The budget deficit fell sharply in January compared to a year earlier, as an improving economy lifted income tax revenue.'
Saturday, February 11, 2012
Obama Puts a Stranglehood on Budget Deficit
The budget deficit fell sharply in January compared to a year earlier, as an improving economy lifted income tax revenue.'
Wow, Obama must be really making some headway? Not exactly. The drop was attributed mostly to two accounting gimmicks and the deficit is still expected to top 1 trillion dollars for FY 2012. It will be the fourth year in a row of $1 trillion + deficits. Also remember that this is just the official deficit. Add in unfunded liabilities such as Soc Security and Medicare and the annual deficit is more like $5 Trillion using GAAP. After Greece and Italy fails and the Fed bails out all of Europe, the real deficit will likely be over $7 Trillion.
