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US Records 2nd Biggest July Deficit In History As 25% Of Tax Revenue Go To Pay Interest
Posted on 8/14/24 at 5:44 pm
Posted on 8/14/24 at 5:44 pm
quote:
While there was much more talk about the soaring US budget deficit earlier this year, when debt seemed to rise by $1 trillion every other month, lately it appears that the topic has become almost taboo perhaps because neither presidential candidate has any plan or clue how to normalize the trend which assures fiscal collapse for the US and the loss of dollar reserve status.
But while others may have conflicts of interest in reporting on this most important topic, we don't, and we are sad to inform our readers that July was another catastrophic month for US fiscal viability: that's because US tax revenue of $330.4BN (down sharply from the $466.3BN in June, if higher than the $276.2BN a year ago), was far below the $573.1BN in government outlays (which was materially above the $537.2BN in June and also the $496.9BN last July)...
.... resulting in a monthly deficit of $243.7BN, the second largest July budget deficit on record, surpassed only by the record post-covid print in July 2021.
July Budget Deficit - WOW!!
8
Posted on 8/14/24 at 5:59 pm to Timeoday
Politicians don't care as long as they can get their hair and nails did.
Posted on 8/14/24 at 6:07 pm to Timeoday
But the stock market is up
Posted on 8/14/24 at 6:08 pm to Timeoday
That percentage is a lot higher than what’s being reported
Posted on 8/14/24 at 6:10 pm to Timeoday
Veterans and Military are roles of federal goverment/Budget
everything else is an add on...
SS should be a 1 to 1 deal...
everything else is an add on...
SS should be a 1 to 1 deal...
Posted on 8/14/24 at 6:12 pm to TOPAL
quote:
But the stock market is up
Meh, large swaths of the stock market are flat or even lower than they were 4 years ago when you adjust for inflation. It’s funny to see people all excited about their “gains,” not realizing they are largely just inflationary.
This post was edited on 8/14/24 at 6:14 pm
Posted on 8/14/24 at 6:13 pm to Timeoday
Get the printing presses rolling. Spend, spend and spend. If we don’t cut, cut and cut. We are fricked, fricked and fricked.
Posted on 8/14/24 at 6:15 pm to Timeoday
That my friends is why the Fed needs to lower interest rates. Inflation isn’t anywhere close to being under control but the other option is a government default and total collapse of or monetary system
Posted on 8/14/24 at 6:18 pm to Timeoday
It doesn’t take long to print the difference, so what’s the harm?
Posted on 8/14/24 at 6:25 pm to bayoudude
quote:
That my friends is why the Fed needs to lower interest rates. Inflation isn’t anywhere close to being under control but the other option is a government default and total collapse of or monetary system
That can't be the answer though. Lowering rates right now on the basis on debt interest is just chasing symptoms. 12 month from now you'll be begging to raise rates again when annualized inflation is back up to 4 or 5%.
I'm not in here to be all preachy because I don't have an answer for this either other than a dramatic downsizing of the federal government without touching taxes - and that's not possible to do.
Every day I believe more and more that there is no way out of this. There are solutions, but none of them are possible in our government or society.
Posted on 8/14/24 at 6:27 pm to bayoudude
quote:
That my friends is why the Fed needs to lower interest rates. Inflation isn’t anywhere close to being under control but the other option is a government default and total collapse of or monetary system
Agreed. The government can’t even handle the relatively modest rates we have now. But here’s the question: Who in their right mind is going to buy our debt?
Posted on 8/14/24 at 6:33 pm to TigerFanatic99
They're probably going to light the dollar on fire instead going through a crushing multi-year recession.
Posted on 8/14/24 at 6:35 pm to SloaneRanger
quote:
Who in their right mind is going to buy our debt?
Posted on 8/14/24 at 6:37 pm to Timeoday
So when we say it’s going to interest, where is it actually going? Who are we paying the interest to?
Posted on 8/14/24 at 6:38 pm to Timeoday
I guess it could be funny, but it was a serious question. Shorter term debt I understand. But for long term debt you would have to be insane to sign up for that.
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