Yesterday's economic comments centered on the approximate ($488) billion in operational deficits from October 1st to April 30th of this year, which is a complete falsehood. The so-called economic/financial pundits were declaring that this was a major accomplishment for the Obama Administration. Why? Because Obama stated during his 2007 campaign that he would reduce the size of the federal deficit by half during his first administration.
Let's look at the real truth of the size of the federal deficit for the past seven months from the following table:
Let's look at the real truth of the size of the federal deficit for the past seven months from the following table:
The above table is taken directly from "Treasury Direct," which was reproduced from the Market Ticker. The first column is the public debt, the next is Social Security and Medicare, and the third is the total federal debt. What does it illustrate? Since September 28, 2012, there has been a net $762.6 billion of new debt added to the Federal balance sheet, not $488 billion! And, if one extrapolates the remaining five months for the current fiscal year, the federal deficit is $1.307 trillion.
Remember the "real truth" always comes out.
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