U.S. deficit tops record 1.56 trillion dollars in fiscal year 2010
WASHINGTON, Feb. 1 (Xinhua) — U.S. President Barack Obama sent Congress a 3.83-trillion-dollar budget in fiscal year 2011 on Monday to boost the fragile economic recovery, with a record- breaking 1.56-trillion-dollar deficit in fiscal year 2010 ending in September. The budget shortfall in 2010 would equal an unsustainable 10.6 percent of the gross domestic product (GDP), the basic measure of a country’s overall economic output. (Source)
C K Michaelson notes:
Next year I expect to earn $100,000, spend $170,000 and forge my granddaughter’s name to the IOU. That’s the effect of the deficit ($1.6 trillion) in Obama’s $3.8 trillion budget. (Source)
Here’s the chart to contemplate.
Besides $150 Billion dollar bonuses for Wall St, where’s all this deficit money going to go? Here’s a clue — and it isn’t for you and me.
The intelligent minority of this nation lacks the one thing that animates intelligence in the service of reality, and that is the courage to tell the truth. (Source)