Bloomberg: Deficit Reduction “Victory Lap” Was Premature!

Any deficit reduction victory will soon be forgotten amid a national debt crisis. A few days ago Bob Allen responded to Secretary of the Treasury Jack Lew’s “victory lap” over the historically small deficit. You know you’re doomed when your Secretary of the Treasury takes a “victory lap” simply because the Federal Government devoured an all-time record of citizens’ hard-earned money—and it still spent half-a-trillion more than it plundered! A Bloomberg story backs up Bob’s Read more […]

The National Debt Keeps Piling Up, But Government Boasts

Record taxes mean that the Feds “only” added a half-trillion dollars to the national debt this year. Let’s celebrate? You know you’re doomed when your Secretary of the Treasury takes a “victory lap” simply because the Federal Government devoured an all-time record of citizens’ hard-earned money—and it still spent half-a-trillion more than it plundered! [See also, “Obama Doesn’t Remember the National Debt Figure.”] From the Washington Times: “Obama’s cash grab: Feds’ tax-take Read more […]

How Mainstream Media Pretends U.S. Finances Are Improving

Consider the report from Associated Press: The U.S. government is running a deficit that is 23.6 percent lower than in the same period a year ago through the first five months of this budget year, another sign of improvement in the nation’s finances. In its monthly budget report, the Treasury Department said Thursday that the deficit for February totaled $193.5 billion, the largest monthly imbalance in a year. The government traditionally runs large deficits in February, a month when it is sending Read more […]

No, The “Tea Party” Is Not Wrong About The Deficit

The former Executive Editor of Bloomberg claims that the statement, “The U.S. budget deficit is worse than ever,” is a false statement. Technically true but trivial. His elaboration is false: A starting – and false – premise of the public, and some politicians, is that the deficit is spiraling out of control. In a national survey by Bloomberg News last month, Americans said, by a margin of 59 percent to 10 percent, the deficit was getting worse; this belief was held by 93 percent of Tea Read more […]