Debt

Another Trillion Dollars In Debt (And We've Still Got Four Months To Go)

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So far this year, America's government has spent just shy of a trillion dollars it doesn't have according to a report published by the Congressional Budget Office earlier this week. In its June budget update, the congressional scorekeeper estimated that the U.S. has spent about $2.4 trillion, and, in doing so, managed to dig itself $929 billion further into the hole already this fiscal year. And guess what? There's still four more months to go. 

So we're on track for another trillion and a half dollar deficit, roughly, much like the credit card bill the CBO says the country rang up last year. And that's just looking at straightforward deficit totals. Thanks to our entitlement obligations, last year's total fiscal damage was actually quite a bit worse than the headline figures tallied up by the CBO:

The federal government's financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.

The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.

This gap between spending commitments and revenue last year equals more than one-third of the nation's gross domestic product.

Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling.

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33 responses to “Another Trillion Dollars In Debt (And We've Still Got Four Months To Go)

  1. I feel like we are beating a dead horse.

    Only it’s not dead.

    It just doesn’t give a fuck.

    1. And not a single fuck was given that day

      http://cdn1.knowyourmeme.com/i…..single.jpg

      Simultaneously the bestest and most unusable internet meme EVER!!!

  2. What the fuck? All that money, and we don’t even get stinking T-shirts? Just a bunch of “I’ll be happy to pay you on Tuesday for a Hamburger today” bullshit? When they’re planning on just giving the goddamned burger away anyhow?

    Rat fuckers.

    1. Rat Fuckers

      Tea Fucking Rat Baggers

      FIFY

  3. Wealthy people sitting on all that money while the normal business of government finds us in the red. You all know what needs to be done.

    1. Drink!

    2. Take all the wealthy people’s money so that the government can be…slightly less in the red?

  4. Please stop. I have children. Won’t you stop spending? For the children?

  5. thank god the republicans took care of this last march right?

  6. What percentage of our new debt was bought by the Fed?

    When they stop QE2, will anyone show up to pick up the slack?

    1. I’ll never forgive the private sector for choosing their racism against Obama over the good of the country. Why won’t they hire everyone? Don’t they realize that their racism will ultimately hurt their white brothers and sisters?

  7. What percentage of our new debt was bought by the Fed?

    Estimates vary from 70 – 90%. A lot of what they bought was from third parties, not directly from the Treasury.

    What will be interesting is seeing how the Fed continues to suppress interest rates if it is truly exiting the Treasury market. When one of the big buyers exits a market, typically prices paid by the remaining buyers go down. In the bond world, that means rates should go up. But the economy can’t tolerate much an increase in rates at all, and the government certainly can’t.

    1. A billion trillion here, a billion gajillion there – pretty soon, you’re talking real Monopoly? money.

      1. We need more women in politics, and less dick texting

        1. There’s a direct relationship though, not an inverse one. The more women you have, the more dick texting will occur.

          For example, Nancy Pelosi texted images of her penis to Newt Gingrich, who subsequently had most of his staff quit in disgust when he said it, “wasn’t that bad”.

  8. This gap between spending commitments and revenue last year equals more than one-third of the nation’s gross domestic product.

    Which number is that? $1.5 trillion? That would mean GDP was only $4.5 trillion. Is that right? I thought GDP was much higher.

    1. More like somethingteen.

      1. The “gap” being referred to is the $5T in new unfunded future entitlements, not this year’s $1.5T deficit, so it’s about right.

        1. Okay, yeah, I thought GDP was like $14 trillion. Of course, it’s kinda scary to realize they count government spending in GDP.

  9. The money Obama is spending is absolutely necessary to stave off economic depression. If he hadn’t spent the money that he did, we would’ve entered a full out depression, which, would require a lot more government spending to make sure the poor can eat. Therefore, in actuality, he is spending less money. Only in a libertarian world would it make sense to spend more money down the road in order to spend less today.

    Besides, when Bush raised the deficit, and no one complained. That’s because all of the money Bush spent was to fund his wars in Iraq and Afghanistan. Obama, on the other hand, is spending money in order to provide people health care and avert a depression. This, the sudden libertarian backlash about “cutting spending.”

    1. Besides, when Bush raised the deficit, and no one complained.

      Except here. And here.

      I mean, really, there’s a search box right at the top of the page.

    2. Tony, you’ve trotted out this sure-fire future prediction MANY times… and it still amazes us that you know for certain we would have been Doomed! if we hadn’t spent hundreds of billions of dollars we don’t actually have on bullshit bailouts.

  10. Spoofer is spoofing.

    1. You won’t have a choice but to think like me soon enough. Until then, better to do it voluntarily as “spoofing” to save some face.

      1. From the referenced article:

        Michael Lind, policy director at the liberal New America Foundation’s economic growth program, says there is no near-term crisis for federal retirement programs and that economic growth will make these programs more affordable.

        “The false claim that Social Security and Medicare are about to bankrupt the United States has been repeated for decades by conservatives and libertarians who pretend that their ideological opposition to these successful and cost-effective programs is based on worries about the deficit,”

        Now that really does sound like Tony!

        1. True, that sounds more like Tony. But, I have a head start emulating the hive mind.

      2. Won’t have a choice?

        Are you in favor of forcing us to think like you, Tony? As in with government troops doing the forcing?

        I’d say you are.

        1. I am. There will be no elections in 2012.

  11. So, the government printed a lot more money, so that it could ‘buy’ money from itself, and it’s threatening to charge itself exhorbitant interest rates, which we have to give it so it can pay itself off. . .

    Why the fuck can’t government go sit by itself and masturbate in the corner, leave us alone, and quit asking us to watch.

  12. I tell ya, the official numbers being put out by the feds nowadays are becoming fishier and fishier by the month.

    They claim that the monthly deficit for May ’11 was only around $58 billion, all the way down from $136 billion in May ’10. We know that spending hasn’t gone down a whit, and I personally find it VERY hard to believe that revenue has really increased that much given this economy.

    Meanwhile, for the first five months of this calendar year the government claims we’ve run around $558 billion in total deficits, and yet the total combined national debt has somewhere managed to increase by only around $347 billion this year.

    That’s some pretty neat trick they’ve managed to pull off there. It looks like we’re turning into Greece even faster than I thought.

    1. All part of The Plan.

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