The Deficit Is Gowing And Growing And Growing And……..

Posted By on August 12, 2010

Jim Sinclair’s Commentary

This is simply not going away. There is no practical means by which it can be drained ever! It is growing in a way that is unsustainable by any measure.

Rather than being contained we are on the threshold of another round of unprecedented paper money creation. The reason it is happening is that it must because there is no real repair in the financial industry, just cartoon valuations of worthless paper.

The possibility of an implosion of the Western World economic system is still a clear and present danger.

Deficit in July Totals $165.04 Billion
By JEFF BATER And DARRELL A. HUGHES

The U.S. government spent itself deeper into the red last month, paying nearly $20 billion in interest on debt and an additional $9.8 billion to help unemployed Americans.

Federal spending eclipsed revenue for the 22nd straight time, the Treasury Department said Wednesday. The $165.04 billion deficit, while a bit smaller than the $169.5 billion shortfall expected by economists polled by Dow Jones Newswires, was the second highest for the month on record. The highest was $180.68 billion in July 2009.

The government usually runs a deficit during July, which is the 10th month of the fiscal year. So far in fiscal 2010, the government spent $1.169 trillion more than it made. That figure is about $98 billion lower than during the comparable period a year earlier.

For all of fiscal 2009, the U.S. ran a record $1.42 trillion deficit. Fiscal 2010 might run a little higher—the Obama administration sees $1.47 trillion.

Wednesday’s monthly Treasury statement said U.S. government revenues in July totaled $155.55 billion, compared with $151.48 billion in July 2009.

Spending was higher, totaling $320.59 billion. July 2009 spending amounted to $332.16 billion.

www.jsmineset.com

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