Thursday, August 13, 2009

Federal deficit higher in July, $1.27T this year

…but hey, there is 2 months left for the o’mighty PreBO to find this money to close that gap. I’m sure he will be able to reduce the budget by, say, $100 million or so. What a joke!

Also, recall that Timmy wants to raise the available debt limit to $12+ trillion. We are in for some serious trouble if that happens. Let’s do some simple math. Assume our interest rate is only 3% on the outstanding balance of our government debts. $12,000,000,000,000 * 0.03 = 360,000,000,000 or $360 billion a year. That’s $360 billion that the imperial federal government is going to STEAL from you at the point of a gun just to cover the interest payments on our debt! In other words, that $360 billion, or about $1,000 extra per person in this country that they would not have to pay in taxes. But hey, the government can do no wrong, right? Riiiiiiiggght!

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