We Ran a Nearly Trillion Dollar Deficit So Far This Year

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“In five short years, we’re projected to have more debt as a percentage of our economy than at any point in history. Social Security and Medicare face sudden, automatic, and across-the-board cuts if we follow the “do-nothing” plan on solvency.” ~ CRFB

The federal government has run nearly $2 trillion in deficits over the past year, based on monthly data from the Congressional Budget Office (CBO). The Treasury confirmed that the US government ran a nearly trillion-dollar deficit for the first seven months in this fiscal year. Unsurprisingly, tax revenues are down under inflation and socialism.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget:

“If lawmakers ever needed a wakeup call, this is it. Meager tax revenue is exactly the kind of news we don’t need right now. April is one of the precious few times we actually expect to see a surplus, and yet a $176 billion surplus will matter very little when we’re borrowing $4.2 billion per day this fiscal year.

Deficits are clearly on the rise; in the last 12 months, we’ve borrowed $925 billion. No one should think that this kind of borrowing, particularly when unemployment is at a 50-year low and inflation at a 40-year high, is sustainable…”

Joe Biden and his Democrats refuse to cut a thing. Republicans are demanding cuts. The COVID monies continue as if the pandemic was still on, but Biden won’t cut it.

We’re sending billions to Ukraine’s war and supporting millions of poor foreigners coming illegally, and they don’t have jobs.

Gregory Mannarino says if we had a real leader, we could default and End the Feds NOW! It’s an opportunity, but no one will dare do it.

Mannarino says raising the debt ceiling is a promise to borrow more, and it makes the Central Banks more powerful.

The ballooning debt means more demand for the Federal Reserve’s product, which is debt. The debt bubble will eventually burst.

We’d have a mess if we defaulted, but we’d have the power to take back the system, says. Mr. Mannarino.

We have no voice. We live under the tyranny of the Central Bank.


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