The October Deficit? $120 Billion.

| November 14, 2012

Yes, you read that correctly.  Even though FY2013 is barely 1 month old, our Federal government is already “in the hole” $120 billion.

The Federal government spent more than it took in during October – roughly $120 billion more, to be precise.  In October, Federal revenues from all sources were only about 60% of spending.

I can remember when an annual deficit of $120 billion was really bad news.  Hell, according to White House figures in FY 2007 the annual total budget deficit (sum of on- and off-budget lines) was only $160 billion.

In case you’re wondering just how bad this is – I’ll save you the trouble of finding your calculator.  If repeated for the rest of the Federal fiscal year that works out to an annual deficit of $1,440 billion – or $1.44 trillion.

Looks like Apu the Hindu was right.  Financially we are truly screwed.

Category: Politics

Comments (19)

Trackback URL | Comments RSS Feed

  1. Doc Bailey says:

    Gee who couldn’t see that one coming? I’m sure taxing the shit out of the rich will totally make up the difference. . .

    I say we cut the EPA lawyers, fire all the people at the GSA that can’t keep it simple.

    Oh and at some point we might want to get people off of food stamps. JUST SAYIN

  2. Hondo says:

    Hate to say it, Doc, but food stamps is a pittance in the great scheme of things. That does need major tightening up, but it won’t make a huge difference.

    The food stamp program – now called SNAP – spends less than $80 billion a year, or well under $7 billion a month.

    It’s Medicare, Medicaid, and Social Security that are eating our lunch. Those 3 programs alone are approaching 50% of Federal outlays – if they haven’t exceeded that percentage already.

    By comparison, Defense is now less than 20% of Federal spending.

  3. B Woodman says:

    And the numbers will only get worse as more people are either laid off or reduced hours, thus requiring MORE Gubbment aid. A double hit; less in+more out.
    Who (outside of a Gubbment president) couldn’t see THAT one coming?

  4. NHSparky says:

    Stevie Wonder saw this coming. Guess what happens when you don’t pass a budget for nearly 4 years?

    All of you who said, “Blame Bush” get a gold star for the day.

  5. Whitey_wingnut says:

    No budget in four years and instead of coming up with one he wants to add $1.6 trillion more in tax hikes.

    I’m still confused by his logic of how his plans help.

  6. Devtun says:

    Speaking of SNAP, around 869K people of Ohio will see a $50 a month cut in benefits starting in 1 Jan 2013…supposed driver are calculations of mild winter nationwide & lower utility rates. Anyway the gov’t gives and gov’t can take away…luckily the well to do or the rich are charitable and provide to food banks.

  7. Hondo says:

    “A government big enough to give you everything you want is a government big enough to take from you everything you have.”

    — President Gerald R. Ford, address to Congress, 12 August 1974.

  8. NHSparky says:

    Get used to hearing a lot more of, “I gave at the office” type of comments. With all the tax hikes looming, charitable giving is going to take a serious hit, if history is any guide.

  9. Ex-PH2 says:

    Be prepared for transit strikes of all kinds, riots, and protests by people who, as in the Eurozone, are the victims of these cuts:

    Yeah, it sure can happen here. Chicago 1979 – Jane Byrne is elected mayor in February. Transit workers and firefighters go on strike, school teachers also strike (as they did this year). The city was shut down for nearly a week. it can happen anywhere, and that is just a start.

  10. Twist says:

    Thank goodness that I own guns, know how to hunt, fish, and grow my own food. It seems like those skills are going to come in handy real soon.

  11. Adirondack Patriot says:

    Buying votes from 60 million people is expensive.

  12. Ex-PH2 says:

    Yes, Twist, they will. You should have a copy of “Stocking Up” and a subscription to Mother Earth News — see their website, they have all the olc copies on DVD now.

    You should also be aware of heirloom veggie and fruit resources like Seed Savers Exchange, because they are all rescuing and propagating the non-hybrid, fertile species of plants that people used to depend on. I can’t think of an apple with more incredible flavor than a ripe Winesap.

  13. Hondo says:

    Devtun: that reduction will indeed reduce SNAP costs – by less than 0.652%.

  14. Common Sense says:

    And the list of businesses that are laying off, closing and/or reducing employee hours is growing daily.

    Maybe we need to sink all the way down before we get the opportunity to start over. Or maybe just learn to speak Chinese.

  15. NHSparky says:

    Devtun–on the contrary, it’s one step closer to these clowns realizing that there has to be give and take between management and the rank and file employees. No, I don’t think we need to go back to the sweatshop days, but neither should a guy sweeping floors think or be entitled to a six-figure plus benefits income, either.

    Gonna be a fun few years, that’s for sure.

  16. Nik says:

    If the fellas across the pond are any barometer, we’ve got a while before we need to really worry about societal collapse due to the economy. They’re still going through a stage of organized, formalized strikes and such and they’re a few years ahead of us.

  17. Devtun says:

    @13 Hondo

    Yep, small potatoes in grand scheme of things, its just super convienient how cuts to bennies like SNAP & corporate layoff notices are squelched until after the election – not to be too cynical.

    $16T in debt & over $1T in annual deficits is scary enough, but former Comptroller General David Walker has warned in numerous interviews that we’re in a far deeper hole than the mere $16T. When unfunded liabilities are factored in, the numbers are conservatively north of $65T. If Dave Walker is even half correct and there are no dramatic reforms…this isn’t ending well.