent of Fed decisions.

There's a whole movement out there that wants to End the Fed, composed of Republicans, Democrats, and libertarians, which CNBC is loathe to mention.

Many of them argue that the US 2-year Treasury Note should be the benchmark for the Federal Funds Effective Rate, not the whim of the Fed Chair and the Federal Open Market Committee, who are un-elected, well-connected, and VERY WELL PAID elites who watch out primarily for the interests of the banksters.

For example, despite the disastrous Zero Interest Rate Policy post-Great Recession, DGS2 resisted it and outran DFF throughout the period under Obama and Trump, and anticipated the recent inflationary outburst by starting to rise in the spring of 2021, a full year before the Fed moved to "combat inflation" by raising the funds rate in the spring of 2022. 

Similarly DGS2 also started to fall in November of 2023 despite no change to Fed policy, anticipating the recent decline of inflation rates by almost a year.

The role of the US Treasury Secretary, AS MUCH A CREATURE of the Executive as the Fed Chair, is also huge for interest rates because the Secretary decides how to divvy up the debt securities for auction by duration.

Biden's Treasury Secretary Janet Yellen has been in the news for driving up the issuance in T-bills to 22% when 15% has been customary, which has contributed to longer rates falling and stocks rising, just in time for the election.

But the costs of this have been dramatic, financing deficit spending at the highest rates and driving interest payments on the debt to the third spot in the budget, behind only Social Security and Medicare.

Your reminder that each of the US credit downgrades occurred seven months after each of Nancy Pelosi's disastrous House Speakerships during which she spent in excess of revenues by 251%, the worst deficit spending on record

Pelosi was Speaker of the House Jan 3, 2019-Jan 3, 2023 and Jan 4, 2007-Jan 3, 2011.

 

Democrats profiting off the little guy: Corporate profits at 12% under Bidenflation have been much better than under Trump at 4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The dirty little secret about corporate profits: they've been much better after 13 quarters of Biden than they were after 16 quarters of Trump, averaging 4.14% yoy under Trump and 12.13% under Biden.

 

This is a great little arrangement between Democrats and big business. Democrat-aligned business makes off with your cash while politicians pretend to do something about it in exchange for campaign contributions, with the important benefit that inflation inflates away the cost of their spendthrift deficit spending.

The so-called Inflation Reduction Act, which did no such thing and Democrats said would cost nothing, is estimated to cost the taxpayers nearly $800 billion by 2031 according to the liberal Brookings Institution.

This is your fascist America.

 

Shielding price increases by blaming them on inflation has been the modus operandi of the period. Price gouging is real, but gimmicks which address only symptoms won't solve the problem, which is caused by increasing the money supply and deliberately increasing other costs as a matter of policy, like energy and regulation, which businesses also can plausibly blame.

 

But Harris knows the demagogic value of running against price gouging.

 

Price controls poll particularly well. You can fool most of the people most of the time.

 

 

 

 

 

 

Your reminder that Democrat Speaker Nancy Pelosi owns the two worst episodes of federal spending in excess of tax receipts in the history of the country

 Spending originates in the US House by law.

Democrat Speaker Nancy Pelosi owns the two worst episodes of federal spending in excess of tax receipts in the history of the country, by 310% in 2009 and by 309% in 2020, under Obama (Great Financial Crisis) and then under Trump (Pandemic).

 

Biden's forgiven student loans are nothing but new spending obligations of the American taxpayer financed by more borrowing: Big jump in the 2024 deficit due to student loan bailouts

 

 Student loan relief contributing to 27% jump in projected federal budget deficit, per CBO 

The federal budget deficit will hit $1.9 trillion this fiscal year according to the Congressional Budget Office. That’s $400 billion larger than the agency estimated in February.

 

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

Nancy Pelosi, The Queen of Inflation, had the worst record of any speaker for deficit spending

 Pelosi Accuses MSNBC's Katy Tur Of Being An "Apologist" For Trump: "He Had The Worst Record Of Any President"

 

Pelosi spent 210% of revenues in 2009

Pelosi spent 196% of revenues in 2010

Pelosi spent 216% of revenues in 2020

Pelosi spent 176% of revenues in 2021

 

The $26.4 billion Israel/Gaza et alia Security Supplemental Appropriations Act passed yesterday 366-58-0-7, with Nay votes from 21 Republicans

 The roll call vote is here.

The 21 Republicans voting Nay:

The $60.8 billion Ukraine Security Supplemental Appropriations Act passed yesterday 311-112-1-7, all the Nay votes being Republicans

 The roll call vote is here.

Just a hypothetical here: $60.8 billion / $1.3 billion per night of Russian air assaults (compare Iran attack on Israel) = 46 nights.

The $8.1 billion Indo-Pacific Security Supplemental Appropriation for Taiwan et alia passed yesterday 385-34-1-11, all the Nays being Republicans

 The roll call vote is here.

I would have reported in real time but Blogger had a major outage yesterday afternoon lasting several hours.

The US Senate just passed the funding bill

 CNN just reported:

The funding legislation was approved by a vote of 74-24 at 2:02 a.m. ET, more than two hours after the midnight ET deadline for passage of the critical legislation that was approved by the House on Friday. 

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.

Bob Nardelli gets it

 "The general population will not be duped by this aversion [sic; read diversion] to try and blame inflation on corporate America. It starts at the raw materials, it starts at transportation, it starts at energy," former Home Depot and Chrysler CEO Bob Nardelli said on "Cavuto: Coast to Coast" Monday. "A whole host of things that are driving this up, wage increases." ...

"This is all about, I think, trying to buy votes. This is all about an administration that is out of control," he continued. "We have a strong bias towards spending versus having a conservative policy or a sustainable future."

More.

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.