Does anyone in Washington understand compound interest functions? From Tyler Durden at zerohedge.com:
While there was much more talk about the soaring US budget deficit earlier this year, when debt seemed to rise by $1 trillion every other month, lately it appears that the topic has become almost taboo perhaps because neither presidential candidate has any plan or clue how to normalize the trend which assures fiscal collapse for the US and the loss of dollar reserve status.
But while others may have conflicts of interest in reporting on this most important topic, we don’t, and we are sad to inform our readers that July was another catastrophic month for US fiscal viability: that’s because US tax revenue of $330.4BN (down sharply from the $466.3BN in June, if higher than the $276.2BN a year ago), was far below the $573.1BN in government outlays (which was materially above the $537.2BN in June and also the $496.9BN last July)…
…. resulting in a monthly deficit of $243.7BN, the second largest July budget deficit on record, surpassed only by the record post-covid print in July 2021.
With two months left in the fiscal year, the US budget deficit for fiscal 2024 has hite $1.517 trillion, tracking last year’s blowout expansion almost dollar for dollar (one year ago the cumulative deficit was $1.613 trillion), and the 4th highest on record despite there being no raging emergency and no war demanding such a massive deficit spend.
