Tech & Biz

US Budget Deficit at $1.186 Trillion

by Jordan Yerman | January 7, 2009 at 10:43 am

139 views | 39 Recommendations | 3 comments

The US budget deficit is estimated at $1.186 trillion ($1,186,000,000,000). A one followed by 12 zeroes is expected to be the norm for years to come.

Fewer jobs means less tax income. The Wall Street bailout sucked up even more money.

The deficit will likely fall to $703 billion in the 2010 fiscal year, government sources said before the official release of the outlook by the Congressional Budget Office due out at 10:00 a.m. EST (1500 GMT).

Changes in Social Security and Medicare will be central to efforts to bring federal spending in line, President-elect Barack Obama said Wednesday, as the Congressional Budget Office projected a $1.2 trillion budget deficit for the fiscal year.

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Karen Hatter

at 11:23 on January 7th, 2009

For years? A mind boggling figure! I guess it's too late for debt management counseling, huh?

René

at 11:33 on January 7th, 2009

You know, Jordan, I'm beginning to suspect that the FED and the rest of those crooks are all lying to us.

They won't account for any of that money, so how do we know it's real?

Maireid Sullivan

at 16:24 on January 7th, 2009

But, if the USA could overcome its fundamentally corrupt political / economic history, it might be able to solve its problems through a simple change in the tax system.

By introducing Land Value Taxation (LVT), or Resource Rent, all taxes on individual and business income could be vastly reduced or removed entirely, if LVT was fully applied. That would see the end of Real Estate boom / bust cycles and the real end of poverty.

Phil Anderson's new book "The Secret Life of Real Estate" is a page-turning, awesome study of corrupt settlement of the USA by speculators - including the Founding Fathers!